IES Holdings Inc (IESC) 2011 Q2 法說會逐字稿

Welcome to the Integrated Electrical Services second-quarter earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. (Operator Instructions) This conference is being recorded today, Monday the 16 of May, 2011.

歡迎參加綜合電氣服務第二季財報電話會議。 在今天的演示過程中，各方都將處於僅聽模式。 演講結束後，會議將開放提問。 （操作員說明）本次會議將於今天（2011 年 5 月 16 日星期一）進行錄製。

I would now like to turn the conference over to Karen Roan of DRG&L. Please go ahead.

我現在想將會議交給 DRG&L 的 Karen Roan。 請繼續。

Thank you, Luke. Good morning, everyone. We appreciate your joining us for IES's conference call today to review fiscal 2011 second-quarter results. We would also like to welcome our Internet participants listening to the call as it is being simulcast over the web. Before I turn over the call to Management, I have the normal details to cover. If you did not receive an e-mail of the news release this morning, please call our offices at DRG&L. That number is 713-529-6600. Please provide us with your contact information, and we will make sure you are on the IES e-mail distribution list. Also, there will be a replay of today's call which will be available by going to the Company's website for the archived webcast. There is also a telephonic replay available for the next 7 days and information on how to access the replay in today's earnings release. You are also encouraged to download the slide deck which is in PDF format so that you can read what corresponds with today's presentation. That is on the Company's website at www.ies-co.com on the investors page under news and events. Also, I would like to say that there will not be a Q&A session after the call.

謝謝你，盧克。大家早安。我們感謝您今天參加 IES 電話會議，回顧 2011 財年第二季業績。我們也歡迎我們的網路參與者收聽正在透過網路同步廣播的電話會議。在將電話轉給管理層之前，我需要介紹一些常規細節。如果您今天早上沒有收到新聞稿的電子郵件，請致電我們位於 DRG&L 的辦公室。 該號碼是 713-529-6600。請向我們提供您的聯絡訊息，我們將確保您在 IES 電子郵件分發清單中。此外，今天的電話會議還將進行重播，可透過造訪公司網站觀看存檔的網路廣播。未來 7 天內還提供電話重播，並在今天的收益發布中提供有關如何存取重播的資訊。 我們也鼓勵您下載 PDF 格式的幻燈片，以便您可以閱讀與今天的簡報相對應的內容。 這些資訊位於公司網站 www.ies-co.com 投資者頁面的新聞和活動下方。另外，我想說的是，通話結束後不會有問答環節。

Please note that information reported on this call speaks only as of today, May 16, 2011 and therefore, you are advised that time sensitive information may no longer be accurate as of the time of any replay listening. At the end of this call I will come back and provide greater detail related to forward-looking statements that may be made in today's call. General information about IES can be found on the Company's website under investors in the Company's report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as amendments, press releases, et cetera. All are available free of charge through the website as soon as reasonably practical after filing with the SEC. Now, with me this morning are Michael Caliel, Chief Executive Officer, and Terry Freeman, Chief Financial Officer. I will now turn over the call to Mike.

請注意，本次電話會議報告的資訊僅截至今天（2011 年 5 月 16 日），因此，我們建議您，截至收聽重播時，時間敏感的資訊可能不再準確。在本次電話會議結束時，我將回來提供與今天的電話會議中可能做出的前瞻性陳述相關的更多詳細資訊。有關 IES 的一般資訊可在公司網站投資者專欄中的公司報告（表格 10-K）、季度報告（表格 10-Q）和當前報告（表格 8-K）以及修訂、新聞稿等中找到。在向 SEC 提交文件後，所有內容均可在合理可行的情況下盡快透過網站免費取得。今天早上與我在一起的有首席執行官邁克爾·卡利爾 (Michael Caliel) 和首席財務官特里·弗里曼 (Terry Freeman)。我現在將把電話轉給麥克。

Karen, thank you and good morning, everyone, and welcome. We thank you for joining us today to review our fiscal 2011 second-quarter results. Let me begin by referring you to the slide deck, which is posted on our website. If you would move ahead to slide 3 in that deck, let me begin by saying that we are encouraged by the strengthening in our volumes and believe that we are beginning to see the market firm a bit, which should lead to improved margins as capacity in the market gets absorbed. As in the previous quarter, our consolidated volumes had another sequential increase, with all 3 of our business segments producing higher revenues versus the first quarter.

凱倫，謝謝大家，大家早安，歡迎光臨。 感謝您今天與我們一起回顧我們 2011 財年第二季的業績。首先讓我向您介紹發佈在我們網站上的幻燈片。如果您想繼續看該幻燈片中的第3 張幻燈片，請允許我先說，我們對銷量的增強感到鼓舞，並相信我們開始看到市場有點堅挺，這應該會導致利潤率隨著產能的提高而提高。與上一季一樣，我們的合併銷售再次環比成長，我們所有 3 個業務部門的營收均高於第一季。

Our consolidated revenues also increased on a year over year basis with both our Communications and Commercial & Industrial segments showing higher annual revenues with particular strength in the Communications business. Our Residential segment had lower year over year revenues due to continued weakness in the single-family housing market. However, we had some pressure on our gross profit primarily due to execution issues on a few projects in our Commercial & Industrial segment. Now we've augmented Management and accountability for each of these projects and have taken further steps to enhance our overall project management disciplines across the Company.

我們的綜合收入也較去年同期成長，我們的通訊和商業與工業部門的年收入均有所增加，其中通訊業務的實力尤其強勁。由於單戶住宅市場持續疲軟，我們的住宅部門營收年減。然而，我們的毛利面臨一些壓力，主要是由於我們商業和工業部門的一些專案的執行問題。現在，我們已經加強了每個專案的管理和問責，並採取了進一步措施來加強整個公司的整體專案管理紀律。

We continue to reduce our SG&A costs and we've made improvements from the first quarter level and expect the full year to be significantly below last year's SG&A level. Backlog was $242 million at the end of the second quarter relatively, stable with the first quarter level and we're beginning to see build up in our Residential backlog due to multi-family work and have obtained some important project awards the in Communications segment.

我們繼續降低 SG&A 成本，並已較第一季的水平有所改善，預計全年將大大低於去年的 SG&A 水平。第二季末的積壓訂單相對而言為2.42 億美元，與第一季度的水平持平，我們開始看到由於多戶家庭工作而導致住宅積壓訂單不斷增加，並在通信領域獲得了一些重要的項目獎項。

During the second quarter we secured several projects in key markets including a large data center upgrade project in the southwest for a major Internet provider. We were also awarded several key projects in the industrial and education sectors. And these projects include a multi-million dollar project for the construction of a chemical processing unit in the southeast United States, this is the third processing unit that we have built for this specific customer. We received a significant contract for the construction of the new air separation unit in California, a project-- a utility project to replace storm damaged transmission lines for a rural Iowa electric co-op under FEMA funds. A project for the construction of a laboratory and research facility in a major university in Florida. And construction of a 92,000 square foot research facility at a university in North Carolina. And we believe these awards demonstrate measurable progress in differentiating our capabilities and expertise in our core markets.

第二季度，我們在關鍵市場獲得了多個項目，包括為一家主要網路供應商在西南地區的大型資料中心升級項目。我們也獲得了多個工業和教育領域的重點項目。這些項目包括一個耗資數百萬美元的項目，用於在美國東南部建造化學處理裝置，這是我們為該特定客戶建造的第三個處理裝置。我們收到了一份在加州建造新空氣分離裝置的重要合同，該項目是一個公用事業項目，旨在更換由 FEMA 資助的愛荷華州農村電力合作社因風暴損壞的輸電線路。 在佛羅裡達州一所主要大學建造實驗室和研究設施的計畫。 並在北卡羅來納州的一所大學建造了 92,000 平方英尺的研究設施。我們相信這些獎項表明我們在核心市場的能力和專業知識方面取得了顯著的進步。

Finally, we have begun a program to restructure our Commercial & Industrial operations. We assessed all of our Commercial & Industrial operations and have made the decision to sell or close certain operations that have been underperforming for some time and will take an extended time to return to profitability and are in markets that we believe will not recover for some time. These operations are located in specific regions around the country, including Florida, Iowa and Nevada. Now this plan is one part of Management's overall commitment to return the Company to profitability and will leave us with a solid core of operations, with strong leadership teams positioned in markets where we have a solid presence.

最後，我們開始了一項重組商業和工業運營的計劃。我們評估了所有商業和工業業務，並決定出售或關閉某些業務，這些業務在一段時間內表現不佳，需要較長時間才能恢復盈利，並且我們認為這些業務所在的市場在一段時間內不會恢復。 這些業務位於全國特定地區，包括佛羅裡達州、愛荷華州和內華達州。現在，該計劃是管理層使公司恢復盈利的整體承諾的一部分，並將為我們留下堅實的營運核心，並在我們擁有穩固地位的市場中擁有強大的領導團隊。

We're in the initial stages of the plan and expect it to be complete within 6 to 12 months. Costs associated with the implementation of this plan could range from $4.5 million to $5.5 million in aggregate, and would include equipment and lease termination expenses, consulting expenses and severance costs. These costs may be reduced if we sell some of these operations. For fiscal 2011, these operations represent approximately $43 million in annual revenues, and a projected annual operating loss of around $6 million. We believe that as a result of this restructuring, we'll be better positioned for growth and improved profitability as the market recovers. Now let me turn the call over to Terry to review the financial performance in more detail.

我們正處於該計劃的初始​​階段，預計將在 6 至 12 個月內完成。與實施該計劃相關的成本總計可能從 450 萬美元到 550 萬美元不等，其中包括設備和租賃終止費用、諮詢費用和遣散費。如果我們出售其中一些業務，這些成本可能會降低。 2011 財年，這些業務的年收入約為 4,300 萬美元，預計年度營運虧損約 600 萬美元。我們相信，透過此次重組，隨著市場復甦，我們將能夠更好地實現成長並提高獲利能力。現在讓我將電話轉給特里，以更詳細地審查財務業績。

Thank you, Mike. As we stated last quarter, we will focus primarily on sequential comparisons on our call throughout this fiscal year. Of course those annual comparisons are provide in our earnings release and on our Form 10-Q. We believe we're beginning to see the indications of the market firming. Our revenues have increased each of the past 3 quarterly periods. As capacity is consumed we expect to see improvement in project margins as we continue to move through this prolonged economic cycle.

謝謝你，麥克。正如我們上季度所說，我們將主要關注本財年電話會議的連續比較。當然，我們的收益報告和 10-Q 表格中提供了這些年度比較。我們相信我們已經開始看到市場走強的跡象。我們的收入在過去三個季度中每個季度都有所增長。隨著產能的消耗，隨著我們繼續經歷這個漫長的經濟週期，我們預計專案利潤率將會有所改善。

As you can see on slide 4, commenting first on the sequential comparisons then the year ago, consolidated revenues for the fiscal 2011 second quarter were $118.3 million compared to $113.6 million in the first quarter of fiscal 2011, an increase of 4%. This sequential increase was primarily driven by double-digit growth in revenues in our Communications segment along with a slight improvement in volumes in both our Residential and Commercial & Industrial segments. Compared to a year ago, consolidated revenues rose 10% from $107.6 million. On a year over year basis, revenues in our Communications and Commercial & Industrial segment, increased during the second quarter while our Residential segment had slightly lower revenues.

正如您在投影片4 中看到的那樣，首先評論一下與去年同期的連續比較，2011 財年第二季度的綜合收入為1.183 億美元，而2011 財年第一季的綜合收入為1.136 億美元，成長了4%。這一環比增長主要是由我們的通訊部門的收入兩位數增長以及住宅和商業和工業部門的銷售略有改善所推動的。與去年同期相比，綜合收入從 1.076 億美元成長了 10%。與去年同期相比，我們的通訊和商業與工業部門的收入在第二季度有所增長，而我們的住宅部門的收入略有下降。

Gross profit was $5.3 million compared with $11.1 million in the fiscal 2011 first quarter. Gross profit margin was 4.5% compared to 9.8% in the first quarter. As Mike mentioned, gross margin in our Commercial & Industrial segment was negatively affected by execution issues on a few specific projects during this year's second quarter. Also, continued competitive pressure and higher cost of materials such a copper, steel and fuel negatively impacted gross margin this year. Additionally we are experiencing increased cost for both healthcare benefits and unemployment taxes at every location. Gross profit was $13.6 million in the second quarter a year ago, a gross margin of 12.6%.

毛利為 530 萬美元，而 2011 財年第一季的毛利為 1,110 萬美元。毛利率為 4.5%，而第一季為 9.8%。正如麥克所提到的，我們的商業和工業部門的毛利率受到今年第二季一些特定專案執行問題的負面影響。此外，持續的競爭壓力以及銅、鋼和燃料等材料成本的上升對今年的毛利率產生了負面影響。此外，我們各地的醫療福利和失業稅成本都在增加。一年前第二季毛利為1,360萬美元，毛利率為12.6%。

Sales, general and administrative expenses in this year's second quarter declined 26% to $13.3 million from $18 million in the previous quarter. This year's second quarter SG&A includes the recovery of $2.9 million related to a long-term receivable on a project recorded as a bad debt expense in the second quarter of fiscal 2010. Even excluding this recovery, our second quarter SG&A expenses declined 10% sequentially. SG&A expenses as a percentage of revenues were 13.7% in this year's second quarter, excluding the recovery, compared to 15.9% in the previous quarter. In the second quarter a year ago, SG&A expenses were $25.7 million, including the significant charges of $4.7 million. SG&A expenses as percentage of revenue were 23.9% in the year-ago period. The sequential and year over year reductions in SG&A expenses are due to our ongoing costs containment program.

今年第二季的銷售、一般和管理費用下降了 26%，從上一季的 1,800 萬美元降至 1,330 萬美元。今年第二季的SG&A 包括與2010 財年第二季記錄為壞帳費用的項目的長期應收款相關的290 萬美元的回收。 10%。不包括復甦因素，今年第二季的 SG&A 費用佔收入的百分比為 13.7%，而上一季為 15.9%。一年前第二季度，SG&A 費用為 2,570 萬美元，其中包括 470 萬美元的巨額費用。去年同期，SG&A 費用佔營收的百分比為 23.9%。 SG&A 費用的連續和同比減少歸因於我們持續的成本控制計劃。

Loss from operations in the fiscal 2011 second quarter were $7.9 million, compared to a loss from operations of $3.7 million in the fiscal 2011 first quarter, which includes an asset impairment charge of $3.5 million and the gain on sale of assets of $6.7 million. When compared to the second quarter of fiscal 2010, loss from operations declined by $4.3 million, or 35%, from $12.2 million. Net loss was $9.2 million or $0.64 per share, compared to a net loss of $3.7 million, or $0.25 per share in the previous quarter, and to a net loss of $13.2 million, or $0.92 per share in the second quarter of fiscal 2010.

2011 財年第二季的營運虧損為 790 萬美元，而 2011 財年第一季的營運虧損為 370 萬美元，其中包括 350 萬美元的資產減損費用和 670 萬美元的資產出售收益。與 2010 財年第二季相比，營運虧損從 1,220 萬美元下降了 430 萬美元，成長 35%。淨虧損為920 萬美元，即每股0.64 美元，而上一季的淨虧損為370 萬美元，即每股0.25 美元，2010 財年第二季的淨虧損為1,320 萬美元，即每股0.92 美元。

EBITDA for the fiscal 2011 second quarter was a loss of $7.1 million compared to a loss of $3.5 million in the first quarter of fiscal 2011 and to a loss of $10.6 million for the second quarter a year ago. We believe that EBITDA, a non-GAAP number, is a useful measure to provide investors a comparable number for peer companies. We provided a reconciliation of EBITDA to net income in today's earnings release.

2011 財年第二季的 EBITDA 虧損 710 萬美元，而 2011 財年第一季虧損 350 萬美元，去年第二季虧損 1,060 萬美元。我們認為，EBITDA（非公認會計原則數字）是一種有用的衡量標準，可以為投資者提供可比較同業公司的數字。我們在今天的收益報告中提供了 EBITDA 與淨利潤的調節表。

Now let me turn to our segment data, turning to slide 5. Revenues in our Communications segment increased 17.3% to $23.4 million from $19.9 million in the first quarter of fiscal 2011, principally driven by continued strong demand for data center projects and increased business with our national accounts. Gross profit margin in our Communications segment was 10.5% compared to 16.1% in the first quarter of fiscal 2011, reflecting lower margins on competitively bid projects. We expect gross margins in this segment to return to more normal levels in subsequent quarters. Compared to a year ago, Communications segment revenues increased 42.5% from $16.4 million. Gross profit margin in the year ago quarter was 20.7%.

現在讓我轉向我們的部門數據，請參閱幻燈片5。需求以及與我們的國民帳戶。我們通訊部門的毛利率為 10.5%，而 2011 財年第一季為 16.1%，反映出競標項目的利潤率較低。我們預計該部門的毛利率將在接下來的幾季恢復到更正常的水平。與去年同期相比，通訊部門營收從 1,640 萬美元成長了 42.5%。去年同期毛利率為20.7%。

Turning to slide 6, revenues on our Residential segment were $26.4 million compared to $26 million in the previous quarter. Gross profit margin in the segment was 13.6% compared to 17.6% in the previous quarter as a result of continued competitive pressures in both single-family and multi-family markets. In addition, increases in the cost of materials such as copper and fuel negatively impacted gross margins in the segment during the second quarter and weather was a factor throughout the January and early February periods this year. In the second quarter a year ago, Residential revenues were $28.1 million and gross profit margin was 22.3%. The lower year over year revenues were largely due to the decline in single-family housing construction, resulting from the continued effect of high unemployment rates and uncertain economic conditions.

轉向幻燈片 6，住宅部門的收入為 2,640 萬美元，而上一季為 2,600 萬美元。由於單戶住宅和多戶住宅市場持續的競爭壓力，該部門的毛利率為 13.6%，而上一季為 17.6%。此外，銅和燃料等材料成本的上漲對該部門第二季的毛利率產生了負面影響，而天氣是今年一月和二月初的因素。一年前第二季度，住宅收入為 2,810 萬美元，毛利率為 22.3%。收入同比下降的主要原因是高失業率和不確定的經濟狀況的持續影響導致單戶住房建設下降。

Now turning to slide 7. Revenues in our Commercial & Industrial segment were $68.6 million compared to $67.7 million in the first quarter of fiscal 2011. Gross margin in this segment was a negative 1% in the second quarter compared to a 5% gross margin in the previous quarter, primarily due to execution issues on the few specific projects we discussed earlier. These project execution issues had a negative impact of $2.7 million to the gross profit on the second quarter results for this segment. Also the weak economy, continued competitive pressures and increased material costs relating to copper, steel and fuel adversely affected this segment's margin this year. Compared to the second quarter of last year, Commercial & Industrial revenues increased 8.6% from $63.1 million as a result of an increase in backlog and the resulting orders. Segment gross margin a year ago was 6.2%.

現在轉向幻燈片7。季度的毛利率為5%。這些項目執行問題對該部門第二季的毛利產生了 270 萬美元的負面影響。此外，疲軟的經濟、持續的競爭壓力以及與銅、鋼鐵和燃料相關的材料成本的增加對該部門今年的利潤率產生了不利影響。與去年第二季相比，由於積壓訂單和由此產生的訂單增加，商業和工業收入從 6,310 萬美元增長了 8.6%。一年前的部門毛利率為 6.2%。

Now turning to slide 8. Our March 31, 2011 consolidated backlog was $242 million compared to $243 million as of December 31, 2010, and the $251 million at the end of the second quarter of fiscal 2010. The multi-family portion of our Residential business has continued to increase it's backlog in each of the last 4 quarterly periods. We do not include single-family housing or time and the material work in our backlog numbers.

現在轉向投影片 8。過去4 個季度中，該公司的積壓訂單持續增加。我們的積壓訂單數量不包括單戶住房或時間和材料工作。

Now turning to slide 9. As of March 31, 2011, IES had total liquidity of $46.8 million, working capital was $81.9 million and long-term debt was $10.4 million. At the close of business Friday, May 13, 2011, we had total liquidity of $42.4 million. I will now turn the call back to Mike.

現在轉向幻燈片 9。截至 2011 年 5 月 13 日星期五收市時，我們的流動資金總額為 4,240 萬美元。我現在將把電話轉回給麥克。

Thanks, Terry. Referring to slide 10. Over the last 3 years as we've navigated the severe downturn in the economy and the construction markets, we've restructured our operations and we've significantly reduced our cost structure. And we've stated that we'll continue to flex our cost base to match our expected volumes and focus our strategy on strengthening our core portfolio of Electrical and Communications businesses that are critical to the future success of the Company. So in February, we made the decision to divest another non-strategic business and concluded the sale of our Electrical distribution business, Key Electric Supply, to Elliott Electric Supply

謝謝，特里。請參閱投影片 10。我們已經表示，我們將繼續調整我們的成本基礎，以符合我們的預期銷量，並將我們的策略重點放在加強我們的電氣和通訊業務核心組合上，這對公司未來的成功至關重要。因此，在二月份，我們決定剝離另一項非策略業務，並將我們的配​​電業務 Key Electric Supply 出售給 Elliott Electric Supply

In March of this year, we announced that we are expanding our Communications segment with the opening of new operations in Southern California and Atlanta, Georgia. With the growth in the technology sector, specifically data center construction, we continue to see opportunities to provide support and expertise for data implementation projects. We already support such projects in other geographic regions and decided to broaden that geographic reach with this expansion. With our expertise in supporting critical facilities and our well regarded safety processes, we believed it was an opportune time for the expansion of that business.

今年 3 月，我們宣布將在南加州和喬治亞州亞特蘭大開設新業務，擴大我們的通訊部門。隨著技術領域的成長，特別是資料中心建設，我們不斷看到為資料實施專案提供支援和專業知識的機會。我們已經在其他地理區域支持此類項目，並決定透過此擴張擴大地理覆蓋範圍。憑藉我們在支援關鍵設施方面的專業知識和備受推崇的安全流程，我們相信現在是擴展業務的最佳時機。

In April we announced some organizational changes in our Residential segment but, with a long time leader in that business stepping into an operational role. We named a new group Vice President for IES Residential and now have 2 seasoned veterans of the business who have a wealth of experience in place to guide the Residential business going forward.

四月份，我們宣布了住宅部門的一些組織變革，但該業務的長期領導者進入了營運職位。 我們任命了一位新的 IES 住宅集團副總裁，現在擁有 2 位經驗豐富的行業資深人士，他們擁有豐富的經驗來指導住宅業務的發展。

And finally, after an assessment of all of our Commercial & Industrial operations, we announced a restructuring plan for 2011, whereby we'll sell or close underperforming operations in that segment. These operations were again determined based on their under performance, the time it will take to return them to profitability and their location in markets we believe will not recover for an extended period of time. Implementation of this plan will leave us with a solid core of operations with strong leadership teams in place and located in markets where we have a strong presence. And we believe this restructuring will better position us for a market recovery and expect to benefit from the apparent stabilization of the market driving growth and improved profitability as the market recovers.

最後，在對我們所有的商業和工業業務進行評估後，我們宣布了 2011 年的重組計劃，我們將出售或關閉該領域表現不佳的業務。這些業務再次是根據其業績不佳、恢復盈利所需的時間以及我們認為在很長一段時間內不會恢復的市場地位來確定的。該計劃的實施將為我們留下堅實的營運核心，並在我們擁有強大影響力的市場中建立強大的領導團隊。我們相信，此次重組將使我們更好地迎接市場復甦，並預計將受益於市場明顯穩定，推動成長，並隨著市場復甦而提高獲利能力。

And in conclusion, as I've often stated, safety is one of the cornerstones of our culture and every project begins and ends with safe execution. We continue to be extremely proud of our outstanding safety performance here at IES. And as always, we appreciate your interest and we look forward to speaking to you again on our fiscal 2011 third-quarter conference call.

總之，正如我經常所說，安全是我們文化的基石之一，每個專案都以安全執行開始和結束。我們仍然對 IES 出色的安全表現感到非常自豪。一如既往，我們感謝您的關注，並期待在 2011 財年第三季電話會議上再次與您交談。

Certain statements in this conference call, including statements regarding the restructuring plan and total estimated charges and cost reductions associated with this plan, are forward-looking statements within the meaning of 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934, all of which are based upon various estimates and assumptions that the Company believes to be reasonable as of the date hereof. These statements involve risks and uncertainties that could cause the Company's actual future outcomes to differ materially from those set forth in such statements.

本次電話會議中的某些聲明，包括有關重組計劃以及與該計劃相關的預計總費用和成本削減的聲明，均為1933 年《證券法》第27A 條和《1933 年證券交易法》第21E條含義內的前瞻性聲明。這些陳述涉及風險和不確定性，可能導致公司未來的實際結果與此類陳述中闡述的結果有重大差異。

Such risks and uncertainties include, but are not limited to, the inherent uncertainties relating to estimating future operating results and the Company's ability to generate sales and operating income, potential defaults under credit facility and term loans, cross defaults under surety agreements, potential depression of stock price triggered by the potential sale of controlling interest of the entire Company as a result of controlling stockholders' decision to pursue a disposition of its interest in the Company, fluctuations and operating results because of down turns and levels of construction, delayed project start dates and project cancellations resulting from adverse credit and capital market conditions that affect the costs and availability of construction financing, delayed payments resulting from financial and credit difficulties affecting customers and owners, inability to collect monies owed because of the depressed value of projects and the ineffectiveness of liens, inaccurate estimates used in entering into contracts, inaccuracies in estimating revenues and percentage of completion on projects, the high level of competition in the construction industry from both third parties and former employees, weather-related delays, accidents resulting from the physical hazards associated with the Company's work, difficulties in reducing SG&A to match lowered revenues, loss of key personnel, litigation risks and uncertainties, difficulties incorporating new accounting control and operating procedures and centralization of back office functions, and failure to recognize revenue from work that is yet to be performed on uncompleted contracts and/or from work that has been contracted, but not started, due to changes in contractual commitments.

此類風險和不確定性包括但不限於與估計未來經營業績以及公司產生銷售和營業收入的能力有關的固有不確定性、信貸安排和定期貸款下的潛在違約、擔保協議下的交叉違約、潛在的經濟衰退等。 由於控股股東決定出售其在公司的權益，可能會出售整個公司的控股權，從而引發股價的波動，以及由於經濟低迷和建設水平、項目開工日期推遲而導致的經營業績波動不利的信貸和資本市場狀況影響了建築融資的成本和可用性，導致專案取消；由於影響客戶和業主的財務和信貸困難而延遲付款；由於專案價值下降而無法收回所欠款項，以及由於專案效率低下而無法收回所欠款項。的事故與公司工作相關的問題包括：減少銷售管理及行政費用以匹配收入下降的困難、關鍵人員的流失、訴訟風險和不確定性、納入新的會計控制和操作程序以及後台職能集中化的困難，以及未能從尚未完成的工作中確認收入由於合約承諾的變化，可以對未完成的合約和/或已簽訂合約但尚未開始的工作進行。

You should understand that the foregoing, as well as other risk factors discussed on this conference call and in the Company's annual report on Form 10-K for the year ended September 30, 2010, could cause future outcomes to differ materially from those expressed in such forward-looking statements. The Company undertakes no obligation to publicly update or revise information concerning its restructuring efforts, borrowing availability or cash position or any forward-looking statements to reflect events or circumstances that may arise after the date of this conference call. Forward-looking statements are provided in this call pursuant to the Safe Harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of the estimates, assumptions, uncertainties and risks described herein. And that concludes our call.

您應該了解，上述內容以及本次電話會議和公司截至2010 年9 月30 日的10-K 表格年度報告中討論的其他風險因素，可能會導致未來結果與此類報告中表達的結果存在重大差異。本公司沒有義務公開更新或修改有關其重組工作、借款可用性或現金狀況的資訊或任何前瞻性陳述，以反映本次電話會議之後可能出現的事件或情況。本次電話會議中的前瞻性陳述是根據 1995 年《私人證券訴訟改革法案》建立的安全港條款提供的，並應在本文所述的估計、假設、不確定性和風險的背景下進行評估。我們的通話到此結束。

Ladies and gentlemen, if you would like to listen to a replay of today's discussion, please dial 303-590-3030 with the access code 4438957. This concludes Integrated Electrical Services second-quarter earnings conference call. ACT would like to thank you for your participation, you may now disconnect.

女士們先生們，如果您想收聽今天討論的重播，請撥打 303-590-3030，接入碼為 4438957。 ACT 感謝您的參與，您現在可以斷開連接。