Integrated Electrical Services (IESC) to Restate '09-'11 Financials; Offers Prelim. Q1 Results
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Price: $685.04 +0.26%
Financial Fact:
(Gain) loss on sale of assets: 34K
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
(Gain) loss on sale of assets: 34K
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Integrated Electrical Services, Inc. (NASDAQ: IESC) announced upon the recommendation of management and after discussion with its independent registered public accounting firm, the Company's Board of Directors has determined that the Company's audited consolidated financial statements as of and for the fiscal years ended September 30, 2011, 2010 and 2009 should no longer be relied upon as being in compliance with U.S. generally accepted accounting principles.
The Company will restate its consolidated financial statements as of and for the fiscal years ended September 30, 2011, 2010 and 2009 to correct errors in the computation of vacation benefits liabilities and to accurately reflect certain previously reported expenses in the periods in which they were incurred. The cumulative effect of the restatement is expected to increase previously reported expenses by approximately $1.1 million over the three year period.
The Company has filed with the Securities and Exchange Commission a Form 12b-25 with respect to its quarterly report on Form 10-Q for the quarter ended December 31, 2011 and intends to file the Form 10-Q immediately following the filing of its Form 10-K/A for the fiscal year ended September 30, 2011. The Company will also file a Form 8-K, describing in more detail the facts underlying the Board's determination, within the period prescribed by Form 8-K.
Reports preliminary Q1 loss of 25 cents per share, or breakeven on an adjusted basis. Reports preliminary sales of $113.4 million and "go forward" sales of $107 million.
The Company will restate its consolidated financial statements as of and for the fiscal years ended September 30, 2011, 2010 and 2009 to correct errors in the computation of vacation benefits liabilities and to accurately reflect certain previously reported expenses in the periods in which they were incurred. The cumulative effect of the restatement is expected to increase previously reported expenses by approximately $1.1 million over the three year period.
The Company has filed with the Securities and Exchange Commission a Form 12b-25 with respect to its quarterly report on Form 10-Q for the quarter ended December 31, 2011 and intends to file the Form 10-Q immediately following the filing of its Form 10-K/A for the fiscal year ended September 30, 2011. The Company will also file a Form 8-K, describing in more detail the facts underlying the Board's determination, within the period prescribed by Form 8-K.
Reports preliminary Q1 loss of 25 cents per share, or breakeven on an adjusted basis. Reports preliminary sales of $113.4 million and "go forward" sales of $107 million.
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