HOUSTON, Nov. 20, 2015 (GLOBE NEWSWIRE) – Integrated Electrical Services, Inc. (or âIESâ) (NASDAQ: IESC) today announced that a wholly owned subsidiary of IES has acquired all of the shares of Shanahan Mechanical and Electrical, Inc. (“Shanahan”), a mechanical and electrical subcontracting service provider based in Lincoln, Nebraska. Shanahan will operate as a subsidiary in the commercial and industrial segment of IES and will continue to operate under the Shanahan name.
âWe are delighted that Shanahan Mechanical and Electrical and its more than 80 employees are joining IES. Shanahan was founded in 1958 by the father and uncle of current President Steve Shanahan and is today a leading mechanical and electrical contractor in Lincoln, Nebraska, with strong positions in the healthcare, academic markets , industrial and commercial, âsaid Tom Santoni, president of The Commercial and Industrial segment of IES. âThe Shanahan acquisition not only adds mechanical contracting expertise to IES, but also accelerates our entry into the Lincoln market, an area that our Holdrege, Nebraska site has targeted for expansion. In addition, the acquisition gives us the opportunity to expand our geographic coverage and capabilities without the costs and risks of a new start-up operation. “
Steve Shanahan, President of Shanahan, added, âShanahan owes its 50+ years of success to its dedicated employees. Partnering with IES provides the opportunity to join a company that shares that same long-term commitment to its employees and customers and is a natural home for Shanahan’s continued success.
âThe Shanahan acquisition is consistent with our strategy to make targeted acquisitions that enhance and expand our capabilities in our current operating segments,â said Robert Lewey, President of IES. âThe recent acquisitions of Shanahan, Southern Rewinding and Calumet Armature and Electric are each expected to have an immediate impact on earnings and collectively are expected to add more than $ 30 million in revenue in fiscal 2016. These acquisitions are a milestone important to improving our profitability. and using the approximately $ 459 million in net operating losses carried forward available to us for US federal income tax purposes as at September 30, 2014. We expect to release fourth quarter results for the year ending September 30, 2015 by December 14, 2015 at the latest. “
ABOUT INTEGRATED ELECTRICAL SERVICES, INC.
IES is a holding company that owns and manages various operating subsidiaries, comprised of suppliers of industrial products and infrastructure services in a variety of end markets. Our more than 3,000 employees serve clients in the United States and abroad. For more information on IES, please visit www.ies-co.com.
ABOUT IES COMMERCIAL & INDUSTRIAL
The commercial and industrial segment of IES provides electrical design, construction and maintenance services to the commercial and industrial markets in various regional markets and nationwide in certain areas of expertise, such as the electrical infrastructure market. For more information on IES Commercial & Industrial, please visit www.iesci.net.
Certain statements contained in this press release may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, all of which are based on various estimates and assumptions that the Company considers reasonable as of the date hereof. In some cases, you can identify forward-looking statements by using terms such as “may”, “will”, “could”, “should”, “expect”, “plan”, “plan”, ” intend “,” anticipate, “” believe “,” seek “,” estimate “,” predict “,” potential “,” pursue “,” target “,” continue “, the negative of these terms or other comparable terms. These statements involve risks and uncertainties that could cause the Company’s actual future results to differ materially from those stated in such statements. These risks and uncertainties include, without limitation, the ability of our controlling shareholder to take actions not aligned with other shareholders; the possibility that certain tax benefits of our net operating losses may be limited or reduced upon a change in ownership; the inability to implement plans and strategies as intended, including our inability to identify and complete acquisitions that meet our investment criteria in pursuit of our business strategy; competition in the industries in which we operate, from both third parties and former employees, which could result in the loss of one or more clients or result in lower margins on new projects; fluctuations in operating activity due to declines in construction levels, seasonality and different regional economic conditions; and our ability to successfully manage projects, as well as other risk factors discussed in this document and in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2014. You should understand that these risk factors could cause future results to differ materially from those experienced previously or from those expressed in these forward-looking statements. The Company does not undertake to publicly update or revise any information, including information concerning its majority shareholder, net operating losses, availability of borrowings or cash position, or any forward-looking statement reflecting events or circumstances which could arise after the date of this Release.
Forward-looking statements are provided in this press release in accordance with 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 in this document.
General information about Integrated Electrical Services, Inc. is available at http://www.ies-co.com under âInvestorsâ. The Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any changes to these reports, are available free of charge on the website of the Company as soon as reasonably possible after they are filed with or provided to the SEC.