$IESC
IES Holdings, Inc.

2011 Q4 Form 10-Q Financial Statement

#000119312512144037 Filed on March 30, 2012

View on sec.gov

Income Statement

Concept 2011 Q4 2010 Q4
Revenue $109.0K $91.16M
YoY Change -99.88% -24.16%
Cost Of Revenue $95.81M $98.75M
YoY Change -2.99% -1.54%
Gross Profit $13.19K $10.60M
YoY Change -99.88% -46.72%
Gross Profit Margin 12.1% 11.63%
Selling, General & Admin $12.66M $18.65M
YoY Change -32.15% -3.36%
% of Gross Profit 95922.08% 175.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $522.0K $1.856M
YoY Change -71.88% 34.49%
% of Gross Profit 3956.64% 17.5%
Operating Expenses $12.66M $18.65M
YoY Change -32.15% -3.36%
Operating Profit $675.0K -$4.416M
YoY Change -115.29% -836.0%
Interest Expense $622.0K $599.0K
YoY Change 3.84% -159.9%
% of Operating Profit 92.15%
Other Income/Expense, Net -$502.0K -$559.0K
YoY Change -10.2% -659.0%
Pretax Income $173.0K -$4.975M
YoY Change -103.48% 452.78%
Income Tax -$19.00K -$676.0K
% Of Pretax Income -10.98%
Net Earnings -$3.721K -$4.299M
YoY Change -99.91% 437.38%
Net Earnings / Revenue -3.41% -4.72%
Basic Earnings Per Share -$0.26 -$0.30
Diluted Earnings Per Share -$0.26 -$0.30
COMMON SHARES
Basic Shares Outstanding 14.57M shares 14.45M shares
Diluted Shares Outstanding 14.57M shares 14.45M shares

Balance Sheet

Concept 2011 Q4 2010 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.30M $26.90M
YoY Change -35.69% -51.79%
Cash & Equivalents $17.32M $26.95M
Short-Term Investments
Other Short-Term Assets $15.60M $5.000M
YoY Change 212.0% -24.24%
Inventory $8.191M $27.10M
Prepaid Expenses
Receivables $78.37M $99.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $143.4M $158.9M
YoY Change -9.77% -20.91%
LONG-TERM ASSETS
Property, Plant & Equipment $8.646M $12.40M
YoY Change -30.27% -46.09%
Goodwill $4.446M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.289M $11.60M
YoY Change -54.41% -21.09%
Total Long-Term Assets $18.59M $28.40M
YoY Change -34.55% -37.44%
TOTAL ASSETS
Total Short-Term Assets $143.4M $158.9M
Total Long-Term Assets $18.59M $28.40M
Total Assets $162.0M $187.3M
YoY Change -13.53% -23.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $63.10M $55.90M
YoY Change 12.88% -6.99%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.168M $600.0K
YoY Change 261.33% -72.73%
Total Short-Term Liabilities $83.53M $71.50M
YoY Change 16.82% -9.26%
LONG-TERM LIABILITIES
Long-Term Debt $10.23M $10.40M
YoY Change -1.65% -60.61%
Other Long-Term Liabilities $7.295M $6.200M
YoY Change 17.66% -10.14%
Total Long-Term Liabilities $17.52M $16.60M
YoY Change 5.56% -50.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.53M $71.50M
Total Long-Term Liabilities $17.52M $16.60M
Total Liabilities $101.3M $89.20M
YoY Change 13.6% -22.03%
SHAREHOLDERS EQUITY
Retained Earnings -$98.25M
YoY Change
Common Stock $154.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.475M
YoY Change
Treasury Stock Shares 394.0K shares
Shareholders Equity $60.63M $98.10M
YoY Change
Total Liabilities & Shareholders Equity $162.0M $187.3M
YoY Change -13.53% -23.95%

Cashflow Statement

Concept 2011 Q4 2010 Q4
OPERATING ACTIVITIES
Net Income -$3.721K -$4.299M
YoY Change -99.91% 437.38%
Depreciation, Depletion And Amortization $522.0K $1.856M
YoY Change -71.88% 34.49%
Cash From Operating Activities -$9.001M -$15.08M
YoY Change -40.33% 82.62%
INVESTING ACTIVITIES
Capital Expenditures $302.0K $391.0K
YoY Change -22.76% -588.75%
Acquisitions
YoY Change
Other Investing Activities $10.00K $9.800M
YoY Change -99.9% 8809.09%
Cash From Investing Activities -$291.0K $9.411M
YoY Change -103.09% 31270.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $94.00K $63.00K
YoY Change 49.21% -163.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.967M -305.0K
YoY Change 2840.0% 103.33%
NET CHANGE
Cash From Operating Activities -9.001M -15.08M
Cash From Investing Activities -291.0K 9.411M
Cash From Financing Activities -8.967M -305.0K
Net Change In Cash -18.26M -5.978M
YoY Change 205.44% -28.66%
FREE CASH FLOW
Cash From Operating Activities -$9.001M -$15.08M
Capital Expenditures $302.0K $391.0K
Free Cash Flow -$9.303M -$15.48M
YoY Change -39.88% 89.18%

Facts In Submission

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CY2010Q4 us-gaap Proceeds From Sale Of Property Plant And Equipment
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0
CY2011Q4 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
11000
CY2011Q4 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
0
CY2010Q4 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
0
CY2010Q4 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
57000
CY2011Q4 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
0
CY2011Q4 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-9103000
CY2010Q4 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
9411000
CY2010Q4 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
0
CY2011Q4 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
0
CY2011Q4 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9103000
CY2010Q4 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
9411000
CY2010Q4 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0
CY2011Q4 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0
CY2011Q4 us-gaap Repayments Of Debt
RepaymentsOfDebt
61000
CY2010Q4 us-gaap Repayments Of Debt
RepaymentsOfDebt
242000
CY2010Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
63000
CY2011Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
94000
CY2011Q4 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0
CY2010Q4 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0
CY2010Q4 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-305000
CY2011Q4 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-155000
CY2011Q4 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-18259000
CY2010Q4 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-5978000
CY2010Q4 us-gaap Interest Paid
InterestPaid
513000
CY2011Q4 us-gaap Interest Paid
InterestPaid
277000
CY2011Q4 us-gaap Income Taxes Paid
IncomeTaxesPaid
48000
CY2010Q4 us-gaap Income Taxes Paid
IncomeTaxesPaid
30000
CY2010Q4 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
0
CY2011Q4 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
0
CY2010Q4 iesc Gain Sale Bus Unit
Gain_sale_bus_unit
-6729000
CY2011Q4 iesc Gain Sale Bus Unit
Gain_sale_bus_unit
0
CY2010Q4 iesc Proceeds Sale Facilities
Proceeds_sale_facilities
9859000
CY2011Q4 iesc Proceeds Sale Facilities
Proceeds_sale_facilities
0
CY2011Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35577000
CY2010Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
26946000
CY2010Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
32924000
CY2011Q4 iesc Changes In Restricted Cash
ChangesInRestrictedCash
-8812000
CY2011Q4 iesc Sales Of Facilities
SalesOfFacilities
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">On </font><font style="font-family:Times New Roman;font-size:10pt;">November 30, </font><font style="font-family:Times New Roman;font-size:10pt;">2010</font><font style="font-family:Times New Roman;font-size:10pt;">, a</font><font style="font-family:Times New Roman;font-size:10pt;"> subsidiary of the Company sold substantially all the assets and certain liabilities of a non-strategic manufacturing facility engaged in manufacturing and selling fabricated metal buildings housing electrical equipment, such as switchgears, motor starters and control systems, to Siemens Energy, Inc.&#160;&#160;As part of this transaction, Siemens Energy, Inc. also acquired certain real property where the fabrication facilities are located from another subsidiary of the Company. The purchase price of </font><font style="font-family:Times New Roman;font-size:10pt;">$10,086 </font><font style="font-family:Times New Roman;font-size:10pt;">was adjusted to reflect working capital variances.&#160; The transaction was completed on </font><font style="font-family:Times New Roman;font-size:10pt;">December 10, 2010</font><font style="font-family:Times New Roman;font-size:10pt;"> at which time we recognized a gain of </font><font style="font-family:Times New Roman;font-size:10pt;">$6,763</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">On </font><font style="font-family:Times New Roman;font-size:10pt;">February 28, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">, Key Electrical Supply, Inc, a wholly owned subsidiary of the Company, sold substantially all the assets and certain liabilities of a non-core electrical distribution facility engaged in distributing wiring, lighting, electrical distribution, power control and generators for residential and commercial applications to Elliot Electric Supply, Inc. The purchase price of </font><font style="font-family:Times New Roman;font-size:10pt;">$6,676 </font><font style="font-family:Times New Roman;font-size:10pt;">was adjusted to reflect working capital variances.&#160;The loss on this transaction was immaterial.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
CY2011Q4 iesc Summary Of Significant Accounting Policies
SummaryOfSignificantAccountingPolicies
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">These unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments necessary to present fairly the financial position as of, and the results of operations for, the periods presented. All adjustments are considered to be normal and recurring unless otherwise described herein. Interim period results are not necessarily indicative of results of operations or cash flows for the full year. During interim periods, we follow the same accounting policies disclosed in our annual report of Form </font><font style="font-family:Times New Roman;font-size:10pt;">10-K</font><font style="font-family:Times New Roman;font-size:10pt;">/A</font><font style="font-family:Times New Roman;font-size:10pt;"> for the year ended </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">. Please refer to the </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Notes to Consolidated Financial Statements</font><font style="font-family:Times New Roman;font-size:10pt;"> in our annual report on Form </font><font style="font-family:Times New Roman;font-size:10pt;">10-K</font><font style="font-family:Times New Roman;font-size:10pt;">/A</font><font style="font-family:Times New Roman;font-size:10pt;"> for the year ended </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">, when reviewing our interim financial results set forth herein.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
CY2011Q4 iesc Revenue Recognition
RevenueRecognition
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">As of </font><font style="font-family:Times New Roman;font-size:10pt;">December, 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;"> the Company had </font><font style="font-family:Times New Roman;font-size:10pt;">revenue totaling</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">1</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">098</font><font style="font-family:Times New Roman;font-size:10pt;"> associated with </font><font style="font-family:Times New Roman;font-size:10pt;">on</font><font style="font-family:Times New Roman;font-size:10pt;">e contract claim. We </font><font style="font-family:Times New Roman;font-size:10pt;">recognize revenue associated with unapproved change orders and claims to the extent that related costs have been incurred, recovery is probable and the value can be reliably estimated.</font></p>
CY2011Q4 iesc Fair Value Of Financial Instruments
FairValueOfFinancialInstruments
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Our financial instruments consist of cash and cash equivalents, accounts receivable, notes receivable, investments, accounts payable, a line of credit, a note payable issued to finance an insurance policy, and </font><font style="font-family:Times New Roman;font-size:10pt;">a </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">10,000</font><font style="font-family:Times New Roman;font-size:10pt;"> senior subordinated loan agreement</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">(</font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">&#8220;Tontine Term L</font><font style="font-family:Times New Roman;font-size:10pt;">oan</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;">. We believe that the carrying value of financial instruments, with the exception of the Tontine </font><font style="font-family:Times New Roman;font-size:10pt;">Term Loan</font><font style="font-family:Times New Roman;font-size:10pt;"> and our cost method investment in </font><font style="font-family:Times New Roman;font-size:10pt;">EnerTech</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">in the accompanying Consolidated Balance S</font><font style="font-family:Times New Roman;font-size:10pt;">heets approximates their fair value due to their short-term nature. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">We estimate that</font><font style="font-family:Times New Roman;font-size:10pt;"> the fair value of the Tontine Term L</font><font style="font-family:Times New Roman;font-size:10pt;">oan is </font><font style="font-family:Times New Roman;font-size:10pt;">$10,554</font><font style="font-family:Times New Roman;font-size:10pt;"> based on comparable debt instruments at </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> For additional information, please refer to Note </font><font style="font-family:Times New Roman;font-size:10pt;">4</font><font style="font-family:Times New Roman;font-size:10pt;">, &#8220;Debt</font><font style="font-family:Times New Roman;font-size:10pt;"> &#8211; </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">The Tontine Term Loan</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221; of this report.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">We estimate that the fair value of our investment in EnerTech is </font><font style="font-family:Times New Roman;font-size:10pt;">$1,049</font><font style="font-family:Times New Roman;font-size:10pt;"> at </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">For additional information, please refer </font><font style="font-family:Times New Roman;font-size:10pt;">to Note </font><font style="font-family:Times New Roman;font-size:10pt;">8</font><font style="font-family:Times New Roman;font-size:10pt;">, &#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">Securities and Equity Investments</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> &#8211; Investment in EnerTech</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
CY2011Q4 iesc Asset Impairment
AssetImpairment
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">During the </font><font style="font-family:Times New Roman;font-size:10pt;">three months ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">December 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2010</font><font style="font-family:Times New Roman;font-size:10pt;">, t</font><font style="font-family:Times New Roman;font-size:10pt;">he Company ceased use of </font><font style="font-family:Times New Roman;font-size:10pt;">certain</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">internally-developed </font><font style="font-family:Times New Roman;font-size:10pt;">software. As a result, the software has a fair val</font><font style="font-family:Times New Roman;font-size:10pt;">ue of zero. </font><font style="font-family:Times New Roman;font-size:10pt;">The net charge of </font><font style="font-family:Times New Roman;font-size:10pt;">$3,551</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">was recorded separately in the accompanying consolidated statements of operations as a component of loss from operations.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p>
CY2011Q4 iesc Use Of Estimates And Assumptions
UseOfEstimatesAndAssumptions
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The preparation of financial statements in conformity with accountin</font><font style="font-family:Times New Roman;font-size:10pt;">g principles generally accepted</font><font style="font-family:Times New Roman;font-size:10pt;"> in the United States of America</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">(&#8220;GAAP&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;"> requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are primarily used in our revenue recognition of construction in progress, fair value assumptions in analyzing goodwill, investments, intangible assets and long-lived asset impairments and adjustments, allowance for doubtful accounts receivable, stock-based compensation, reserves for legal matters, assumptions regarding estimated costs to exit certain divisions, realizability of deferred tax assets, and self-insured claims liabilities and related reserves.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
CY2011Q4 iesc Cash And Cash Equivalents
CashAndCashEquivalents
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. We have restricted cash to collateralize our letters of credit.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
CY2011Q4 iesc Seasonality And Quarterly Fluctuations
SeasonalityAndQuarterlyFluctuations
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Results of operations from our Residential construction segment are more seasonal, depending on weather trends, with typically higher revenues generated during spring and summer and lower revenues during fall and winter. The Communications and Commercial &amp; Industrial segments of our business are less subject to seasonal trends, as work in these segments generally is performed inside structures protected from the weather. Our service and maintenance business is generally not affected by seasonality. In addition, the construction industry has historically been highly cyclical. Our volume of business may be adversely affected by declines in construction projects resulting from adverse regional or national economic conditions. Quarterly results may also be materially affected by the timing of new construction projects. Accordingly, operating results for any fiscal period are not necessarily indicative of results that may be achieved for any subsequent fiscal period.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
CY2011Q4 iesc Subsequent Events
SubsequentEvents
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">On January 20, 2012, the Senior Vice President and Chief Financial Officer retired from the company. The company will incur approximately $430 in related severance expense</font><font style="font-family:Times New Roman;font-size:10pt;"> during the second quarter of 2012.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
CY2011Q4 iesc Restructuring Plan2011
RestructuringPlan2011
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In the second quarter of our </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;"> fiscal year, we began a restructuring program (the &#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;"> Restructuring Plan&#8221;) that was designed to consolidate operations within our Commercial &amp; Industrial business. </font><font style="font-family:Times New Roman;font-size:10pt;">Pursuant to the </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;"> Restructuring Plan, during the next </font><font style="font-family:Times New Roman;font-size:10pt;">three</font><font style="font-family:Times New Roman;font-size:10pt;"> to </font><font style="font-family:Times New Roman;font-size:10pt;">nine</font><font style="font-family:Times New Roman;font-size:10pt;"> months, we will </font><font style="font-family:Times New Roman;font-size:10pt;">finalize the sale or closure of</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">certain underperforming facilities within our Commercial &amp; Industrial operations</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> The </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;"> Restructuring Plan is a key element of our commitment to return the Company to profitability. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The facilities directly affected by </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;"> Restructuring Plan</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">are in several locations throughout the country, including </font><font style="font-family:Times New Roman;font-size:10pt;">Arizona</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">Florida</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">Iowa</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">Massachusetts</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">Louisiana</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">Nevada</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">Texas</font><font style="font-family:Times New Roman;font-size:10pt;">. 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Closure costs associated with </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;"> Restructuring</font><font style="font-family:Times New Roman;font-size:10pt;"> Plan include equipment and facility lease termination expenses, incremental management consulting expenses and severance costs for employees. 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CY2011Q4 iesc Restructuring Activities
RestructuringActivities
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 18px"><td style="width: 1px; text-align:left;border-color:#000000;min-width:1px;">&#160;</td><td colspan="13" style="width: 716px; text-align:left;border-color:#000000;min-width:716px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">The following table summarizes the activities related to our restructuring activities by component:</font></td></tr><tr style="height: 18px"><td style="width: 1px; text-align:left;border-color:#000000;min-width:1px;">&#160;</td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 98px; text-align:left;border-color:#000000;min-width:98px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 99px; text-align:left;border-color:#000000;min-width:99px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 1px; text-align:left;border-color:#000000;min-width:1px;">&#160;</td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td colspan="2" style="width: 111px; text-align:center;border-color:#000000;min-width:111px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Severance</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td colspan="2" style="width: 112px; text-align:center;border-color:#000000;min-width:112px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Consulting</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td colspan="2" style="width: 112px; text-align:center;border-color:#000000;min-width:112px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Lease Termination</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; text-align:center;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 99px; text-align:center;border-color:#000000;min-width:99px;">&#160;</td></tr><tr style="height: 18px"><td style="width: 1px; text-align:left;border-color:#000000;min-width:1px;">&#160;</td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td colspan="2" style="width: 111px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:111px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Charges</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td colspan="2" style="width: 112px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:112px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Charges</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td colspan="2" style="width: 112px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:112px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">&amp; Other Charges</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td colspan="2" style="width: 112px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:112px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td></tr><tr style="height: 17px"><td style="width: 1px; text-align:left;border-color:#000000;min-width:1px;">&#160;</td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 98px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:98px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; 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text-align:right;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 336</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 99px; text-align:right;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 790</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 99px; text-align:right;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 2,207</font></td></tr><tr style="height: 17px"><td style="width: 1px; 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text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 99px; text-align:right;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 48</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 99px; text-align:right;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 600</font></td></tr><tr style="height: 18px"><td style="width: 1px; text-align:left;border-color:#000000;min-width:1px;">&#160;</td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Cash payments made</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 98px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (391)</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 99px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (776)</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 99px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (154)</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 99px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,321)</font></td></tr><tr style="height: 26px"><td style="width: 1px; text-align:left;border-color:#000000;min-width:1px;">&#160;</td><td style="width: 245px; text-align:left;border-color:#000000;min-width:245px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Restructuring liability at September 30, 2012</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 98px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:98px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 759</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:13px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 99px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:99px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 43</font></td><td style="width: 6px; 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CY2011Q4 iesc Restructuring Plan2009
RestructuringPlan2009
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">During the first quarter of fiscal 2012, the Company determined the underperforming </font><font style="font-family:Times New Roman;font-size:10pt;">Baltimore</font><font style="font-family:Times New Roman;font-size:10pt;"> facilit</font><font style="font-family:Times New Roman;font-size:10pt;">y</font><font style="font-family:Times New Roman;font-size:10pt;"> within its Commercial &amp; Industrial and Communications divisions would be either sold or closed</font><font style="font-family:Times New Roman;font-size:10pt;"> over the next </font><font style="font-family:Times New Roman;font-size:10pt;">three</font><font style="font-family:Times New Roman;font-size:10pt;"> to </font><font style="font-family:Times New Roman;font-size:10pt;">six</font><font style="font-family:Times New Roman;font-size:10pt;"> months</font><font style="font-family:Times New Roman;font-size:10pt;">. This closing is a key element of management's overall plan to return the Company to profitability. The </font><font style="font-family:Times New Roman;font-size:10pt;">Baltimore</font><font style="font-family:Times New Roman;font-size:10pt;"> location w</font><font style="font-family:Times New Roman;font-size:10pt;">as</font><font style="font-family:Times New Roman;font-size:10pt;"> selected based upon current business</font><font style="font-family:Times New Roman;font-size:10pt;">es</font><font style="font-family:Times New Roman;font-size:10pt;"> performance and the extended time frame</font><font style="font-family:Times New Roman;font-size:10pt;"> needed to return the operation</font><font style="font-family:Times New Roman;font-size:10pt;"> to profitability.</font><font style="font-family:Times New Roman;font-size:10pt;"> We expect that closure costs could range from </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">34</font><font style="font-family:Times New Roman;font-size:10pt;">0</font><font style="font-family:Times New Roman;font-size:10pt;"> to </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">4</font><font style="font-family:Times New Roman;font-size:10pt;">8</font><font style="font-family:Times New Roman;font-size:10pt;">0</font><font style="font-family:Times New Roman;font-size:10pt;"> in the aggregate.</font></p>
CY2011Q4 iesc Future Payments On Debt
FuturePaymentsOnDebt
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Future payments on debt at </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">are as follows</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 128px; text-align:left;border-color:#000000;min-width:128px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td colspan="2" rowspan="2" style="width: 95px; text-align:center;border-color:#000000;min-width:95px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Capital Leases and Other</font></td><td style="width: 6px; 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border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:81px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td colspan="2" style="width: 94px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Term Debt</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td colspan="2" style="width: 94px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:94px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Total</font></td></tr><tr style="height: 25px"><td style="width: 128px; 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text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 80px; text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr><tr style="height: 17px"><td style="width: 128px; text-align:left;border-color:#000000;min-width:128px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Thereafter</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 81px; text-align:right;border-color:#000000;min-width:81px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 14px; 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text-align:left;border-color:#000000;min-width:128px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Less: Imputed Interest</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 81px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:81px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (136)</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 14px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 80px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:80px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (136)</font></td></tr><tr style="height: 25px"><td style="width: 128px; text-align:left;border-color:#000000;min-width:128px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">Total</font></td><td style="width: 6px; 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margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">For the </font><font style="font-family:Times New Roman;font-size:10pt;">three months ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;"> and</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2010</font><font style="font-family:Times New Roman;font-size:10pt;">, we incurred interest expense of </font><font style="font-family:Times New Roman;font-size:10pt;">$622</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">$599</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p>
CY2011Q4 iesc Revolving Credit Facility
RevolvingCreditFacility
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">On </font><font style="font-family:Times New Roman;font-size:10pt;">May&#160;12, 2006</font><font style="font-family:Times New Roman;font-size:10pt;">, we entered into a Loan and Security Agreement (the &#8220;Loan and Security Agreement&#8221;), for a revolving credit facility (the &#8220;Revolving Credit Facility&#8221;) with Bank of America, N.A. and certain other lenders. On </font><font style="font-family:Times New Roman;font-size:10pt;">May&#160;7, 2008</font><font style="font-family:Times New Roman;font-size:10pt;">, we renegotiated the terms of our Revolving Credit Facility and entered into an amended agreement</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">with t</font><font style="font-family:Times New Roman;font-size:10pt;">he same financial institutions.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">On </font><font style="font-family:Times New Roman;font-size:10pt;">April 30, 2010</font><font style="font-family:Times New Roman;font-size:10pt;">, we renegotiated the terms of</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> and entered into an amendment to</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> the Loan and Security Agre</font><font style="font-family:Times New Roman;font-size:10pt;">ement</font><font style="font-family:Times New Roman;font-size:10pt;"> pursuant to which </font><font style="font-family:Times New Roman;font-size:10pt;">the maturity date was</font><font style="font-family:Times New Roman;font-size:10pt;"> extended to </font><font style="font-family:Times New Roman;font-size:10pt;">May 31, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">. In connection with the amendment, we incurred an amendment fee of </font><font style="font-family:Times New Roman;font-size:10pt;">$200</font><font style="font-family:Times New Roman;font-size:10pt;">, which is</font><font style="font-family:Times New Roman;font-size:10pt;"> being amortized over </font><font style="font-family:Times New Roman;font-size:10pt;">24</font><font style="font-family:Times New Roman;font-size:10pt;"> months.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">On </font><font style="font-family:Times New Roman;font-size:10pt;">December </font><font style="font-family:Times New Roman;font-size:10pt;">15</font><font style="font-family:Times New Roman;font-size:10pt;">, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">we renegotiated the terms of, and entered into an amendment to, the Loan and Security Agreement without incurring termination charges. Under the terms of the amended Revolving Credit Facility, the size of the facility was reduced to </font><font style="font-family:Times New Roman;font-size:10pt;">$40</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> and the maturity date </font><font style="font-family:Times New Roman;font-size:10pt;">was</font><font style="font-family:Times New Roman;font-size:10pt;"> extended to </font><font style="font-family:Times New Roman;font-size:10pt;">November 12</font><font style="font-family:Times New Roman;font-size:10pt;">, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">. Further, we were required to cash collateralize all of our letters of credit issued by the banks. The cash collateral is added to the borrowing base calculation at </font><font style="font-family:Times New Roman;font-size:10pt;">100%</font><font style="font-family:Times New Roman;font-size:10pt;"> through out the term of the agreement. T</font><font style="font-family:Times New Roman;font-size:10pt;">he Revolving Credit Facility requires that we maintain a fixed charge coverage ratio of not less than </font><font style="font-family:Times New Roman;font-size:10pt;">1.0:1.0 </font><font style="font-family:Times New Roman;font-size:10pt;">at any time that our aggregate amount of unrestricted cash on hand plus availability is less than </font><font style="font-family:Times New Roman;font-size:10pt;">$25</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and, thereafter, until such time as our aggregate amount of unrestricted cash on hand plus availability has been at least </font><font style="font-family:Times New Roman;font-size:10pt;">$25</font><font style="font-family:Times New Roman;font-size:10pt;">,000 </font><font style="font-family:Times New Roman;font-size:10pt;">for a period of </font><font style="font-family:Times New Roman;font-size:10pt;">60</font><font style="font-family:Times New Roman;font-size:10pt;"> consecutive days. </font><font style="font-family:Times New Roman;font-size:10pt;">Additionally, i</font><font style="font-family:Times New Roman;font-size:10pt;">f there are any loans outstanding on or after the </font><font style="font-family:Times New Roman;font-size:10pt;">April 30, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">, the Company's EBITDA for the period from </font><font style="font-family:Times New Roman;font-size:10pt;">October</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;"> through </font><font style="font-family:Times New Roman;font-size:10pt;">March 2012</font><font style="font-family:Times New Roman;font-size:10pt;">, may not exceed a negative </font><font style="font-family:Times New Roman;font-size:10pt;">$2</font><font style="font-family:Times New Roman;font-size:10pt;">,500</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">we will be required to have a cumulative fixed charge coverage ratio of at least </font><font style="font-family:Times New Roman;font-size:10pt;">1.0:1.0 </font><font style="font-family:Times New Roman;font-size:10pt;">at all times beginning </font><font style="font-family:Times New Roman;font-size:10pt;">April 1, 2012 </font><font style="font-family:Times New Roman;font-size:10pt;">to maintain any borrowings under the agreement. The measurement period for this additional test for borrowings begins with the monthly operating results for </font><font style="font-family:Times New Roman;font-size:10pt;">April 2012 </font><font style="font-family:Times New Roman;font-size:10pt;">and adds the monthly operating results</font><font style="font-family:Times New Roman;font-size:10pt;"> for each month thereafter to</font><font style="font-family:Times New Roman;font-size:10pt;"> determine the cumulative test during </font><font style="font-family:Times New Roman;font-size:10pt;">such time as revolving loans are outstanding. Failure to meet this performance test will result in an immediate </font><font style="font-family:Times New Roman;font-size:10pt;">e</font><font style="font-family:Times New Roman;font-size:10pt;">vent of </font><font style="font-family:Times New Roman;font-size:10pt;">d</font><font style="font-family:Times New Roman;font-size:10pt;">efault. </font><font style="font-family:Times New Roman;font-size:10pt;">The amended </font><font style="font-family:Times New Roman;font-size:10pt;">A</font><font style="font-family:Times New Roman;font-size:10pt;">greement also calls for cost of borrowings of </font><font style="font-family:Times New Roman;font-size:10pt;">4.0%</font><font style="font-family:Times New Roman;font-size:10pt;"> over LIBOR per annum. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Cost for letters of credit are the same as borrowings and also include a </font><font style="font-family:Times New Roman;font-size:10pt;">25</font><font style="font-family:Times New Roman;font-size:10pt;"> basis point &#8220;fronting fee.&#8221; All other terms and conditions </font><font style="font-family:Times New Roman;font-size:10pt;">remain </font><font style="font-family:Times New Roman;font-size:10pt;">unchanged. In connection with the amendment, we incurred an amendment fee of </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">60</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">which, together with </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">unamortized balance of the prior amendment</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> is being amortized using the straight line method through </font><font style="font-family:Times New Roman;font-size:10pt;">November 12</font><font style="font-family:Times New Roman;font-size:10pt;">, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The Revolving Credit Facility is guaranteed by our subsidiaries and secured by first priority liens on substantially all of our subsidiaries' existing and future acquired assets, exclusive of collateral provided to our surety providers. The Revolving Credit Facility contains customary affirmative, negative and financial covenants. The Revolving Credit Facility also restricts us from paying cash dividends and places limitations on our ability to repurchase our common stock.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Borrowings under the Revolving Credit Facility may not exceed a &#8220;borrowing base&#8221; that is determined monthly by our lenders based on available collateral, primarily certain accounts receivables and inventories. 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CY2011Q4 iesc Liquidity
Liquidity
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 235px; text-align:left;border-color:#000000;min-width:235px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 241px; text-align:left;border-color:#000000;min-width:241px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 232px; text-align:center;border-color:#000000;min-width:232px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Annual Interest Rate for</font></td></tr><tr style="height: 17px"><td style="width: 235px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:235px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Total Liquidity</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 241px; 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We had </font><font style="font-family:Times New Roman;font-size:10pt;">$8,812</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">in outstanding letters of credit</font><font style="font-family:Times New Roman;font-size:10pt;"> which were fully collateralized with restricted cash.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">At </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">, our Total Liquidity was </font><font style="font-family:Times New Roman;font-size:10pt;">$47,513</font><font style="font-family:Times New Roman;font-size:10pt;">. 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In addition, we are charged monthly in arrears (1)&#160;an unused commitment fee of </font><font style="font-family:Times New Roman;font-size:10pt;">0.5</font><font style="font-family:Times New Roman;font-size:10pt;">0</font><font style="font-family:Times New Roman;font-size:10pt;">%</font><font style="font-family:Times New Roman;font-size:10pt;">, and (2)&#160;certain other fees and charges as specified in the Loan and Security Agreement, as amended. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p>
CY2011Q4 iesc Financial Covenants
FinancialCovenants
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">As of </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">we were subject to the financial covenant under </font><font style="font-family:Times New Roman;font-size:10pt;">the Revolving Credit Facility</font><font style="font-family:Times New Roman;font-size:10pt;"> requiring that we maintain a fixed charge coverage ratio of not less than </font><font style="font-family:Times New Roman;font-size:10pt;">1.0:1.0 </font><font style="font-family:Times New Roman;font-size:10pt;">at any time that our aggregate amount of unrestricted cash on hand plus availability is less than </font><font style="font-family:Times New Roman;font-size:10pt;">$25</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and, thereafter, until such time as our aggregate amount of unrestricted cash on hand plus avai</font><font style="font-family:Times New Roman;font-size:10pt;">lability has been at least </font><font style="font-family:Times New Roman;font-size:10pt;">$25,000</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">for a period of </font><font style="font-family:Times New Roman;font-size:10pt;">6</font><font style="font-family:Times New Roman;font-size:10pt;">0</font><font style="font-family:Times New Roman;font-size:10pt;"> consecutive days. As of </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">, our Total Liquidity was in excess of </font><font style="font-family:Times New Roman;font-size:10pt;">$25</font><font style="font-family:Times New Roman;font-size:10pt;">,000</font><font style="font-family:Times New Roman;font-size:10pt;"> for the prior 60 day period</font><font style="font-family:Times New Roman;font-size:10pt;">. Had our Total Liquidity been l</font><font style="font-family:Times New Roman;font-size:10pt;">ess than </font><font style="font-family:Times New Roman;font-size:10pt;">$25,000</font><font style="font-family:Times New Roman;font-size:10pt;"> at </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">, we would not have met the </font><font style="font-family:Times New Roman;font-size:10pt;">1.0:1.0 </font><font style="font-family:Times New Roman;font-size:10pt;">fixed charge coverage ratio test, had it been applicable.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
CY2011Q4 iesc Tontine Term Loan
TontineTermLoan
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">On </font><font style="font-family:Times New Roman;font-size:10pt;">December&#160;1</font><font style="font-family:Times New Roman;font-size:10pt;">2, 2007</font><font style="font-family:Times New Roman;font-size:10pt;">, we entered into </font><font style="font-family:Times New Roman;font-size:10pt;">the Tontine Term Loan, </font><font style="font-family:Times New Roman;font-size:10pt;">a </font><font style="font-family:Times New Roman;font-size:10pt;">$25,000</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">senior subordinated loan agreement</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">with Tontine. The Tontine Term Loan bears interest at </font><font style="font-family:Times New Roman;font-size:10pt;">11.0% </font><font style="font-family:Times New Roman;font-size:10pt;">per annum and is due on </font><font style="font-family:Times New Roman;font-size:10pt;">May&#160;15, 2013</font><font style="font-family:Times New Roman;font-size:10pt;">. Interest is payable quarterly in cash or in-kind at our option. Any interest paid in-kind will bear interest at </font><font style="font-family:Times New Roman;font-size:10pt;">11.0% </font><font style="font-family:Times New Roman;font-size:10pt;">in addition to the loan principal. </font><font style="font-family:Times New Roman;font-size:10pt;">On </font><font style="font-family:Times New Roman;font-size:10pt;">April 30</font><font style="font-family:Times New Roman;font-size:10pt;">, 2010</font><font style="font-family:Times New Roman;font-size:10pt;">, we prepaid </font><font style="font-family:Times New Roman;font-size:10pt;">$15,000</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">of principal on the Tontine Term Loan. On </font><font style="font-family:Times New Roman;font-size:10pt;">May 1, 2010</font><font style="font-family:Times New Roman;font-size:10pt;">, Tontine assigned </font><font style="font-family:Times New Roman;font-size:10pt;">the Tontine Term Loan</font><font style="font-family:Times New Roman;font-size:10pt;"> to </font><font style="font-family:Times New Roman;font-size:10pt;">TCP</font><font style="font-family:Times New Roman;font-size:10pt;"> Overseas Master Fund II, L.P. </font><font style="font-family:Times New Roman;font-size:10pt;">We may repay the Tontine Term Loan at any time prior to the maturity date at par, plus accrued interest without penalty. The Tontine Term Loan is subordinated to </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">Revolving Credit Facility</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;"> The Tontine Term Loan is an unsecured obligation of the Company and its subsidiary borrowers. The Tontine Term Loan contains no financial covenants or restrictions on dividends or distributions to stockholders.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p>
CY2011Q4 iesc Operating Segment Current Year
OperatingSegmentCurrentYear
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 18px"><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;">&#160;</td><td colspan="15" style="width: 495px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:495px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Three Months Ended December 31, 2011</font></td></tr><tr style="height: 17px"><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;">&#160;</td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 90px; 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border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 75px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:70px;">&#160;</td></tr><tr style="height: 18px"><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 160px; text-align:left;border-color:#000000;min-width:160px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td colspan="2" style="width: 103px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:103px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Communications</font></td><td style="width: 6px; 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text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 90px; text-align:left;border-color:#000000;min-width:90px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 75px; text-align:left;border-color:#000000;min-width:75px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 13px; text-align:left;border-color:#000000;min-width:13px;">&#160;</td><td style="width: 70px; 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CY2011Q4 iesc Operating Segment Prior Year
OperatingSegmentPriorYear
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CY2011Q4 iesc Treasury Stock
TreasuryStock
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">D</font><font style="font-family:Times New Roman;font-size:10pt;">uring the </font><font style="font-family:Times New Roman;font-size:10pt;">three months ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">, we repurchased</font><font style="font-family:Times New Roman;font-size:10pt;">##D&lt;CommonSharesRepurchasedNumberEmployeesCY&gt;</font><font style="font-family:Times New Roman;font-size:10pt;"> common shares from our employees to satisfy </font><font style="font-family:Times New Roman;font-size:10pt;">minimum </font><font style="font-family:Times New Roman;font-size:10pt;">tax withholding requirements upon the vesting of restricted stock issued under the </font><font style="font-family:Times New Roman;font-size:10pt;">2006</font><font style="font-family:Times New Roman;font-size:10pt;"> Equity Incentive Plan, and </font><font style="font-family:Times New Roman;font-size:10pt;">##D&lt;CommonSharesRepurchasedForfeitedEmployeesCY&gt;</font><font style="font-family:Times New Roman;font-size:10pt;"> unvested shares were forfeited by former employees and returned to treasury stock. </font><font style="font-family:Times New Roman;font-size:10pt;">W</font><font style="font-family:Times New Roman;font-size:10pt;">e issued </font><font style="font-family:Times New Roman;font-size:10pt;">##D&lt;CommonSharesRepurchasedShareBasedCompCY&gt;</font><font style="font-family:Times New Roman;font-size:10pt;">&#160;</font><font style="font-family:Times New Roman;font-size:10pt;">shares out of treasury stock under our share-based compensation programs.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">D</font><font style="font-family:Times New Roman;font-size:10pt;">uring the </font><font style="font-family:Times New Roman;font-size:10pt;">three months ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2010</font><font style="font-family:Times New Roman;font-size:10pt;">, we repurchased</font><font style="font-family:Times New Roman;font-size:10pt;">##D&lt;CommonSharesRepurchasedNumberEmployees</font><font style="font-family:Times New Roman;font-size:10pt;">P</font><font style="font-family:Times New Roman;font-size:10pt;">Y&gt;</font><font style="font-family:Times New Roman;font-size:10pt;"> common shares from our employees to satisfy </font><font style="font-family:Times New Roman;font-size:10pt;">minimum </font><font style="font-family:Times New Roman;font-size:10pt;">tax withholding requirements upon the vesting of restricted stock issued under the </font><font style="font-family:Times New Roman;font-size:10pt;">2006</font><font style="font-family:Times New Roman;font-size:10pt;"> Equity Incentive Plan</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">##D&lt;CommonSharesRepurchasedForfeitedEmployees</font><font style="font-family:Times New Roman;font-size:10pt;">P</font><font style="font-family:Times New Roman;font-size:10pt;">Y&gt;</font><font style="font-family:Times New Roman;font-size:10pt;"> unvested shares were forfeited by former employees and returned to treasury stock. </font><font style="font-family:Times New Roman;font-size:10pt;">W</font><font style="font-family:Times New Roman;font-size:10pt;">e issued </font><font style="font-family:Times New Roman;font-size:10pt;">##D&lt;CommonSharesRepurchasedShareBasedComp</font><font style="font-family:Times New Roman;font-size:10pt;">P</font><font style="font-family:Times New Roman;font-size:10pt;">Y&gt;&#160;</font><font style="font-family:Times New Roman;font-size:10pt;">shares out of treasury stock under our share-based compensation programs.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"> </font></p>
CY2011Q4 iesc Restricted Stock
RestrictedStock
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 18px"><td colspan="5" style="width: 218px; text-align:left;border-color:#000000;min-width:218px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">Restricted Stock Awards:</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 7px; text-align:left;border-color:#000000;min-width:7px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 106px; text-align:left;border-color:#000000;min-width:106px;">&#160;</td></tr><tr style="height: 65px"><td style="width: 50px; 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text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 7px; text-align:left;border-color:#000000;min-width:7px;">&#160;</td><td style="width: 80px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 106px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:106px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">2006</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 76px; text-align:right;border-color:#000000;min-width:76px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 384,850</font></td><td style="width: 6px; 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text-align:left;border-color:#000000;min-width:7px;">&#160;</td><td style="width: 80px; text-align:left;border-color:#000000;min-width:80px;">&#160;</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;">&#160;</td><td style="width: 106px; text-align:left;border-color:#000000;min-width:106px;">&#160;</td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">During the </font><font style="font-family:Times New Roman;font-size:10pt;">three months ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">2010</font><font style="font-family:Times New Roman;font-size:10pt;">, we recognized </font><font style="font-family:Times New Roman;font-size:10pt;">$142</font><font style="font-family:Times New Roman;font-size:10pt;">, and </font><font style="font-family:Times New Roman;font-size:10pt;">$153</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively, in compensation expense related to these restricted stock awards. 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margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">All the restricted shares granted under the </font><font style="font-family:Times New Roman;font-size:10pt;">2006</font><font style="font-family:Times New Roman;font-size:10pt;"> Equity Incentive Plan (vested or unvested) participate in dividends issued to common shareholders, if any.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:13.5pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Phantom Stock Units </font></p><p style='margin-top:4.5pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">We granted 24,632 and 26,191 shares of performance-based phantom stock units (&#8220;PSUs&#8221;) to the members of the Board of Directors in 2011 and 2010, respectively</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">These PSU's will be paid via unrestricted stock grants to each director upon his departure from the Board of Directors</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
CY2011Q4 iesc Stock Options
StockOptions
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">We utilized a binomial option pricing model to measure the fair value of stock options granted.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Our determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by our stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, our expected stock price volatility over the term of the awards, the risk-free rate of return, and actual and projected employee stock option exercise behaviors. The expected life of stock options is not considered under the binomial option pricing model that we utilize. 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CY2011Q4 iesc Investment In Enertech
InvestmentInEnertech
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">O</font><font style="font-family:Times New Roman;font-size:10pt;">ur investment </font><font style="font-family:Times New Roman;font-size:10pt;">in EnerTech wa</font><font style="font-family:Times New Roman;font-size:10pt;">s </font><font style="font-family:Times New Roman;font-size:10pt;">approximately </font><font style="font-family:Times New Roman;font-size:10pt;">2%</font><font style="font-family:Times New Roman;font-size:10pt;"> of the overall</font><font style="font-family:Times New Roman;font-size:10pt;"> ownership in EnerT</font><font style="font-family:Times New Roman;font-size:10pt;">ech at </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">. 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margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">On </font><font style="font-family:Times New Roman;font-size:10pt;">December&#160;31, 20</font><font style="font-family:Times New Roman;font-size:10pt;">1</font><font style="font-family:Times New Roman;font-size:10pt;">1</font><font style="font-family:Times New Roman;font-size:10pt;">, EnerTech's general partner, with the consent of the fund's investors, extended the fund through </font><font style="font-family:Times New Roman;font-size:10pt;">December&#160;31, 201</font><font style="font-family:Times New Roman;font-size:10pt;">2</font><font style="font-family:Times New Roman;font-size:10pt;">. The fund will terminate on this date unless extended by the fund's valuation committee. The fund may be extended for another one-year period through </font><font style="font-family:Times New Roman;font-size:10pt;">December&#160;31, 201</font><font style="font-family:Times New Roman;font-size:10pt;">3</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">with the consent of the fund's valuation committee.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
CY2011Q4 iesc Arbinet Corporation
ArbinetCorporation
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">On </font><font style="font-family:Times New Roman;font-size:10pt;">May&#160;15, 2006</font><font style="font-family:Times New Roman;font-size:10pt;">, we received a distribution from the investment in EnerTech of </font><font style="font-family:Times New Roman;font-size:10pt;">32,967 </font><font style="font-family:Times New Roman;font-size:10pt;">shares in Arbinet Corporation</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">We sold these shares in fiscal </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">; accordingly, t</font><font style="font-family:Times New Roman;font-size:10pt;">he amount of unrealized holding losses included in other comprehensive income at </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011 </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">2010</font><font style="font-family:Times New Roman;font-size:10pt;"> is </font><font style="font-family:Times New Roman;font-size:10pt;">$0</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">$0</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"> </font></p>
CY2011Q4 iesc Executive Savings Plan
ExecutiveSavingsPlan
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Under the Executive Deferred Compensation Plan certain employees are permitted to defer a portion (up to </font><font style="font-family:Times New Roman;font-size:10pt;">75%</font><font style="font-family:Times New Roman;font-size:10pt;">) of their base salary and/or bonus for a Plan Year. The Compensation Committee of the Board of Directors may, in its sole discretion, credit one or more participants with an employer deferral (contribution)&#160;in such amount as the Committee may choose (&#8220;Employer Contribution&#8221;). The Employer Contribution, if any, may be a fixed dollar amount, a fixed percentage of the participant's compensation, base salary, or bonus, or a &#8220;matching&#8221; amount with respect to all or part of the participant's elective deferrals for such plan year, and/or any combination of the foregoing as the Committee may choose.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">On </font><font style="font-family:Times New Roman;font-size:10pt;">February&#160;13, 2009</font><font style="font-family:Times New Roman;font-size:10pt;">, we suspended Company matching cash contributions to employee's contributions due to the significant impact the economic recession has had on the Company's financial performance. </font><font style="font-family:Times New Roman;font-size:10pt;">We made no contributions to the Executive </font><font style="font-family:Times New Roman;font-size:10pt;">Deferred Compensation</font><font style="font-family:Times New Roman;font-size:10pt;"> Plan </font><font style="font-family:Times New Roman;font-size:10pt;">for the </font><font style="font-family:Times New Roman;font-size:10pt;">three months ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">2010</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"> </font></p>
CY2011Q4 iesc Post Retirement Benefit Plans
PostRetirementBenefitPlans
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Certain individuals at one of the Company's locations are entitled to receive fixed annual payments that reach a maximum amount, as specified in the related agreements, for a ten year period following retirement or, in some cases, the attainment of </font><font style="font-family:Times New Roman;font-size:10pt;">62</font><font style="font-family:Times New Roman;font-size:10pt;">&#160;years of age. We recognize the unfunded status of the plan as </font><font style="font-family:Times New Roman;font-size:10pt;">part of current liabilities and non-current</font><font style="font-family:Times New Roman;font-size:10pt;"> liabilit</font><font style="font-family:Times New Roman;font-size:10pt;">ies</font><font style="font-family:Times New Roman;font-size:10pt;"> in our Consolidated Balance S</font><font style="font-family:Times New Roman;font-size:10pt;">heet. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Benefits vest </font><font style="font-family:Times New Roman;font-size:10pt;">50%</font><font style="font-family:Times New Roman;font-size:10pt;"> after </font><font style="font-family:Times New Roman;font-size:10pt;">ten</font><font style="font-family:Times New Roman;font-size:10pt;"> years of service, which increases by </font><font style="font-family:Times New Roman;font-size:10pt;">10%</font><font style="font-family:Times New Roman;font-size:10pt;"> per annum until benefits are fully vested after </font><font style="font-family:Times New Roman;font-size:10pt;">15</font><font style="font-family:Times New Roman;font-size:10pt;">&#160;years of service. </font><font style="font-family:Times New Roman;font-size:10pt;">We had a</font><font style="font-family:Times New Roman;font-size:10pt;">n unfunded</font><font style="font-family:Times New Roman;font-size:10pt;"> be</font><font style="font-family:Times New Roman;font-size:10pt;">nefit liability of </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">7</font><font style="font-family:Times New Roman;font-size:10pt;">9</font><font style="font-family:Times New Roman;font-size:10pt;">1</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">$576</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">r</font><font style="font-family:Times New Roman;font-size:10pt;">ecorded as of </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">2010</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively.</font></p><p style='margin-top:6.6pt; margin-bottom:0pt'>&#160;</p>
CY2011Q4 iesc Ward Transformer Site
WardTransformerSite
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">One of our subsidiaries has been identified as one of more than </font><font style="font-family:Times New Roman;font-size:10pt;">200</font><font style="font-family:Times New Roman;font-size:10pt;"> potentially responsible parties (PRPs) with respect to the clean-up of an electric transformer resale and reconditioning facility, known as the Ward Transformer Site, located in Raleigh, North Carolina. The facility built, repaired, reconditioned and sold electric transformers from approximately </font><font style="font-family:Times New Roman;font-size:10pt;">1964</font><font style="font-family:Times New Roman;font-size:10pt;"> to </font><font style="font-family:Times New Roman;font-size:10pt;">2005</font><font style="font-family:Times New Roman;font-size:10pt;">. We did not own or operate the facility but a subsidiary that we acquired in </font><font style="font-family:Times New Roman;font-size:10pt;">July 1999 </font><font style="font-family:Times New Roman;font-size:10pt;">is believed to have sent transformers to the facility during the </font><font style="font-family:Times New Roman;font-size:10pt;">1990's</font><font style="font-family:Times New Roman;font-size:10pt;">. During the course of its operation, the facility was contaminated by Polychlorinated Biphenyls (PCBs), which also have been found to have migrated off the site.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Four PRPs have commenced clean-up of on-site contaminated soils under an Emergency Removal Action pursuant to a settlement agreement and Administrative Order on Consent entered into between the four PRPs and the U.S. Environmental Protection Agency (EPA) in </font><font style="font-family:Times New Roman;font-size:10pt;">September&#160;2005</font><font style="font-family:Times New Roman;font-size:10pt;">. We are not a party to that settlement agreement or Order on Consent. In </font><font style="font-family:Times New Roman;font-size:10pt;">April&#160;2009</font><font style="font-family:Times New Roman;font-size:10pt;">, two of these PRPs, Carolina Power and Light Company and Consolidation Coal Company, filed suit against us and most of the other PRPs in the U.S. District Court for the Eastern District of North Carolina (Western Division) to contribute to the cost of the clean-up. In addition to the on-site clean-up, the EPA has selected approximately </font><font style="font-family:Times New Roman;font-size:10pt;">50</font><font style="font-family:Times New Roman;font-size:10pt;"> PRPs to which it sent a Special Notice Letter in late </font><font style="font-family:Times New Roman;font-size:10pt;">2008</font><font style="font-family:Times New Roman;font-size:10pt;"> to organize the clean-up of soils off site and address contamination of groundwater and other miscellaneous off-site issues. We were not a recipient of that letter. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Based on our investigation to date, there is evidence to support our defense that our subsidiary contributed no PCB contamination to the site. In addition, we have tendered a demand for indemnification to the former owner of our subsidiary that may have transacted business with the facility and are exploring the existence and applicability of insurance policies that could mitigate potential exposure. As of </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">, we have not recorded a reserve for this matter, as we believe the likelihood of our responsibility for damages is not probable and a potential range of exposure is not estimable.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
CY2011Q4 iesc Risk Management
RiskManagement
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">We retain the risk for workers' compensation, employer's liability, automobile liability, general liability and employee group health claims, resulting from uninsured deductibles per accident or occurrence which are subject to annual aggregate limits. Our general liability program provides coverage for bodily injury and property damage. Losses up to the deductible amounts are accrued based upon our known claims incurred and an estimate of claims incurred but not reported. </font><font style="font-family:Times New Roman;font-size:10pt;">As a result, many of our claims are effectively self-insured. Many claims against our insurance are in the form of litigation. At </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">, we ha</font><font style="font-family:Times New Roman;font-size:10pt;">d </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">6</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;">861</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">accrued for insurance liabilities</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">We are also subject to construction defect liabilities, primarily within our Residential segment. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">A</font><font style="font-family:Times New Roman;font-size:10pt;">s of </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">, we had reserved </font><font style="font-family:Times New Roman;font-size:10pt;">$4</font><font style="font-family:Times New Roman;font-size:10pt;">1</font><font style="font-family:Times New Roman;font-size:10pt;">0</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">for these claims.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Some of the underwriters of our casualty insurance program require us to post letters of credit as collateral. This is common in the insurance industry. To date, we have not had a situation where an underwriter has had reasonable cause to effect payment under a letter of credit. At </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">$8,182</font><font style="font-family:Times New Roman;font-size:10pt;"> of our outstanding letters of credit were utilized to collateralize our insurance program.</font></p>
CY2011Q4 iesc Surety
Surety
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Many customers, particularly in connection with new construction, require us to post performance and payment bonds issued by a surety. Those bonds provide a guarantee to the customer that we will perform under the terms of our contract and that we will pay our subcontractors and vendors. If we fail to perform under the terms of our contract or to pay subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. We must reimburse the sureties for any expenses or outlays they incur on our behalf. To date, we have not been required to make any reimbursements to our sureties for bond-related costs. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">As is common in the surety industry, sureties issue bond</font><font style="font-family:Times New Roman;font-size:10pt;">s on a project-by-project basis</font><font style="font-family:Times New Roman;font-size:10pt;"> and can decline to issue bonds at any time. We believe that our relationships with our sureties will allow us to provide surety bonds as they are required. However, current market conditions</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> as well as changes in our sureties' assessment of our operating and financial risk</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> could cause our sureties to decline to issue bonds for our work. If our sureties decline to issue bonds for our work, our alternatives would include posting other forms of collateral for project performance, such as letters of credit or cash, seeking bonding capacity from other sureties, or engaging in more projects that do not require surety bonds. In addition, if we are awarded a project for which a surety bond is required but we are unable to obtain a surety bond, the result can be a claim for damages by the customer for the costs of replacing us with another contractor.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">As of </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">, the </font><font style="font-family:Times New Roman;font-size:10pt;">estimated cost to complete our bonded projects was approximately</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">$89,592</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">We evaluate our bonding requirements on a regular basis, including the terms offered by our sureties. </font><font style="font-family:Times New Roman;font-size:10pt;">On </font><font style="font-family:Times New Roman;font-size:10pt;">May 7, 2010</font><font style="font-family:Times New Roman;font-size:10pt;"> we entered into a new surety agreement. </font><font style="font-family:Times New Roman;font-size:10pt;">We believe the bonding capacity presently provided by our </font><font style="font-family:Times New Roman;font-size:10pt;">current </font><font style="font-family:Times New Roman;font-size:10pt;">sureties is adequate for our current operations and will be adequate for our operations for the foreseeable future.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">As of </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">, we had cash totaling </font><font style="font-family:Times New Roman;font-size:10pt;">$3,985</font><font style="font-family:Times New Roman;font-size:10pt;"> to collateralize our obligations to certain of our previous sureties (as is included in Other Non-Current Assets in our Consolidated Balance Sheet). Posting letters of credit in favor of our sureties reduces the borrowing availability under our Revolving Credit Facility. </font></p>
CY2011Q4 iesc Other Commitments And Contingencies
OtherCommitmentsAndContingencies
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Some of our customers and vendors require us to post letters of credit as a means of guaranteeing performance under our contracts and ensuring payment by us to subcontractors and vendors. If our customer has reasonable cause to effect payment under a letter of credit, we would be required to reimburse our creditor for the letter of credit. At </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">$630</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">of our outstanding letters of credit were to collateralize </font><font style="font-family:Times New Roman;font-size:10pt;">our vendors</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Between </font><font style="font-family:Times New Roman;font-size:10pt;">October&#160;2004</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">September&#160;2005</font><font style="font-family:Times New Roman;font-size:10pt;">, we sold all or substantially all of the assets of certain of our wholly-owned subsidiaries. As these sales were assets sales, rather than stock sales, we may be required to fulfill obligations that were assigned or sold to others, if the purchaser is unwilling or unable to perform the transferred liabilities. If this were to occur, we would seek reimbursement from the purchasers. These potential liabilities will continue to diminish over time. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">To date, we have not been required to perform on any projects sold under this divestiture program.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">From time to time, we may enter into firm purchase commitments for materials such as copper or aluminum wire which we expect to use in the ordinary course of business. These commitments are typically for terms less than one year and require us to buy minimum quantities of materials at specific intervals at a fixed price over the term. As of </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">, we had no </font><font style="font-family:Times New Roman;font-size:10pt;">such </font><font style="font-family:Times New Roman;font-size:10pt;">open purchase commitments.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
CY2011Q4 iesc Restatement Of Financial Statement
RestatementOfFinancialStatement
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The September 30, 2011 consolidated financial statements included in our Original Form 10-K filed on December&#160;20, 2011, contained errors primarily related to the understatement of our vacation accrual that should have been recorded at September 30, 2008 and in each subsequent annual and interim period to September 30, 2011. Additionally, for all restated periods we recorded other immaterial adjustments. These adjustments include</font><font style="font-family:Times New Roman;font-size:10pt;">d, but were </font><font style="font-family:Times New Roman;font-size:10pt;">not limited to, recording billing, payroll and other accruals, and the associated revenue impacts, in the proper accounting period. Accordingly, the September 30, 2011 consolidated financial statements</font><font style="font-family:Times New Roman;font-size:10pt;">, and all quarterly periods </font><font style="font-family:Times New Roman;font-size:10pt;">therein</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">were</font><font style="font-family:Times New Roman;font-size:10pt;"> restated to properly record these transactions and other immaterial adjustments.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Refer to our amended </font><font style="font-family:Times New Roman;font-size:10pt;">form 10-K/A </font><font style="font-family:Times New Roman;font-size:10pt;">for </font><font style="font-family:Times New Roman;font-size:10pt;">a more </font><font style="font-family:Times New Roman;font-size:10pt;">detailed </font><font style="font-family:Times New Roman;font-size:10pt;">explanation</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> In addition, we have </font><font style="font-family:Times New Roman;font-size:10pt;">restated</font><font style="font-family:Times New Roman;font-size:10pt;"> the Statement of Cash Flows and segment information for the three months ended December 31, 201</font><font style="font-family:Times New Roman;font-size:10pt;">0</font><font style="font-family:Times New Roman;font-size:10pt;"> to correct for these errors</font><font style="font-family:Times New Roman;font-size:10pt;"> in these financial statements. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>

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