Monday, Integrated Electrical Services Inc. (IESC), reported a rise in its earnings for the third quarter, owing to drop in SG&A expenses over the same period last year. However, revenues declined during the period, primarily due to a 33% drop in revenues from the company's Residential segment. The Houston, Texas-based company recorded a net income of $2.04 million or $0.14 per share, higher than net income of $1.21 million or $0.08 per share reported in the same period last year.
SG&A expenses were $28.05 million during the quarter, lower than $34.11 million in the prior year.
Revenues during the period totaled $214.49 million over $222.63 million in prior-year's quarter. The fall in revenues from Residential segment was partially offset by higher revenues from Commercial and Industrial segments.
As of June 30, 2008, the company's backlog was approximately $367 million, higher than $323 million for the same period last year.
For the nine-month period, the company posted a net income of $1.28 million or $0.08 per share, compared with the loss of $333 thousands or $0.02 per share in the corresponding period last year.
IESC ended its Monday trade at $19.65, down 5.12% on the Nasdaq. In the after-hours session, the stock closed at $20.16, up 2.60%.
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