<PAGE> 1
Filed Pursuant to Rule 424(b)(3)
Registration Number 333-50031
PROSPECTUS SUPPLEMENT DATED MAY 15, 1998 TO PROSPECTUS DATED APRIL 30, 1998
Integrated Electrical Services, Inc. reported operating results for the
six and three months ended March 31, 1998 as follows:
INTEGRATED ELECTRICAL SERVICES, INC. PRO FORMA COMBINED
SUMMARY RESULTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended Three Months Ended
March 31, March 31,
------------------------- -------------------------
1997 1998 1997 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Revenue ............................... $ 147,506 $ 173,363 $ 71,128 $ 87,021
Gross profit .......................... 31,962 38,460 14,277 19,258
Operating income ...................... 11,919 15,661 5,264 8,092
Income before taxes ................... 11,791 15,480 5,187 8,157
Net income ............................ 6,515 8,744 2,862 4,652
Earnings per share .................... $ 0.27 $ 0.36 $ 0.12 $ 0.19
Shares used in pro forma computation
of earnings per share ............... 24,415,336 24,415,336 24,415,336 24,415,336
</TABLE>
INTEGRATED ELECTRICAL SERVICES, INC.
CONSOLIDATED SUMMARY RESULTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended Three Months Ended
March 31, March 31,
--------------------------- ---------------------------
1997 1998 1997 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Revenue ................................... $ 33,568 $ 89,907 $ 16,137 $ 66,056
Gross profit .............................. 7,309 19,713 3,055 14,553
Non-cash non-recurring compensation charge
in connection with the Acquisitions ..... -- 17,036 -- 17,036
Operating income (loss) ................... 1,758 (14,237) 910 (12,273)
Income (loss) before taxes ................ 1,750 (14,136) 901 (12,154)
Net income (loss) ......................... 981 (15,462) 522 (14,300)
Earnings per share ........................ $ 0.29 $ (1.51) $ 0.16 $ (0.84)
Shares used in computation of earnings
per share ............................... 3,352,039 10,226,953 3,352,039 17,101,867
</TABLE>
Total pro forma combined revenues for the six months ended March 31, 1998
rose 17.6% to $173.4 million from $147.5 million for the comparable period of
fiscal 1997. Pro forma combined operating income for the first six months of
1998 grew to $15.7 million, a 31.9% increase over the $11.9 million reported in
the same period last year. Pro forma combined net income for the six-month
period increased to $8.7 million, or $0.36 per diluted share, versus $6.5
million, or $0.27 per diluted share, reported for the first six months of
fiscal 1997, representing a 33.3% increase in earnings per diluted share.
Total pro forma combined revenues for the second quarter of fiscal 1998
were $87.0 million, a 22.4% increase over the $71.1 million reported in the
comparable quarter last year. Pro forma combined operating income rose 52.8% to
$8.1 million from $5.3 million in the second quarter last year. Pro forma
combined net income for the quarter grew to $4.7 million, or $0.19 per diluted
share, a 58.3% increase in earnings per diluted share over the pro forma
combined net income of $2.9 million, or $0.12 per diluted share, for the
second quarter of fiscal 1997.
