IES Renewable Energy, LLC (“IES Renewable”), a residential solar energy
integrator and installer and indirect wholly-owned subsidiary of
Integrated Electrical Services, Inc. (or “IES”) (NASDAQ: IESC),
announced that it has entered into a new partnership with Sunrun, one of
the nation’s leading home solar companies. Through this partnership, IES
Renewable will design, engineer and manage the installation of
residential solar systems. Sunrun will own, insure, monitor and maintain
the equipment, so homeowners can go solar without high upfront cost or
responsibilities of ownership and upkeep.
“The partnership with Sunrun allows us to expand our solar service
offerings and strengthen our appeal to those homeowners looking for a
green energy alternative,” said Dwayne Collier, President of IES
Renewable and IES Residential, Inc. “This is a great opportunity in the
state of California, which has been a leader in supporting solar.”
“This partnership with IES Renewable allows us to provide affordable
solar and quality service to more homeowners in California,” said Sunrun
co-CEO Edward Fenster. “We remove high costs and hassle to make the
switch an easy choice for more homeowners.”
ABOUT SUNRUN
Sunrun is the nation’s leading home solar company and invented solar
power service, a way for homeowners to go solar without the high upfront
costs. Sunrun owns, insures, monitors and maintains the solar panels on
a homeowner’s roof, while families pay a low rate for clean energy and
fix their electric costs for 20 years. Since Sunrun introduced solar
power service in 2007, it has become the preferred way for consumers to
go solar in the nation’s leading solar markets. More than 30,000
homeowners in 10 states have chosen Sunrun, and the company partners
with over 25 leading local solar companies who together employ more than
3,000 workers. Sunrun has attracted enough capital to support the
purchase of $1.5 billion in solar systems from investors including U.S.
Bancorp and raised $145 million in venture capital from Accel Partners,
Sequoia Capital, Foundation Capital, and Madrone Capital Partners. For
more information visit: www.sunrunhome.com.
ABOUT INTEGRATED ELECTRICAL SERVICES, INC.
Integrated Electrical Services, Inc. is an infrastructure services
company that enjoys leading positions in a broad range of markets for
electrical and communications products and services. Our 2,500 employees
serve clients throughout the United States. For more information about
IES, please visit www.ies-corporate.com.
Certain statements in this release, including statements regarding
the restructuring plan and total estimated charges and cost reductions
associated with this plan, are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934, all of which are based upon various
estimates and assumptions that the Company believes to be reasonable as
of the date hereof. In some cases, you can identify forward-looking
statements by terminology such as “may,” “will,” “could,” “should,”
“expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “seek,”
“estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” the
negative of such terms or other comparable terminology. These
statements involve risks and uncertainties that could cause the
Company's actual future outcomes to differ materially from those set
forth in such statements. Such risks and uncertainties include, but are
not limited to, fluctuations in operating activity due to downturns in
levels of construction, seasonality and differing regional economic
conditions; competition in our respective industries, both from third
parties and former employees, which could result in the loss of one or
more customers or lead to lower margins on new projects; a general
reduction in the demand for our services; a change in the mix of our
customers, contracts and business; our ability to successfully manage
projects; possibility of errors when estimating revenue and progress to
date on percentage-of-completion contracts; inaccurate estimates used
when entering into fixed-priced contracts; challenges integrating new
businesses into the Company or new types of work or new processes into
our divisions; the cost and availability of qualified labor; accidents
resulting from the physical hazards associated with our work and the
potential for accidents; success in transferring, renewing and obtaining
electrical and construction licenses; our ability to pass along
increases in the cost of commodities used in our business, in
particular, copper, aluminum, steel, fuel and certain plastics;
potential supply chain disruptions due to credit or liquidity problems
faced by our suppliers; loss of key personnel and effective transition
of new management; warranty losses, damages or other latent defect
claims in excess of our existing reserves and accruals; warranty losses
or other unexpected liabilities stemming from former divisions which we
have sold or closed; growth in latent defect litigation in states where
we provide residential electrical work for home builders not otherwise
covered by insurance; limitations on the availability of sufficient
credit or cash flow to fund our working capital needs; difficulty in
fulfilling the covenant terms of our credit facilities; increased cost
of surety bonds affecting margins on work and the potential for our
surety providers to refuse bonding or require additional collateral at
their discretion; increases in bad debt expense and days sales
outstanding due to liquidity problems faced by our customers; changes in
the assumptions made regarding future events used to value our stock
options and performance-based stock awards; the recognition of potential
goodwill, long-lived assets and other investment impairments;
uncertainties inherent in estimating future operating results, including
revenues, operating income or cash flow; disagreements with taxing
authorities with regard to tax positions we have adopted; the
recognition of tax benefits related to uncertain tax positions;
complications associated with the incorporation of new accounting,
control and operating procedures; the financial impact of new or
proposed accounting regulations; the ability of our controlling
shareholder to take action not aligned with other shareholders; the
possibility that certain tax benefits of our net operating losses may be
restricted or reduced in a change in ownership; credit and capital
market conditions, including changes in interest rates that affect the
cost of construction financing and mortgages, and the inability for some
of our customers to retain sufficient financing which could lead to
project delays or cancellations; the sale or disposition of the shares
of our common stock held by our majority shareholder, which, under
certain circumstances, would trigger change of control provisions in
contracts such as employment agreements and financing and surety
arrangements; and additional closures or sales of facilities could
result in significant future charges and a significant disruption of our
operations. You should understand that the foregoing, as well as other
risk factors discussed in this document and in the Company’s annual
report on Form 10-K for the year ended September 30, 2012 and the
Company's quarterly report on Form 10-Q for the quarter ended December
31, 2012, could cause future outcomes to differ materially from those
expressed in such forward-looking statements. The Company undertakes no
obligation to publicly update or revise any information, including information
concerning its controlling shareholder, net operating losses,
restructuring efforts, borrowing availability, or cash position, or any
forward-looking statements to reflect events or circumstances that may
arise after the date of this release.
Forward-looking statements are provided in this press release
pursuant to the safe harbor established under the private Securities
Litigation Reform Act of 1995 and should be evaluated in the context of
the estimates, assumptions, uncertainties, and risks described herein.
General information about Integrated Electrical Services, Inc. can be
found at http://www.ies-corporate.com
under "Investors." The Company’s annual report on Form 10-K, quarterly
reports on Form 10-Q and current reports on Form 8-K, as well as any
amendments to those reports, are available free of charge through the
Company’s website as soon as reasonably practicable after they are filed
with, or furnished to, the SEC.
