SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------
SCHEDULE 13D
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(a)*
(Amendment No. 1)
INTEGRATED ELECTRICAL SERVICES, INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
45811E 30 1
(CUSIP Number)
Jeffrey L. Gendell
55 Railroad Avenue
Greenwich, Connecticut 06830
(Name, address and telephone number of person authorized to
receive notices and communications)
August 17, 2006
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. [X]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss. 240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934 (the "Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes.)
(Continued on following pages)
(Page 1 of 15 Pages)
CUSIP No. 45811E 30 1 13D Page 2 of 15
- ----------- -----------------------------------------------------------------
1 NAMES OF REPORTING PERSONS. Tontine Capital Partners, L.P.
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSON (ENTITIES ONLY)
- ----------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [_]
- ----------- -----------------------------------------------------------------
3 SEC USE ONLY
- ----------- -----------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- ----------- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ----------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF ----------- --------------------------------------------------
SHARES 8 SHARED VOTING POWER: 3,023,691
BENEFICIALLY
OWNED BY ----------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
PERSON WITH ----------- --------------------------------------------------
10 SHARED DISPOSITIVE POWER: 3,023,691
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
3,023,691
- ----------- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES: [_]
- ----------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 19.6%
- ----------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- --------------------------------------------------------------------------------
CUSIP No. 45811E 30 1 13D Page 3 of 15
- ----------- -----------------------------------------------------------------
1 NAMES OF REPORTING PERSONS. Tontine Capital Management, L.L.C.
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSON (ENTITIES ONLY)
- ----------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [_]
- ----------- -----------------------------------------------------------------
3 SEC USE ONLY
- ----------- -----------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- ----------- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ----------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF ----------- --------------------------------------------------
SHARES 8 SHARED VOTING POWER: 3,023,691
BENEFICIALLY
OWNED BY ----------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
PERSON WITH ----------- --------------------------------------------------
10 SHARED DISPOSITIVE POWER: 3,023,691
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
3,023,691
- ----------- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES: [_]
- ----------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 19.6%
- ----------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- --------------------------------------------------------------------------------
CUSIP No. 45811E 30 1 13D Page 4 of 15
- ----------- -----------------------------------------------------------------
1 NAMES OF REPORTING PERSONS. Tontine Partners, L.P.
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSON (ENTITIES ONLY)
- ----------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [_]
- ----------- -----------------------------------------------------------------
3 SEC USE ONLY
- ----------- -----------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- ----------- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ----------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF ----------- --------------------------------------------------
SHARES 8 SHARED VOTING POWER: 1,945,992
BENEFICIALLY
OWNED BY ----------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
PERSON WITH ----------- --------------------------------------------------
10 SHARED DISPOSITIVE POWER: 1,945,992
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
1,945,992
- ----------- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES: [_]
- ----------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 12.6%
- ----------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- --------------------------------------------------------------------------------
CUSIP No. 45811E 30 1 13D Page 5 of 15
- ----------- -----------------------------------------------------------------
1 NAMES OF REPORTING PERSONS. Tontine Management, L.L.C.
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSON (ENTITIES ONLY)
- ----------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [_]
- ----------- -----------------------------------------------------------------
3 SEC USE ONLY
- ----------- -----------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- ----------- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ----------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF ----------- --------------------------------------------------
SHARES 8 SHARED VOTING POWER: 1,945,992
BENEFICIALLY
OWNED BY ----------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
PERSON WITH ----------- --------------------------------------------------
10 SHARED DISPOSITIVE POWER: 1,945,992
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
1,945,992
- ----------- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES: [_]
- ----------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 12.6%
- ----------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- --------------------------------------------------------------------------------
CUSIP No. 45811E 30 1 13D Page 6 of 15
- ----------- -----------------------------------------------------------------
1 NAMES OF REPORTING PERSONS. Tontine Overseas Associates, L.L.C.
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSON (ENTITIES ONLY)
- ----------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [_]
- ----------- -----------------------------------------------------------------
3 SEC USE ONLY
- ----------- -----------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- ----------- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ----------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF ----------- --------------------------------------------------
SHARES 8 SHARED VOTING POWER: 52,414
BENEFICIALLY
OWNED BY ----------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
PERSON WITH ----------- --------------------------------------------------
10 SHARED DISPOSITIVE POWER: 52,414
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
52,414
- ----------- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES: [_]
- ----------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.3%
- ----------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IA, OO
- --------------------------------------------------------------------------------
CUSIP No. 45811E 30 1 13D Page 7 of 15
- ----------- -----------------------------------------------------------------
1 NAMES OF REPORTING PERSONS. Tontine Capital Overseas GP, L.L.C.
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSON (ENTITIES ONLY)
- ----------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [_]
- ----------- -----------------------------------------------------------------
3 SEC USE ONLY
- ----------- -----------------------------------------------------------------
4 SOURCE OF FUNDS: WC
- ----------- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ----------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF ----------- --------------------------------------------------
SHARES 8 SHARED VOTING POWER: 209,872
BENEFICIALLY
OWNED BY ----------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
PERSON WITH ----------- --------------------------------------------------
10 SHARED DISPOSITIVE POWER: 209,872
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
209,872
- ----------- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES: [_]
- ----------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.4%
- ----------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- --------------------------------------------------------------------------------
CUSIP No. 45811E 30 1 13D Page 8 of 15
- ----------- -----------------------------------------------------------------
1 NAMES OF REPORTING PERSONS. Tontine Capital Overseas Master
I.R.S. IDENTIFICATION NOS. Fund, L.P.
OF ABOVE PERSON (ENTITIES ONLY)
- ----------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [_]
- ----------- -----------------------------------------------------------------
3 SEC USE ONLY
- ----------- -----------------------------------------------------------------
4 SOURCE OF FUNDS: WC
- ----------- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ----------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Cayman Island
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF ----------- --------------------------------------------------
SHARES 8 SHARED VOTING POWER: 209,872
BENEFICIALLY
OWNED BY ----------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
PERSON WITH ----------- --------------------------------------------------
10 SHARED DISPOSITIVE POWER: 209,872
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
209,872
- ----------- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES: [_]
- ----------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.4%
- ----------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IA, OO
- --------------------------------------------------------------------------------
CUSIP No. 45811E 30 1 13D Page 9 of 15
- ----------- -----------------------------------------------------------------
1 NAMES OF REPORTING PERSONS. Jeffrey L. Gendell
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSON (ENTITIES ONLY)
- ----------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [_]
- ----------- -----------------------------------------------------------------
3 SEC USE ONLY
- ----------- -----------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- ----------- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ----------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER: 7,916
NUMBER OF ----------- --------------------------------------------------
SHARES 8 SHARED VOTING POWER: 5,231,969
BENEFICIALLY
OWNED BY ----------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 7,916
REPORTING
PERSON WITH ----------- --------------------------------------------------
10 SHARED DISPOSITIVE POWER: 5,231,969
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
5,239,885
- ----------- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES: [_]
- ----------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 33.98%
- ----------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
CUSIP No. 45811E 30 1 13D Page 10 of 15
This Amendment No. 1 to Schedule 13D with respect to Integrated Electrical
Services, Inc. is being filed by Tontine Capital Partners, L.P., Tontine Capital
Management, L.L.C., Tontine Partners, L.P., Tontine Management, L.L.C., Tontine
Overseas Associates, L.L.C., Tontine Capital Overseas GP, L.L.C., Tontine
Capital Overseas Master Fund, L.P., and Jeffrey L. Gendell (collectively, the
"Reporting Persons") to amend the Schedule 13D (the "Schedule 13D") originally
filed by certain of the Reporting Persons on May 18, 2006. Capitalized terms
used but not defined herein have the meanings assigned to such terms in the
Schedule 13D.
ITEM 1. SECURITY AND ISSUER.
This statement relates to the common stock, par value of $.01 per share
(the "Common Stock"), of Integrated Electrical Services, Inc. (the "Company").
The principal executive office of the Company is 1800 West Loop South, Suite
500, Houston, Texas 77027.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This statement is filed by:
(i) Tontine Capital Partners, L.P., a Delaware limited partnership
("TCP"), with respect to the shares of Common Stock directly
owned by it;
(ii) Tontine Capital Management, L.L.C., a limited liability
company organized under the laws of the State of Delaware
("TCM"), with respect to the shares of Common Stock directly
owned by TCP;
(iii) Tontine Partners, L.P., a Delaware limited partnership ("TP"),
with respect to the shares of Common Stock directly owned by
it;
(iv) Tontine Management, L.L.C., a limited liability company
organized under the laws of the State of Delaware ("TM"), with
respect to the shares of Common Stock directly owned by TP;
(v) Tontine Overseas Associates, L.L.C., a limited liability
company organized under the laws of the State of Delaware
("TOA"), which serves as investment manager to Tontine
Overseas Fund, Ltd., a company organized under the laws of the
Cayman Islands ("TOF"), with respect to the shares of Common
Stock owned by TOF;
(vi) Tontine Capital Overseas Master Fund, L.P., a Cayman Islands
limited partnership ("TMF"), with respect to the shares of
Common Stock directly owned by it;
(vii) Tontine Capital Overseas GP, L.L.C., a limited liability
company organized under the laws of the State of Delaware
("TCO"), with respect to the shares of Common Stock owned by
TMF; and
(viii) Jeffrey L. Gendell ("Mr. Gendell"), with respect to the shares
of Common Stock owned directly by Mr. Gendell, TCP, TP, TOF
and TMF.
Any disclosures herein with respect to persons other than the Reporting Persons
are made on information and belief after making inquiry to the appropriate
party.
CUSIP No. 45811E 30 1 13D Page 11 of 15
(b) The address of the principal business and principal office of
each of Reporting Person is 55 Railroad Avenue, Greenwich, Connecticut 06830.
(c) The principal business of each of TCP and TP is serving as a
private investment limited partnership. The principal business of TCM is serving
as the general partner of TCP. The principal business of TM is serving as the
general partner of TP. The principal business of TCO is serving as the general
partner of TMF. The principal business of TOA is that of an investment advisor
engaging in the purchase and sale of securities on behalf of its clients. Mr.
Gendell serves as the managing member of TCM, TM, TOA and TCO.
(d) None of the Reporting Persons, has during the last five years
been convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) None of the Reporting Persons has, during the last five years,
been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and, as a result of such proceeding, was, or is subject
to, a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws.
(f) TCP is a limited partnership organized under the laws of the
State of Delaware. TCM is a limited liability company organized under the laws
of the State of Delaware. TP is a limited partnership organized under the laws
of the State of Delaware. TM is a limited liability company organized under the
laws of the State of Delaware. TOA is a limited liability company organized
under the laws of the State of Delaware. TMF is a limited partnership organized
under the laws of Cayman Islands. Mr. Gendell is a United States citizen.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Pursuant to the Company's Second Amended Joint Plan of Reorganization,
dated March 17, 2006, as confirmed on April 26, 2006 by the United States
Bankruptcy Court for the Northern District of Texas, Dallas Division, 5,030,013
shares of Common Stock were issued to certain of the Reporting Persons in
exchange for their old common stock of the Company and their 9 (3/8)% Senior
Subordinated Notes of the Company due 2009.
On July 17, 2006 TMF purchased 58,072 shares Common Stock from the
Company for a purchase price of $1,000,000.00 in cash pursuant to the Stock
Purchase Agreement (as defined below). TMF used its working capital to purchase
such shares.
On August 16, 2006 TMF purchased 60,500 shares Common Stock on the
NASDQ for a purchase price of $841,742.55. TMF used its working capital to
purchase such shares.
On August 17, 2006 TMF purchased 91,300 shares Common Stock on the
NASDQ for a purchase price of $1,372,239.00. TMF used its working capital to
purchase such shares.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons acquired the shares of Common Stock for
investment purposes. The Reporting Persons may acquire additional securities of
the Company or dispose of securities of the Company at any time and from time to
CUSIP No. 45811E 30 1 13D Page 12 of 15
time in the open market or otherwise. An affiliate of the Reporting Persons
serves on the board of directors of the Company.
Although the foregoing represents the range of activities presently
contemplated by the Reporting Persons with respect to the Company, it should be
noted that the possible activities of the Reporting Persons are subject to
change at any time. Except as set forth above, none of the Reporting Persons has
any present plans or proposals which relate to or would result in any of the
actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The responses of the Reporting Persons to Rows (11) through
(13) of the cover pages of this Schedule 13D are incorporated herein by
reference. The Reporting Persons beneficially own the number of shares of the
Common Stock listed below, representing approximately the percentage of the
outstanding shares of Common Stock set forth opposite such number. The
percentages used herein are calculated based upon 15,418,357 shares of Common
Stock outstanding, as disclosed in the Company's Quarterly Report on Form 10-Q
for the quarter ended June 30, 2006.
- ------------------------------------------ -------------------- ----------------
Name Number of Shares Percent of Class
- ------------------------------------------ -------------------- ----------------
Tontine Capital Partners, L.P. 3,023,691 19.6%
- ------------------------------------------ -------------------- ----------------
- ------------------------------------------ -------------------- ----------------
Tontine Capital Management L.L.C. 3,023,691 19.6%
- ------------------------------------------ -------------------- ----------------
- ------------------------------------------ -------------------- ----------------
Tontine Partners, L.P. 1,945,992 12.6%
- ------------------------------------------ -------------------- ----------------
- ------------------------------------------ -------------------- ----------------
Tontine Management, L.L.C. 1,945,992 12.6%
- ------------------------------------------ -------------------- ----------------
- ------------------------------------------ -------------------- ----------------
Tontine Overseas Associates, L.L.C. 52,414 0.3%
- ------------------------------------------ -------------------- ----------------
- ------------------------------------------ -------------------- ----------------
Tontine Capital Overseas Master Fund, L.P. 209,872 1.4%
- ------------------------------------------ -------------------- ----------------
- ------------------------------------------ -------------------- ----------------
Tontine Capital Overseas GP, L.L.C. 209,872 1.4%
- ------------------------------------------ -------------------- ----------------
- ------------------------------------------ -------------------- ----------------
Jeffrey L. Gendell 5,239,885 33.9%
- ------------------------------------------ -------------------- ----------------
(b) The responses of the Reporting Persons to (i) Rows (7) through
(10) of the cover pages of this statement on Schedule 13D and (ii) Item 5(a)
hereof are incorporated herein by reference.
(c) During the past 60 days, the Reporting Persons effected the
following transactions in the Common Stock:
Date of Amount of Price per Where and
Person Transaction Securities Share How Effected
------ ----------- ---------- ----- ------------
Tontine Capital Overseas 7/17/06 58,072 $17.22 Socks acquired
Master Fund, L.P. directly from
the Company
pursuant to the
Stock Purchase
Agreement (as
defined below)
Tontine Capital Overseas 8/16/06 60,500 $13.91 NASDAQ (purchase)
Master Fund, L.P.
CUSIP No. 45811E 30 1 13D Page 13 of 15
Tontine Capital Overseas 8/17/06 91,300 $15.03 NASDAQ (purchase)
Master Fund, L.P.
(d) TCM, the general partner of TCP, has the power to direct the
affairs of TCP, including decisions respecting the receipt of dividends from,
and the disposition of the proceeds from the sale of, the shares. TM, the
general partner of TP, has the power to direct the affairs of TP, including
decisions respecting the receipt of dividends from, and the disposition of the
proceeds from the sale of, the shares. TCO, the general partner of TMF, has the
power to direct the affairs of TMF, including decisions respecting the receipt
of dividends from, and the disposition of the proceeds from the sale of, the
shares. Mr. Gendell is the Managing Member of TCM, TM and TCO and in that
capacity directs each of their operations. Each of the clients of TOA has the
power to direct the receipt of dividends from or the proceeds of the sale of
such shares.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
On July 17, 2006 TMF purchased 58,072 shares Common Stock from the Company
for a purchase price of $1,000,000 in cash, pursuant to a Stock Purchase
Agreement dated July 16, 2006 between the Company and TMF (the "Stock Purchase
Agreement"). The purchase price per share was based on the closing price of the
Common Stock quoted on the Nasdaq Stock Market on July 14, 2006. The proceeds of
the sale were and will be used by the Company to invest $1,000,000 in Energy
Photovoltaics, Inc., a company in which the Company held, prior to this
investment, and continues to hold a minority investment. The foregoing summary
of the Stock Purchase Agreement does not purport to be complete and is qualified
in its entirety by reference to Exhibit 1, which is incorporated by reference
herein.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Stock Purchase Agreement, dated July 16, 2006, by and between Tontine
Capital Overseas Master Fund, L.P. and Integrated Electrical Services, Inc.
(Incorporated by reference to Exhibit 10.1 to the Company's Current Report on
Form 8-K filed July 17, 2006).
2. Joint Filing Agreement, dated as of August 24, 2006, by and among
Tontine Capital Partners, L.P., Tontine Capital Management L.L.C., Tontine
Partners, L.P., Tontine Management, L.L.C., Tontine Overseas Associates, L.L.C.,
Tontine Capital Overseas GP, L.L.C., Tontine Capital Overseas Master Fund, L.P.
and Jeffrey L. Gendell.
CUSIP No. 45811E 30 1 13D Page 14 of 15
SIGNATURES
After due inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
DATED: August 24, 2006
/s/ Jeffrey L. Gendell
-------------------------------------
Jeffrey L. Gendell, individually,
and as managing member of
Tontine Capital Management, L.L.C.,
general partner of Tontine Capital
Partners, L.P., and as managing
member of Tontine Management, L.L.C.,
general partner of Tontine Partners,
L.P., and as managing member of
Tontine Overseas Associates, L.L.C.,
and as managing member of Tontine
Capital Overseas GP, L.L.C., general
partner of Tontine Capital Overseas
Master Fund, L.P.
CUSIP No. 45811E 30 1 13D Page 15 of 15
EXHIBIT INDEX
-------------
Exhibit Number Description
- -------------- -----------
Exhibit 1 Stock Purchase Agreement, dated July 16, 2006, by and between
Tontine Capital Overseas Master Fund, L.P. and Integrated
Electrical Services, Inc. (Incorporated by reference to
Exhibit 10.1 to the Company's Current Report on Form 8-K filed
July 17, 2006).
Exhibit 2 Joint Filing Agreement, dated as of August 24, 2006, by and
among Tontine Capital Partners, L.P., Tontine Capital
Management L.L.C., Tontine Partners, L.P., Tontine Management,
L.L.C., Tontine Overseas Associates, L.L.C., Tontine Capital
Overseas GP, L.L.C., Tontine Capital Overseas Master Fund,
L.P. and Jeffrey L. Gendell.
EXHIBIT 99.1
Joint Filing Agreement
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement shall be filed on behalf of each of the
undersigned without the necessity of filing additional joint filing agreements.
The undersigned acknowledge that each shall be responsible for the timely filing
of such amendments, and for the completeness and accuracy of the information
concerning it contained therein, but shall not be responsible for the
completeness and accuracy of the information concerning the others, except to
the extent that it knows or has reason to believe that such information is
inaccurate.
This Agreement may be executed in counterparts and each of such
counterparts taken together shall constitute one and the same instrument.
Dated as of: August 24, 2006 TONTINE CAPITAL PARTNERS, L.P.
TONTINE CAPITAL MANAGEMENT L.L.C.
TONTINE PARTNERS, L.P.
TONTINE MANAGEMENT, L.L.C.
TONTINE OVERSEAS ASSOCIATES, L.L.C.
TONTINE CAPITAL OVERSEAS GP, L.L.C.
TONTINE CAPITAL OVERSEAS MASTER FUND, L.P.
JEFFREY L. GENDELL
By: /s/ Jeffrey L. Gendell
---------------------------------------
Jeffrey L. Gendell, individually,
and as managing member of
Tontine Capital Management, L.L.C.,
general partner of Tontine Capital
Partners, L.P., and as managing
member of Tontine Management, L.L.C.,
general partner of Tontine Partners,
L.P., and as managing member of
Tontine Overseas Associates, L.L.C.,
and as managing member of Tontine
Capital Overseas GP, L.L.C., general
partner of Tontine Capital Overseas
Master Fund, L.P.