Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity; Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock trades on the NASDAQ Global Market under the ticker symbol “IESC.”
As of December 2, 2020, the closing market price of our common stock was $37.67 per share and there were approximately 335 holders of record.
We have never declared or paid dividends on our common stock. We intend to retain any future earnings and do not expect to pay cash dividends in the foreseeable future.
Stock Repurchase Program
In 2015, our Board of Directors authorized a stock repurchase program for the purchase from time to time of up to 1.5 million shares of the Company’s common stock, and on May 2, 2019, authorized the repurchase from time to time of up to an additional 1.0 million shares of the Company's common stock under the stock repurchase program. S hare purchases are made for cash in open market transactions at prevailing market prices or in privately negotiated transactions or otherwise. The timing and amount of purchases under the program are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which allows repurchases under pre-set terms at times when the Company might otherwise be prevented from purchasing under insider trading laws or because of self-imposed blackout periods. The program does not require the Company to purchase any specific number of shares and may be modified, suspended or reinstated at any time at the Company’s discretion and without notice. During the year ended September 30, 2020, we repurchased 263,160 shares of common stock at an average price of $ 23.29 per share for a total aggregate purchase price of $6.1 million. The Company had 1.0 million shares remaining under its stock repurchase authorization at September 30, 2020.
The following table presents information with respect to purchases of common stock by the Company during the three months ended September 30, 2020:
Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of a Publicly Announced Plan Maximum Number of Shares That May Yet Be Purchased Under the Publicly Announced Plan as of September 30, 2020
July 1, 2020 – July 31, 2020 — $— — 1,032,026
August 1, 2020 – August 31, 2020 15,745 $28.99 15,745 1,016,281
September 1, 2020 – September 30, 2020 22,456 $28.96 22,456 993,825
Total 38,201 $28.97 38,201 993,825
Five-Year Stock Performance Graph
The graph below compares the cumulative five year total return provided shareholders on IES Holdings, Inc.'s common stock relative to the cumulative total returns of the Russell 2000 index and a customized peer group of four companies that includes: Comfort Systems USA Inc., MYR Group Inc., Sterling Construction Company Inc. and Team Inc. An investment of $100 (with reinvestment of all dividends) is assumed to have been made in our common stock, in the Russell 2000 index, and in the peer group on September 30, 2015, and its relative performance is tracked through September 30, 2020 .
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Comparison of Five Year Cumulative Total Return*
Among IES Holdings, Inc., the Russell 2000 Index, and a Peer Group
*$100 invested on 9/30/15 in stock or index, including reinvestment of dividends.
Fiscal year ending September 30.
Year Ended September 30,
2015 2016 2017 2018 2019 2020
IES Holdings, Inc. $ 100.00 230.44 224.09 252.59 266.71 411.53
Russell 2000 $ 100.00 115.47 139.42 160.67 146.38 146.95
Peer Group $ 100.00 128.38 164.16 188.77 165.79 175.17
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Item 6. Selected Financial Data
The following selected consolidated historical financial information for IES should be read in conjunction with the audited historical Consolidated Financial Statements of IES Holdings, Inc. and subsidiaries, and the notes thereto, set forth in Item 8, “ Financial Statements and Supplementary Data” of this Annual Report on Form 10-K.
Year Ended September 30,
2020 2019 2018 2017 2016
(In Thousands, Except Share Information)
Continuing Operations:
Revenues $ 1,190,856 $ 1,076,996 $ 876,828 $ 810,744 $ 695,993
Cost of services 962,897 894,893 726,866 670,246 569,013
Gross profit 227,959 182,103 149,962 140,498 126,980
Selling, general and administrative expenses 170,911 140,575 123,920 120,370 100,558
Goodwill impairment expense 6,976 — — — —
Contingent consideration (11) (374) 103 (145) 652
Loss (gain) on sale of assets — 52 (15) (69) 810
Operating Income 50,083 41,850 25,954 20,342 24,960
Interest and other (income) expense:
Interest expense 777 1,857 1,946 1,702 1,282
Other (income) expense, net 12 (148) (340) (165) (83)
Income from operations before income taxes 49,294 40,141 24,348 18,805 23,761
Provision (benefit) for income taxes 8,740 6,663 38,151 5,211 (97,117)
Net income (loss) 40,554 33,478 (13,803) 13,594 120,878
Net (income) loss attributable to noncontrolling interest 1,045 (272) (354) (172) (100)
Net income (loss) attributable to IES Holdings, Inc. $ 41,599 $ 33,206 $ (14,157) $ 13,422 $ 120,778
Basic earnings (loss) per share attributable to common shareholders of IES Holdings, Inc. $ 1.96 $ 1.56 $ (0.67) $ 0.62 $ 5.63
Diluted earnings (loss) per share attributable to common shareholders of IES Holdings, Inc. $ 1.94 $ 1.55 $ (0.67) $ 0.62 $ 5.62
Shares used to calculate earnings (loss) per share:
Basic 20,795,892 21,082,012 21,196,388 21,280,549 21,279,342
Diluted 21,092,410 21,315,245 21,196,388 21,533,254 21,492,339
September 30,
2020 2019 2018 2017 2016
(In Thousands)
Balance Sheet Data:
Cash and cash equivalents $ 53,577 $ 18,934 $ 26,247 $ 28,290 $ 32,961
Working capital, exclusive of cash 75,424 84,049 72,029 52,834 43,716
Total assets 560,528 445,258 421,994 424,494 394,340
Total debt 217 299 29,564 29,434 29,257
Total stockholders' equity 283,313 246,248 220,407 236,704 223,405
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