Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Integrated Electrical Services second quarter earnings conference call. (Operator Instructions) I would now like to turn the conference over to Ken Dennard. Please go ahead, sir.

Thank you [Josh], and good morning everyone. We appreciate you joining us for IES' conference call today to review fiscal 2008 second quarter results. We'd also like to welcome our Internet participants listening to the call as it is being simulcast over the web. Additionally, as we mentioned in the news release, there is a short slide deck that corresponds with today's presentation on the company's website at IES-CO.com, and that's on the Investor Relations page. Please download the PDF and follow along if you would like. Before I turn the call over to management I have the normal housekeeping details to run through. If you didn't receive an e-mail with a news release yesterday afternoon, please call our offices at DRG&E and that number is 713529-6600 and provide us your contact information. Also, there will be a replay of today's call which will be available on the company's website for the archived webcast area. Also, there will be a telephonic instant replay available for the next seven days, and the replay information is in the press release yesterday. Please note that information reported on this call speaks only as of today, May 13, 2008, and therefore you are advised that time-sensitive information may no longer be accurate as of the time of any replay listening. General information about IES can be found on the company's website under Investor Relations and 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 amendments, press releases, etc. All are available free of charge through the website as soon as reasonably practical after the filing with the SEC. Now with me this morning are Michael Caliel, Chief Executive Officer, and Randy Guba, Chief Financial Officer. I'd like to now turn the call over to Mike.

Thanks, Ken. Good morning, everyone, and thank you for joining us today to review our second quarter 2008 results. Beginning with Slide 3, as I've been saying for the past several quarters, we continue to make progress on the comprehensive transformation program I'd outlined in late 2006. We remain intently focused on the critical initiatives of strengthening the overall foundation of the company, improving our operational performance, restructuring and consolidating the business, reducing the overall cost structure of the company, and strengthening our leadership ranks. All of these are serving to ultimately reposition IES for growth. Turning to Slide 4, as part of this strategic plan we've divested or closed non-core divisions and worked to turn around underperforming ones. We've worked through some very difficult and unprofitable projects, we've taken decisive steps to improve the performance of a handful of underperforming businesses, and in each case, rather than trying to grow our way out of problems we've made the tough decisions to fix the underlying foundation of these businesses before attempting to grow them. Last year we began the realignment of our business in the three major operating groups, Commercial Group, Industrial Group and Residential Group, and continue consolidating and integrating those businesses. Now before I turn the call over to Randy, on Slide 5 let me point out some of the highlights of our second quarter. Our adjusted income from continuing operations, which excludes restructuring costs and a onetime gain, was $0.06 per diluted share. SG&A was lower by approximately $7.6 million versus the second quarter a year ago. That's a decrease of almost 22%. Gross margin was 15.7% compared to 16.5% the year ago. Our backlog was approximately $382 million at the end of the second quarter compared to $348 million in the previous quarter. Our total restructuring costs year-to-date total $3.4 million, and our overall restructuring program remains on track to achieve a 15% to 20% reduction in non-operational field resource compensation costs. And finally, we extended our revolving credit facility under favorable terms. Now let me turn the call over to Randy to review the financial performance in detail, and then I'll return to discuss more about our markets, the cost reduction programs we have under way, as well as some of our strategic investments and productivity enhancements and project management tools and training.

Thank you, Mike. As you can see on Slide 6, revenues for the second quarter of fiscal 2008 were $196 million compared to $215 million reported in last year's second quarter. The revenue decline was primarily attributed to softness in our Residential business due to pressures in the housing market as well as weakness in certain segments of our Commercial Group. Parts of the Commercial business have been negatively affected by housing market pressures. Certain other areas have been impacted by delayed timing of job starts and reduced orders due to softness in parts of the economy. Overall, reported revenues declined 8.6% from a year ago. Year-to-date revenues were $394 million compared to $443 million in the first half of 2007. Gross profit for the second quarter was $31 million or 15.7% of revenues compared to $36 million or 16.5% of revenues a year ago. This decline was primarily due to lower consolidated revenues and decreased gross margin rates in our Industrial and Commercial Groups, partially offset by an improvement in gross margin in our Residential Group. Looking at a year-to-date comparison, our gross margin for the first half of 2008 was 16.2% compared to 16.6% last year. Turning to Page 7, sales, general and administrative expenses, excluding restructuring charges, fell to $28 million or 14.1% of revenues, a decrease of $7.6 million from the same period in the prior year, where SG&A was 16.4% of revenues. The decrease in both overall spending and percentage of revenues was in part due to our strategic efforts to restructure our field offices and eliminate redundant positions and facilities. The greatest impact of these costcutting measures was in our Commercial Group, where approximately 100 positions have been eliminated. Declining revenues also reduced selling costs, including target incentives. Notable declines in our SG&A expenses…

Thanks, Randy. Improving execution across the business is one of the key cornerstones to enhancing our performance. As I've stated in the past, we're in the midst of a major turnaround at IES in our overall cost structure, our operating disciplines and our work processes. And, as you can see on Slide 16, during the first six months of fiscal 2008 we've expanded our restructuring efforts in response to the softening market conditions and to position ourself for the future. To that end, in the first six months of the fiscal year we've organized the Commercial Group into six operating divisions, consolidating the leadership and back office functions and thereby significantly reducing our SG&A costs. We've accelerated and expanded our restructuring programs in response to the heightened market pressure, particularly within the Commercial Group. We've closed three offices in our Residential Group and two office locations in our Commercial Group, consolidating them into other IES locations. We hired a new group vice president to lead our Industrial Group, and we've reassigned a Residential vice president to focus solely on growing our multi-family housing business. While we're intent on reducing our cost base during our restructuring, we've also been strategically investing in productivity enhancement tools such as project management processes and systems, upgrading our financial and operational reporting systems to better manage the business, and strengthening our leadership team, all to create a sustainable and scalable platform for growth. With the progress we've made in stabilizing our restructured operations, we are now focusing on organic growth. Accordingly, we've developed and installed an order management system to drive visibility and accountability in meeting our growth targets. Now, with respect to our markets, we expect to see continued softness in the residential market. And while there has been softening in some Commercial sectors, we're seeing strength in other areas of our Commercial market, especially institutional and health care. The industrial market is still solid, and we continue to focus on opportunities in that sector. So in summary, despite the headwinds in the economy, our first half results showed improvement over last year. Orders have picked up. The size and quality of our backlog continues to strengthen, and our capital structure has been significantly enhanced. We're also reinvesting in the business by retooling our systems and processes to make us more efficient and effective, and we're investing in our leadership to develop a world class team. And as I've said before, our focus is on execution, on accountability, and getting the fundamentals right in order to strengthen the entire foundation of IES and then position the company for improved performance for growth and to create value for our stakeholders. As always, thank you for your support. We'll talk to you during the next quarter.

Certain statements in this conference call, 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 and 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. 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, the inherent uncertainties related to estimating future operating results and the company's ability to generate sales or operating income, potential difficulty in addressing material weaknesses that have been identified by the company, fluctuations in operating results because of downturns in the level of commercial and residential construction, delayed payments resulting from financial difficulties affecting customers, inaccurate estimates used in entering into contracts, inaccuracies in estimating revenue and percentage of completion on projects, the high level of competition in the construction industry, both from third parties and ex-employees, increase in the cost of commodities used in our industry, including steel, copper, plastic, aluminum and gasoline, weather-related delays, accidents resulting from the physical hazards associated with the company's work, difficulty in reducing SG&A, loss of key personnel, particularly the presence of business units, litigation risks and uncertainties, difficulties incorporating new accounting control operating procedures and centralization of back office functions, and disruptions in or the inability to effectively manage consolidations. You should understand that the foregoing, as well as other risks discussed in this call, are in the company's annual report on Form 10-K for the year ended September 30, 2007 could cause future outcomes to differ materially from those expected in such [inaudible] statements. The company undertakes no obligation to publicly update or revise information concerning the restructuring efforts, borrowing availability or cash position or any forward-looking statements to reflect events or circumstances that may arise as of the date of this call. Forward-looking statements are provided in this call pursuant to the safe harbor established by the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of the estimates, assumptions, uncertainties and risks described therein. I'd now like to - general information about IES can be found at the company's website. The company's annual report on Form 10-K, quarterly reports, 10-Qs and others are on the website and free of charge. And that will be concluding the call. Operator?

Ladies and gentlemen, this concludes the Integrated Electrical Services second quarter earnings conference call. If you'd like to listen to a replay of today's conference, please dial 3035903000 or 18004052236. The passcode is 11113499#. ACT would like to thank you for your participation. Have a pleasant day. You may now disconnect.