SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 13D/A

(Rule 13d-101)

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Integrated Electrical Services, Inc.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

45811E 30 1

(CUSIP NUMBER)

Southpoint Capital Advisors LP
623 Fifth Avenue, Suite 2601
New York, NY 10022
(212) 692-6350

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

- with copies to -

Eliot D. Raffkind
Akin Gump Strauss Hauer & Feld LLP
1700 Pacific Avenue, Suite 4100
Dallas, Texas 75201-4618
(214) 969-2800

September 6, 2007

(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 which is the subject of this Schedule 13D/A, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g) check the following box o.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (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.

 

 

CUSIP No.		45811E 30 1	13D/A

*SEE INSTRUCTIONS BEFORE FILLING OUT

CUSIP No.		45811E 30 1	13D/A

CUSIP No.		45811E 30 1	13D/A

CUSIP No.		45811E 30 1	13D/A

CUSIP No.		45811E 30 1	13D/A

*SEE INSTRUCTIONS BEFORE FILLING OUT

CUSIP No.		45811E 30 1	13D/A

CUSIP No.		45811E 30 1	13D/A

CUSIP No.		45811E 30 1	13D/A

CUSIP No.		45811E 30 1	13D/A

CUSIP No.		45811E 30 1	13D/A

SCHEDULE 13D/A

Item 1. Security and Issuer

          This Amendment No. 1 to Schedule 13D (this “Schedule 13D/A”) relates to shares of common stock, $0.01 par value (the “Common Stock”), of Integrated Electrical Services, Inc., a Delaware corporation (the “Issuer”). The Issuer’s principal executive offices are located at 1800 West Loop South, Suite 500, Houston, Texas 77027. This Schedule 13D/A is being filed by the Reporting Persons to report that, as a result of a recent sale of shares of Common Stock, each of the Reporting Persons is no longer the beneficial owner of more than five percent of the outstanding shares of Common Stock of the Company.

Item 2. Identity and Background

          (a) This statement is filed by: (i) Southpoint Master Fund, LP, a Cayman Islands exempted limited partnership (the “Master Fund”), as the holder of the shares of Common Stock; (ii) Southpoint Fund LP, a Delaware limited partnership (the “Fund”); (iii) Southpoint Qualified Fund LP, a Delaware limited partnership (the “Qualified Fund”); (iv) Southpoint Offshore Fund, Ltd., a Cayman Island exempted company (the “Offshore Fund”); (v) Southpoint GP, LLC (“Southpoint GP LLC”), a Delaware limited liability company; (vi) Southpoint Capital Advisors LLC (“Southpoint CA LLC”), a Delaware limited liability company; (vii) Southpoint Capital Advisors LP (“Southpoint Advisors”), a Delaware limited partnership; (viii) Southpoint GP, LP (“Southpoint GP”), a Delaware limited partnership; (ix) Robert W. Butts, a citizen of the United States; and (x) John S. Clark II, a citizen of the United States. Robert W. Butts and John S. Clark II are members of each of Southpoint GP LLC and Southpoint CA LLC and limited partners of each of Southpoint Advisors and Southpoint GP. Southpoint GP LLC is the general partner of Southpoint GP. Southpoint GP is the general partner of the Fund, the Qualified Fund and the Master Fund. The Offshore Fund, the Fund, and the Qualified Fund are also general partners of the Master Fund. The persons mentioned in (i), (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix), and (x) are referred to as the “Reporting Persons”.

          (b) The address of the principal business and principal office of the Offshore Fund is c/o Bank of Bermuda (Cayman) Limited; P.O. Box 513 G.T.; Strathvale House; North Church Street; George Town, Grand Cayman; Cayman Islands. The address of the principal business and principal office of each of the remaining Reporting Persons is: 623 Fifth Avenue, Suite 2601, New York, NY 10022.

          (c) The principal business of the Master Fund is serving as a master fund investment vehicle for investments by the Fund, the Qualified Fund, and the Offshore Fund. The principal business of Southpoint Advisors is providing investment management services to the Fund, the Qualified Fund, the Offshore Fund and the Master Fund. The principal occupation of Mr. Butts and Mr. Clark is investment management.

          (d) None of the Reporting Persons have, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

          (e) None of the Reporting Persons have, 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)		- The Master Fund is a Cayman Islands exempted limited partnership.
		- The Fund is a Delaware limited partnership.
		- The Qualified Fund is a Delaware limited partnership.
		- The Offshore Fund is a Cayman Island exempted company.
		- Southpoint GP LLC is a Delaware limited liability company.
		- Southpoint CA LLC is a Delaware limited liability company.
		- Southpoint Advisors is a Delaware limited partnership.
		- Southpoint GP is a Delaware limited partnership.
		- Robert W. Butts is a United States citizen.
		- John S. Clark II is a United States citizen.

Item 4. Interest in Securities of the Issuer

          (a) As of September 7, 2007, the Reporting Persons beneficially own 0 shares of Common Stock of the Issuer, which represents 0% of the Issuer’s outstanding shares of Common Stock.

          (b) The Reporting Persons have the power to vote and dispose of the 0 shares of Common Stock held by the Master Fund.

          (c) The transactions in the Issuer’s securities by the Reporting Persons in the last sixty days are listed as Exhibit 1 attached hereto and made a part hereof.

          (d) Not Applicable.

          (e) As of September 7, 2007, the Reporting Persons ceased to be the beneficial owners of more than five percent of the shares of Common Stock.

Item 6. Material to be Filed as Exhibits

Exhibit 1		Transactions in the Issuer’s securities by the Reporting Persons in the last sixty days.

Exhibit 2		Joint Filing Agreement dated September 7, 2007, among the Reporting Persons.

Signature

     After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: September 7, 2007

		SOUTHPOINT MASTER FUND, LP
		By:		Southpoint GP LP, its general partner
				By:		Southpoint GP, LLC
						its general partner
				By:				/s/ Robert W. Butts
				Name:				Robert W. Butts
				Title:				Manager
		SOUTHPOINT FUND LP
		By:		Southpoint GP LP, its general partner
				By:		Southpoint GP, LLC
						its general partner
				By:				/s/ Robert W. Butts
				Name:				Robert W. Butts
				Title:				Manager
		SOUTHPOINT QUALIFIED FUND, LP
		By:		Southpoint GP LP, its general partner
				By:		Southpoint GP, LLC
						its general partner
				By:				/s/ Robert W. Butts
				Name:				Robert W. Butts
				Title:				Manager

		SOUTHPOINT OFFSHORE FUND, LTD.
		By:		/s/ Robert W. Butts
		Name:		Robert W. Butts
		Title:		Director
		SOUTHPOINT CAPITAL ADVISORS, LP
		By:		Southpoint Capital Advisors LLC
				its general partner
				By:		/s/ Robert W. Butts
				Name:		Robert W. Butts
				Title:		Manager
		SOUTHPOINT GP, LP
		By:		Southpoint GP, LLC
				its general partner
				By:		/s/ Robert W. Butts
				Name:		Robert W. Butts
				Title:		Manager
		SOUTHPOINT CAPITAL ADVISORS, LLC
		By:		/s/ Robert W. Butts
		Name:		Robert W. Butts
		Title:		Manager

		SOUTHPOINT GP, LLC
		By:		/s/ Robert W. Butts
		Name:		Robert W. Butts
		Title:		Manager

		/s/ Robert W. Butts
		Robert W. Butts
		/s/ John S. Clark II
		John S. Clark II

EXHIBIT 1

		Number of Shares
Date		Purchased/(Sold)				Price per Share
September 6, 2007			(1,900,102)			$	22.00

EXHIBIT 2

JOINT FILING AGREEMENT

     In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including any and all amendments thereto) with respect to the Common Stock, $0.01 per share, of Integrated Electrical Services, Inc., and further agree that this Joint Filing Agreement shall be included as an Exhibit to such joint filings.

     The undersigned further agree that each party hereto is responsible for the timely filing of such Statement on Schedule 13D and any amendments thereto, and for the accuracy and completeness of the information concerning such party contained therein; provided, however, that no party is responsible for the accuracy or completeness of the information concerning any other party, unless such party knows or has reason to believe that such information is inaccurate.

     This Joint Filing Agreement may be signed in counterparts with the same effect as if the signature on each counterpart were upon the same instrument.

[Signature page follows]

     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of September 7, 2007.

		SOUTHPOINT MASTER FUND, LP
		By:		Southpoint GP LP, its general partner
				By:		Southpoint GP, LLC
						its general partner
				By:				/s/ Robert W. Butts
				Name:				Robert W. Butts
				Title:				Manager
		SOUTHPOINT FUND LP
		By:		Southpoint GP LP, its general partner
				By:		Southpoint GP, LLC
						its general partner
				By:				/s/ Robert W. Butts
				Name:				Robert W. Butts
				Title:				Manager
		SOUTHPOINT QUALIFIED FUND, LP
		By:		Southpoint GP LP, its general partner
				By:		Southpoint GP, LLC
						its general partner
				By:				/s/ Robert W. Butts
				Name:				Robert W. Butts
				Title:				Manager
		SOUTHPOINT OFFSHORE FUND, LTD.
		By:		/s/ Robert W. Butts
		Name:		Robert W. Butts
		Title:		Director

		SOUTHPOINT CAPITAL ADVISORS, LP
		By:		Southpoint Capital Advisors LLC
				its general partner
				By:		/s/ Robert W. Butts
				Name:		Robert W. Butts
				Title:		Manager
		SOUTHPOINT GP, LP
		By:		Southpoint GP, LLC
				its general partner
				By:		/s/ Robert W. Butts
				Name:		Robert W. Butts
				Title:		Manager
		SOUTHPOINT CAPITAL ADVISORS, LLC
		By:		/s/ Robert W. Butts
		Name:		Robert W. Butts
		Title:		Manager
		SOUTHPOINT GP, LLC
		By:		/s/ Robert W. Butts
		Name:		Robert W. Butts
		Title:		Manager
		/s/ Robert W. Butts
		Robert W. Butts
		/s/ John S. Clark II
		John S. Clark II