KSW, Inc. (NASDAQGM: KSW) today reported financial results for the first quarter of 2010.
Total revenue for the first quarter of 2010 was $13,460,000, as compared to $19,706,000 for the first quarter of 2009. Net income was $87,000 for the first quarter of 2010, as compared to net income of $287,000 for the first quarter of 2009. This represents earnings per share of $0.01 per share (basic and diluted), for the first quarter of 2010, as compared to an earnings per share of $0.05 per share (basic and diluted) for the first quarter of 2009.
As of March 31, 2010, the Company’s backlog was approximately $118,100,000. Chairman of the Board, Floyd Warkol, commented: “We expect our revenues to improve in the coming quarters as our newer projects enter the construction phase.”
KSW, Inc., through its wholly-owned subsidiary, KSW Mechanical Services, Inc., furnishes and installs heating, ventilating and air conditioning (HVAC) systems and process piping systems for institutional, industrial, commercial, high-rise residential and public works projects. KSW Mechanical Services, Inc. also acts as Trade Manager on larger construction projects, such as the Mount Sinai Center for Science and Medicine.
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