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.”
About KSWKSW, 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. For further information, please visit our website at www.kswmechanical.com. Safe Harbor Statement Certain statements contained in this press release are not historical facts, and constitute “forward-looking statements” (as such term is defined in the Private Securities Litigation Reform Act of 1995). These forward looking statements generally can be identified as statements that include phrases such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “foresee”, “likely”, “should”, “will” or other similar words or phrases. Such forward-looking statements concerning management’s expectations and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties, and other important factors that could cause actual results to differ materially from expectation of the Company include, among others, the outcome of the year-end audit and further internal review of the Company’s historical financial statements. All written and oral forward-looking statements of or attributable to the Company or persons acting on behalf of the Company are qualified in their entirety by such factors. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based.