KSW, Inc. (NASDAQ GM:KSW) today reported preliminary financial results for the second quarter of 2010.
Net income for the second quarter of 2010 was $721,000, or $.11 per share (basic and diluted), compared to second quarter of 2009 net income of $123,000, or $.02 per share (basic and diluted). Net income for the first six months of 2010 was $808,000, or $0.13 (basic and diluted), as compared to $410,000, or $0.07 per share (basic and diluted), for the first six months of 2009.
Revenues in the second quarter of 2010 were $24,439,000, as compared to $16,621,000 in 2009. Revenues for the first six months of 2010 were $37,899,000, as compared to $36,327,000 for the first six months of 2009.
The Company’s backlog as of June 30, 2010 was approximately $95,000,000.Chairman of the Board, Floyd Warkol, commented that “our increased revenue reflects that our major projects at Mount Sinai Center for Science and Medicine, the World Trade Center Chiller Plant and the Related Companies’ new 42 nd Street project are now in full swing. We are actively pursuing new projects in the public and private sectors to add to our current backlog”. About KSW KSW, Inc., through its totally-owned mechanical 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. 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 expectations 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.