Comfort Systems USA Reports Third Quarter Results
Comfort Systems USA, Inc. (NYSE: FIX), a leading provider of commercial, industrial and institutional heating, ventilation and air conditioning (“HVAC”) services, today announced net income of $5,371,000 or $0.14 per diluted share, for the quarter ended September 30, 2010, as compared to net income of $9,540,000 or $0.25 per diluted share, in the third quarter of 2009.
Bill Murdy, Comfort Systems USA’s Chairman and CEO, said, “During the third quarter our team members delivered solid performance across our operations. Our existing locations maintained their profitability, and ColonialWebb, our recent addition, contributed $39 million of revenue, added $105 million to our backlog, and did not impact our earnings per share after intangible amortization.”
The Company reported revenues from continuing operations of $307,648,000 in the current quarter. On a same store basis, the Company reported revenues from continuing operations of $260,066,000, as compared to $291,591,000 in 2009. The Company reported free cash flow of $1,274,000 in the current quarter, as compared to $23,143,000 in 2009. Backlog as of September 30, 2010 was $638,500,000. On a same store basis, backlog was $533,219,000 as of September 30, 2010, as compared to $506,547,000 as of June 30, 2010.
Bill Murdy continued, “Backlog increased by approximately $132 million including ColonialWebb. For the first time in several quarters same store backlog was up moderately, increasing by 5%. Cash flow was positive in the quarter but continues to reflect weak economic conditions.”The Company reported net income for the nine months ended September 30, 2010 of $8,944,000 or $0.24 per diluted share including the negative effect of our second quarter noncash goodwill impairment, as compared to net income of $26,580,000 or $0.69 per diluted share in the first nine months of 2009. The Company also reported revenues of $793,711,000 from continuing operations for the first nine months of 2010. On a same store basis, the Company reported revenues from continuing operations of $729,869,000 for the first nine months of 2010, as compared to $872,214,000 for the same period in 2009. Free cash flow for the nine months ended September 30, 2010 was negative $10,289,000, as compared to positive free cash flow of $38,834,000 in the first nine months of 2009.
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