KSW, Inc. Reports Third Quarter 2010 Results
KSW, Inc. (NASDAQGM: KSW) today reported financial results for the third quarter of 2010.
Total revenues for the quarter ended September 30, 2010 increased by $7,937,000, or 60.2%, to $21,118,000, as compared to $13,181,000 for the quarter ended September 30, 2009. Total revenues for the nine months ended September 30, 2010 increased by $9,509,000, or 19.2%, to $59,017,000, as compared to $49,508,000 for the nine months ended September 30, 2009.
Net income was $712,000, or $.11 per share, basic and diluted, for the quarter ended September 30, 2010, as compared to reported net income of $264,000, or $.04 per share, basic and diluted, for the quarter ended September 30, 2009. For the nine months ended September 30, 2010, net income was $1,520,000, or $.24 per share, basic and diluted, as compared to reported net income of $674,000, or $.11 per share, basic and diluted, for the nine months ended September 30, 2009.
As of September 30, 2010, the Company’s backlog was approximately $80,400,000. The Company has been recommended for the award of the mechanical work for the new chiller plant serving the United Nations complex. The final contract value has not yet been determined, and the project is not included in the Company’s backlog.Chairman of the Board, Floyd Warkol, commented: “We are pleased with our third quarter results which demonstrates our ability to successfully compete for public works projects, as well as commercial projects.” About KSW 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. For further information, please visit our website at www.kswmechanical.com. Safe Harbor Statement
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