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 $5,796,000 or $0.15 per diluted share, for the quarter ended December 31, 2010, as compared to net income of $7,602,000 or $0.20 per diluted share, in the fourth quarter of 2009. The current quarter includes a pretax $1.3 million goodwill impairment charge (or $0.02 per diluted share after tax) related to an underperforming operation that was purchased in 2008. Excluding the noncash goodwill impairment charge, net income from continuing operations for the three months ended December 31, 2010 was $6,438,000 or $0.17 per diluted share as compared to $7,536,000 or $0.20 per diluted share for the fourth quarter of 2009. The Company reported revenues from continuing operations of $314,571,000, in the current quarter. On a same store basis, the Company reported revenues of $251,993,000 as compared to $256,693,000 in 2009. The Company also reported free cash flow of $43,786,000 in the current quarter, as compared to $6,730,000 in 2009. Backlog as of December 31, 2010 was $617,898,000 compared to $638,500,000 as of September 30, 2010.
Bill Murdy, Comfort Systems USA’s Chairman and CEO, said, “We are reporting a strong fourth quarter in which our operations were profitable and were especially effective in generating cash. Our performance in the face of economic adversity is a testament to the competence and dedication of our operating workforce. Although we continue to experience challenging pricing and low activity levels, most of our markets are stable.”
The Company reported net income for the year ended December 31, 2010 of $14,740,000 or $0.39 per diluted share, as compared to $34,182,000 or $0.89 per diluted share in 2009. Excluding the noncash goodwill impairment charge, net income from continuing operations for the year ended December 31, 2010 was $17,333,000 or $0.46 per diluted share, as compared to $34,596,000 or $0.90 per diluted share for 2009. The Company also reported revenues from continuing operations of $1,108,282,000 for 2010. On a same store basis, the Company reported revenues from continuing operations of $981,482,000, as compared to $1,128,907,000 in 2009. Free cash flow for the year ended December 31, 2010 was $33,497,000 as compared to free cash flow of $45,564,000 in 2009.
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