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Comfort Systems USA Reports Second Quarter Results

Stocks in this article: FIX

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 $3,162,000, or $0.08 per diluted share, for the quarter ended June 30, 2011, as compared to net income of $1,646,000, or $0.04 per diluted share, in the second quarter of 2010. The second quarter of 2010 included a $4,446,000 noncash goodwill impairment charge (or $0.07 after tax per diluted share). The Company reported revenue of $312,148,000 in the current quarter. On a same-store basis, the Company reported revenue of $270,263,000, as compared to $249,588,000 in 2010. The Company also reported negative free cash flow of $5,787,000 in the current quarter, as compared to positive free cash flow of $1,017,000 in the second quarter of 2010. Backlog as of June 30, 2011 was $621,162,000 compared to $619,482,000 as of March 31, 2011. Backlog on a same-store basis was $529,647,000 as of June 30, 2011 compared to $506,547,000 as of June 30, 2010.

Bill Murdy, Comfort Systems USA’s Chairman and CEO, said, “We are happy to report increased revenues and solid profitability in the second quarter. Although we continue to experience recessionary conditions in nonresidential construction, we are encouraged by the excellent focus and profitable execution that our operations demonstrated across our markets this quarter as well as our steady backlog and potential pipeline of business.”

Bill Murdy concluded, “We expect continued headwinds as 2011 progresses, however, we remain committed to achieving profitability for the year while maintaining and investing in our industry-leading capabilities.”

The Company reported a net loss for the six months ended June 30, 2011 of $2,008,000 or $0.05 per diluted share, as compared to net income of $3,573,000 or $0.09 per diluted share in the first six months of 2010. Excluding the 2010 noncash goodwill impairment charge, net income from continuing operations for the six months ended June 30, 2010 was $5,485,000 or $0.14 per diluted share. The Company also reported revenues of $594,207,000 from continuing operations for the first six months of 2011. On a same-store basis, the Company reported revenue of $511,504,000, as compared to $486,063,000 for the same period in 2010. Free cash flow for the six months ended June 30, 2011 was negative $26,966,000 as compared to negative free cash flow of $11,563,000 in the first six months of 2010.

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