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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV