This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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 reported results for the third quarter ended September 30, 2011.

The Company recorded a net loss, including the effect of a significant reduction in goodwill balances, of $36,569,000, or $(0.98) per diluted share, for the quarter ended September 30, 2011. Excluding the reduction in goodwill and other noncash charges discussed below, adjusted non-GAAP net income was $5,348,000, or $0.14 per share, as compared to $4,996,000 or $0.13 per diluted share, in the third quarter of 2010. The Company reported revenue of $328,113,000 in the current quarter. On a same-store basis, the Company reported revenue of $284,496,000, as compared to $268,871,000 in 2010.

During the third quarter of 2011, the Company concluded that impairment indicators existed within certain companies based on year to date results and recent forecasts. As a result, the Company performed applicable tests as prescribed by the accounting literature and recognized a pre-tax, noncash goodwill impairment charge of $55,134,000, or $(1.20) per diluted share after-tax. These revised forecasts also affected judgments concerning likely future benefits from prior tax losses and the value of existing earn-out obligations. As a result, the Company recognized an additional noncash charge of $2,056,000, or $(0.05) per diluted share, due to the increase in valuation allowances related to the utilization of certain state net operating loss carryforwards. The Company also recorded a noncash change in the fair value of earn-out obligations, which resulted in pre-tax income of $5,077,000, or $0.13 per diluted share after tax.

The Company reported negative free cash flow of $840,000 in the current quarter, as compared to positive free cash flow of $1,274,000 in the third quarter of 2010. Backlog as of September 30, 2011 was $636,128,000 as compared to $621,162,000 as of June 30, 2011 and $635,818,000 as of September 30, 2010.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs