The Company reported a net loss for the nine months ended September 30, 2011 of $(38,577,000), or $(1.03) per diluted share, as compared to net income of $8,944,000 or $0.24 per diluted share in the first nine months of 2010. Excluding the above mentioned charges, adjusted non-GAAP net income was $2,966,000, or $0.08 per share. The results for the nine months ended September 30, 2010 included a noncash goodwill impairment charge of $4,446,000 or $0.07 per diluted share after tax that was recorded during the second quarter of 2010, and a noncash change in the fair value of earn-out obligations, which resulted in pre-tax income of $650,000 or $0.01 per diluted share after tax. Excluding these noncash charges, adjusted non-GAAP net income from continuing operations for the nine months ended September 30, 2010 was $10,481,000 or $0.28 per diluted share.The Company reported revenue of $922,320,000 from continuing operations for the first nine months of 2011. On a same store basis, the Company reported revenue of $796,000,000, as compared to $754,934,000 for the same period in 2010. Free cash flow for the nine months ended September 30, 2011 was negative $27,806,000 as compared to negative free cash flow of $10,289,000 in the first nine months of 2010.
Comfort Systems USA Reports Third Quarter Results
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