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Comfort Systems USA Reports Third Quarter Results

Supplemental Non-GAAP Information – (Unaudited):

      Three Months Ended     Nine Months Ended
September 30, September 30,
2011     %     2010     % 2011     %     2010     %
Net income (loss) from continuing operations $ (36,569 ) $ 5,410 $ (38,577 ) $ 8,221
Goodwill impairment (after tax) 44,886

-

44,886 2,674
Changes in fair value of contingent
earn-out obligations (after tax) (5,025 ) (414 ) (5,399 ) (414 )
Tax valuation allowances (after tax)   2,056    

-

    2,056    

-

 
Net income from continuing operations
excluding goodwill impairment, changes in
fair value of contingent earn-out
obligations and tax valuation allowances $ 5,348   1.6 % $ 4,996   1.6 % $ 2,966   0.3 % $ 10,481   1.3 %
 
Diluted earnings per share from continuing
operations excluding goodwill impairment,
changes in fair value of contingent earn-out
obligations and tax valuation adjustments $ 0.14   $ 0.13   $ 0.08   $ 0.28  
 

Note 1: Operating results from continuing operations, excluding goodwill impairment, changes in fair value of contingent earn-out obligations and tax valuation adjustments are presented because the Company believes it reflects the results of the core ongoing operations of the Company, and because we believe it is responsive to frequent questions we receive from third parties. However, this measure is not considered a primary measure of an entity’s financial results under generally accepted accounting principles, and accordingly, this amount should not be considered an alternative to operating results as determined under generally accepted accounting principles and as reported by the Company.

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