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Comfort Systems USA Reports Fourth Quarter And Full Year 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 attributable to Comfort Systems USA of $1,747,000 or $0.05 per diluted share, for the quarter ended December 31, 2011, as compared to net income attributable to Comfort Systems USA of $5,796,000 or $0.15 per diluted share, for the quarter ended December 31, 2010. Excluding the reduction in goodwill and other noncash items discussed below, adjusted non-GAAP net income from continuing operations attributable to Comfort Systems USA was $2,694,000 or $0.07 per diluted share, as compared to $5,918,000 or $0.16 per diluted share, in the fourth quarter of 2010. The Company reported revenue of $317,700,000 in the current quarter. On a same-store basis, the Company reported revenue of $299,471,000, as compared to $314,571,000 in 2010. The Company also reported free cash flow $49,537,000 in the current quarter, as compared to $43,786,000 in 2010. Backlog as of December 31, 2011 was $633,218,000. On a same-store basis, backlog was $597,494,000 as of December 31, 2011 as compared to $636,130,000 as of September 30, 2011 and $617,898,000 as of December 31, 2010.

The current quarter includes a pretax charge of $3,788,000 (or $0.02 per diluted share) related to the impairment of goodwill and other intangible assets. The goodwill impairment charge of $2.2 million related to an underperforming operation. The impairment of other intangible assets of $1.6 million related to a decision in the fourth quarter of 2011 to curtail future operations at our operating location in Delaware for which the goodwill was impaired in 2010. The fourth quarter of 2010 included a pretax goodwill impairment charge of $1,288,000 (or $0.02 per diluted share) related to the underperforming operation in Delaware. In addition, the Company recorded a noncash change in the fair value of earn-out obligations, which resulted in pretax income of $924,000 (or $0.01 per diluted share) in the fourth quarter of 2010.

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