Brian Lane, Comfort Systems USA’s Chief Executive Officer, said, "Like our industry, Comfort Systems USA faced weak fundamentals and challenging activity levels in our core business activities during 2011. Despite the challenges, and not including our goodwill impairment, our committed workforce succeeded in delivering positive profits while preserving and investing in our best opportunities and strengths. We are particularly pleased to report $50 million of free cash flow in the fourth quarter, making 2011 another consecutive year of solid positive cash generation."
The Company reported a net loss attributable to Comfort Systems USA for the year ended December 31, 2011 of $(36,830,000), or $(0.99) per diluted share, as compared to net income attributable to Comfort Systems USA of $14,740,000 or $0.39 per diluted share in 2010. The results for the year ended December 31, 2011 included noncash goodwill and other intangible charges of $58,922,000 (or $1.22 per diluted share), a noncash charge of $2,056,000 (or $0.06 per diluted share) due to the increase in valuation allowances related to the utilization of certain state net operating loss carryforwards and noncash changes in the fair value of earn-out obligations which resulted in pretax income of $5,528,000 (or $0.14 per diluted share). The results for the year ended December 31, 2010 included a noncash goodwill impairment charge of $5,734,000 (or $0.09 per diluted share) and noncash changes in the fair value of earn-out obligations which resulted in pretax income of $1,574,000 (or $0.03 per diluted share). Excluding the above mentioned items, adjusted non-GAAP net income from continuing operations attributable to Comfort Systems USA for 2011 was $5,660,000 or $0.15 per diluted share, as compared to $16,399,000 or $0.43 per diluted share in 2010. The Company reported revenue of $1,240,020,000 in the current year. On a same-store basis, the Company reported revenue of $1,125,525,000, as compared to $1,108,282,000 in 2010. The Company also reported free cash flow $21,731,000 in the current year, as compared to $33,497,000 in 2010.
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