Mr. Lane concluded, “Conditions remain challenging across the vast majority of our markets, especially in the continuing weak demand for new buildings. Despite these conditions, we expect positive cash performance and solid profitability as 2012 progresses. We continue to invest and we are positioned to perform when our markets strengthen.”
As previously announced, the Company will host a webcast and conference call to discuss its financial results and position in more depth on Thursday, August 2, 2012 at 10:00 a.m. Central Time. The call-in number for this conference call is 1-888-771-4350 and enter 32963498 as the passcode. Participants may pre-register for the call at https://www.yourconferencecenter.com/confcenter/PinCode/Pin_Code.aspx?100374&o=UyfTTZxjTBSnIj. The Company anticipates that an accompanying slide presentation will also be available under the Investor tab. Pre-registrants will be issued a pin number to use when dialing in to the live call, which will provide quick access to the conference by bypassing the operator upon connection. The call can also be accessed on the Company’s website at www.comfortsystemsusa.com under the Investor tab. A replay of the entire call will be available until 6:00 p.m. Central Time, Thursday, August 9, 2012 by calling 1-888-843-7419 with the conference passcode of 9893 653#, and will also be available on our website on the next business day following the call.
Comfort Systems USA ® is a premier provider of business solutions addressing workplace comfort, with 87 locations in 72 cities around the nation. For more information, visit the Company’s website at www.comfortsystemsusa.com .
Certain statements and information in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify forward-looking statements, which are generally not historic in nature. These forward-looking statements are based on the current expectations and beliefs of Comfort Systems USA, Inc. and its subsidiaries (collectively, the “Company”) concerning future developments and their effect on the Company. While the Company’s management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that it anticipates. All comments concerning the Company’s expectations for future revenues and operating results are based on the Company’s forecasts for its existing operations and do not include the potential impact of any future acquisitions. The Company’s forward-looking statements involve significant risks and uncertainties (some of which are beyond the Company’s control) and assumptions that could cause actual future results to differ materially from the Company’s historical experience and its present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the use of incorrect estimates for bidding a fixed-price contract; undertaking contractual commitments that exceed the Company’s labor resources; failing to perform contractual obligations efficiently enough to maintain profitability; national or regional weakness in construction activity and economic conditions; financial difficulties affecting projects, vendors, customers, or subcontractors; the Company’s backlog failing to translate into actual revenue or profits; difficulty in obtaining or increased costs associated with bonding and insurance; impairment to goodwill; errors in the Company’s percentage-of-completion method of accounting; the result of competition in the Company’s markets; the Company’s decentralized management structure; material failure to comply with varying state and local laws, regulations or requirements; debarment from bidding on or performing government contracts; shortages of labor and specialty building materials; retention of key management; seasonal fluctuations in the demand for HVAC systems; the imposition of past and future liability from environmental, safety, and health regulations including the inherent risk associated with self-insurance; adverse litigation results; and other risks detailed in our reports filed with the Securities and Exchange Commission.For additional information regarding known material factors that could cause the Company’s results to differ from its projected results, please see its filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise. – Financial tables follow –
|Comfort Systems USA, Inc. Consolidated Statements of Operations For the Three Months and Six Months Ended June 30, 2012 and 2011 (in thousands, except per share amounts) (unaudited)|
|Three Months Ended||Six Months Ended|
|June 30,||June 30,|
|Cost of services||300,238||84.6||%||264,638||84.8||%||586,904||85.8||%||512,488||86.2||%|
|Gain on sale of assets||(239||)||(0.1||)%||(19||)||-||(455||)||(0.1||)%||(104||)||-|
|Operating income (loss)||7,661||2.2||%||5,601||1.8||%||4,258||0.6||%||(2,727||)||(0.5||)%|
|Interest expense, net||(424||)||(0.1||)%||(443||)||(0.1||)%||(817||)||(0.1||)%||(904||)||(0.2||)%|
|Changes in the fair value of contingent earn-out obligations||(37||)||-||584||0.2||%||(67||)||-||489||0.1||%|
|Other income (expense)||18||-||(67||)||-||70||-||(52||)||-|
|Income (loss) before income taxes||7,218||2.0||%||5,675||1.8||%||3,444||0.5||%||(3,194||)||(0.5||)%|
|Income tax expense (benefit)||3,171||2,513||2,065||(1,186||)|
|Net income (loss) including noncontrolling interests||4,047||1.1||%||3,162||1.0||%||1,379||0.2||%||(2,008||)||(0.3||)%|
|Less: Net income (loss) attributable to noncontrolling interests||(421||)||-||(2,060||)||-|
|Net income (loss) attributable to Comfort Systems USA, Inc.||$||4,468||$||3,162||$||3,439||$||(2,008||)|
|Loss per share attributable to Comfort Systems USA, Inc.:|
|Shares used in computing loss per share:|
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV