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Comfort Systems USA Reports Third Quarter 2012 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 $5,673,000 or $0.15 per diluted share, for the quarter ended September 30, 2012, as compared to a net loss attributable to Comfort Systems USA of $36,569,000 or $(0.98) per diluted share, for the quarter ended September 30, 2011. Excluding the goodwill impairment and other non-cash items recorded in the third quarter of 2011, adjusted non-GAAP net income attributable to Comfort Systems USA was $5,348,000, or $0.14 per diluted share. The Company reported revenue of $335,540,000 in the current quarter. On a same-store basis, the Company reported revenue of $315,637,000, as compared to $328,113,000 in 2011. The Company also reported positive free cash flow of $13,843,000 in the current quarter, as compared to negative $840,000 in the third quarter of 2011. Backlog as of September 30, 2012 was $623,059,000 as compared to $617,712,000 as of June 30, 2012. On a same-store basis, backlog was $570,387,000 as of September 30, 2012 as compared to $636,128,000 as of September 30, 2011.

Brian Lane, Comfort Systems USA’s Chief Executive Officer, said, “Comfort Systems USA continued to post solid operating results in a tough market. Earnings per share exceeded our strongest quarter last year, and through nine months we have achieved significant year over year improvement. We are also pleased to report positive cash flow well ahead of last year.”

The Company reported net income attributable to Comfort Systems USA for the nine months ended September 30, 2012 of $9,112,000 or $0.24 per diluted share as compared to a net loss attributable to Comfort Systems USA of $38,577,000 or $(1.03) per diluted share in the first nine months of 2011. Excluding the goodwill impairment and other non-cash items recorded in 2011, adjusted non-GAAP net income attributable to Comfort Systems USA was $2,966,000, or $0.08 per diluted share. The Company also reported revenue of $1,019,700,000 for the first nine months of 2012. On a same store basis, the Company reported revenue of $953,895,000 as compared to $922,320,000 for the same period in 2011. Free cash flow for the nine months ended September 30, 2012 was negative $5,006,000 as compared to negative free cash flow of $27,806,000 in the first nine months of 2011.

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