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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 $4,351,000 or $0.12 per diluted share, for the quarter ended December 31, 2012. During the current quarter, the Company substantially completed its shutdown of an operation located in Delaware which it decided to curtail operating in the fourth quarter of 2011. Net income from continuing operations attributable to Comfort Systems USA was $3,759,000 or $0.10 per diluted share for the current quarter. Excluding the reduction in goodwill and other noncash items recorded in the fourth quarter of 2011, adjusted non-GAAP net income from continuing operations attributable to Comfort Systems USA was $4,321,000 or $0.12 per diluted share, for the quarter ended December 31, 2011. The Company reported revenue from continuing operations of $315,870,000 in the current quarter. On a same-store basis, the Company reported revenue from continuing operations of $308,544,000, as compared to $313,851,000 in 2011. The Company also reported free cash flow of $24,840,000 in the current quarter, as compared to $49,537,000 in 2011. Backlog from continuing operations as of December 31, 2012 was $617,951,000 as compared to $622,847,000 as of September 30, 2012 and $629,542,000 as of December 31, 2011.

Brian Lane, Comfort Systems USA’s Chief Executive Officer, said, “We experienced good cash flow and solid earnings in the fourth quarter and we are pleased to report increased profitability in 2012. Activity levels in nonresidential building construction remain subdued, but we believe we are getting more than our proportionate share of the available market. Service, repair and retrofit exceeded 50% of our 2012 revenue, and these activities continue to provide us with a majority of our earnings and cash flow as we prepare for a recovery in construction.”

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