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Comfort Systems USA Reports Fourth Quarter And Full Year Results

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 $5,596,000 or $0.15 per diluted share, for the quarter ended December 31, 2013, as compared to $4,351,000 or $0.12 per diluted share, for the quarter ended December 31, 2012. The Company reported revenue of $330,340,000 in the current quarter as compared to $315,870,000 in 2012. The Company reported free cash flow of $10,250,000 in the current quarter, as compared to $24,840,000 in 2012. Backlog as of December 31, 2013 was $603,603,000 as compared to $570,949,000 as of September 30, 2013 and $617,951,000 as of December 31, 2012.

Brian Lane, Comfort Systems USA’s Chief Executive Officer, said, “We are pleased to report a strong finish to 2013, as our operating teams continued to deliver solid execution and improved earnings. We experienced very good cash flow, and our backlog strengthened noticeably for the first time in several quarters. We believe that non-residential construction is showing signs of stabilization and slow recovery following the weakness of the past few years, however, to achieve our goals we will need to continue to improve execution and invest in growth.”

The Company reported net income attributable to Comfort Systems USA for the year ended December 31, 2013 of $27,269,000 or $0.73 per diluted share as compared to $13,463,000 or $0.36 per diluted share, for 2012. The Company also reported revenue of $1,357,272,000 in 2013, as compared to $1,331,185,000 in 2012. Free cash flow for 2013 was $22,127,000 as compared to free cash flow of $19,834,000 in 2012.

Earnings per share for the current quarter includes $0.02 arising from changes in the fair value of earn-out liabilities. As disclosed previously, earnings per share for the current year includes $0.03 arising from income from prior reporting periods, and full year 2013 earnings per share includes $0.04 from changes in the fair value of earn-out liabilities.

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