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Comfort Systems USA Reports Second Quarter 2014 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 $4,401,000 or $0.12 per diluted share, for the quarter ended June 30, 2014, as compared to $7,762,000 or $0.21 per diluted share, for the quarter ended June 30, 2013. Earnings per share for the current quarter includes a goodwill impairment charge of $0.01. The Company reported revenue of $362,801,000 in the current quarter. On a same-store basis, the Company reported revenue of $352,758,000, as compared to $351,053,000 in 2013. The Company reported free cash flow of $18,256,000 in the current quarter, as compared to $2,996,000 in 2013. Backlog as of June 30, 2014 was $673,694,000. On a same-store basis, backlog was $630,372,000 as of June 30, 2014 as compared to $612,335,000 as of March 31, 2014 and $590,276,000 as of June 30, 2013.

The Company also announced today that is has amended its existing credit facility to increase it from $175,000,000 to $250,000,000 and has extended the maturity to October 2019. The terms, covenants and conditions of the amended agreement are substantially similar to or improved from the previously existing agreement.

Brian Lane, Comfort Systems USA’s Chief Executive Officer, said, “Earnings were lower this quarter than a year ago as market conditions remain soft. We continued to experience disappointing results at our Southern California operations, and our reported EPS includes a goodwill impairment of $0.01 associated with this operation. We were also affected by the previously discussed incremental expense arising from our ongoing SG&A investments in service growth and information technology. Apart from these factors, our field operations reported overall income that was approximately the same as last year, and we are encouraged by our increase in backlog and cash flow.”

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