KSW, Inc. Reports Third Quarter 2010 Results

KSW, Inc. (NASDAQGM: KSW) today reported financial results for the third quarter of 2010.

Total revenues for the quarter ended September 30, 2010 increased by $7,937,000, or 60.2%, to $21,118,000, as compared to $13,181,000 for the quarter ended September 30, 2009. Total revenues for the nine months ended September 30, 2010 increased by $9,509,000, or 19.2%, to $59,017,000, as compared to $49,508,000 for the nine months ended September 30, 2009.

Net income was $712,000, or $.11 per share, basic and diluted, for the quarter ended September 30, 2010, as compared to reported net income of $264,000, or $.04 per share, basic and diluted, for the quarter ended September 30, 2009. For the nine months ended September 30, 2010, net income was $1,520,000, or $.24 per share, basic and diluted, as compared to reported net income of $674,000, or $.11 per share, basic and diluted, for the nine months ended September 30, 2009.

As of September 30, 2010, the Company’s backlog was approximately $80,400,000. The Company has been recommended for the award of the mechanical work for the new chiller plant serving the United Nations complex. The final contract value has not yet been determined, and the project is not included in the Company’s backlog.

Chairman of the Board, Floyd Warkol, commented: “We are pleased with our third quarter results which demonstrates our ability to successfully compete for public works projects, as well as commercial projects.”

About KSW

KSW, Inc., through its wholly-owned subsidiary, KSW Mechanical Services, Inc., furnishes and installs heating, ventilating and air conditioning (HVAC) systems and process piping systems for institutional, industrial, commercial, high-rise residential and public works projects. KSW Mechanical Services, Inc. also acts as Trade Manager on larger construction projects, such as the Mount Sinai Center for Science and Medicine. For further information, please visit our website at www.kswmechanical.com.

Safe Harbor Statement

Certain statements contained in this press release are not historical facts, and constitute “forward-looking statements” (as such term is defined in the Private Securities Litigation Reform Act of 1995). These forward looking statements generally can be identified as statements that include phrases such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “foresee”, “likely”, “should”, “will” or other similar words or phrases. Such forward-looking statements concerning management’s expectations and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties, and other important factors that could cause actual results to differ materially from expectation of the Company include, among others, the outcome of the year-end audit and further internal review of the Company’s historical financial statements. All written and oral forward-looking statements of or attributable to the Company or persons acting on behalf of the Company are qualified in their entirety by such factors. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based.

Copyright Business Wire 2010

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