Brian Lane, chief executive officer of Comfort Systems USA, said, “We experienced improved profitability during the quarter. Service continued to provide solid returns, and many of our construction projects benefitted from terrific execution despite tough markets. Our people have performed and improved through adversity, and as activity recovers we feel confident in our world-class team of building professionals. Although backlog declined somewhat this quarter in the midst of our busy project performance season, we feel that compared to the past few years our pipeline of work is consistent and that our operations are favorably positioned with available work.”
The company reported net income for the six months ended June 30, 2013 of $10,294,000 or $0.28 per diluted share as compared to $3,439,000 or $0.09 per diluted share, for the first six months of 2012. The company also reported revenue of $676,943,000 as compared to $680,074,000 for the same period of 2012. Free cash flow for the six months ended June 30, 2013 was negative $10,386,000 as compared to negative free cash flow of $18,849,000 in the first six months of 2012.
Lane said, “We are experiencing good cash flow and improved margins, and our operations have a solid pipeline of work for this winter. We are preparing for the future by investing in growth initiatives that we believe will benefit us in all economic conditions, and we believe that we are ready to take advantage of opportunities when the economy improves.”
Publication date: 7/29/2013