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Comfort Systems USA Reports First Quarter 2016 Results

HOUSTON, Apr 27, 2016 (BUSINESS WIRE) -- Comfort Systems USA, Inc. FIX, -6.67% a leading provider of mechanical services including heating, ventilation, air conditioning, plumbing, piping and controls, today announced net income attributable to Comfort Systems USA of $9,755,000 or $0.26 per diluted share, for the quarter ended March 31, 2016, as compared to $5,066,000 or $0.13 per diluted share, for the quarter ended March 31, 2015.

Brian Lane, Comfort Systems USA’s President and Chief Executive Officer, said, “We are pleased to report significant earnings improvement compared to last year, reflecting great execution by our workforce during our traditionally weakest quarter of the year.”

The Company reported revenue of $385,942,000 in the current quarter. On a same-store basis, the Company reported revenue of $371,437,000 as compared to $369,547,000 in 2015. The Company reported free cash flow of $9,477,000 in the current quarter, as compared to $16,998,000 in 2015. Backlog as of March 31, 2016 was $776,919,000. On a same-store basis, backlog was $720,563,000 as of March 31, 2016 as compared to $711,634,000 as of December 31, 2015 and $718,031,000 as of March 31, 2015.

Mr. Lane concluded, “We had solid first quarter bookings and an encouraging start to 2016 with significant positive cash flow. Our new partnership with ShoffnerKalthoff in Knoxville, Tennessee is off to a great start, and the deepening of our connection with Environmental Air Systems in Greensboro, North Carolina provided a lift in the first quarter. We are experiencing overall good bidding activity, and we remain optimistic about our prospects for 2016 and beyond.”

As previously announced, the Company will host a webcast and conference call to discuss its financial results and position in more depth on Thursday, April 28, 2016 at 10:30 a.m. Central Time. The call-in number for this conference call is 1-888-679-8018 and enter 41259955 as the passcode. Participants may pre-register for the call at https://www.theconferencingservice.com/prereg/key.process?key=PNDRXQUUH. The Company anticipates that an accompanying slide presentation will also be available under the Investor tab. Pre-registrants will be issued a pin number to use when dialing in to the live call, which will provide quick access to the conference by bypassing the operator upon connection. The call can also be accessed on the Company’s website at www.comfortsystemsusa.comunder the Investor tab. A replay of the entire call will be available until 3:30 p.m. Central Time, Thursday, May 5, 2016 by calling 1-888-286-8010 with the conference passcode of 56217984, and will also be available on our website on the next business day following the call.

Comfort Systems USA [®] is a premier provider of business solutions addressing workplace comfort, with 98 locations in 85 cities around the nation. For more information, visit the Company’s website atwww.comfortsystemsusa.com.

Certain statements and information in this press release may constitute forward-looking statements regarding our future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify forward-looking statements, which are generally not historic in nature. These forward-looking statements are based on the current expectations and beliefs of Comfort Systems USA, Inc. and its subsidiaries (collectively, the “Company”) concerning future developments and their effect on the Company. While the Company’s management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that it anticipates. All comments concerning the Company’s expectations for future revenue and operating results are based on the...


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