Bill Murdy, Comfort Systems’s chairman and CEO, said, “Today we are reporting record fourth quarter and full year results. For the fourth quarter our revenues increased 12% and notably our earnings increased by 44% over the fourth quarter a year ago. This extraordinary increase in profitability is a testament to the remarkable quality and hard work of our assembled team, encompassing management, sales, office, and especially, our field workforce.”
The Company reported revenues of $329,028,000 in the current quarter, as compared to $293,284,000 in 2007. The Company also reported free cash flow of $32,101,000 in the current quarter, as compared to $54,908,000 in 2007. Backlog as of December 31, 2008 was $752,372,000, compared to $804,699,000 as of September 30, 2008. Backlog as of December 31, 2007 was $786,673,000.
Murdy continued, “We have generated positive free cash flow for each of the last ten years, including during very challenging economic and industry conditions from 2001 through 2003. Free cash flow in the fourth quarter totaled $32 million, a notable performance that provides additional cushion and flexibility to our already solid balance sheet as we face cyclical change. Although our backlog declined modestly during the quarter reflecting deterioration in nonresidential construction market fundamentals, it remains at high levels compared to historical trends and totals.”
Free cash flow for the year ended December 31, 2008 was $68,935,000 as compared to $72,819,000 in 2007.
Bill Murdy concluded, “We and our industry have historically participated in business cycle fluctuations, and our dedicated workforce is well-prepared for changing conditions. We will continue to invest in prudent growth opportunities, and we remain committed to improving our excellent service and energy efficiency offerings. Challenges often bring opportunity, and we are optimistic that our balance sheet and operational strength will allow us to continue to increase the value of our company in the coming quarters. Although we expect weakness in our markets to develop throughout 2009, we will continue our focus on execution, cash discipline and cost control, and we look forward to a profitable and successful 2009.”
Comfort Systems is a US based company that provides installation, maintenance, repair and replacement, services for heating, ventilation, and air conditioning (HVAC) systems.
