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Comfort Systems USA Reports 2003 Q4, Full-Year Results
Feb 27, 2004
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Comfort Systems USA Inc. (Houston, TX, U.S.), a provider of commercial, industrial and institutional heating, ventilation, and air conditioning (HVAC) services, has reported a net loss of U.S. $3.51 million or $0.12 per diluted share, for the quarter ended Dec. 31, 2003. This is as compared to a net loss of $334,000 or $0.01 per diluted share, in the fourth quarter of 2002.

Net loss from continuing operations for the current quarter was $2.04 million or $0.08 per diluted share as compared to net income from continuing operations of $472,000 or $0.01 per diluted share, in the prior year.

Excluding the non-cash charges for goodwill impairment. debt cost write-off, and the effect of divested units not included in discontinued operations, net income from ongoing operations was $2.12 million or $0.05 per diluted share for the quarter as compared to $975,000 or $0.03 per diluted share in the fourth quarter of 2002.

Operating income from ongoing operations, determined on the same basis, was $3.07 million or 1.6 percent of revenues, up 47.1 percent from $2.08 million, or 1.1 percent of revenues, in 2002.

The company reported revenues from continuing operations of $1.97 million in the current quarter as compared to $1.95 million in 2002.

Excluding divested units not reported as discontinued operations, same-store revenues increased 4.1 percent in 2003 from $1.89 millioin in 2002. The company also reported positive free cash flow of $8.36 million in the current quarter as compared to negative free cash flow of $774,000 in 2002.

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