Comfort Systems USA Inc., a provider of commercial, industrial, and institutional heating, ventilation, and air-conditioning (HVAC) services, announced net income of U.S. $1.04 million or $0.03 per diluted share, for the quarter ended March 31, 2004, as compared to a net loss of $4.82 million or $0.13 per diluted share, and a net loss from continuing operations of $4.13 million or $0.11 per diluted share, in the first quarter of 2003. Excluding restructuring charges, the write-off of debt costs, and the effect of divested units not included in discontinued operations, the net loss from ongoing operations in the first quarter of 2003 was $2.38 million or $0.07 per diluted share.
"We are pleased to report noticeably improved results for our first quarter, typically the period of our lowest seasonal activity levels of the year," Bill Murdy, Comfort Systems USA's chairman and CEO, said in a statement. "We posted year-over-year gains at every major line of the income statement, as challenging industry conditions eased some, and as our productivity and execution efforts began to show results. Consistent with improving activity levels in our markets, and effective business development at our operations, our backlog increased 17 percent from year-end to a record $473 million."
The company reported revenues from continuing operations of $193.22 million in the current quarter as compared to $179.66 million in 2003. Excluding the effect of units divested in 2003 not included in discontinued operations, revenues at ongoing operations were $175.63 million in the first quarter of 2003. The company also reported negative cash flow of $5.92 million following very strong fourth quarter cash flow, as it supported renewed revenue growth.
"While it's too soon to say our industry is on a sustained upswing, we continue to see positive signs in the marketplace, and are pleased to post results more reflective of the hard work we've been doing inside Comfort Systems USA," Mr. Murdy said. "We look forward to reporting more improvements as the year unfolds."
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