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EMCOR Group Annual Report, Year Ended Dec 31, 2001

Filing Date
Filed February 21, 2002
Period End
December 31, 2001
Security
EME
In the record · 2016–202610-K1110-Q338-K77

EME filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 77 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Aug ’16Aug ’16
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Leadership change8-K · Jun ’21Jun ’21
  4. Leadership change8-K · Oct ’25Oct ’25

01—Abstract

Summary

Summary of the 10-K filed February 21, 2002. Cited figures are marked; the original filing is the authoritative source.

EMCOR Group, Inc.'s 2001 10-K report details a company with significant scale in mechanical and electrical construction and facilities services.

The company generated over $3.4 billiona in revenue, operating through approximately 51 subsidiaries across the US, Canada, and the UK. A substantial portion of revenue, 54%, came from renovation, retrofit, and facilities services, indicating a focus beyond new construction. The company highlighted consistent revenue growth (15.7% CAGR) and even more impressive EBITDA growth (30.8% CAGR) from 1998-2001, signaling strong operational performance leading up to this filing.

Financially, EMCOR demonstrated growth in net income and diluted EPS in 2001 compared to 2000. The company also noted a substantial increase in backlog to $2.4 billionb at the end of 2001, suggesting a positive outlook for future revenue.

However, investors should note the company did not pay dividends and had no immediate plans to do so. A significant subsequent event disclosed was the agreement to acquire 19 subsidiaries from Comfort Systems USA, Inc. for $186.25 millionc, indicating a strategic move for expansion and market consolidation.

02—Key points

Key Highlights

  1. EMCOR reported revenues of $3.42 billion for the fiscal year ended December 31, 2001.
  2. Net income increased by 24.7% to $50.0 million in 2001, with diluted EPS rising to $3.40.
  3. The company's backlog significantly increased to $2.4 billion as of December 31, 2001, up from $1.8 billion in the prior year.
  4. Approximately 54% of EMCOR's 2001 revenue was derived from renovation/retrofit (38%) and facilities services (16%), showing a diversified revenue stream.
  5. EMCOR reported that revenues and EBITDA grew at compound annual growth rates of 15.7% and 30.8%, respectively, for the period 1998 through 2001.
  6. A significant subsequent event is the agreement to acquire 19 subsidiaries from Comfort Systems USA, Inc. for $186.25 million, expected to close in Q1 2002.
  7. EMCOR did not pay dividends in 2001 or 2000 and does not anticipate paying them in the foreseeable future due to credit facility limitations.

03—Questions

Frequently Asked Questions

  1. What is EMCOR Group's primary business activity?

    EMCOR Group, Inc. is a leading provider of mechanical and electrical construction and facilities services. They specialize in the design, installation, start-up, operation, and maintenance of various systems, including electrical power, lighting, low-voltage systems, communications, HVAC, and plumbing. They also offer comprehensive facilities services to support the ongoing operations of customer facilities.

  2. How did EMCOR perform financially in fiscal year 2001?

    In fiscal year 2001, EMCOR generated $3.42 billion in revenue, a slight decrease from $3.46 billion in 2000. However, net income saw a significant increase of 24.7% to $50.0 million, and diluted earnings per share rose to $3.40, up from $2.95 in the prior year. The company also reported a healthy increase in its backlog to $2.4 billion.

  3. What are EMCOR's key growth drivers and strategies?

    EMCOR's growth is driven by the increasing complexity and demand for mechanical and electrical systems in commercial, industrial, and institutional facilities. Their strategy involves leveraging their size, expertise, and financial strength for competitive advantage. They also focus on providing integrated service packages combining construction and facilities services, and have a strategy to grow their less cyclical facilities services segment, as demonstrated by their agreement to acquire Comfort Systems' subsidiaries.

  4. Are there any significant legal or financial risks mentioned in the filing?

    The filing mentions a significant legal proceeding involving Comstock Canada Limited and Atomic Energy of Canada Limited, where AECL has filed a substantial counterclaim. EMCOR also notes a broader investigation by the New York County District Attorney's office into certain business practices of its subsidiary, Forest Electric Corp. While EMCOR believes it has defenses, substantial settlements or judgments could adversely affect its financial condition. The company also states that no cash dividends are anticipated in the foreseeable future due to credit facility limitations.

04—Continue

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