Summary
Comfort Systems USA, Inc. (FIX) filed its 2011 Form 10-K on February 29, 2012. The company reported a net loss of $36.8 million for the year ended December 31, 2011, a significant decline from a net income of $14.7 million in 2010. This downturn was primarily driven by a substantial goodwill and intangible asset impairment charge of $58.9 million and decreased gross profit due to a difficult pricing environment. Despite the net loss, the company's revenue increased by 11.9% to $1.24 billion, largely due to acquisitions, although same-store revenue saw a modest increase. The company's strategy emphasizes strengthening core competencies, achieving operating efficiencies, and growing its service-based revenue stream. While facing challenges in the current economic climate and a competitive industry, Comfort Systems USA, Inc. maintained a strong liquidity position with no outstanding borrowings on its revolving credit facility.
Financial Highlights
55 data points| Revenue | $1.22B |
| Cost of Revenue | $1.04B |
| Gross Profit | $181.53M |
| SG&A Expenses | $167.05M |
| Operating Income | -$42.64M |
| Interest Expense | $1.89M |
| Net Income | -$36.83M |
| EPS (Basic) | $-0.99 |
| EPS (Diluted) | $-0.99 |
| Shares Outstanding (Basic) | 37.39M |
| Shares Outstanding (Diluted) | 37.39M |
Key Highlights
- 1Reported a net loss of $36.8 million for the year ended December 31, 2011, compared to a net income of $14.7 million in 2010.
- 2Recognized significant goodwill and other intangible asset impairment charges totaling $58.9 million in 2011.
- 3Revenue increased by 11.9% to $1.24 billion in 2011, driven largely by acquisitions, while same-store revenue grew by 1.6%.
- 4Gross profit decreased by 3.8% to $181.5 million, with gross profit margin declining to 14.6% from 17.0% in the prior year, attributed to a difficult pricing environment.
- 5The company maintained a strong liquidity position with no outstanding borrowings on its $125 million revolving credit facility as of December 31, 2011.
- 6Approximately 57% of 2011 revenue was derived from maintenance, repair, and replacement services, indicating a strategic shift towards a more stable revenue base.