Summary
Comfort Systems USA Inc. (FIX) filed its quarterly report for the period ending September 30, 2010. The company addressed ongoing legal proceedings, stating that while subject to claims in the normal course of business, these are not expected to have a material adverse effect on financial condition or operating results, with provisions already recorded for probable losses. The report also detailed the company's stock repurchase program, highlighting significant activity in the third quarter of 2010. Investors will note that the company repurchased 0.4 million shares of its common stock during the first nine months of 2010, with 80,014 shares bought in the third quarter at an average price of $10.64. A total of 4.8 million shares have been repurchased since the program's inception. Additionally, the company utilized a share withholding mechanism under its restricted stock plan to cover tax obligations, repurchasing 221 shares in August 2010 at an average price of $10.50.
Financial Highlights
32 data points| Revenue | $307.65M |
| Cost of Revenue | $257.34M |
| Gross Profit | $50.31M |
| SG&A Expenses | $41.88M |
| Operating Income | $8.45M |
| Interest Expense | $832K |
| Net Income | $5.37M |
| EPS (Basic) | $0.14 |
| EPS (Diluted) | $0.14 |
| Shares Outstanding (Basic) | 37.56M |
| Shares Outstanding (Diluted) | 37.79M |
Key Highlights
- 1Legal proceedings are ongoing, but the company believes they will not materially impact financial condition or results, with adequate accruals in place.
- 2The company actively engaged in its stock repurchase program, buying back 0.4 million shares year-to-date through September 30, 2010.
- 3In the third quarter of 2010, 80,014 shares were repurchased at an average price of $10.64.
- 4Since the program's start, a cumulative total of 4.8 million shares have been repurchased.
- 5The company used its stock repurchase program authorization to acquire 808,767 shares as of September 30, 2010.
- 6A small number of shares (221) were repurchased in August 2010 to satisfy tax withholding obligations arising from restricted stock awards and option exercises.