10-QPeriod: Q2 FY2014

COMFORT SYSTEMS USA INC Quarterly Report for Q2 Ended Jun 30, 2014

Filed July 30, 2014For Securities:FIX

Summary

Comfort Systems USA Inc. (FIX) filed its quarterly report for the period ending June 29, 2014. The company is currently involved in legal proceedings, but management believes these will not materially impact its financial condition. The report also details the company's ongoing stock repurchase program, highlighting activity in the first half of 2014. Investors should note the company's reference to its 2013 Form 10-K for a comprehensive understanding of risk factors. The company has not engaged in any unregistered sales of equity securities. The stock repurchase program, initiated in 2007, has seen modest activity recently, with less than 0.1 million shares repurchased for approximately $0.5 million in the six months ending June 30, 2014.

Financial Highlights

53 data points
Beta

Revenue

$362.80M

17.1% Gross Margin

Net Income

$4.40M

1.2% Net Margin

EPS (Diluted)

$0.12

Total Assets

$668.11M

Cash & Equivalents

$49.76M

Free Cash Flow

$17.93M

Financial Statements
Beta
Revenue$362.80M
Cost of Revenue$300.94M
Gross Profit$61.86M
SG&A Expenses$50.57M
Operating Income$10.65M
Interest Expense$462K
Net Income$4.40M
EPS (Basic)$0.12
EPS (Diluted)$0.12
Shares Outstanding (Basic)37.71M
Shares Outstanding (Diluted)37.88M

Key Highlights

  • 1Comfort Systems USA Inc. (FIX) filed its Q2 2014 10-Q report.
  • 2The company is subject to routine legal proceedings, with management confident of no material adverse impact.
  • 3No unregistered sales of equity securities occurred during the period.
  • 4The company repurchased less than 0.1 million shares for approximately $0.5 million in the first six months of 2014.
  • 5As of June 30, 2014, approximately 552,286 shares remained available for repurchase under the company's stock repurchase program.
  • 6The report refers investors to the 2013 Form 10-K for a detailed discussion of risk factors.

Frequently Asked Questions

Comfort Systems USA Inc. is involved in legal claims and lawsuits arising in the normal course of business. The company has insurance coverage and has accrued for probable losses. Management currently believes that the resolution of these claims, individually or in aggregate, will not materially adversely affect the company's operating results, cash flows, or financial condition.

Yes, during the six months ended June 30, 2014, the company repurchased less than 0.1 million shares for approximately $0.5 million. The average price paid per share was $16.29 for repurchases in April 2014.

As of June 30, 2014, there were 552,286 shares that may yet be purchased under the company's stock repurchase program, which was initially approved in 2007 and has been extended.

This filing directs investors to review the risk factors discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2013, for a comprehensive understanding of potential risks. No new, currently known risks that are deemed material were specifically detailed in this quarterly report's risk factor section.