Summary
Comfort Systems USA Inc. (FIX) filed its quarterly report for the period ending June 29, 2015. The filing primarily details ongoing legal proceedings, confirming that while the company is involved in claims and lawsuits, management believes these will not have a material adverse impact on financial condition. The report also provides an update on the company's stock repurchase program, highlighting that 73,033 shares were repurchased during the quarter for approximately $1.5 million, bringing the total since the program's inception to 6.6 million shares. The company continues to manage potential financial risks from litigation through insurance coverages and accruals.
Financial Highlights
52 data pointsBeta
Financial Statements
Beta
| Revenue | $416.57M |
| Cost of Revenue | $334.52M |
| Gross Profit | $82.05M |
| SG&A Expenses | $57.37M |
| Operating Income | $24.83M |
| Interest Expense | $454K |
| Net Income | $13.40M |
| EPS (Basic) | $0.36 |
| EPS (Diluted) | $0.35 |
| Shares Outstanding (Basic) | 37.46M |
| Shares Outstanding (Diluted) | 37.92M |
Key Highlights
- 1The company is involved in various legal proceedings arising in the normal course of business. Management currently believes these will not materially impact operating results, cash flows, or financial condition.
- 2Comfort Systems USA Inc. has an ongoing stock repurchase program. During the six months ended June 30, 2015, the company repurchased 0.1 million shares for approximately $1.5 million.
- 3The average price paid for shares repurchased during the six months ended June 30, 2015, was $20.88 per share.
- 4As of June 30, 2015, a total of 6.6 million shares had been repurchased since the program's inception in 2007, at an average price of $11.40 per share.
- 5The remaining authorized shares available for repurchase under the program as of June 30, 2015, were 951,065.
- 6The company utilizes share withholding to satisfy tax obligations arising from equity awards, which may be considered a share purchase by the company on the date of withholding.
- 7No unregistered sales of equity securities occurred during the reported period.
Frequently Asked Questions
Comfort Systems USA Inc. is subject to certain claims and lawsuits in its normal course of business. The company maintains insurance and has estimated accruals for probable losses. Management believes that resolving these claims, individually or in aggregate, will not materially adversely affect the company's operating results, cash flows, or financial condition, though this view is subject to inherent uncertainties.
Yes, during the quarter ended June 30, 2015, the company repurchased 73,033 shares of its common stock for an average price of $20.88 per share, totaling approximately $1.5 million. For the six months ended June 30, 2015, the company repurchased 0.1 million shares for approximately $1.5 million.
Since the inception of the stock repurchase program in 2007 through June 30, 2015, Comfort Systems USA Inc. has cumulatively repurchased 6.6 million shares at an average price of $11.40 per share.
This quarterly report refers investors to the 'Risk Factors' section in the company's Form 10-K for the year ended December 31, 2014, for a comprehensive discussion of potential risks. It also notes that additional unknown or currently deemed immaterial risks may arise and adversely affect the business.