8-KOther EventsExhibits & Filings

COMFORT SYSTEMS USA INC 8-K Report, Corporate Update (Aug 17, 2009)

Filed August 17, 2009For Securities:FIX

Summary

Comfort Systems USA, Inc. (FIX) announced an amendment to its stock repurchase program on August 17, 2009. The company's Board of Directors approved an increase to the program, authorizing the acquisition of up to 476,400 additional shares of common stock. This amendment effectively "tops off" the existing program, allowing for repurchases of up to 1,000,000 shares beyond those already bought back. As of August 13, 2009, Comfort Systems had repurchased 3,875,409 shares for an aggregate of $43,104,805. The company intends to finance these repurchases using available cash, with flexibility to conduct transactions in the open market or through private negotiations, subject to market conditions and legal requirements. The Board retains the right to modify, suspend, or terminate the program at any time.

Key Highlights

  • 1Comfort Systems USA, Inc. amended its stock repurchase program on August 17, 2009.
  • 2The Board of Directors approved the acquisition of up to 476,400 additional shares.
  • 3This action allows the company to repurchase up to 1,000,000 shares beyond what had already been purchased.
  • 4As of August 13, 2009, the company had repurchased 3,875,409 shares at a cost of $43,104,805.
  • 5Repurchases will be funded by available cash.
  • 6The company has flexibility in how it conducts share repurchases (open market or private negotiations).
  • 7The Board of Directors can modify, suspend, or terminate the program at any time.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce that Comfort Systems USA, Inc.'s Board of Directors has approved an amendment to the company's stock repurchase program, increasing the authorization for share buybacks.

The amendment authorizes the company to acquire up to 476,400 additional shares, effectively allowing for the repurchase of up to 1,000,000 shares beyond what had already been purchased as of August 13, 2009.

The company expects that the share repurchases will be financed with its available cash.

No, the repurchases will be made at the Company's discretion from time to time, subject to market conditions and other factors. Furthermore, the Board of Directors may modify, suspend, extend, or terminate the program at any time, indicating flexibility rather than a firm commitment.