HOUSTON--(BUSINESS WIRE)--Aug. 10, 2018--
Comfort Systems USA, Inc. (NYSE: FIX), a leading provider of
mechanical services including heating, ventilation, air conditioning,
plumbing, piping and controls, today announced that its board of
directors has approved an amendment to the Company’s stock repurchase
program to increase the shares authorized and remaining as available to
purchase back up to 1,000,000 shares by authorizing the Company to
acquire up to 670,916 additional shares of its outstanding common stock.
The Company’s existing stock repurchase program had previously
authorized the repurchase of up to 8,112,493 shares of the Company’s
outstanding common stock.
Through August 9, 2018, the Company repurchased 7,783,409 shares of the
Company’s common stock at an aggregate price of $112,102,830. This
extension of the stock repurchase program will “top off” the plan and
permit the Company to repurchase up to an additional 1,000,000 shares of
its currently outstanding common stock beyond what had already been
purchased as of August 9, 2018.
The share repurchases will be made from time to time at the Company’s
discretion in the open market or privately negotiated transactions as
permitted by securities laws and other legal requirements, and subject
to market conditions and other factors. The Company expects that the
share repurchases will be financed with available cash. The Company’s
board of directors may modify, suspend, extend, or terminate the program
at any time.
Comfort Systems USA® is a premier provider of business
solutions addressing workplace comfort, with 126 locations in 112 cities
around the nation. For more information, visit the Company’s website atwww.comfortsystemsusa.com.
Certain statements and information in this press release may
constitute forward-looking statements regarding our future business
expectations, which are subject to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. The words “believe,”
“expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,”
“could,” or other similar expressions are intended to identify
forward-looking statements, which are generally not historic in nature.
These forward-looking statements are based on the current expectations
and beliefs of Comfort Systems USA, Inc. and its subsidiaries
(collectively, the “Company”) concerning future developments and their
effect on the Company. While the Company’s management believes that
these forward-looking statements are reasonable as and when made, there
can be no assurance that future developments affecting the Company will
be those that it anticipates. All comments concerning the Company’s
expectations for future revenue and operating results are based on the
Company’s forecasts for its existing operations and do not include the
potential impact of any future acquisitions. The Company’s
forward-looking statements involve significant risks and uncertainties
(some of which are beyond the Company’s control) and assumptions that
could cause actual future results to differ materially from the
Company’s historical experience and its present expectations or
projections. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include, but are
not limited to: the use of incorrect estimates for bidding a fixed-price
contract; undertaking contractual commitments that exceed the Company’s
labor resources; failing to perform contractual obligations efficiently
enough to maintain profitability; national or regional weakness in
construction activity and economic conditions; financial difficulties
affecting projects, vendors, customers, or subcontractors; the Company’s
backlog failing to translate into actual revenue or profits; failure of
third party subcontractors and suppliers to complete work as anticipated;difficulty in obtaining or increased costs associated with bonding
and insurance; impairment to goodwill; errors in the Company’s
percentage-of-completion method of accounting; the result of competition
in the Company’s markets; the Company’s decentralized management
structure; material failure to comply with varying state and local laws,
regulations or requirements; debarment from bidding on or performing
government contracts; shortages of labor and specialty building
materials; retention of key management; seasonal fluctuations in the
demand for mechanical systems; the imposition of past and future
liability from environmental, safety, and health regulations including
the inherent risk associated with self-insurance; adverse litigation
results; an increase in our effective tax rate; an information
technology failure or cyber security breach; and other risks detailed in
our reports filed with the Securities and Exchange Commission.
For additional information regarding known material factors that
could cause the Company’s results to differ from its projected results,
please see its filings with the SEC, including its Annual Report on Form
10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date hereof. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as a
result of new information, future events, or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180810005422/en/
Source: Comfort Systems USA, Inc.
Comfort Systems USA, Inc.
William George, 713-830-9600
Chief
Financial Officer