HOUSTON--(BUSINESS WIRE)--Mar. 31, 2009--
Comfort Systems USA, Inc. (NYSE:FIX), a leading provider of
commercial, industrial and institutional heating, ventilation and air
conditioning (“HVAC”) services, 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 546,350 additional shares of its outstanding common stock.
The company’s existing stock repurchase program had previously
authorized the repurchase of up to 3,852,659 shares of the company’s
outstanding common stock.
Through March 26, 2009, the Company had repurchased 3,399,009 shares of
the company’s common stock at an aggregate price of $38,501,648. 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 March 26, 2009.
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 76 locations in 69 cities
around the nation. For more information, visit the Company’s website at
www.comfortsystemsusa.com.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on the current plans and expectations of future
events of Comfort Systems USA, Inc. and involve risks and uncertainties
that could cause actual future activities and results of operations to
be materially different from those set forth in the forward-looking
statements. Important factors that could cause actual results to
differ include, among others, the use of incorrect estimates for bidding
a fixed-price contract, undertaking contractual commitments that exceed
our 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,
difficulty in obtaining or increased costs associated with bonding and
insurance, shortages of labor and specialty building materials,
retention of key management, our backlog failing to translate into
actual revenue or profits, errors in our percentage-of-completion method
of accounting, the result of competition in our markets, seasonal
fluctuations in the demand for HVAC 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 and other risks detailed in our reports filed with
the Securities and Exchange Commission. A further list and
description of these risks, uncertainties and other factors are
discussed under “Item 1A. Company Risk Factors.” in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2008. These
forward-looking statements speak only as of the date of this filing. Comfort
Systems USA, Inc. expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statement contained herein to reflect any change in our expectations
with regard thereto or any change in events, developments, conditions or
circumstances on which any such statement is based.
Source: Comfort Systems USA, Inc.
Comfort Systems USA, Inc., Houston
William George, 713-830-9600
Chief
Financial Officer