Comfort Systems USA Announces Departure of President
Chief Financial Officer
Houston, TX – April 12, 2004 – Comfort Systems USA, Inc. (NYSE: FIX), a leading provider of commercial, industrial and institutional heating, ventilation and air conditioning (“HVAC”) services, today announced that Norman C. Chambers is resigning his roles as President, Chief Operating Officer, and Director to accept a senior position in a different industry. Chambers will depart Comfort Systems USA on April 30, 2004. Bill Murdy, Comfort Systems USA's Chairman and CEO, said, “Norm Chambers brought excellent experience and leadership to Comfort Systems USA at a time when we were navigating some of the toughest conditions our industry has faced in the last thirty years. Norm made significant contributions both to our strategic direction as well as our operational execution. We thank him for his outstanding contributions, and wish him well as he takes on a leadership role in a company in the building products industry.”
The Company also announced that Bill Murdy would assume the President and Chief Operating Officer roles for the present. Murdy continued, “Comfort Systems USA is fortunate to have a management team with significant experience both in the industry and with our Company. This experience will serve us well as we make the turn into what we believe are improving industry conditions in 2004. Based on those conditions along with our continuing productivity initiatives, we continue to expect significantly better results this year as compared to 2003.” The Company also announced that it has scheduled a conference call for 10:00 a.m. Central Daylight Time, Tuesday, May 4, 2004 to discuss first quarter financial results. The results will be released after the close of the market on Monday, May 3, 2004.
To participate in the call, dial 1-773-756-4621 ten minutes before the conference call begins and ask for the Comfort Systems USA conference. A replay of the entire call will be available until 6:00 p.m. Central Daylight Time, Tuesday, May 11, 2004 by calling 1-402-530-7607. Comfort Systems USA is a premier provider of business solutions addressing workplace comfort, with 63 locations in 51 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 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 lack of a combined operating history and the difficulty of integrating formerly separate businesses, retention of key management, national and regional weakness in non-residential construction activity, difficulty in obtaining or increased costs associated with debt financing or bonding, shortages of labor and specialty building materials, seasonal fluctuations in the demand for HVAC systems and the use of incorrect estimates for bidding a fixed price contract and other risks detailed in the Company's reports filed with the Securities and Exchange Commission.