Comfort Systems USA Announces Departures and Management Changes
Chief Financial Officer
(713) 830-9600
Houston, TX – March 21, 2005 – Comfort Systems USA, Inc. (NYSE: FIX), a leading provider of commercial, industrial and institutional heating, ventilation and air conditioning (“HVAC”) services, today announced that J. Gordon Beittenmiller is resigning his roles as Executive Vice President, Chief Financial Officer, and Director to accept a senior position in another sector of the industry. Beittenmiller will depart Comfort Systems USA on April 15, 2005. William George, the Company's General Counsel, will take the Chief Financial Officer role. Julie S. Shaeff, the Company's Controller, will assume the position of Chief Accounting Officer. Trent T. McKenna, the Company's Associate General Counsel, will become the General Counsel.
Bill Murdy, Comfort Systems USA's Chairman and CEO, said, “Gordie Beittenmiller has been with Comfort Systems USA since its founding eight years ago, and has helped guide the Company through all of the challenges we have faced and successes we have enjoyed. We thank him for his outstanding contributions, and wish him well as he takes on a leadership role with a company in a different sector of our industry.
“Bill George has also been a part of Comfort Systems USA from our beginning. He knows the Company and our industry thoroughly, and enjoys great respect throughout our organization. His appointment, complemented by new responsibilities for Julie Shaeff and Trent McKenna, demonstrates the depth and strength of our management team. With Bill in the CFO role, we continue to be strongly positioned for ongoing success.”
The Company also announced that Vincent J. Costantini will not stand for re-election to the Company's Board of Directors, due to the increased demands of his other business interests. Murdy continued, “Vince Costantini has brought excellent counsel and sound judgment to our Board of Directors throughout his four-year tenure. We greatly appreciate his service to the Company and hope that his endeavors continue to prosper.” Murdy concluded, “We have a great team at Comfort Systems USA with significant experience both in the industry and with our Company. We are starting this year with a record backlog and strong balance sheet amid improving industry conditions. While we have previously noted that we expect a down first quarter as compared to last year's solid first quarter due to the effects of extended inclement weather in California and uneven customer schedules at a large operation with significant backlog, we also continue to expect that our results for 2005 as a whole will reflect another year of growth. Overall, Comfort Systems USA has never been in better shape to continue building value for all its stakeholders.” Comfort Systems USA is a premier provider of business solutions addressing workplace comfort, with 60 locations in 49 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, 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. These forward-looking statements speak only as of the date of this release. 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 Comfort Systems USA Inc.'s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.