UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 14, 2008
Comfort Systems USA, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
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1-13011 |
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76-0526487 |
(State or other jurisdiction |
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(Commission |
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(IRS Employer |
of incorporation) |
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File Number) |
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Identification No.) |
777 Post Oak Boulevard, Suite 500 |
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77056 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code (713) 830-9600
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events
Attached and incorporated herein by reference as Exhibit 99.1 is a copy of a press release of Comfort Systems USA, Inc., a Delaware corporation (the Company) dated August 18, 2008 announcing that its Board of Directors (the Board) has approved an amendment to the Companys 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 775,060 additional shares of its outstanding common stock. The Companys existing stock repurchase program had previously authorized the repurchase of up to 2,113,283 shares of the Companys outstanding common stock.
Through August 14, 2008, the Company had repurchased 1,888,343 shares of the Companys common stock at an aggregate price of $24.0 million. This extension of the stock repurchase program will top off the plan and permit the Company to repurchase up to an additional one million shares of its currently outstanding common stock beyond what had already been purchased as of August 14, 2008.
The share repurchases will be made from time to time at the Companys 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 Companys Board of Directors may modify, suspend, extend or terminate the program at any time.
Attached and incorporated herein by reference as Exhibit 99.2 is a copy of a press release of the Company dated August 18, 2008 announcing that it has acquired Delcard Associates, Inc., a Delaware corporation and a full service commercial HVAC company based in Wilmington, Delaware.
The following exhibit is included herein:
Exhibit 99.1 Press release dated August 18, 2008 announcing the Boards approval of the amended stock repurchase program.
Exhibit 99.2 Press release dated August 18, 2008 announcing that it has acquired Delcard Associates, Inc., a Delaware corporation a full service commercial HVAC company based in Wilmington, Delaware.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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COMFORT SYSTEMS USA, INC. |
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By: |
/s/ Trent T. McKenna |
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Trent T. McKenna, Vice President |
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and General Counsel |
Date: August 19, 2008
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Exhibit 99.1
CONTACT: |
William George |
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Chief Financial Officer |
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777 Post Oak Blvd, Suite 500 |
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713-830-9600 |
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Houston, Texas 77056 |
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713-830-9600 |
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Fax: 713-830-9696 |
FOR IMMEDIATE RELEASE
Houston, TX August 18, 2008 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 companys 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 775,060 additional shares of its outstanding common stock. The companys existing stock repurchase program had previously authorized the repurchase of up to 2,113,283 shares of the companys outstanding common stock.
Through August 14, 2008, the Company had repurchased 1,888,343 shares of the companys common stock at an aggregate price of $24.0 million. This extension of the stock repurchase program will top off the plan and permit the Company to repurchase up to an additional one million shares of its currently outstanding common stock beyond what had already been purchased as of August 14, 2008.
The share repurchases will be made from time to time at the Companys 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 Companys Board of Directors may modify, suspend, extend or terminate the program at any time.
Comfort Systems USAÒ is a premier provider of business solutions addressing workplace comfort, with 74 locations in 59 cities around the nation. For more information, visit the Companys 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, national or regional weakness in non-residential construction activity, difficulty in obtaining or increased costs associated with bonding, shortages of labor and specialty building materials, the use of incorrect estimates for bidding a fixed price contract, undertaking contractual commitments that exceed our labor resources, retention of key management, the Companys backlog failing to translate into actual revenue or profits, errors in the Companys percentage of completion method of accounting, the result of competition in the Companys 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 the Companys reports filed with the Securities and Exchange Commission. Important factors that could cause actual results to differ are discussed under Item 1A. Company Risk Factors in the Companys Annual Report on Form 10-K for the year ended December 31, 2007. 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.
Exhibit 99.2
CONTACT: |
William George |
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777 Post Oak Blvd, Suite 500 |
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Chief Financial Officer |
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Houston, Texas 77056 |
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(713) 830-9600 |
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713-830-9600 |
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Fax: 713-830-9696 |
FOR IMMEDIATE RELEASE
Houston, TX August 18, 2008 Comfort Systems USA, Inc. (NYSE: FIX), a leading provider of commercial, industrial and institutional heating, ventilation and air conditioning (HVAC) services, today announced that it has acquired Delcard Associates, Inc. (Delcard), a full service commercial HVAC company based in Wilmington, Delaware. Delcard had 2007 revenues of approximately $45 million, and if Delcard had been part of Comfort Systems in 2007 we believe it would have contributed earnings before interest, taxes, depreciation and amortization of at least $3.2 million.
Bill Murdy, Comfort Systems USAs Chairman and CEO, noted, We are very pleased to bring Delcard into the Comfort Systems USA family of companies. Delcard has an ideal geographic location for Comfort Systems, and given its construction and service reputation throughout Delaware, and especially given the strength of its excellent workforce, we believe Delcard will make a strong contribution to our continuing operations.
Comfort Systems USAÒ is a premier provider of business solutions addressing workplace comfort, with 74 locations in 59 cities around the nation. For more information, visit the Companys 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, national or regional weakness in non-residential construction activity, difficulty in obtaining or increased costs associated with bonding, shortages of labor and specialty building materials, the use of incorrect estimates for bidding a fixed price contract, undertaking contractual commitments that exceed our labor resources, retention of key management, the Companys backlog failing to translate into actual revenue or profits, errors in the Companys percentage of completion method of accounting, the result of competition in the Companys 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 the Companys reports filed with the Securities and Exchange Commission. Important factors that could cause actual results to differ are discussed under Item 1A. Company Risk Factors in the Companys Annual Report on Form 10-K for the year ended December 31, 2007. 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.
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