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 960,646 additional shares of its outstanding common stock.
The Company’s existing stock repurchase program had previously
authorized the repurchase of up to 6,600,537 shares of the Company’s
outstanding common stock. Through October 24, 2014, the Company
repurchased 6,561,183 shares of the Company’s common stock at an
aggregate price of $74,112,094. 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 October 24, 2014.
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’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 92 locations in 83 cities
around the nation. For more information, visit the Company’s website at
www.comfortsystemsusa.com.
Certain statements and information in this press release may
constitute forward-looking statements within the meaning 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 revenues 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 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; an increase in our effective tax rate; a 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.
Copyright Business Wire 2014