Comfort Systems USA Increases Stock Repurchase Program
Comfort Systems USA, Inc. (NYSE: FIX), a leading provider of mechanical services including heating, ventilation, air
conditioning, plumbing, piping and controls, 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 670,916 additional shares of its outstanding common stock. The Company’s existing stock
repurchase program had previously authorized the repurchase of up to 8,112,493 shares of the Company’s outstanding common
stock.
Through August 9, 2018, the Company repurchased 7,783,409 shares of the Company’s common stock at an aggregate price of
$112,102,830. 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 August 9,
2018.
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 126 locations in
112 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 regarding our future
business expectations, which are subject to the safe harbor provisions 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 revenue 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 mechanical 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; an information technology failure or 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.
Comfort Systems USA, Inc.
William George, 713-830-9600
Chief Financial Officer
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