<net income of $4,678,000 or $0.12 per diluted share, for the quarter ended June 30, 2005, as compared to net income of $4,174,000 or $0.10 per diluted share, in the second quarter of 2004. Excluding the debt cost write off, net income from continuing operations was $5,084,000 or $0.13 per diluted share in the second quarter of 2005. The Company reported revenues from continuing operations of $240,369,000 in the current quarter as compared to $202,299,000 in 2004. The Company also reported free cash flow of $10,808,000 in the current quarter as compared to free cash flow of $11,647,000 in 2004. Backlog as of June 30, 2005 was $643,214,000 as compared to $594,078,000 as of March 31, 2005 on a same-store basis.
Bill Murdy, Comfort Systems USA's Chairman and CEO, said, "Our increases in earnings and revenues reflect steady progress in our operational focus and initiatives. We were especially pleased to report strong cash flow despite our heavy investment in working capital due to higher activity levels>
Yeah, looks good today. But Q2 is the typical ramp up season for construction. It only counts if they can bring projects in on estimate. Q4 is telling. That's been the trouble before. Results are affected by swings at any one of four or five major operations. They show a good quarter based on optimistic project margins in percentage of completion calcs, but don't bring them in. And then there's still the skeletons out there - like being able to retain key operators at major operations. I'd take the $8 and buy it back when it goes back to $5.