Comfort Systems USA Announces $50 Million in Acquisitions.HOUSTON--(BUSINESS WIRE)--June 3, 1999-- Comfort Systems USA, Inc. (NYSE NYSE See: New York Stock Exchange : FIX), a leading provider of commercial/industrial heating, ventilation ventilation, process of supplying fresh air to an enclosed space and removing from it air contaminated by odors, gases, or smoke. Proper ventilation requires also that there be a movement or circulation of the air within the space and that the temperature and and air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. (HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free ) and related services today announced that it has closed the acquisitions of companies with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues of approximately $50 million. Following these transactions, Comfort Systems USA's annualized revenues are approximately $1.3 billion. "Our newest group of companies brings new markets along with excellent profitability and service mix to Comfort Systems USA," said Fred Ferreira, Comfort Systems USA's Chairman and Chief Executive Officer. "These companies strengthen our position in several regions and add new markets for us in Oregon, Kentucky, Iowa and Pennsylvania. In addition, this group of companies comes into Comfort Systems USA at profitability levels that exceed our acquisition goals." Mr. Ferreira continued, "This round of acquisitions also reflects our emphasis on increasing the amount of steadier, higher margin service and replacement work we do, as approximately 70% of the revenues of these companies comes from service and replacement activity. This added service capability is highlighted by a company specializing in multi-location service in major West Coast markets." Mr. Ferreira added, "We continue to see an active acquisition environment in our highly fragmented frag·ment n. 1. A small part broken off or detached. 2. An incomplete or isolated portion; a bit: overheard fragments of their conversation; extant fragments of an old manuscript. 3. industry. We expect continuing opportunities in this environment to selectively extend our market coverage and enhance our service mix as we build the leading national company in the commercial/industrial HVAC and related services markets." Comfort Systems USA is a premier provider of business solutions addressing workplace comfort, environments, processes and energy services, with more than 115 locations in 80 cities around the nation. Comfort Systems USA has annualized revenues of approximately $1.3 billion and is based in Houston. For more information, visit the Company's web-site at www.comfortsystemsusa.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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, risks associated with acquisitions and variations in stock prices, changes in government regulations, competition, and risks entailed in operations and growth of newly acquired businesses and other risks detailed in the Company's reports filed with the Securities and Exchange Commission. |
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