Comfort Systems USA Announces Departure of President.Business Editors HOUSTON--(BUSINESS WIRE)--April 12, 2004 Comfort Systems USA Inc. (NYSE NYSE See: New York Stock Exchange :FIX), a leading provider of commercial, industrial and institutional heating, ventilation 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 ") services, today announced that Norman C. Chambers is resigning his roles as President, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , and Director to accept a senior position in a different industry. Chambers will depart Comfort Systems USA on April 30, 2004. Bill Murdy, Comfort Systems USA's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "Norm Chambers brought excellent experience and leadership to Comfort Systems USA at a time when we were navigating some of the toughest conditions our industry has faced in the last thirty years. Norm made significant contributions both to our strategic direction as well as our operational execution. We thank him for his outstanding contributions, and wish him well as he takes on a leadership role in a company in the building products industry." The Company also announced that Bill Murdy would assume the President and Chief Operating Officer roles for the present. Murdy continued, "Comfort Systems USA is fortunate to have a management team with significant experience both in the industry and with our Company. This experience will serve us well as we make the turn into what we believe are improving industry conditions in 2004. Based on those conditions along with our continuing productivity initiatives, we continue to expect significantly better results this year as compared to 2003." The Company also announced that it has scheduled a conference call for 10:00 a.m. Central Daylight Time, Tuesday, May 4, 2004 to discuss first quarter financial results. The results will be released after the close of the market on Monday, May 3, 2004. To participate in the call, dial 1-773-756-4621 ten minutes before the conference call begins and ask for the Comfort Systems USA conference. A replay of the entire call will be available until 6:00 p.m. Central Daylight Time, Tuesday, May 11, 2004 by calling 1-402-530-7607. Comfort Systems USA is a premier provider of business solutions addressing workplace comfort, with 63 locations in 51 cities around the nation. For more information, visit the Company's website 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, the lack of a combined operating history and the difficulty of integrating formerly separate businesses, retention of key management, national and regional weakness in non-residential construction activity, difficulty in obtaining or increased costs associated with debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay or bonding, shortages of labor and specialty building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . , seasonal fluctuations in the demand for HVAC systems and the use of incorrect estimates for bidding a fixed price contract and other risks detailed in the Company's reports filed with the Securities and Exchange Commission. |
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