Comfort Systems USA Completes Sale of Operations; Strengthens Balance Sheet.Business Editors HOUSTON--(BUSINESS WIRE)--March 4, 2002 Comfort Systems USA Inc. (NYSE NYSE See: New York Stock Exchange :FIX), a leading provider of commercial/industrial 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 it has closed its previously announced sale of 19 of its operations to EMCOR Group Inc. (NYSE:EME n. 1. An uncle. ) ("EMCOR") for $186.25 million. The Company expects that net of taxes, transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). , and escrows, approximately $160 million of this amount will be used to reduce debt and substantially strengthen the Company's balance sheet. The 19 operations being divested posted 2001 revenues of approximately $650 million and are predominantly located in the Midwest and in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . The Company previously announced that it will release its full 2001 financial results after the close of the market on March 5, 2002. The Company will host a conference call to discuss its financial results and position in more depth on Wednesday, March 6, 2002 at 9:00 a.m. Central Standard Time. The call-in number for this conference call is 630/395-0051. A replay of the entire call will be available until 5:00 p.m. Central Standard Time Wednesday, March 13, 2002 by calling 402/530-7905. Comfort Systems USA is a premier provider of business solutions addressing workplace comfort, environments, processes and energy services, with 84 locations in 57 cities around the nation. For more information, visit the Company's website at www.comfortsystemsusa.com. This press release contains forward-looking statements 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 risks detailed in the Company's reports filed with the Securities and Exchange Commission. |
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