KSW's Fourth Quarter and Annual Operating Revenues and Profits Continue to Rise.LONG ISLAND CITY, N.Y. -- KSW KSW Kuk Sool Won (Korean martial art) KSW Keeping Scientology Working KSW Kiryat Shmona, Israel - Domestic Airport (airport code) , Inc. (Amex:KSW) today reported preliminary fourth quarter and year end financial results for 2006. Total revenues for the fourth quarter of 2006 were $19,591,000 as compared to $17,101,000 for the same period in 2005. Gross profit for the fourth quarter of 2006 was $2,925,000 as compared to $2,694,000 for the fourth quarter of 2005. Net income for the fourth quarter of 2006 was $1,016,000 or $ .18 per share (basic and diluted) as compared to net income of $996,000 or $.19 per share (basic and diluted) during the fourth quarter of 2005. Net income for the fourth quarter of 2006 includes a $107,000 gain resulting from the reversal of the allowance for doubtful accounts Allowance for Doubtful Accounts An estimation made by a company and documented on its balance sheet for receivables that might go uncollected. Notes: It is standard practice for a company to have funds set aside for money that cannot be collected. , and a $101,000 expense for stock compensation related to the exercising of stock options and the adoption of a new accounting standard, FAS-123R. Net income for the fourth quarter of 2005 was effected by the previously disclosed settlement of the Co-Op City claim of $479,000. Without these adjustments, net income for the fourth quarter of 2006 would be $.18 per share (basic and diluted), as compared to $.10 per share (basic and diluted) for the fourth quarter of 2005. Total revenues for 2006 were $77,128,000 as compared to total revenues in 2005 of $53,378,000. Gross profit for 2006 was $9,973,000 as compared to $6,481,000 for 2005. Net income for 2006 was $2,765,000, or $.49 per share-basic and $.48 per share-diluted, as compared to net income of $2,711,000, or $.50 per share (basic and diluted) for 2005. Net income for 2006 includes a $107,000 gain resulting from the reversal of the allowance for doubtful accounts, and a $374,000 expense for stock compensation related to the exercising of stock options and the adoption of FAS-123R. KSW Inc's financial results for prior periods have not been restated for FAS -123R. Net income for 2005 was increased by the Co-Op City claim settlement and a tax benefit resulting from the previously disclosed reversal of the deferred tax allowance. Without these adjustments, the net income for 2006 would be $3,032,000 or $.54 per share-basic and $.53 per share-diluted, as compared to $.27 per share (basic & diluted) for 2005. As of December 31, 2006, the Company had a backlog of approximately $110,000,000, as compared to a backlog of approximately $82,200,000 as of December 31, 2005. About KSW KSW, Inc., through its totally-owned mechanical subsidiary KSW Mechanical Services, Inc., furnishes and installs heating, ventilating ventilating Natural or mechanically induced movement of fresh air into or through an enclosed space. The hazards of poor ventilation were not clearly understood until the early 20th century. Expired air may be laden with odors, heat, gases, or dust. 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 ) systems and process piping systems for institutional, industrial, commercial, high-rise residential and public works public works pl.n. Construction projects, such as highways or dams, financed by public funds and constructed by a government for the benefit or use of the general public. Noun 1. projects. KSW Mechanical Services, Inc. also acts as trade manager on larger construction projects, such as New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Presbyterian Cardiovascular Center. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain statements contained in this press release are not historical facts, and constitute "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. " (as such term is defined in 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 forward looking statements generally can be identified as statements that include phrases such as "believe", "expect", "anticipate", "intend", "plan", "foresee", "likely", "should", "will" or other similar words or phrases. Such forward-looking statements concerning management's expectations and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties, and other important factors that could cause actual results to differ materially from expectation of the Company include, among others, the outcome of the year end audit, further internal review of the Company's historical financial statements and AMEX's determination that the Company meets AMEX's listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. . All written and oral forward-looking statements of or attributable to the Company or persons acting on behalf of the Company are qualified in their entirety by such factors. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. |
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