Comfort Systems Announces 2002 Earnings Loss

Comfort Systems USA reported a net loss of $209 million or $5.45 per diluted share, compared to a net income of $13 million in 2001. These results include charges for a new accounting standard and the sale of 19 units to EMCOR Group in March. Excluding these items, 2002 income from continuing operations was $5.5 million or 14 cents per diluted share and revenues were $819.3 million, down from $882.9 in 2001.

In other news, the company announced that Norm Chambers, who became president of Comfort Systems last fall, will take on additional responsibilities as chief operating officer. Former COO Dave Lanphar is now the vice president of the West/Mountain region, the company's largest region. The company also appointed Milburn Honeycutt as senior vice president of operations administration, Charles Diltz as senior vice president of national accounts, and Hobart Pillsbury as chief information officer.