In other news, the company announced that British Airways awarded EMCOR’s United Kingdom facilities services operation a three-year contract valued at $40 million a year as the airline’s single-source provider of facilities management services for the majority of its United Kingdom property.
First Quarter Earnings Decline For EMCOR
EMCOR Group announced that net income for the first quarter of 2003 was $3.3 million, or 21 cents per diluted share, compared with net income of $7.3 million, or 47 cents per diluted share, in the first quarter of 2002. This is due in part to integration costs related to the Consolidated Engineering Services acquisition. Revenues were $1.1 billion, an increase of 30.9 percent over 2002 first-quarter revenues of $810.3 million.