The company received $9.5 million during the quarter from the EMCOR Group in connection with the final accounting of the net assets of the operations sold to EMCOR earlier this year. Based on these developments as well as positive cash flow, Comfort Systems has reduced its total debt by almost 50 percent to $26 million, its lowest reported level since 1997.
Comfort Systems Reports Earnings Increase For Second Quarter
Comfort Systems USA announced second-quarter 2002 net income from continuing operations of $5.20 million, or 13 cents per diluted share, compared to 2001 second-quarter income of $1.22 million, or 3 cents per diluted share. Revenues for the quarter were $211.90 million, compared to $227.67 in 2001.