KSW Reports Second Quarter Results
August 08 2011 - 1:30PM
Marketwired
KSW, Inc. (NASDAQ: KSW) today reported preliminary financial
results for the second quarter of 2011.
Net income for the second quarter of 2011 was $425,000, or $.07
per share (basic and diluted), compared to second quarter of 2010
net income of $721,000, or $.11 per share (basic and diluted). Net
income for the first six months of 2011 was $736,000 or $.12 (basic
and diluted), as compared to $808,000, or $0.13 per share (basic
and diluted), for the first six months of 2010.
Revenues in the second quarter of 2011 were $17,432,000, as
compared to $24,439,000 in 2010. Revenues for the first six months
of 2011 were $33,980,000, as compared to $37,899,000 for the first
six months of 2010. The Company's reported revenues do not reflect
several recently announced projects, where construction will begin
during the second half of this year.
The Company's backlog as of June 30, 2011 was approximately
$90,200,000.
Chairman of the Board, Floyd Warkol, commented that "Our Joint
Venture's contract work at the World Trade Center Chiller Plant is
nearing completion and is already producing chilled water for the
September 11th Memorial. Work at the chiller plant for the United
Nations has just started. We continue to see opportunities to
secure projects in the public and private construction
sectors."
About KSW
KSW, Inc., through its totally-owned mechanical subsidiary KSW
Mechanical Services, Inc., furnishes and installs heating,
ventilating and air conditioning (HVAC) systems and process piping
systems for institutional, industrial, commercial, high-rise
residential and public works projects. KSW Mechanical Services,
Inc. also acts as trade manager on larger construction projects,
such as the Mount Sinai Center for Science and Medicine.
Safe Harbor Statement
Certain statements contained in this press release are not
historical facts, and constitute "forward-looking statements" (as
such term is defined in the Private Securities Litigation Reform
Act 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 expectations of the Company include, among others,
the outcome of the year end audit, and further internal review of
the Company's historical financial statements. 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.
Visit our website at www.kswmechanical.com.
For More Information contact: James Oliviero KSW, Inc. (718)
340-1409 Email Contact
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