LONG ISLAND CITY, N.Y.--(Business Wire)--
KSW, Inc. (NASDAQGM: KSW) today reported financial results for the third quarter
and first nine months of 2009.
The Company reported net income of $264,000, or $.04 per share (basic and
diluted) for the third quarter of 2009, as compared to a net income of
$1,321,000 or $.21 per share (basic and diluted), for the third quarter of 2008.
For the nine months ended September 30, 2009, the Company reported net income of
$674,000, or $.11 per share (basic and diluted), as compared to net income of
$3,235,000, or $.52 per share-basic and $.51 per share-diluted, for the nine
months ended September 30, 2008.
Total revenue for the third quarter of 2009 decreased $12,346,000 or 48.4% to
$13,181,000, as compared to $25,527,000 for the third quarter of 2008. Total
revenues for the nine months ended September 30, 2009 decreased by $18,508,000
or 27.2% to $49,508,000, as compared to $68,016,000 for the nine months ended
September 30, 2008.
The Company`s backlog at the end of the third quarter was approximately
$134,300,000. Chairman of the Board, Floyd Warkol, commented: "Revenue for the
third quarter was reduced by the cancellation this past December of projects,
totaling approximately $60,000,000, which would have been underway during the
quarter. The Company has since been able to shift its focus to the public
sector, securing projects such as the chiller plants at the World Trade Center
and Brookhaven National Laboratories. Interest in our Trade Management services
still remains strong, and work is starting on the Mount Sinai Center for Science
and Medicine. These efforts have increased our backlog to a near record level."
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 expectation 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.
About KSW
KSW, Inc., through its wholly-owned 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, such as the new World Trade Center
Chiller Plant. KSW Mechanical Services, Inc. also acts as Trade Manager on
larger construction projects, such as the Mt. Sinai Center for Science and
Medicine.
KSW, Inc.
James F. Oliviero, 718-340-1409
joliviero@ksww.com
Copyright Business Wire 2009
