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COMFORT SYSTEMS USA INC

2012 Q2 Form 10-Q Financial Statement

#000104746912007642 Filed on August 01, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $353.2M $306.4M
YoY Change 15.26% 22.76%
Cost Of Revenue $299.1M $264.6M
YoY Change 13.01% 27.47%
Gross Profit $54.10M $47.90M
YoY Change 12.95% 14.04%
Gross Profit Margin 15.32% 15.63%
Selling, General & Admin $46.88M $41.93M
YoY Change 11.8% 17.78%
% of Gross Profit 86.66% 87.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.946M $3.013M
YoY Change -2.22% -8.7%
% of Gross Profit 5.45% 6.29%
Operating Expenses $46.88M $41.93M
YoY Change 11.8% 17.78%
Operating Profit $7.441M $6.815M
YoY Change 9.19% 6.48%
Interest Expense $428.0K $466.0K
YoY Change -8.15% -333.0%
% of Operating Profit 5.75% 6.84%
Other Income/Expense, Net -$443.0K $74.00K
YoY Change -698.65%
Pretax Income $6.998M $5.675M
YoY Change 23.31% 157.95%
Income Tax $3.049M $2.513M
% Of Pretax Income 43.57% 44.28%
Net Earnings $4.047M $3.162M
YoY Change 27.99% 97.63%
Net Earnings / Revenue 1.15% 1.03%
Basic Earnings Per Share $0.12 $0.08
Diluted Earnings Per Share $0.12 $0.08
COMMON SHARES
Basic Shares Outstanding 37.17M shares 37.63M shares
Diluted Shares Outstanding 37.25M shares 37.74M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.80M $50.10M
YoY Change -42.51% -53.44%
Cash & Equivalents $28.81M $50.10M
Short-Term Investments
Other Short-Term Assets $28.60M $28.50M
YoY Change 0.35% 18.75%
Inventory $10.47M $36.50M
Prepaid Expenses
Receivables $285.3M $255.3M
Other Receivables $6.000M $15.50M
Total Short-Term Assets $390.2M $385.9M
YoY Change 1.12% -1.78%
LONG-TERM ASSETS
Property, Plant & Equipment $42.25M $41.00M
YoY Change 3.05% 28.53%
Goodwill $114.6M
YoY Change
Intangibles $49.21M
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.330M $8.200M
YoY Change 1.59% 203.7%
Total Long-Term Assets $214.4M $235.6M
YoY Change -9.01% 51.41%
TOTAL ASSETS
Total Short-Term Assets $390.2M $385.9M
Total Long-Term Assets $214.4M $235.6M
Total Assets $604.6M $621.5M
YoY Change -2.72% 13.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $109.8M $98.20M
YoY Change 11.85% 25.9%
Accrued Expenses $63.90M $67.00M
YoY Change -4.63% 15.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $600.0K $800.0K
YoY Change -25.0% -65.22%
Total Short-Term Liabilities $275.8M $258.1M
YoY Change 6.88% 12.51%
LONG-TERM LIABILITIES
Long-Term Debt $28.60M $27.60M
YoY Change 3.62% 527.27%
Other Long-Term Liabilities $12.80M $11.60M
YoY Change 10.31% 205.26%
Total Long-Term Liabilities $12.80M $39.20M
YoY Change -67.36% 378.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $275.8M $258.1M
Total Long-Term Liabilities $12.80M $39.20M
Total Liabilities $323.8M $316.2M
YoY Change 2.4% 29.59%
SHAREHOLDERS EQUITY
Retained Earnings -$16.55M
YoY Change
Common Stock $321.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $40.05M
YoY Change
Treasury Stock Shares 3.782M shares
Shareholders Equity $264.4M $305.4M
YoY Change
Total Liabilities & Shareholders Equity $604.6M $621.5M
YoY Change -2.72% 13.31%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $4.047M $3.162M
YoY Change 27.99% 97.63%
Depreciation, Depletion And Amortization $2.946M $3.013M
YoY Change -2.22% -8.7%
Cash From Operating Activities $6.793M -$4.377M
YoY Change -255.2% -647.12%
INVESTING ACTIVITIES
Capital Expenditures $4.494M $1.544M
YoY Change 191.06% -271.56%
Acquisitions $12.21M $521.0K
YoY Change 2244.15%
Other Investing Activities -$11.80M -$400.0K
YoY Change 2850.0% -119.05%
Cash From Investing Activities -$16.33M -$1.900M
YoY Change 759.26% -246.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $912.0K $3.712M
YoY Change -75.43%
Debt Paid & Issued, Net $4.000M $1.289M
YoY Change 210.32%
Cash From Financing Activities $10.47M -7.200M
YoY Change -245.43% 71.43%
NET CHANGE
Cash From Operating Activities $6.793M -$4.377M
Cash From Investing Activities -$16.33M -1.900M
Cash From Financing Activities $10.47M -7.200M
Net Change In Cash $938.0K -$4.377M
YoY Change -121.43% 108.43%
FREE CASH FLOW
Cash From Operating Activities $6.793M -$4.377M
Capital Expenditures $4.494M $1.544M
Free Cash Flow $2.299M -$5.921M
YoY Change -138.83% -448.29%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2011Q2 us-gaap Provision For Doubtful Accounts
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CY2011Q2 us-gaap Deferred Income Tax Expense Benefit
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CY2011Q2 us-gaap Amortization Of Financing Costs
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CY2011Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
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CY2011Q2 us-gaap Interest Paid
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InterestPaid
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us-gaap Interest Paid
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <ul> <li style="list-style: none"> <p style="FONT-FAMILY: times"><font size="2"><b><i>Reclassifications </i></b></font></p></li></ul> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Certain reclassifications have been made in prior period financial statements to conform to current period presentation. These reclassifications are of a normal and recurring nature and have not resulted in any changes to previously reported net income for any periods. </font></p></td></tr></table>
us-gaap Use Of Estimates
UseOfEstimates
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <ul> <li style="list-style: none"> <p style="FONT-FAMILY: times"><font size="2"><b><i>Use of Estimates </i></b></font></p></li></ul> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, revenue and expenses and disclosures regarding contingent assets and liabilities. Actual results could differ from those estimates. The most significant estimates used in our financial statements affect revenue and cost recognition for construction contracts, the allowance for doubtful accounts, self-insurance accruals, deferred tax assets, warranty accruals, fair value accounting for acquisitions and the quantification of fair value for reporting units in connection with our goodwill impairment testing. </font></p></td></tr></table>
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CY2012Q2 fix Common Stock Shares Outstanding Excluding Unvested Shares Contingently Issuable
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CY2011Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2011Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2011Q2 fix Effect Of Using Weighted Average Common Shares Outstanding
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CY2012Q2 fix Long Term Debt Noncurrent Net Of Current Maturities
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us-gaap Treasury Stock Shares Acquired
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CY2011 us-gaap Goodwill Acquired During Period
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2012Q2 fix Number Of Unvested Shares Contingently Issuable Excluded From Computation Of Basic Earnings Per Share
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CY2011Q2 fix Number Of Unvested Shares Contingently Issuable Excluded From Computation Of Basic Earnings Per Share
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CY2007Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
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us-gaap Treasury Stock Acquired Average Cost Per Share
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CY2011Q2 us-gaap Other Nonoperating Income
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us-gaap Investment Income Interest
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us-gaap Interest Expense
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us-gaap Other Nonoperating Income
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Nonoperating Income Expense
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us-gaap Profit Loss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2011 us-gaap Treasury Stock Value Acquired Cost Method
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CY2011 us-gaap Noncontrolling Interest Increase From Business Combination
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CY2011 fix Minority Interest Increase From Contributions From Noncontrolling Interest Holders
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CY2012Q2 us-gaap Share Based Compensation
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us-gaap Depreciation
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us-gaap Increase Decrease In Other Operating Assets
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CY2012Q2 us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
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CY2011Q2 us-gaap Increase Decrease In Unbilled Receivables
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9546000 USD
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
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us-gaap Increase Decrease In Other Operating Liabilities
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CY2011Q2 us-gaap Payments To Acquire Property Plant And Equipment
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CY2011Q2 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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39000 USD
CY2011Q2 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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521000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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3904000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="FONT-FAMILY: times"><font size="2"><b>1. Business and Organization </b></font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Comfort Systems USA,&#160;Inc., a Delaware corporation, provides comprehensive heating, ventilation and air conditioning ("HVAC") installation, maintenance, repair and replacement services within the mechanical services industry. We operate primarily in the commercial, industrial and institutional HVAC markets and perform most of our services within office buildings, retail centers, apartment complexes, manufacturing plants and healthcare, education and government facilities. In addition to standard HVAC services, we provide specialized applications such as building automation control systems, fire protection, process cooling, electronic monitoring and process piping. Certain locations also perform related activities such as electrical service and plumbing. Approximately 49% of our consolidated 2012 revenue is attributable to installation of systems in newly constructed facilities, with the remaining 51% attributable to maintenance, repair and replacement services. The following service activities account for our consolidated 2012 revenue: HVAC 74%, plumbing 18%, building automation control systems 5% and other 3%. These service activities are within the mechanical services industry which is the single industry segment we serve. </font></p></td></tr></table>
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COMFORT SYSTEMS USA INC
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2012-06-30
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