Okay Bill, KSW down to 5.40 here as earnings out: KSW, Inc. Reports First Quarter 2006 Results Profits and Revenue Rise
Friday May 5, 9:12 am ET
LONG ISLAND CITY, N.Y.--(BUSINESS WIRE)--May 5, 2006--KSW, Inc. (AMEX: KSW - News) today reports financial results for the first quarter of 2006.
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Total revenue for the first quarter increased by 59.6%, or $5,885,000, to $15,761,000 as compared to $9,876,000 for the first quarter of 2005. The Company reported net income of $346,000 for the first quarter of 2006 as compared to net income of $155,000 in the first quarter of 2005. This represents earnings per share of $0.06 per share (basic and diluted), for the first quarter of 2006 as compared to an earnings per share of $0.03 per share (basic and diluted), for the first quarter of 2005.
Included in the results of the first quarter 2006, are stock compensation expenses of $199,000, related to the exercising of stock options and the adoption of the new accounting standard, FAS-123R. KSW's financial results for prior periods have not been restated for FAS-123R. Excluding the effect of these stock compensation expenses, the Company earned $545,000, or $.10 per share (basic and diluted).
The increase in revenues and profits is a result of the Company's performance on its backlog of work under contract as of December 31, 2005, as well as projects the Company obtained during the first quarter of 2006.
On May 3, 2006, the Company's common stock began trading on the American Stock Exchange, under the symbol KSW.
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. KSW Mechanical Services, Inc. also acts as Trade Manager on larger construction projects, such as the Weill Cornell Ambulatory Care Building and the Cardiovascular Center at New York Presbyterian Hospital.
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.
Contact:
KSW, Inc.
James F. Oliviero, 718-340-1409
joliviero@ksww.com
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Source: KSW, Inc. |
