- Acquires Utah’s J & S Mechanical
Contractors, Inc. -
Comfort Systems USA, Inc. (NYSE: FIX) (the “Company”)
today announced that it has acquired J & S Mechanical
Contractors, Inc. (“J & S”) headquartered in West Jordan,
Utah.
J & S was founded in 1976 and provides mechanical
construction services to commercial and industrial sectors across
the Mountain West region of the United States. J & S works on
many of the largest and most technical construction projects in
their region. Initially, J & S is expected to contribute
annualized revenues of approximately $145 million to $160 million,
and earnings before interest, taxes, depreciation, and amortization
of $12 million to $15 million. In light of the amortization
expense, J & S is expected to make a neutral to slightly
accretive contribution to earnings per share in 2024 and 2025.
Brian Lane, Comfort Systems USA’s Chief Executive Officer,
commented, “We are extremely happy to announce that J & S is
now a part of the Comfort Systems USA family of companies. J &
S has deep roots and a strong reputation in Utah for providing
extraordinary outcomes for its customers in industrial,
institutional, and commercial markets. This partnership will
increase our commitment to the vibrant markets of the Intermountain
West, as J & S brings excellent expertise, capability, and
leadership at all levels. J & S has earned its tremendous
reputation and solid customer relationships thanks to its
formidable workforce, and we are confident that the people of J
& S will thrive as a part of our family of similar
businesses.”
Jack Jensen, President of J & S, commented, “We believe that
Comfort Systems USA shares our core beliefs, including strong
performance for our customers, growth and opportunity for our
employees, and honesty and integrity in our daily business. We are
happy to embark on this new stage in our development and we are
committed to continuing to serve, innovate, grow, and thrive in
both Utah and Nevada.” Justin Barlow, Executive Vice President of J
& S, added, “We chose Comfort Systems USA as the best answer
for us to preserve our founders’ legacy of excellence and
commitment to our community, while providing a bright future for
our unmatched team members. We look forward to a strong partnership
for our collective future.”
Comfort Systems USA® is a leading provider of commercial,
industrial, and institutional heating, ventilation, air
conditioning and electrical contracting services, with 172
locations in 131 cities across the nation. For more information,
visit the Company’s website at www.comfortsystemsusa.com.
This press release contains forward-looking statements noting
future business expectations relating to earnings before interest,
taxes, depreciation, and amortization (“EBITDA”), a measure which
is not prepared in conformity with generally accepted accounting
principles (“GAAP”). EBITDA is calculated in a manner generally
consistent with the historical presentation of adjusted EBITDA in
the earnings releases of the Company, including the Company’s most
recent earnings release issued on October 26, 2023. Because of the
forward-looking nature of this estimate, it is impractical to
present a quantitative reconciliation of such measure to a
comparable GAAP measure, and accordingly no such reconciliation is
being presented.
Certain statements and information in this press release
constitute forward-looking statements under the Private Securities
Litigation Reform Act of 1995 regarding our future business
expectations, which are subject to applicable securities laws and
regulations. The words “believe,” “expect,” “anticipate,” “plan,”
“intend,” “foresee,” “should,” “would,” “could,” or other similar
expressions are intended to identify forward-looking statements,
which are generally not historic in nature. These forward-looking
statements are based on the current expectations and beliefs of
Comfort Systems USA, Inc., and its subsidiaries (collectively, the
“Company”) concerning future developments and their effect on the
Company. While the Company’s management believes that these
forward-looking statements are reasonable as and when made, there
can be no assurance that future developments affecting the Company
will be those that it anticipates, and the Company’s actual results
of operations, financial condition and liquidity, and the
development of the industry in which the Company operates, may
differ materially from those made in or suggested by the
forward-looking statements contained in this press release. In
addition, even if our results of operations, financial condition
and liquidity, and the development of the industry in which we
operate, are consistent with the forward-looking statements
contained in this press release, those results or developments may
not be indicative of our results or developments in subsequent
periods. All comments concerning the Company’s expectations for
future revenue and operating results are based on the Company’s
forecasts for its existing operations and its acquisition of J
& S and do not include the potential impact of any future
acquisitions. The Company’s forward-looking statements involve
significant risks and uncertainties (some of which are beyond the
Company’s control) and assumptions that could cause actual future
results to differ materially from the Company’s historical
experience and its present expectations or projections. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements include, but are not
limited to: the use of incorrect estimates for bidding a
fixed-price contract; undertaking contractual commitments that
exceed the Company’s labor resources; failing to perform
contractual obligations efficiently enough to maintain
profitability; national or regional weakness in construction
activity and economic conditions; rising inflation and fluctuations
in interest rates; shortages of labor and specialty building
materials or material increases to the cost thereof; the Company’s
business being negatively affected by health crises or outbreaks of
disease, such as epidemics or pandemics (and related impacts, such
as supply chain disruptions); financial difficulties affecting
projects, vendors, customers, or subcontractors; the Company’s
backlog failing to translate into actual revenue or profits;
failure of third party subcontractors and suppliers to complete
work as anticipated; difficulty in obtaining, or increased costs
associated with, bonding and insurance; impairment to goodwill;
errors in the Company’s cost-to-cost input method of accounting;
the result of competition in the Company’s markets; the Company’s
decentralized management structure; material failure to comply with
varying state and local laws, regulations or requirements;
debarment from bidding on or performing government contracts;
retention of key management; seasonal fluctuations in the demand
for mechanical and electrical systems; the imposition of past and
future liability from environmental, safety, and health regulations
including the inherent risk associated with self-insurance; adverse
litigation results; an increase in our effective tax rate; a
material information technology failure or a material cyber
security breach; risks associated with acquisitions, such as
challenges to our ability to integrate those companies into our
internal control environment; our ability to manage growth and
geographically- dispersed operations; our ability to obtain
financing on acceptable terms; extreme weather conditions (such as
storms, droughts, extreme heat or cold, wildfires and floods),
including as a result of climate change, and any resulting
regulations or restrictions related thereto; and other risks
detailed in our reports filed with the Securities and Exchange
Commission (the “SEC”).
For additional information regarding known material factors that
could cause the Company’s results to differ from its projected
results, please see its filings with the SEC, including its Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current
Reports on Form 8-K.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
The Company undertakes no obligation to publicly update or revise
any forward-looking statements after the date they are made,
whether because of new information, future events, or
otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240202103396/en/
Julie Shaeff, Chief Accounting Officer ir@comfortsystemsusa.com;
713-830-9687
Comfort Systems USA (NYSE:FIX)
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