Exhibit 99.1
FOR MORE INFORMATION
Contact: James F. Oliviero
KSW, Inc., (718) 340-1409
joliviero@ksww.com
FOR IMMEDIATE RELEASE
KSW, INC. REPORTS FIRST QUARTER 2006 RESULTS
PROFITS AND REVENUE RISE
Long Island City, New York - May 5, 2006 - KSW, Inc. (AMEX: KSW) today reports
financial results for the first quarter of 2006.
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-123(R). KSW's financial results for
prior periods have not been restated for FAS-123(R). 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
