Exhibit 99.1
FOR MORE INFORMATION
Contact: James F. Oliviero
KSW, Inc. (718) 340-1409
JOLIVIERO@KSWW.COM
FOR IMMEDIATE RELEASE
KSW, INC.'S SECOND QUARTER PROFITS
AND REVENUE SOAR
Long Island City, New York - August 2, 2006, KSW, Inc (AMEX: KSW) today reported
financial results for the second quarter of 2006.
Total revenue for the second quarter increased by 74.3% to $20,132,000, as
compared to $11,552,000 for the second quarter of 2005. The Company reported net
income of $618,000, or $.11 per share (basic and diluted) for the second quarter
of 2006, as compared to a net income of $298,000, or $.05 per share (basic and
diluted), for the second quarter of 2005. The Company's backlog at the end of
the second quarter was approximately $84,000,000.
Included in the results for the second quarter of 2006, are stock compensation
expenses of $62,000 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 $680,000, or $.12 per share
(basic and diluted), for the second quarter of 2006.
Total revenues for the first half of 2006 increased by 67.5% to $35,893,000 as
compared to $21,428,000 for the first half of 2005. The Company reported net
income of $964,000, or $.17 per share (basic and diluted) for the first half of
2006, as compared to net income of $453,000 or $.08 per share (basic and
diluted) for the same period in 2005.
Included in the results for the first half of 2006 are stock compensation
expenses of $261,000 related to the exercising of stock options and the adoption
of FAS-123 (R). Excluding the effect of these stock options, the Company earned
$1,225,000 for the first half of 2006, or $.22 per share (basic) and $.21 per
share (diluted).
Chairman of the Board, Floyd Warkol, commented that: "Our value engineering and
trade management services continue to attract the interest of the construction
industry. The New York City construction market remains robust and we are still
actively seeking new projects to add to our backlog".
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. KSW Mechanical Services, Inc. also acts
as Trade Manager on larger construction projects, such as the New York
Presbyterian Hospital Cardiovascular Center.
Contact:
KSW, Inc.
James F. Oliviero
718-340-1409
joliviero@ksww.com
