For More Information
Contact: James F. Oliviero
KSW, Inc.,
(718) 340-1409
joliviero@ksww.com
FOR IMMEDIATE RELEASE
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KSW, INC'S SECOND QUARTER REVENUE UP 13.9% TO $22 MILLION
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EPS Reaches 17 Cents in Second Quarter, 30 Cents for First Half Year
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KSW Awarded $70 Million in New Contracts Since January 1, 2008
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Long Island City, New York - August 4, 2008 - KSW, Inc. (NASDAQ GM: KSW), and
its subsidiary KSW Mechanical Services, Inc., collectively the "Company," a New
York-based installer of heating, ventilation, air conditioning (HVAC) and
process piping systems and provider of value engineering services, today
announced financial results for the second quarter and first half 2008.
Financial Highlights for the quarter ended June 30, 2008 include:
o Total revenue increased 13.9% in second quarter 2008 to $22 million as
compared to $19.3 million in second quarter 2007;
o Net income in second quarter 2008 was $1.1 million, or $0.17 per basic
and fully diluted shares, up from $860,000, or $0.14 per basic and fully
diluted shares in the same period of the prior year;
o Backlog set a record at $139.1 million as of June 30, 2008;
o As of June 30, 2008, cash, cash equivalents and marketable equity
securities totaled $17.9 million;
o On April 30, 2008, the Company's Board of Directors declared a cash
dividend of 20 cents per share. The aggregate amount of the dividend was
$1.26 million, and was paid on June 17, 2008 to shareholders of record as
of May 26, 2008.
Financial Highlights for the six months ended June 30, 2008 include:
o Total revenues increased by $5.2 million, or 13.9%, to $42.5 million, as
compared to $37.3 million for the six months ended June 30, 2007;
o Net income rose to $1.9 million, or $0.31 per share-basic and $0.30 per
share-diluted, as compared to net income of $1.76 million, or $0.29 per
share-basic and $0.28 per share-diluted for the six months ended June 30,
2007;
o Since January 1, 2008, KSW has been awarded $70 million in new contracts.
Chairman of the Board Floyd Warkol commented, "KSW's revenues rose this quarter
as work began on previously delayed jobs. We have added $70 million in new
contracts since January 1, 2008, and demand for our expertise remains strong.
KSW continues to look for new projects, but our strategy calls for us to be
selective in the jobs we bid. We look for projects where our value engineering
services can provide significant cost savings to our clients."
KSW currently has over 20 projects underway in New York City, including the
Trump International Hotel and Tower in Manhattan's Soho area, the 52 story
luxury rental and hotel building at 839 Sixth Avenue in Manhattan, the New York
Presbyterian Hospital's Cardiovascular Center in upper Manhattan, and Mount
Sinai's Center for Science and Medicine, where KSW has been selected as the HVAC
Trade Manager for pre-construction services.
KSW, INC. SELECTED FINANCIAL INFORMATION
(in thousands, except share and per share data)
Three Months Ended June 30, 2008 Three Months Ended June 30, 2007
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Revenues $ 21,998 $ 19,320
Gross profit 3,162 2,808
Net income $ 1,074 $ 860
Earnings per common share:
Basic $ 0.17 $ 0.14
Diluted $ 0.17 $ 0.14
Weighted average common shares
outstanding: 6,284,325 6,142,825
Basic 6,340,461 6,254,400
Diluted
Six Months Ended June 30, 2008 Six Months Ended June 30, 2007
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Revenues $ 42,489 $ 37,311
Gross profit $ 5,479 $ 5,298
Net income $ 1,914 $ 1,758
Earnings per common share:
Basic $ 0.31 $ 0.29
Diluted $ 0.30 $ 0.28
Weighted average common shares
outstanding:
Basic 6,271,552 6,115,000
Diluted 6,330,019 6,226,425
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 New York Presbyterian
Cardiovascular Center, and the Mount Sinai Center for Science and Medicine where
the Company is currently performing pre-construction services.
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, those detailed in the Company's Annual Report on Form 10-K for the year
ended December 31, 2007. 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.
Visit our website at www.kswmechanical.com.