Exhibit 99.1
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 THIRD QUARTER REVENUE UP 21.4% TO $25.5 MILLION
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EPS Reaches 21 Cents in Third Quarter, 52 Cents for First Nine Months
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Company has $18.96 Million in Cash, Equivalents and Marketable Equities
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Long Island City, New York - November 3, 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 third quarter and first nine months of 2008.
Financial Highlights for the quarter ended September 30, 2008 include:
o Total revenue increased by 21.4% in third quarter 2008 to $25.53
million as compared to $21.03 million in third quarter 2007;
o Net income in third quarter 2008 increased by 36.9%, to $1.32
million, or $0.21 per basic and fully diluted shares, up from
$964,000, or $0.16 per basic and $0.15 fully diluted shares in
the same period of the prior year;
o As of September 30, 2008, cash, cash equivalents and marketable
equity securities totaled $18.96 million;
o The Company is debt-free.
Financial Highlights for the nine months ended September 30, 2008 include:
o Total revenues increased by $9.7 million, or 16.6%, to $68
million, as compared to $58.3 million for the nine months ended
September 30, 2007;
o Net income rose by 18.9%, to $3.2 million, or $0.52 per
share-basic and $0.51 per share-diluted, as compared to net
income of $2.7 million, or $0.44 per share-basic and diluted for
the nine months ended September 30, 2007;
Chairman of the Board Floyd Warkol commented, "We have been careful to ensure
that we have a reserve of cash and cash equivalents, which is the safest way to
weather the current economic crisis. Even in harsh economic times, KSW's
ability to save owners money makes us better positioned than other contractors."
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, an
ultra-luxury residential tower at 56 Leonard Street, and the New York
Presbyterian Hospital's Cardiovascular Center in upper Manhattan. KSW has also
been selected as the HVAC Trade Manager for pre-construction services on three
new hospital projects.
KSW, INC. SELECTED FINANCIAL INFORMATION
(in thousands, except share and per share data)
Three Months Ended September 30, 2008 Three Months Ended September 30, 2007
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Revenues $ 25,527 $ 21,027
Gross profit $ 3,709 $ 2,845
Net income $ 1,321 $ 964
Earnings per common share:
Basic $ 0.21 $ 0.16
Diluted $ 0.21 $ 0.15
Weighted average common shares
outstanding:
Basic 6,287,825 6,182,637
Diluted 6,341,282 6,284,395
Nine Months Ended September 30, 2008 Nine Months Ended September 30, 2007
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Revenues $ 68,016 $ 58,338
Gross profit $ 9,188 $ 8,143
Net income $ 3,235 $ 2,722
Earnings per common share:
Basic $ 0.52 $ 0.44
Diluted $ 0.51 $ 0.44
Weighted average common shares
outstanding:
Basic 6,276,434 6,137,347
Diluted 6,333,594 6,237,379
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.
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.