Management attributes the results to shutting down two sites and the selling off of two satellite operation as well as a merger. The restructuring charges associated with these actions are primarily non-cash and include the write-down of other long-term assets. Remaining restructuring items include severance and lease termination costs.

Bill Murdy, Comfort Systems' chairman and CEO, says the firm's streamlining will continue as it preps for e-commerce trading. A review is being made of non-strategic assets that "will likely result in decisions to cease operating or sell additional operations." He says the restructuring will, for the most part, be finished by year's end.

Revenues for the quarter ending Sept. 30 are slightly more than $423.9 million in comparison to about $374.8 million for third quarter 1999. The net loss totals about $3.7 million or 10 cents per diluted share. The same quarter last year had 33 cents per diluted share in 1999.