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Comfort Systems USA Reports Loss As It Restructures

HOUSTON-Sagging third quarter income doesn't dismay Comfort Systems USA, which is in the midst of a restructuring. The commercial HVAC supplier is closing some operations and selling off those deemed as non-strategic assets.

By Jack Burney | Updated on November 23, 2000

HOUSTON-Comfort Systems USA Inc., provider of commercial/industrial heating, ventilation and air conditioning services, is reporting a drop in third quarter revenues and a net loss of $3.68 million or 10 cents per share, as the company carries out a planned restructuring.

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.

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