KSW posts a solid quarter. Minus items, EPS of .18 vs. .10. Year end backlog of $110M vs. $82M. Excellent balance sheet.
KSW's Fourth Quarter and Annual Operating Revenues and Profits Continue to RiseLast update: 2/22/2007 9:27:20 AM
LONG ISLAND CITY, N.Y., Feb 22, 2007 (BUSINESS WIRE) -- KSW, Inc. (KSW) today reported preliminary fourth quarter and year end financial results for 2006. Total revenues for the fourth quarter of 2006 were $19,591,000 as compared to $17,101,000 for the same period in 2005. Gross profit for the fourth quarter of 2006 was $2,925,000 as compared to $2,694,000 for the fourth quarter of 2005.
Net income for the fourth quarter of 2006 was $1,016,000 or $ .18 per share (basic and diluted) as compared to net income of $996,000 or $.19 per share (basic and diluted) during the fourth quarter of 2005. Net income for the fourth quarter of 2006 includes a $107,000 gain resulting from the reversal of the allowance for doubtful accounts, and a $101,000 expense for stock compensation related to the exercising of stock options and the adoption of a new accounting standard, FAS-123R. Net income for the fourth quarter of 2005 was effected by the previously disclosed settlement of the Co-Op City claim of $479,000. Without these adjustments, net income for the fourth quarter of 2006 would be $.18 per share (basic and diluted), as compared to $.10 per share (basic and diluted) for the fourth quarter of 2005.
Total revenues for 2006 were $77,128,000 as compared to total revenues in 2005 of $53,378,000. Gross profit for 2006 was $9,973,000 as compared to $6,481,000 for 2005. Net income for 2006 was $2,765,000, or $.49 per share-basic and $.48 per share-diluted, as compared to net income of $2,711,000, or $.50 per share (basic and diluted) for 2005. Net income for 2006 includes a $107,000 gain resulting from the reversal of the allowance for doubtful accounts, and a $374,000 expense for stock compensation related to the exercising of stock options and the adoption of FAS-123R.
KSW Inc's financial results for prior periods have not been restated for FAS -123R. Net income for 2005 was increased by the Co-Op City claim settlement and a tax benefit resulting from the previously disclosed reversal of the deferred tax allowance. Without these adjustments, the net income for 2006 would be $3,032,000 or $.54 per share-basic and $.53 per share-diluted, as compared to $.27 per share (basic & diluted) for 2005. As of December 31, 2006, the Company had a backlog of approximately $110,000,000, as compared to a backlog of approximately $82,200,000 as of December 31, 2005.
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