KSW, Inc.'s Second Quarter Profits Grow
Thursday August 2, 8:30 am ET
LONG ISLAND CITY, N.Y.--(BUSINESS WIRE)--KSW, Inc. (AMEX: KSW - News) today reported financial results for the second quarter of 2007.
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Second quarter 2007 net income was $771,000, or $.13 per share basic and $.12 per share diluted, as compared to a net income of $618,000, or $.10 per share (basic and diluted), for the second quarter of 2006. Included in the results for the second quarter of 2007, are stock compensation expenses of $91,000 related to the exercising of stock options and the adoption of the new accounting standard, FAS-123 ®. Excluding the effect of these stock compensation expenses, the Company earned $862,000, or $.14 per share (basic and diluted), for the second quarter of 2007.
Net income was $1,494,000, or $.24 per share (basic and diluted) for the first half of 2007, as compared to net income of $964,000 or $.16 per share (basic and diluted) for the same period in 2006. Included in the results for the first half of 2007 are stock compensation expenses of $273,000 related to the exercising of stock options and the adoption of FAS-123 ®. Excluding the effect of these stock options, the Company would have earned $1,767,000 for the first half of 2007, or $.29 per share (basic) and $.28 per share (diluted).
All references to per share amounts in this release are based on the retroactive effect of the stock dividend declared on May 8, 2007.
Total revenue for the second quarter of 2007 decreased by 4% to $19,320,000, as compared to $20,132,000, for the second quarter of 2006. Revenue for the second quarter of 2007 would have been higher, but several new projects which were expected to start in the first quarter of 2007 continued to experience delays. Total revenues for the first half of 2007 increased by 4% to $37,311,000, as compared to $35,893,000 for the first half of 2006.
The Company's backlog at the end of the second quarter of 2007 was approximately $90,000,000. In addition, during the first two weeks of July 2007, the Company obtained several new projects totaling approximately $25,000,000.
Chairman of the Board, Floyd Warkol, commented that: "We continue to see strong demand for our value engineering and trade management services."
