KSW Reports Record 2007 Profits and Record Backlog
LONG ISLAND CITY, N.Y.--(BUSINESS WIRE)--KSW, Inc. (NASDAQ: KSW - News) today reported preliminary fourth quarter and year end financial results for 2007.
Net income for 2007 was $3,662,000, or $.59 per share (basic and diluted), compared to 2006 net income of $3,108,000, or $.52 per share (basic) and $.51 per share (diluted).
During the fourth quarter of 2007, the Company’s net income was $940,000, or $.15 per share (basic and diluted), compared to $1,098,000, or $.19 per share (basic) and $.18 per share (diluted), for the fourth quarter of 2006.
Revenues in 2007 increased by $138,000, to $77,266,000, as compared to $77,128,000 in 2006. Revenues for the fourth quarter of 2007 were $18,928,000, a decrease of $663,000, as compared to $19,591,000 in the fourth quarter of 2006.
As of March 1, 2008, the Company’s backlog was approximately $134,000,000, which includes only the pre-construction portion of the Mt. Sinai Center for Science and Medicine project. Included in this backlog is a new $14,000,000 contract for a luxury rental project on Manhattan’s West Side, being developed by Glenwood Management, a long-time KSW client.
Chairman of the Board, Floyd Warkol, commented: “We have yet to see evidence that the national housing slowdown has affected construction in New York. Our reputation, value engineering, and trade management services continue to attract developers and construction managers.”
