KSW Inc. (Nasdaq: KSW) Announces Solid Second Quarter Results

KSW, Inc. (KSW), an installer of heating, ventilation, air conditioning (HVAC) and process piping systems, and provider of engineering services in New York City, reported second quarter financial results this morning. Revenues increased 13.9% year over year to $22.0 million. Net income increased 28% to $1.1 million, or 17 cents per share, vs. $860,000, or 14 cents per share for the same period last year. Backlog of funded projects reached a record $139.1 million at quarter’s end.

Chairman of the Board Floyd Warkol commented, “KSW’s revenues rose this quarter as work began on previously delayed jobs. We have added $70 million in new contracts since January 1, 2008, and demand for our expertise remains strong. KSW continues to look for new projects, but our strategy calls for us to be selective in the jobs we bid. We look for projects where our value engineering services can provide significant cost savings to our clients.”

KSW is engaged in over 20 high-profile projects, including Trump International Hotel and Tower. Shares of KSW closed at $4.64 on Friday and have traded in a 52-week range of $4.42 - $7.04. With 6.3 million shares outstanding, KSW has a market cap of approximately $29.3 million. The company’s balance sheet is solid, with no long-term debt and $17.9 million in cash and cash equivalents, or $2.84 per share.

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