EMCOR GROUP, INC. ANNOUNCES RECENTLY AWARDED $200 MILLION IN PRIVATE SECTOR COMMERCIAL PROJECTS

 

NORWALK, CONNECTICUT, January 10, 2006 – EMCOR Group, Inc.  (NYSE:  EME), a Fortune 500® leader in mechanical and electrical construction, energy infrastructure and facilities services for a diverse range of businesses globally, announced that it has recently been awarded a number of projects in the commercial market sector expected to generate revenues of approximately $200 million.

 

These project awards indicate continuing strong demand for EMCOR’s diverse range of services and continued improvements in spending by private sector businesses across the U.S.” said EMCOR’s Chairman and CEO, Frank T. MacInnis.  “These commercial projects reflect a continuing trend in our backlog portfolio towards a more optimal mix of private and public sector work, in keeping with our stated strategy.” 

 

Major new private sector commercial awards include the following projects:

 

  • Trump International Hotel & Tower, Las Vegas, Nevada – Mechanical and plumbing systems on a design / assist basis for a new 65-story / 842 room condo/hotel tower which includes a 2,700-ton central air conditioning plant.

 

  • World Market Center, Las Vegas, Nevada – Electrical and low voltage systems for a 16-story, 1.6 million square foot convention center.

 

  • Center for Life Sciences Building at BlackFan Research Center, Boston, Massachusetts – Heating, ventilation and air conditioning systems for an 18-story, 1.1 million square foot building, including chiller plant, custom air handling units and 8.5 miles of piping for the future fit-out of 750,000 square feet of lab space.

 

  • Sheraton Hotel, Phoenix, Arizona – Heating, ventilation, air conditioning and plumbing systems for a 1,000 room hotel to be operated by Starwood Hotels & Resorts Worldwide.

 

  • Scripps Research Institute, Loxahatchee, Florida – Heating, ventilation and air conditioning systems for three laboratory facilities totaling 360,000 square feet.

 

  • Inner Harbor East Project, Baltimore, Maryland – Mechanical systems for the second phase of this project – consisting of a 940,000 square foot mixed-use facility, including two Hilton Hotel Towers, a five story office tower, 200,000 square foot parking garage, a 14-story condominium tower and a 100,000 square foot retail area.

 

  • Hard Rock Hotel, San Diego, California – Mechanical and electrical systems on a design / build basis for a 417-room facility including fire alarm / life safety, telecom and data cabling installation.

 

  • Red Rock Hotel and Casino, Las Vegas, Nevada – Mechanical and plumbing systems on a design / assist basis for two 20 story hotel towers and a 700,000 square foot low-rise with casino, ballrooms and restaurants.

 

Mr. MacInnis concluded, “We are very pleased with these contract wins.  Going forward, we will continue to manage downward our exposure to less profitable public sector work, particularly in the educational portion of the institutional sector, and simultaneously build our backlog in higher margin private sector commercial work.”

 

EMCOR Group, Inc. is a Fortune 500® worldwide leader in mechanical and electrical construction services, energy infrastructure and facilities services. 

 

This release may contain certain forward-looking statements within the meaning of the Private Securities Reform Act of 1995.  Any such comments are based upon information available to EMCOR management’s perception thereof, as of this date, and EMCOR assumes no obligation to update any such forward-looking statements.  These forward-looking statements may include statements regarding market opportunities, market share growth, gross profit, project mix, projects with varying profit margins, and selling, general and administrative expenses.  These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.  Accordingly these statements are no guarantee of future performance.  Such risk and uncertainties include, but are not limited to, adverse effects of general economic conditions, changes in the political environment, changes in the specific markets for EMCOR’s services, adverse business conditions, availability of adequate levels of surety bonding, increased competition, unfavorable labor productivity, mix of business, and risks associated with foreign operations.  Certain of the risks and factors associated with EMCOR’s business are also discussed in the Company’s 2004 Form 10-K, its Form 10-Q for the third quarter ended September 30, 2005, and in other reports filed from time to time with the Securities and Exchange Commission.  All these risks and factors should be taken into account in evaluating any forward-looking statements.

 

FOR:                                        

EMCOR GROUP, INC.

CONTACT:     
R. Kevin Matz

Senior Vice President

Shared Services

(203) 849-7938

 

Financial Dynamics

Investors:
Eric Boyriven – 212-850-5600

 

Linden Alschuler & Kaplan, Inc.

Media:
Josh Epstein– 212-575-4545