EMCOR Group, Inc. Records 50TH Consecutive Profitable Quarter
--2007 Fourth Quarter Results Affirm Company’sOngoing Strategy & Continued Potential for Growth --
NORWALK, CONNECTICUT, February 26, 2008 - 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, is proud to announce it has achieved its 50th consecutive profitable quarter with its recent announcement of earnings for the quarter ended December 31, 2007.
EMCOR has achieved considerable growth and profitability over the past 12+ years, with a revenue increase of almost four-fold, from $1.59 billion in 1995 to $5.92 billion in 2007. Shareholder equity has grown from $70 million to over $885 million over the same period. And the Company has just announced its most profitable fourth quarter and year. Additionally, in 2007, EMCOR recorded record year-end contract backlog of approximately $4.5 billion, a 29% increase over 2006.
“I am extremely proud to announce our 50th consecutive profitable quarter. I extend thanks to all of our 29,000 employees who are such an integral part of our success,” said Frank T. MacInnis, Chairman and CEO of EMCOR Group. “We wanted to be a company constructed for the long-term, for the benefit of all our constituents: customers, employees and shareholders; over this period we have evolved to be the leading and strongest company in our industry. We enter 2008 stronger than we have ever been, with the strongest management, strongest position in our markets and the strongest financial position we have ever had, all of which will give us the flexibility to continue to be proactive in creating sustained future value. Our diversity model is working well, and we are uniquely positioned to capitalize on our themes of diverse markets, services and geographies to both balance our earnings base and continue growing our long-term value proposition.“
Over the past 12½ years, EMCOR’s client list has grown to include over 75 percent of the Fortune 500. The Company serves nine distinct business markets, consisting of biotechnology/healthcare, commercial, education, industrial, entertainment/hospitality, financial services, public/government, technology, and transportation, offering specialty construction services, facilities services, and systems installations. This diversification is one of EMCOR’s greatest strengths, providing a foundation for its growth and financial sustainability.
The Company has also made a number of key acquisitions in the past few years to further extend its markets and services, among them: Ohmstede Ltd., the leading provider of aftermarket maintenance and repair services, replacement parts and fabrication services for highly engineered shell and tube heat exchangers for the refinery and petrochemical industries; S.A. Comunale, one of the country’s leading fire protection, inspection, and service providers; and several electrical, mechanical and facilities services companies in key markets nationwide.
About EMCOR Group, Inc.
A Fortune 500 company with over $5.0 billion in annual revenues, EMCOR Group, Inc. (NYSE: EME) is a global leader in mechanical and electrical construction, energy infrastructure, and facilities services. EMCOR gives life to new structures and sustains life in existing ones by its planning, installing, operating and maintaining the sophisticated and dynamic systems that create facility environments---such as electrical, mechanical, lighting, air conditioning, heating, security and power generation systems---in virtually every sector of the economy and for a diverse range of businesses around the world. EMCOR represents a rare combination of global reach with local execution, combining the strength of an industry leader with the knowledge and care of 170 locations worldwide. The 28,000 skilled employees of EMCOR have made the company, in the eyes of leading business publications, amongst America’s “Most Admired” and “Best Performing.” EMCOR’s diversity---in terms of the services it provides, the industries it serves and the geography it spans---has enabled it to create a stable platform for sustained results. The Company’s strong financial position has enabled it to attract and retain among the best local and regional talent, to undertake and complete the most ambitious projects, and to redefine and shape the future of the construction and facilities services industry. Additional information on EMCOR can be found at www.EMCORGroup.com.
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 2007 Form 10-K,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.
CONTACT:
Mava Heffler
Vice President, Marketing & Communications
203-849-7814
Linden Alschuler & Kaplan, Inc. Media:
Josh Epstein 212-575-4545
