KSW, Inc. Reports Record Third Quarter 1999 Earnings

Business Wire, Nov 12, 1999

LONG ISLAND CITY, N.Y.--(BUSINESS WIRE)--Nov. 12, 1999--

KSW, Inc. (NASDAQ Electronic Bulletin Board: KSWW) today reported financial results for the third quarter of 1999.

Total revenue for the third quarter increased by 35% to $14,623,000 as compared to $10,815,000 for the third quarter of 1998. There was a net profit of $574,000 for the third quarter of 1999 as compared to a net profit of $17,000 in the third quarter of 1998.

Total revenues for the first three quarters of 1999 increased by 2% to $31,287,000 as compared to $30,525,000 for the first three quarters of 1998. There was a net profit of $667,000 for the first three quarters of 1999 as compared to a net loss of $639,000 for the same period in 1998. This represents a net gain per share of $0.12 for the first three quarters of 1999, as compared to a net loss per share of $0.12 basic ($0.11 diluted) for the same period in 1998.

During October, the Company successfully negotiated three new major mechanical projects, totaling approximately 27 Million Dollars. These projects will continue through the year 2000. These high profile projects include the 45-story Bear Stearns' Worldwide Headquarters in Midtown Manhattan, where KSW will be the Mechanical Subcontractor to Turner Construction Company; and two new Federal Courthouses in Brooklyn, New York, where KSW is working for J.A. Jones/GMO, LLC. Definitive contracts are expected to be executed within the next thirty days. The Company believes that the increase in revenues should have a positive effect on earnings.

KSW, Inc., through it's totally-owned mechanical subsidiary, KSW Mechanical Services, Inc., furnishes and installs heating, ventilating and air conditioning (HVAC) systems and process piping systems for institutional, industrial, commercial, high-rise residential and public works projects. KSW Mechanical Services, Inc. also acts as Trade Manager on large construction projects.