0000105634-11-000088.txt : 20110728 0000105634-11-000088.hdr.sgml : 20110728 20110728161315 ACCESSION NUMBER: 0000105634-11-000088 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20110728 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110728 DATE AS OF CHANGE: 20110728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EMCOR GROUP INC CENTRAL INDEX KEY: 0000105634 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRICAL WORK [1731] IRS NUMBER: 112125338 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08267 FILM NUMBER: 11993885 BUSINESS ADDRESS: STREET 1: 301 MERRITT SEVEN CORPORATE PK STREET 2: 6TH FLOOR CITY: NORWALK STATE: CT ZIP: 06851 BUSINESS PHONE: 203-849-7800 MAIL ADDRESS: STREET 1: 301 MERRITT SEVEN CORPORATE PARK STREET 2: 6TH FLOOR CITY: NORWALK STATE: CT ZIP: 06851 FORMER COMPANY: FORMER CONFORMED NAME: JWP INC/DE/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: JAMAICA WATER PROPERTIES INC DATE OF NAME CHANGE: 19860518 FORMER COMPANY: FORMER CONFORMED NAME: WELSBACH CORP DATE OF NAME CHANGE: 19761119 8-K 1 a063011_8k.htm FORM 8-K a063011_8k.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 28, 2011

EMCOR Group, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

1-8267
11-2125338
(Commission File Number)
(I.R.S. Employer Identification No.)

301 Merritt Seven, Norwalk, CT
06851-1092
(Address of Principal Executive Offices)
(Zip Code)

(203) 849-7800

(Registrant's Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



 
 

 


Item 2.02 Results of Operations and Financial Condition.

On July 28, 2011, EMCOR Group, Inc. issued a press release disclosing results of operations for its fiscal 2011 second quarter ended June 30, 2011. A copy of such press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Current Report on Form 8-K shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item. 9.01 Financial Statements and Exhibits.

(d) Exhibits
 
   
Exhibit Number
Description
99.1
Press Release issued by EMCOR Group, Inc. on July 28, 2011 disclosing results of operations for its fiscal 2011 second quarter ended June 30, 2011.

 
 
 
 
 
 

 
 
 
 
SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


  EMCOR Group, Inc.  
       
Dated: July 28, 2011
By:
/s/ ANTHONY J. GUZZI  
    Anthony J. Guzzi  
    President and  
     Chief Executive Officer  

EX-99.1 2 exhibit99-1.htm SECOND QUARTER 2011 PRESS RELEASE exhibit99-1.htm
EXHIBIT 99.1
EMCOR Group, Inc. Logo
 
 
FOR:
 
EMCOR GROUP, INC.
  news release logo    
CONTACT:
 
R. Kevin Matz
Executive Vice President
Shared Services
(203) 849-7938
     
   
FD
Investors: Eric Boyriven / Alexandra Tramont
(212) 850-5600
     
   
Linden Alschuler & Kaplan, Inc.
Media: Lisa Linden / Mollie Fullington
212-575-4545 / 917-346-6123

EMCOR GROUP, INC. REPORTS SECOND QUARTER 2011 RESULTS
 
- Diluted EPS of $0.42 including $0.05 of transaction expenses -
- Revenues of $1.4 billion includes organic growth of 3.5% -
- Organic backlog increases 4.1%; Total backlog of $3.8 billion -
- Company updates 2011 diluted EPS guidance to $1.65 to $1.85 -


NORWALK, CONNECTICUT, July 28, 2011 – EMCOR Group, Inc. (NYSE: EME) today reported results for the second quarter ended June 30, 2011.

For the second quarter of 2011, net income was $28.8 million, or $0.42 per diluted share, compared to net income of $27.1 million, or $0.40 per diluted share after-tax, in the second quarter of 2010.    Revenues increased 9.7% to $1.40 billion in the second quarter of 2011, compared to revenues of $1.28 billion in the year ago period.  Organic revenue growth was 3.5%.

Including pre-tax transaction expenses of $4.5 million, or $0.05 per diluted share after-tax, related to the Company’s previously announced acquisition of USM Services Holdings, Inc. (“USM”), operating income for the second quarter of 2011 was $49.1 million, or 3.5% of revenues.  Excluding these transaction expenses, the Company’s non-GAAP operating income for the 2011 second quarter was $53.6 million, or 3.8% of revenues.  The Company expects transaction expenses related to the purchase of USM to aggregate approximately $5 million, with the balance of the expenses to be incurred in the second half of 2011.

Including a non-cash impairment charge of $19.9 million, or $0.18 per diluted share after-tax, resulting from a change in the fair value of trade names associated with certain prior acquisitions, operating income for the second quarter of 2010 was $34.9 million, or 2.7% of revenues.  Excluding the non-cash impairment charge, the Company’s non-GAAP operating income for the second quarter of 2010 was $54.9 million, or 4.3% of revenues.

Selling, general and administrative expenses (“SG&A”) were $130.6 million, or 9.3% of revenues, in the second quarter of 2011, compared to $120.7 million, or 9.5% of revenues, in the 2010 second quarter.  SG&A for the second quarter of 2011 includes the $4.5 million in transaction expenses noted above.
 
 – MORE

 



 EMCOR Reports Second Quarter Results  Page 2


The Company’s results for the 2010 second quarter also included a pretax gain of $7.9 million, or $0.12 per diluted share, from the gain on the sale of the Company’s equity interest in its Middle East venture to its venture partner.

Excluding the USM transaction expenses described above, the Company’s non-GAAP net income for the second quarter of 2011 was $32.1 million, or $0.47 per diluted share.  Excluding the non-cash impairment charge and the gain on sale described above, the Company’s non-GAAP net income for the 2010 second quarter was $31.2 million, or $0.46 per diluted share.  Please see the attached tables for a reconciliation of non-GAAP operating income, non-GAAP net income and non-GAAP diluted earnings per share to the comparable GAAP figures.

Inclusive of discrete items, the income tax rate as reported in the 2011 second quarter was 37.7% compared with an income tax rate of 30.5% in the year ago period.

The Company reported backlog as of June 30, 2011 of $3.80 billion, an increase of 20.7% over backlog of $3.15 billion a year ago.  Organic backlog growth was 4.1% over the year ago period and flat relative to backlog at the end of the first quarter of 2011.  Relative to backlog at the end of the 2010 second quarter, the Company’s June 30, 2011 backlog reflects growth in the commercial and institutional sectors, which partially offset declines in the hospitality/gaming and water/wastewater sectors.

As announced separately today, the Company has entered into an agreement to sell its Toronto-based Canadian subsidiary, Comstock Canada, to CCL Equities, Inc., an Ontario, Canada corporation.  In connection with the sale, the Company expects to receive approximately CAD $16.9 million in payment for shares and approximately CAD $25.5 million in repayment of indebtedness owed by Comstock to EMCOR.  In the first half of 2011, Comstock generated revenues of $98.9 million and an operating loss of $0.4 million.  As of June 30, 2011, Comstock’s backlog was $253.6 million, or 6.7% of the Company’s total backlog.  For the 2010 full-year period, Comstock generated total revenues of $269.3 million and operating income of $0.3 million.

Tony Guzzi, President and Chief Executive Officer of EMCOR Group, commented, “2011 is playing out as we expected, and we are pleased with our accomplishments for the first half of the year.  We continue to execute well across our domestic construction businesses, manage our costs and benefit from profitable projects awarded prior to the recession.  We’ve also seen an upturn in certain markets, notably spring refinery turnaround work and other industrial work.  Spending on small projects, especially in our EFS business sector, has improved slightly; however, operating margin contribution remains uneven in this challenging environment.”

Mr. Guzzi continued, “We also continue to execute on our customers’ maintenance capital decisions to invest in discrete projects that reduce their overall expense volatility.  At the end of the quarter, we closed on our purchase of USM, which bolsters our position in the fragmented market for facilities services and, thanks to its business model, will have a positive impact on our overall margins.  Additionally, the sale of our Canadian business will free up further capital to invest in areas where we have competitive advantage and scale, and where we can generate consistently stronger returns.”
 
 
 – MORE
 
 
 

 
 
 
 EMCOR Reports Second Quarter Results  Page 3


Mr. Guzzi concluded, “The growth in our backlog, both organic and through acquisitions, over the past several quarters has been encouraging, especially in the commercial and institutional sectors.  Assuming a continuation of existing market conditions, we expect to generate revenues in 2011 of approximately $5.5 billion.  On the basis of the momentum building in our businesses, we are updating our guidance for 2011 to the higher end of our original range and now expect diluted EPS of $1.65 to $1.85.”

Net income for the first half of 2011 was $53.4 million, or $0.78 per diluted share, compared to net income of $49.0 million, or $0.72 per diluted share, in the year ago period.  Revenues for the first six months of 2011 increased 9.0% to $2.71 billion, compared to $2.49 billion for the first six months of 2010.  Organic growth for the first half of 2011 was 3.2%.
 
Operating income in the first half of 2011 was $91.5 million, or 3.4% of revenues, compared to $77.3 million, or 3.1% of revenues, a year ago.  Operating income for the 2011 six-month period included the USM transaction expenses of $4.5 million discussed above.  Excluding these expenses, operating income for the 2011 six-month period was $96.0 million, or 3.5% of revenues.  For the 2010 six-month period, operating income included the $19.9 million non-cash impairment charge discussed above. Excluding the non-cash impairment charge, the Company’s non-GAAP operating income for the first half of 2010 was $97.2 million, or 3.9% of revenues.  For the first six months of 2011, SG&A totaled $250.2 million, or 9.2% of revenues, and included the $4.5 million in transaction expenses discussed above.  SG&A for the first half of 2010 was $243.5 million, or 9.8% of revenues.

Excluding the USM transaction expenses discussed above, the Company’s non-GAAP net income for the first half of 2011 was $56.7 million, or $0.83 per diluted share.  Excluding the 2010 non-cash impairment charge and the gain on sale discussed above, the Company’s non-GAAP net income for the first half of 2010 was $53.0 million, or $0.78 per diluted share.  Please see the attached tables for a reconciliation of non-GAAP operating income, non-GAAP net income and non-GAAP diluted earnings per share to the comparable GAAP figures.

EMCOR Group, Inc. is a Fortune 500â worldwide leader in mechanical and electrical construction services, energy infrastructure and facilities services.  This press release and other press releases may be viewed at the Company’s Web site at www.emcorgroup.com.

EMCOR Group’s second quarter conference call will be available live via internet broadcast today, Thursday, July 28, at 10:30 AM Eastern Daylight Time.  You can access the live call through the Home Page of the Company’s Web site at www.emcorgroup.com.
 
 
 – MORE
 
 
 

 
 
 
 EMCOR Reports Second Quarter Results Page 4

 
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 and its 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, backlog 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 and mix of business and that the USM business will not be integrated successfully and that the cost savings from the USM transaction may not be fully realized or may take longer to realize than expected or that disruption from the transaction may make it more difficult to maintain relationships with customers, employees or suppliers.  Certain of the risks and factors associated with EMCOR’s business are also discussed in the Company’s 2010 Form 10-K, its Form 10-Q for the first quarter ended March 31, 2011 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.
 
 – MORE
 
 
 


 
 
EMCOR GROUP, INC.
FINANCIAL HIGHLIGHTS
(In thousands, except share and per share information)
(Unaudited)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

   
For the Three Months Ended June 30,
   
For the Six Months Ended June 30,
 
   
2011
   
2010
   
2011
   
2010
 
                         
Revenues
  $ 1,399,927     $ 1,275,649     $ 2,712,158     $ 2,487,861  
Cost of sales
    1,220,111       1,099,250       2,369,372       2,146,346  
Gross profit
    179,816       176,399       342,786       341,515  
Selling, general and administrative
expenses
    130,562       120,725       250,233       243,522  
Restructuring expenses
    138       797       1,099       797  
Impairment loss on identifiable
intangible assets
          19,929             19,929  
                                 
Operating income
    49,116       34,948       91,454       77,267  
Interest expense, net
    2,325       2,373       4,509       4,764  
Gain on sale of equity
investment
          7,900             7,900  
                                 
Income before income taxes
    46,791       40,475       86,945       80,403  
Income tax provision
    17,469       11,919       32,247       29,430  
                                 
Net income including
noncontrolling interests
    29,322       28,556       54,698       50,973  
Less: Net income attributable to
    noncontrolling interests
    513       1,415       1,295       2,015  
                                 
Net income attributable
to EMCOR Group, Inc.
  $ 28,809     $ 27,141     $ 53,403     $ 48,958  
                                 
Basic earnings per common
share:
  $ 0.43     $ 0.41     $ 0.80     $ 0.74  
                                 
Diluted earnings per common
share:
  $ 0.42     $ 0.40     $ 0.78     $ 0.72  
                                 
Weighted average shares of
common stock outstanding:
   Basic
   Diluted
      66,848,078 68,591,770         66,314,596 67,971,567         66,828,523 68,586,664         66,315,338 67,934,883  
 
 
 
 

 


 EMCOR GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

   
(Unaudited)
June 30,
2011
   
December 31,
2010
 
ASSETS
           
Current assets:
           
Cash and cash equivalents
  $ 406,546     $ 710,836  
Accounts receivable, net
    1,175,768       1,090,927  
Costs and estimated earnings in excess of billings
on uncompleted contracts
    121,784       88,253  
Inventories
    38,310       32,778  
Prepaid expenses and other
    66,946       57,373  
Total current assets
    1,809,354       1,980,167  
                 
Investments, notes and other long-term receivables
    5,783       6,211  
Property, plant & equipment, net
    97,357       88,615  
Goodwill
    570,653       406,804  
Identifiable intangible assets, net
    387,382       245,089  
Other assets
    26,045       28,656  
Total assets
  $ 2,896,574     $ 2,755,542  
                 
LIABILITIES AND EQUITY
               
Current liabilities
               
Borrowings under revolving credit facility
  $     $  
Current maturities of long-term debt and capital
lease obligations
    1,232       489  
Accounts payable
    431,280       416,715  
Billings in excess of costs and estimated earnings
on uncompleted contracts
    463,038       456,690  
Accrued payroll and benefits
    173,556       192,407  
Other accrued expenses and liabilities
    195,749       166,398  
Total current liabilities
    1,264,855       1,232,699  
                 
Borrowings under revolving credit facility
    150,000       150,000  
Long-term debt and capital lease obligations
    2,181       1,184  
Other long-term obligations
    255,634       208,814  
Total liabilities
    1,672,670       1,592,697  
                 
Equity:
               
Total EMCOR Group, Inc. stockholders’ equity
    1,214,007       1,152,943  
Noncontrolling interests
    9,897       9,902  
Total equity
    1,223,904       1,162,845  
Total liabilities and equity
  $ 2,896,574     $ 2,755,542  
 

 
 


 
EMCOR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2011 and 2010
(In thousands) (Unaudited)

   
2011
   
2010
 
Cash flows from operating activities:
           
Net income including noncontrolling interests
  $ 54,698     $ 50,973  
Adjustments to reconcile net income to net cash
provided by operating activities:
               
Depreciation and amortization
    12,507       12,663  
Amortization of identifiable intangible assets
    11,086       7,705  
Deferred income taxes
    4,620       9,743  
Gain on sale of equity investments
          (12,370 )
Excess tax benefits from share-based compensation
    (730 )     (65 )
Equity income from unconsolidated entities
    (617 )     (373 )
Non-cash expense for impairment of identifiable
intangible assets
          19,929  
Other non-cash items
    3,575       5,822  
Supplemental defined benefit plan contribution
          (25,916 )
Distributions from unconsolidated entities
    520       865  
Changes in other assets and liabilities, net
    (80,628 )     (143,179 )
Net cash provided by (used in) operating activities
    5,031       (74,203 )
                 
Cash flows from investing activities:
               
Payments for acquisitions of businesses, net of cash
       acquired, and related earn-out agreements
    (301,845 )     (11,446 )
Proceeds from sale of equity investments
          25,570  
Proceeds from sale of property, plant and equipment
    259       491  
Purchase of property, plant and equipment
    (10,554 )     (7,869 )
Investment in and advances to unconsolidated entities
and joint ventures
    (28 )     (104 )
Net cash (used in) provided by investing activities
    (312,168 )     6,642  
                 
Cash flows from financing activities:
               
Proceeds from revolving credit facility
          150,000  
Repayments of long-term debt and debt issuance costs
    (11 )     (200,815 )
Repayments of capital lease obligations
    (290 )     (196 )
Payment for contingent consideration arrangement
    (1,118 )      
Proceeds from exercise of stock options
    856       82  
Issuance of common stock under employee stock
       purchase plan
    1,135       1,164  
Distributions to noncontrolling interests
    (1,300 )     (600 )
Excess tax benefits from share-based compensation
    730       65  
Net cash provided by (used in) financing activities
    2       (50,300 )
Effect of exchange rate changes on cash and cash equivalents
    2,845       (9,173 )
Decrease in cash and cash equivalents
    (304,290 )     (127,034 )
Cash and cash equivalents at beginning of year
    710,836       726,975  
Cash and cash equivalents at end of period
  $ 406,546     $ 599,941  
 
 
 
 

 


 
EMCOR GROUP, INC.
SEGMENT INFORMATION
 (In thousands) (Unaudited)

             
   
For the three months ended June 30,
 
   
2011
   
2010
 
             
Revenues from unrelated entities:
           
             
United States electrical construction and facilities services
  $ 306,521     $ 286,633  
United States mechanical construction and facilities services
    469,092       427,044  
United States facilities services
    451,518       375,452  
Total United States operations
    1,227,131       1,089,129  
Canada construction
    51,914       78,467  
United Kingdom construction and facilities services
    120,882       108,053  
Other international construction and facilities services
           
Total worldwide operations
  $ 1,399,927     $ 1,275,649  
                 
                 
                 
   
For the six months ended June 30,
 
      2011       2010  
                 
Revenues from unrelated entities:
               
                 
United States electrical construction and facilities services
  $ 575,053     $ 546,953  
United States mechanical construction and facilities services
    891,405       839,752  
United States facilities services
    901,039       722,292  
Total United States operations
    2,367,497       2,108,997  
Canada construction
    98,902       156,726  
United Kingdom construction and facilities services
    245,759       222,138  
Other international construction and facilities services
           
Total worldwide operations
  $ 2,712,158     $ 2,487,861  
 
 
 
 

 
EMCOR GROUP, INC.
SEGMENT INFORMATION
 (In thousands) (Unaudited)
   
For the three months ended June 30,
 
   
2011
   
2010
 
             
Operating income (loss):
           
             
United States electrical construction and facilities services
  $ 26,425     $ 17,189  
United States mechanical construction and facilities services
    22,690       24,133  
United States facilities services
    14,848       19,636  
Total United States operations
    63,963       60,958  
Canada construction
    (929 )     3,684  
United Kingdom construction and facilities services
    3,773       6,133  
Other international construction and facilities services
          (98 )
Corporate administration
    (17,553 )     (15,003 )
Restructuring expenses
    (138 )     (797 )
Impairment loss on identifiable intangible assets
          (19,929 )
Total worldwide operations
    49,116       34,948  
                 
Other corporate items:
               
Interest expense
    (2,817 )     (3,053 )
Interest income
    492       680  
Gain on sale of equity investment
          7,900  
Income before income taxes
  $ 46,791     $ 40,475  
                 
   
For the six months ended June 30,
 
      2011       2010  
Operating income (loss):
               
                 
United States electrical construction and facilities services
  $ 40,846     $ 26,409  
United States mechanical construction and facilities services
    45,986       48,951  
United States facilities services
    30,159       33,721  
Total United States operations
    116,991       109,081  
Canada construction
    (428 )     7,005  
United Kingdom construction and facilities services
    6,393       9,368  
Other international construction and facilities services
          (99 )
Corporate administration
    (30,403 )     (27,362 )
Restructuring expenses
    (1,099 )     (797 )
Impairment loss on identifiable intangible assets
          (19,929 )
Total worldwide operations
    91,454       77,267  
                 
Other corporate items:
               
Interest expense
    (5,563 )     (6,176 )
Interest income
    1,054       1,412  
Gain on sale of equity investment
          7,900  
Income before income taxes
  $ 86,945     $ 80,403  
 
 
 
 

 

EMCOR GROUP, INC.
RECONCILIATION OF 2011 AND 2010 OPERATING INCOME
(In thousands) (Unaudited)

In our press release, we provide actual 2011 and 2010 second quarter and year-to-date June 30, 2011 and 2010 operating income.  The following table provides a reconciliation between 2011 and 2010 operating income based on non-GAAP measures to the most direct comparable GAAP measures.
 
   
For the Three Months Ended June 30,
   
For the Six Months Ended June 30,
 
   
2011
   
2010
   
2011
   
2010
 
                         
GAAP Operating income
  $ 49,116     $ 34,948     $ 91,454     $ 77,267  
                                 
Impairment loss on identifiable
intangible assets
          19,929             19,929  
                                 
Pre-tax transaction expenses
related to the acquisition of USM
Holdings, Inc.
      4,531                 4,531          
                                 
Non-GAAP operating income,
excluding impairment loss on
identifiable intangible assets and
pre-tax USM acquisition expenses
  $   53,647     $   54,877     $   95,985     $   97,196  

 
 
 

 
EMCOR GROUP, INC.
RECONCILIATION OF 2011 AND 2010 NET INCOME
(In thousands) (Unaudited)

In our press release, we provide actual 2011 and 2010 second quarter and year-to-date June 30, 2011 and 2010 net income attributable to EMCOR Group, Inc.  The following table provides a reconciliation between 2011 net income attributable to EMCOR Group, Inc. based on non-GAAP measures to the most direct comparable GAAP measures.
 
   
For the Three Months Ended June 30,
   
For the Six Months Ended June 30,
 
   
2011
   
2010
   
2011
   
2010
 
                         
GAAP net income attributable to
EMCOR Group, Inc.
  $ 28,809     $ 27,141     $ 53,403     $ 48,958  
                                 
2010 Qtr. 2 impairment loss on
identifiable intangible assets (1)
          11,957             11,957  
                                 
2010 Qtr. 2 gain on sale of equity
investment (2)
          (7,900 )           (7,900 )
                                 
Transaction expenses related to the
acquisition of USM Holdings, Inc. (3)
    3,306             3,306        
                                 
Non-GAAP net income attributable
to EMCOR Group, Inc., excluding
impairment loss on identifiable
intangible assets, gain on sale of
equity investment and USM
transaction expenses
  $       32,115     $       31,198     $       56,709     $       53,015  
 

(1)      Amount is net of tax effect of $8.0 million
(2)      Amount is net of tax effect which is zero due to the release of a valuation allowance related to capital loss carryforwards
(3)      Amount is net of tax effect of $1.2 million

 
 
 


 
EMCOR GROUP, INC.
RECONCILIATION OF THREE AND SIX MONTH 2011 AND 2010 DILUTED
EARNINGS PER SHARE FIGURES
(Unaudited)

In our press release, we provide actual 2011 and 2010 second quarter and year-to-date June 30, 2011 and 2010 diluted earnings per share.  The following table provides a reconciliation between 2011 and 2010 EPS based on non-GAAP measures to the most direct comparable GAAP measures.

   
For the Three Months Ended June 30,
   
For the Six Months Ended June 30,
 
   
2011
   
2010
   
2011
   
2010
 
                         
GAAP Diluted earnings per
common share
  $ 0.42     $ 0.40     $ 0.78     $ 0.72  
                                 
Qtr. 2 impairment loss on
identifiable intangible assets (1)
        $ 0.18           $ 0.18  
                                 
Qtr. 2 gain on sale of equity
investment (2)
        $ (0.12 )         $ (0.12 )
                                 
Transaction expenses related to the
acquisition of USM Holdings, Inc. (3)
  $ 0.05           $ 0.05        
                                 
Non-GAAP diluted earnings per
common share, excluding
impairment loss on identifiable
intangible assets, gain on sale of
equity investment and USM
transaction expenses
  $       0.47     $       0.46     $       0.83     $       0.78  


(1)      Amount is net of tax effect of $8.0 million
(2)      Amount is net of tax effect which is zero due to the release of a valuation allowance related to capital loss carryforwards
(3)      Amount is net of tax effect of $1.2 million

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