UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
EMCOR GROUP, INC.
(Exact name of registrant as specified in its charter)
Date of Report (Date of earliest event reported) April 9, 2003
Delaware 0-2315 11-2125338
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(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation or organization) Number) Identification No.)
301 Merritt Seven Corporate Park
Norwalk, Connecticut 06851
(Address of principal executive offices) (Zip code)
203-849-7800
(Registrant's telephone number, including area code)
Item 7. Financial Statements and Exhibits
(c) Exhibits.
Exhibit No. Description of Exhibit
99.1 Press Release dated April 9, 2003
Item 9. Regulation FD Disclosure (Information provided under Item 12)
On April 9, 2003, EMCOR Group, Inc. issued a press release providing
updated guidance for its fiscal 2003 first quarter, ended March 31, 2003. A copy
of this press release, attached as Exhibit 99.1, is furnished under Item 9.
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press release issued by EMCOR Group, Inc.
on April 9, 2003
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, thereunto duly authorized.
EMCOR Group, Inc.
By: /s/ Frank T. MacInnis
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Frank T. MacInnis
Chairman of the Board of Directors
and Chief Executive Officer
Date: April 9, 2003
Exhibit 99.1
EMCOR GROUP, INC. ANNOUNCES ANTICIPATED RESULTS FOR THE
FIRST QUARTER OF 2003
- Reiterates 2003 Full-Year Guidance -
NORWALK, CONNECTICUT, April 9, 2003 - EMCOR Group, Inc. (NYSE: EME) today
announced that it expects revenues for the first quarter of 2003 to be
approximately $1.0 billion, compared to $810.3 million in the first quarter of
2002. Net income and diluted earnings per share for the first quarter of 2003
are anticipated to be approximately $3.3 million and approximately $0.21 per
diluted share, respectively. The Company also reiterated its previously-issued
revenue and earnings guidance for the full year of 2003.
EMCOR Group's anticipated 2003 first quarter results reflect solid revenue
growth to record levels, including expected organic revenue growth of 3% to 4%,
as well as improved gross margins versus the year-ago period. The Company's
anticipated results also reflect increased selling, general and administrative
expenses, in part due to integration expenses associated with the Company's
acquisition of Consolidated Engineering Services, Inc. ("CES") in December of
2002, as well as a shift in the Company's revenue mix, a greater proportion of
revenues from EMCOR Group's facilities services operations, and increased
interest expense as a result of the CES acquisition.
The Company anticipates contract backlog as of 03/31/03 of approximately $3.0
billion, versus $2.9 billion as of 12/31/02 and $2.5 billion at the end of the
corresponding year-ago period.
Based in part on newly acquired contract backlog and its analysis of business
trends, the Company reiterated its previous financial guidance for the 2003
full-year period, with revenues in the range of $4.4 billion to $4.6 billion,
and diluted earnings per share between $4.25 and $4.60.
Frank T. MacInnis, Chairman and CEO of EMCOR Group, commented, "As we have
stated previously, our first quarter results are typically affected by negative
seasonal factors, augmented in this quarter by challenging business conditions
and the investment we are making to integrate the CES and EMCOR Facilities
Services businesses. When integration is completed, we will leverage our $1
billion position in the growing facilities services market to drive revenue
growth and operating efficiencies."
Mr. MacInnis continued, "Our ability to generate organic growth reflected in
both revenue and backlog speaks to the continued successful execution of our
diversity model, which has resulted in growth despite the difficult
macroeconomic environment. Our business remains on track, and we remain
comfortable with the financial guidance we have provided for 2003."
The Company expects to announce its financial results of the first quarter of
2003 before the market opens on Thursday, April 24, 2003.
EMCOR Group, Inc. is a worldwide leader in mechanical and electrical
construction services and facilities services. This press release and other
press releases may be viewed at the Company's Web site at www.emcorgroup.com.
This release may include "forward looking statements". These statements are
based on certain assumptions and analyses made by the Company in light of its
experience and its perception of historical trends, current conditions, expected
future developments and other factors it believes are appropriate. Such
statements are subject to a number of assumptions, risks and uncertainties,
general economic and business conditions, business opportunities that may be
presented to and pursued by the Company and other factors, many of which are
beyond the control of the Company. Actual results may differ materially from
those anticipated in the statements.