EMCOR Group, Inc. (EME)

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EMCOR Group, Inc. (EME)

Q4 2008 Earnings Call

February 26, 2009; 10:30 am ET


Kevin Matz - Executive Vice President, Shared Services

Frank MacInnis - Chairman and Chief Executive Officer

Anthony Guzzi - President and Chief Operating Officer

Mark Pompa - Executive Vice President and Chief Financial Officer

Mava Heffler - Vice President of Marketing and Communications

Sheldon Cammaker - Executive Vice President and General Counsel

Eric Boyriven - FD


Rich Wesolowski - Sidoti & Company

Min Cho - FBR

John Rogers - DA Davidson

Jeff Beach - Stifel Nicolaus

Tahira Afzal - Keybanc



Good morning, my name is Christine and I will be your conference operator today. At this time, I would like to welcome everyone to the EMCOR Group Fourth Quarter Earnings Conference Call. (Operator Instructions). I would now like to turn the call over to Eric Boyriven of FD. Sir you may begin.

Eric Boyriven

Thank you and good morning everyone. I’d like to welcome you the EMCOR Group Conference Call. We’re here to discuss the company’s 2008 fourth quarter results, which were reported this morning. I’d now like to turn the call over to Kevin Matz, Executive Vice President, Shared Services, who will introduce management. Kevin, please go ahead.

Kevin Matz

Thank you, Eric and good morning, everyone. Welcome to EMCOR Group’s earnings conference call for the fourth quarter of 2008. For those of you who are accessing the call via the Internet in our website, welcome, and we hope you have arrived at the beginning of the slide presentation that will accompany our remarks today.

Currently, everyone accessing the slides should be on slide 1, which is the EMCOR title slide. During the call, instructions will be given for you to advance to the next slide. So let’s do it, please advance to slide two.

Slide two has the executives who are with me to discuss the quarter and full year results. They are Frank MacInnis, Chairman and Chief Executive Officer; Tony Guzzi, President and Chief Operating Officer; Mark Pompa, our Executive Vice President and Chief Financial Officer; Mava Heffler, Vice President of Marketing and Communications; and our Executive Vice President and General Counsel, Sheldon Cammaker.

For call participants who are not accessing the conference call via the Internet, this presentation including the slides will be archived in the Investor Relations section of our website under presentations. You can find us at emcorgroup.com

Before we begin, I want to remind you that this discussion may contain certain forward-looking statements. Any such statements are based upon information available to EMCOR management’s perception as of this date and EMCOR assumes no obligation to update any such forward-looking statements.

These forward-looking statements involve risks and uncertainties that could cause actual results to materially differ from the forward-looking statements. Accordingly, these statements are no guarantee of future performance.

Such risks and uncertainties include, but are not limited to, adverse effect of general economic conditions, changes in the political environment, changes in the specific markets for EMCOR services, adverse business conditions, increased competition, mix of business, and risks associated with foreign operations.

Certain other of 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.

With that said, please let me turn the call over to Frank. Frank?

Frank MacInnis

Thank you, Kevin. I certainly hope the rest of our presentation is more uplifting than that. Good morning, everyone. And welcome to our 56th regular quarterly conference call for investors, analysts, and other friends of EMCOR Group. This is also the 14th annual year-end earnings call over which many of our senior management team members have presided. A very important aspect of our long-term strategic continuity and the consistency of our operational performance.

Today’s call is being conducted as usual by telephone and by simultaneous webcast. I’ll be referring from time to time to a slide number to identify the relevant slide of webcast participants.

Right now we are still on slide two. The focus of today’s call will be the EMCOR Group fourth quarter and full year 2008 earnings press release and the 2008 Form 10-K that we issued and filed earlier this morning. We’ll conduct this call in our customary format.

First, a presentation and discussion of those operating results, and our year end balance sheet and my comments on the major factors that led to our excellent 2008 financial performance.

Then we’ll discuss the evolution and current status of our contract backlog report, and its significance with respect to future revenues and financial results. At that point, Tony Guzzi, our President and Chief Operating Officer will take over to present and discuss some noteworthy recent contract awards that illustrate the strength and diversity of EMCOR companies and the continued demand for our services across a wide range of markets, and then I’ll be back. I’ll be back to discuss our expectations for EMCOR’s 2009 operational and financial performance amid challenging recessionary trends that are affecting nearly all companies.

Only in my guidance discussions there will be an opportunity for call participants to make comments or to ask us questions. As you can see from slide two, a number of EMCOR Senior Officers are here to help me with the answers. So let’s begin.

Please go to slide three. It’s my pleasure to announce that 2008 was the best year in EMCOR’s history setting all time records for revenues, operating income, operating margin, net income, diluted earnings per common share and operating cash flows.

Read the rest of this transcript for free on seekingalpha.com