MIRA INFORM REPORT

Report Date :

13.08.2012

IDENTIFICATION DETAILS

Name :	COMFORT SYSTEMS USA, INC.

Registered Office :	Suite 400, 675 Bering Drive Houston, TX 77057

Country :	United States

Financials (as on) :	31.12.2011

Year of Establishment :	1997

Legal Form :	Public Parent

Line of Business :	Installation of electrical wiring and fittings

No. of Employees :	7,061

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United States

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

Top of Form

Bottom of Form

Comfort Systems USA, Inc.

Suite 400, 675 Bering Drive


Houston, TX 77057
United States


Tel:	713-830-9600
Fax:	713-830-9696
Toll Free:	(800) 723-8431

www. comfortsystemsusa. com/home/index.php

Employees:

7,061

Company Type:

Public Parent

Corporate Family:

109 Companies

Traded:

New York Stock Exchange:

FIX

Incorporation Date:

1997

Auditor:

Ernst & Young LLP

Credit Rating:

A+ (100)

Financials in:	USD (mil)

Fiscal Year End:	31-Dec-2011
Reporting Currency:	US Dollar
Annual Sales:	1,240.0 ¹
Net Income:	(36.8)
Total Assets:	591.1 ²
Market Value:	380.6
	(27-Jul-2012)

Business Description

Comfort Systems USA, Inc. (Comfort Systems) provides heating, ventilation and air conditioning installation, maintenance, repair and replacement services within the mechanical services industry. The Company has 38 operating units in 72 cities and 86 locations throughout the United States. The Company operates primarily in the commercial, industrial and institutional HVAC markets. It also provides specialized applications, such as building automation control systems, fire protection, process cooling, electronic monitoring and process piping. Certain locations also perform related activities, such as electrical service and plumbing. During the year ended December 31, 2011, approximately 99% of the Companyâ€™s consolidated revenues were derived from commercial, industrial and institutional customers and multi-family residential projects. During 2011, approximately 43% of its revenues were attributable to installation services and 57% to maintenance, repair and replacement services. For the fiscal year ended 31 December 2010, Comfort Systems USA, Inc.'s revenue decreased 2% to $1.11B. Net income from cont operations decreased 59% to $14M. Revenues reflect lower income from same store activity due to reduced activity in the non residential markets in the Unites States especially in entertainment sector. Net income also reflects the presence of goodwill impairment and lower interest income.

Industry

Industry	Construction Services
ANZSIC 2006:	3232 - Electrical Services
NACE 2002:	4531 - Installation of electrical wiring and fittings
NAICS 2002:	23822 - Plumbing, Heating, and Air-Conditioning Contractors
UK SIC 2003:	4531 - Installation of electrical wiring and fittings
US SIC 1987:	1731 - Electrical Work

Key Executives (Emails Available)

Name	Title
Brian E. Lane	President and Chief Executive Officer
William George	Chief Financial Officer, Executive Vice President
Trent T. McKenna	Vice President, General Counsel, Secretary
Julie S. Shaeff	Senior Vice President, Chief Accounting Officer
Melissa Frazier	Vice President-Audit & Controls

Significant Developments

Topic	#*	Most Recent Headline	Date
Officer Changes	1	Comfort Systems USA, Inc. Announces Management Change	15-Nov-2011
Dividends	4	Comfort Systems USA, Inc. Declares Quarterly Dividend	1-Aug-2012

* number of significant developments within the last 12 months

News

Title	Date
COMFORT SYSTEMS USA REPORTS MULTIPLE TRANSACTIONS BY DIRECTOR SCHULTZ (Texas) U.S. Fed News (105 Words)	9-Aug-2012
Comfort Systems USA Reports Second Quarter 2012 Results Business Wire (3013 Words)	1-Aug-2012
Comfort Systems USA Announces Second Quarter 2012 Conference Call and Webcast Business Wire (244 Words)	26-Jul-2012
Local deals include Baby Jogger brand Richmond Times-Dispatch (VA) (479 Words)	23-Jul-2012
Q1 2012 Comfort Systems USA Earnings Conference Call - Final FD (Fair Disclosure) Wire (5097 Words)	17-May-2012

Financial Summary

As of 31-Mar-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.40	1.90
Quick Ratio (MRQ)	1.36	1.42
Debt to Equity (MRQ)	0.06	0.51
Sales 5 Year Growth	3.25	4.38
Net Profit Margin (TTM) %	-2.64	1.44
Return on Assets (TTM) %	-5.70	2.80
Return on Equity (TTM) %	-11.48	4.41

Stock Snapshot

Traded: New York Stock Exchange: FIX

As of 27-Jul-2012

Financials in: USD

Recent Price	10.18	EPS	0.04
52 Week High	13.05	Price/Sales	0.31
52 Week Low	7.81	Dividend Rate	0.20
Avg. Volume (mil)	0.09	Price/Book	1.44
Market Value (mil)	380.56	Beta	1.37

	Price % Change	Rel S&P 500%
4 Week	1.60%	-0.15%
13 Week	-5.91%	-4.73%
52 Week	-0.59%	-6.71%
Year to Date	-5.04%	-13.84%

2 Year Weekly End Price & Volume

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

Corporate Overview

Location
Suite 400, 675 Bering Drive
Houston, TX, 77057
Harris County
United States

Tel:	713-830-9600
Fax:	713-830-9696
Toll Free Tel:	(800) 723-8431

www.comfortsystemsusa.com

Quote Symbol - Exchange
FIX - New York Stock Exchange

Sales USD(mil):	1,240.0
Assets USD(mil):	591.1
Employees:	7,061
Fiscal Year End:	31-Dec-2011


Industry:	Construction Services

Incorporation Date:	1997
Company Type:	Public Parent
Quoted Status:	Quoted


President and Chief Executive Officer:	Brian E. Lane

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

Executives

Financial Information

Contents

Key Corporate Relationships

Additional Information

Industry Codes

ANZSIC 2006 Codes:
323	-	Building Installation Services
3232	-	Electrical Services

NACE 2002 Codes:
4533	-	Plumbing
4531	-	Installation of electrical wiring and fittings

NAICS 2002 Codes:
23822	-	Plumbing, Heating, and Air-Conditioning Contractors
238220	-	Plumbing, Heating, and Air-Conditioning Contractors

US SIC 1987:
1711	-	Plumbing, Heating and Air-Conditioning
1731	-	Electrical Work

UK SIC 2003:
4531	-	Installation of electrical wiring and fittings
4533	-	Plumbing

Business Description

Comfort Systems USA, Inc. (Comfort Systems) provides heating, ventilation and air conditioning (HVAC) installation, maintenance, repair and replacement services within the mechanical services industry. The Company has 38 operating units in 72 cities and 86 locations throughout the United States. The Company operates primarily in the commercial, industrial and institutional HVAC markets. In addition to standard HVAC services, it also provides specialized applications, such as building automation control systems, fire protection, process cooling, electronic monitoring and process piping. Certain locations also perform related activities, such as electrical service and plumbing. During the year ended December 31, 2011, approximately 99% of the Companyâ€™s consolidated revenues were derived from commercial, industrial and institutional customers and multi-family residential projects. During 2011, approximately 43% of its revenues were attributable to installation services in newly constructed facilities and 57% were attributable to maintenance, repair and replacement services.

Installation Services

The Companyâ€™s installation business related to newly constructed facilities, which includes the design, engineering, integration, installation and start-up of HVAC, building automation controls and related systems. The Company provides design and build and plan and spec installation services for office buildings, retail centers, apartment complexes, manufacturing plants, healthcare, education and government facilities and other commercial, industrial and institutional facilities. In a design and build installation, working with the customer, the Company determines the needed capacity and energy efficiency of the HVAC system that suits the proposed facility. In plan and spec installation, the Company participates in a bid process to provide labor, equipment, materials and installation based on plans and engineering specifications provided by a customer, general contractor or consulting engineer.

As of December 31, 2011, the Company also performed larger project works with 254 contracts in progress. The Company also installs process cooling systems and building automation controls and monitoring systems. Process cooling systems are used primarily in industrial facilities to provide heating and/or cooling to precise temperature and climate standards for products being manufactured and for the manufacturing equipment. Building automation control systems are used in HVAC and process cooling systems to maintain pre-established temperature or climate standards for commercial or industrial facilities. Building automation control systems are capable not only of controlling a facility's entire HVAC system, often on a room-by-room basis, but can also be programmed to integrate energy management, and monitoring for purposes of security, fire, card key access, lighting and other building systems. This monitoring can be performed on-site or remotely through a computer-based communications system. The monitoring system communicates an exception when a system is operating outside pre-established parameters.

Maintenance, Repair and Replacement Services

During 2011, the Companyâ€™s maintenance, repair and replacement services comprised approximately 57% of its revenues and include the maintenance, repair, replacement, reconfiguration and monitoring of HVAC systems and industrial process piping. Approximately 70% of the Company's maintenance, repair and replacement revenues were derived from replacing and reconfiguring existing HVAC systems for commercial, industrial and institutional customers. Replacement and reconfiguration are usually performed on a project basis and often use consultative expertise similar to that provided in the design and build installation market.

Maintenance and repair services are provided either in response to service calls or under a service agreement. Service calls are coordinated by customer service representatives or dispatchers that use computer and communication technology to process orders, arrange service calls, communicating with customers, dispatch technicians and invoice customers. Service technicians work from service vehicles equipped with commonly used parts, supplies and tools to complete a variety of jobs. Commercial, industrial and institutional service agreements usually have terms of one-to three-years, with automatic annual renewals, and typically with 30- to 60-day cancellation notice periods. The Company also provides remote monitoring of temperature, pressure, humidity and air flow for HVAC systems

More Business Descriptions

Commercial HVAC Sales & Service

Special trade contractors primarily engaged in plumbing, heating, air-conditioning, and similar work. Sheet metal work performed by plumbing, heating, and air-conditioning contractors in conjunction with the installation of plumbing, heating, and air-conditioning equipment is included.

Comfort Systems USA is a leading provider of business solutions that address workplace comfort through heating, ventilation and cooling services. Its service categories include mechanical design-build, service and maintenance, facility automation services and national accounts. The company's technical experts design, install and fine-tune heating, ventilation and air conditioning systems for downtown high-rises, hospitals, universities and national hotels. Its products are also behind the scenes at factories and industrial plants that produce everything from potato chips to computer chips. The company has nearly 60 locations in more than 50 cities throughout the United States. Comfort Systems USA is headquarters in Houston.

Financial Data

Financials in:	USD(mil)

Revenue:	1,240.0
Net Income:	-36.8
Assets:	591.1
Long Term Debt:	14.7
Total Liabilities:	326.5
Working Capital:	0.1

Date of Financial Data:	31-Dec-2011

1 Year Growth

11.9%

-7.6%

Market Data

Quote Symbol:	FIX
Exchange:	New York Stock Exchange
Currency:	USD
Stock Price:	10.2
Stock Price Date:	07-27-2012
52 Week Price Change %:	-0.6
Market Value (mil):	380,559.0

SEDOL:	2036047
ISIN:	US1999081045

Equity and Dept Distribution:
Common Stock $.01 Par, 09/11, 102,969,912 auth., 41,123,365 issd. less 3,626,473 shs. in Treas. @ $38.6M. Insiders own 2.09%. IPO: 6/97, 6.1M shs. @$13 by Alex. Brown & Sons. PO:6/98, 3,209,859 shs.(400K by the Co.) @$20 by BT Alex.Brown.

Key Corporate Relationships

Auditor:	Ernst & Young LLP
Bank:	Wells Fargo Bank

Auditor:	Ernst & Young LLP

Additional information

ABI Number:

950792135

Location
675 Bering Dr Ste: 400 Houston, TX 77057-2268 United States

County:	Harris
MSA:	Houston, TX

Phone:	713-830-9600
Fax:	713-830-9696
URL:	http://comfortsystemsusa.com

ABI^©:	950792135

Annual Sales:	$1,240,020,000 (USD)
Employees:	7,061

Facility Size(ft²):	2,500 - 9,999
Facility Own/Lease:	Lease

Business Type:	Public
Location Type:	Headquarter

Ticker:	FIX
Exchange:	NYSE


Primary Line of Business:
SIC:	1711-17 - Air Conditioning Contractors & Systems
NAICS:	238220 - Plumbing & Hvac Contrs
Secondary Lines of Business:
SICs:	1711-47 - Heating & Combustion Consultants
	1711-05 - Plumbing Contractors

Corporate Structure News

Comfort Systems USA, Inc.
Total Corporate Family Members: 109

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Comfort Systems USA, Inc.	Parent	Houston, TX	United States	Construction Services	1,240.0	7,061
Colonial WEBB Contractors Co	Subsidiary	Richmond, VA	United States	Construction Services	175.0	1,200
Colonial WEBB Contractors	Branch	Norfolk, VA	United States	Construction - Supplies and Fixtures	52.2	150
Colonial WEBB Contractors	Branch	Harrisonburg, VA	United States	Construction Services	14.0	70
Colonial WEBB Contractors	Branch	Manassas, VA	United States	Construction Services	17.2	50
Colonial WEBB Contractors	Branch	Charlotte, NC	United States	Construction Services	2.8	15
Colonial WEBB Contractors	Branch	Greenville, SC	United States	Construction Services	2.3	12
Environmental Air Systems, LLC	Subsidiary	Greensboro, NC	United States	Construction Services	23.8	530
Environmental Air System Inc	Branch	High Point, NC	United States	Miscellaneous Capital Goods	52.6	80
Environmental Air Systems Inc	Branch	Raleigh, NC	United States	Biotechnology and Drugs		3
Riddleberger Brothers Inc	Subsidiary	Mt Crawford, VA	United States	Construction Services	56.4	300
Riddleberger Brothers Inc	Branch	Richmond, VA	United States	Construction Services	1.6	10
Comfort Systems USA Inc	Subsidiary	Chandler, AZ	United States	Construction Services	87.0	250
Comfort Systems USA Inc	Branch	Tucson, AZ	United States	Construction Services	13.2	70
California Comfort Systems USA	Subsidiary	San Diego, CA	United States	Construction Services	45.0	250
Woodcock & Armani	Subsidiary	East Syracuse, NY	United States	Construction Services	40.0	250
Comfort Systems USA Syracuse	Subsidiary	East Syracuse, NY	United States	Construction Services		250
Quality Air Heating & Cooling	Subsidiary	Grand Rapids, MI	United States	Construction Services		250
Quality Air Heating & Cooling	Branch	Portage, MI	United States	Construction Services	4.7	25
Quality Air Heating & Cooling	Branch	East Lansing, MI	United States	Construction Services	1.9	10
M J Mechanical Services Inc	Subsidiary	Tonawanda, NY	United States	Construction Services	30.0	228
M J Mechanical Services Inc	Branch	Henrietta, NY	United States	Construction Services	1.6	10
Hess Mechanical Corp	Subsidiary	Upper Marlboro, MD	United States	Construction Services	30.0	220
Accurate Air Systems Inc	Subsidiary	Houston, TX	United States	Construction Services		181
Accurate Air Systems Inc	Branch	Glendale, CA	United States	Construction Services	0.2	1
Merit Mechanical, Inc.	Subsidiary	Redmond, WA	United States	Construction Services	25.0	160
Merit Mechanical Inc	Branch	Redmond, WA	United States	Construction Services	14.1	75
S.I. Goldman Co., Inc.	Subsidiary	Longwood, FL	United States	Construction Services		160
S I Goldman Co Inc	Branch	Gainesville, FL	United States	Construction Services	0.8	5
H & M Mechanical Inc	Subsidiary	Pelham, AL	United States	Construction Services	22.2	150
Mechanical Technical Services LP	Subsidiary	Austin, TX	United States	Construction Services		150
Granite State Plumbing & Heating	Subsidiary	Weare, NH	United States	Construction Services		135
Climate Control Inc	Subsidiary	South Boston, VA	United States	Construction Services	10.0	115
Climate Control Inc	Branch	Harrisonburg, VA	United States	Construction Services	0.9	5
Climate Control Inc	Branch	South Boston, VA	United States	Construction Services	0.6	3
Batchelors Mechanical Contractors	Subsidiary	Mobile, AL	United States	Construction Services		110
Batchelors Mechanical Contractors	Branch	Foley, AL	United States	Construction Services	2.2	13
Batchelors Mechanical Contractors	Branch	Destin, FL	United States	Construction Services	1.6	10
Batchelors Mechanical Contractors	Branch	Loxley, AL	United States	Construction Services	1.6	10
Design Mechanical Inc	Subsidiary	Louisville, CO	United States	Construction Services	2.5	105
Design Mechanical Inc	Branch	Denver, CO	United States	Engineering Consultants	1.0	5
Design Mechanical Inc	Branch	Glenwood Springs, CO	United States	Construction Services	0.9	5
Design Mechanical Inc	Branch	Lakewood, CO	United States	Construction Services	0.7	4
Atlas Comfort Systems USA LLC	Subsidiary	Houston, TX	United States	Construction Services	75.0	100
Atlas Comfort Systems USA LLC	Branch	Carrollton, TX	United States	Construction Services	6.6	40
Comfort Systems USA Southeast	Subsidiary	Pensacola, FL	United States	Construction Services	18.8	100
Comfort Systems USA Se Inc	Branch	Newton, AL	United States	Construction Services	7.5	40
Comfort Systems USA Southeast	Branch	Thomasville, GA	United States	Construction Services	6.2	33
Comfort Systems USA Se Inc	Branch	Mobile, AL	United States	Construction Services	3.8	20
Comfort Systems USA Inc	Branch	Tampa, FL	United States	Construction Services	3.8	20
Comfort Systems USA Se Inc	Branch	Tampa, FL	United States	Construction Services	2.8	15
Comfort Systems USA Se Inc	Branch	Pensacola, FL	United States	Construction Services	1.1	6
Comfort Systems USA Se Inc	Branch	Fort Lauderdale, FL	United States	Construction Services	0.6	3
Comfort Systems USA Se Inc	Branch	Hattiesburg, MS	United States	Construction Services	0.6	3
Comfort Systems USA Southeast	Branch	Orlando, FL	United States	Construction Services	0.6	3
Comfort Systems USA Se Inc	Branch	Byron, GA	United States	Construction Services	0.6	3
Comfort Systems USA Se Inc	Branch	Columbus, GA	United States	Construction Services	0.6	3
Seasonair Inc	Subsidiary	Gaithersburg, MD	United States	Construction Services	16.2	100
Conditioned Air Mechanical Services	Subsidiary	Phoenix, AZ	United States	Construction Services		100
Conditioned Air Mechanical Services	Branch	Ontario, CA	United States	Construction Services	5.6	30
Conditioned Air Mechanical Services	Branch	Concord, CA	United States	Construction Services	2.1	11
Comfort Systems USA Southwest	Branch	Tucson, AZ	United States	Business Services	1.2	10
Conditioned Air Mechanical Services	Branch	Las Vegas, NV	United States	Construction Services	0.4	2
Acorn Industrial Inc	Subsidiary	Raleigh, NC	United States	Construction Services		100
Capital Refrigeration Co Inc	Subsidiary	Montgomery, AL	United States	Construction Services		99
Capital Refrigeration Co Inc	Branch	Montgomery, AL	United States	Construction Services	1.6	10
Capital Refrigeration Co Inc	Branch	Auburn, AL	United States	Construction Services	0.7	4
ABJ Fire Protection Co	Subsidiary	East Syracuse, NY	United States	Miscellaneous Capital Goods		90
ABJ Fire Protection Co	Branch	Webster, NY	United States	Business Services	10.4	30
Air Systems Engineering, Inc.	Subsidiary	Tacoma, WA	United States	Construction Services	14.1	80
Madera Mechanical Co	Subsidiary	Tucson, AZ	United States	Construction Services	13.1	80
Eastern Heating & Cooling Inc	Subsidiary	Albany, NY	United States	Construction Services	5.0	80
Air Temp Inc	Subsidiary	South Portland, ME	United States	Construction Services		80
Sheren Plumbing & Heating Inc	Subsidiary	Traverse City, MI	United States	Construction Services		80
Sheren Plumbing & Heating Inc	Branch	Rapid City, MI	United States	Construction Services	0.8	4
ACI Mechanical, Inc.	Subsidiary	Ames, IA	United States	Construction Services		80
ACI Mechanical Inc	Branch	Clive, IA	United States	Construction Services	13.1	80
Dillingham & Smith Mechanical	Subsidiary	Nashville, TN	United States	Construction Services	4.9	70
North American Mechanical Inc	Subsidiary	Windsor, WI	United States	Construction Services	27.0	60
North American Mechanical Inc	Branch	Eau Claire, WI	United States	Construction Services	1.6	10
North American Mechanical Inc	Branch	Fitchburg, WI	United States	Construction Services	1.6	10
North American Mechanical Inc	Branch	Appleton, WI	United States	Construction Services	1.6	10
North American Mechanical Inc	Branch	De Forest, WI	United States	Construction Services	0.8	5
Comfort Systems USA Arkansas	Subsidiary	N Little Rock, AR	United States	Construction Services	11.3	60
Comfort Systems USA Arkansas	Branch	Lowell, AR	United States	Construction Services	2.5	15
Comfort Systems USA Arkansas	Branch	N Little Rock, AR	United States	Construction Services	0.2	1
BCM Controls Corp	Subsidiary	Woburn, MA	United States	Miscellaneous Capital Goods		60
S M Lawrence Co Inc	Subsidiary	Jackson, TN	United States	Construction Services		60
S M Lawrence Co Inc	Branch	Rogers, AR	United States	Construction Services	9.8	60
S M Lawrence Co Inc	Branch	Collierville, TN	United States	Construction Services	3.3	20
Accu-Temp Comfort Systems USA	Subsidiary	Indianapolis, IN	United States	Construction Services		60
Comfort Systems USA Bristol	Subsidiary	Salem, VA	United States	Construction Services		55
Comfort Systems USA Baltimore	Subsidiary	Edgewood, MD	United States	Construction Services		53
Temp-Right Svc Inc	Subsidiary	Missoula, MT	United States	Construction Services		50
Temp-Right Svc Inc	Branch	Victor, MT	United States	Construction Services	0.6	3
Comfort Systems USA Intermtn	Subsidiary	Salt Lake City, UT	United States	Construction Services		50
Delcard Associates Inc	Subsidiary	New Castle, DE	United States	Construction Services		50
Comfort Systems USA Kentucky	Subsidiary	Louisville, KY	United States	Construction Services		44
Comfort Systems USA Ohio Inc	Subsidiary	Cleveland, OH	United States	Construction Services		40
Comfort Systems USA Ohio Inc	Branch	Worthington, OH	United States	Construction Services	3.8	20
Comfort Systems USA Ohio Inc	Branch	Cincinnati, OH	United States	Construction Services	1.1	6
Comfort Systems USA Ohio Inc	Branch	Cleveland, OH	United States	Miscellaneous Capital Goods	2.6	4
Comfort Systems USA Carolinas	Subsidiary	Charlotte, NC	United States	Construction Services		40
Comfort Systems USA Atlanta	Subsidiary	Valdosta, GA	United States	Construction Services		30
Comfort Systems USA Atlanta	Branch	Marietta, GA	United States	Construction Services	21.3	130
Carson Brothers Inc	Subsidiary	Kalispell, MT	United States	Construction Services		23
Comfort Systems USA Intermtn	Branch	Layton, UT	United States	Construction Services	1.9	10
Comfort Systems USA Energy Services	Subsidiary	Windsor, CT	United States	Construction Services		3
Comfort Systems USA Energy Services	Branch	Little Rock, AR	United States	Construction Services	0.2	1

Comfort Systems USA, Inc.

Competitors Report

CompanyName	Location	Employees	Ownership
Electra Ltd.	Ramat Gan, Israel	3,402	Public
Emcor Group Inc	Norwalk, Connecticut, United States	25,000	Public
Integrated Electrical Services, Inc.	Houston, Texas, United States	2,724	Public
KSW, Inc.	Long Island City, New York, United States	41	Public
Lennox International Inc.	Richardson, Texas, United States	12,400	Public
Marmion Industries Corp.	Houston, Texas, United States	14	Public
Perini Corporation	Sylmar, California, United States	5,796	Public
Primoris Services Corp	Dallas, Texas, United States	779	Public
Quanta Services Inc	Houston, Texas, United States	2,300	Public
Shin Nippon Air Technologies Co., Ltd.	Tokyo, Hamacho, Japan	985	Private

Executives Report

Board of Directors

Name

Title

Function

William F. Murdy

View Email

Chairman of the Board

Chairman

Biography:

Mr. William F. Murdy serves as Chairman of the Board of Comfort Systems USA Inc. served as our Chief Executive Officer from June 2000 until December 2011. Prior to joining the Company, he was President and Chief Executive Officer of Club Quarters, a privately owned chain of membership hotels. From January 1998 through July 1999, Mr. Murdy served as President, Chief Executive Officer and Chairman of the Board of LandCare USA, a publicly traded commercial landscape and tree services company. LandCare USA was acquired in July 1999 by another publicly traded company specializing in services to commercial facilities and homeowners. From 1989 through December 1997, Mr. Murdy was President and Chief Executive Officer of General Investment and Development Company, a privately held real estate operating company. From 1981 to 1989, Mr. Murdy served as the Managing General artner of the Morgan Stanley Venture Capital Fund. From 1974 to 1981, Mr. Murdy served as the Senior Vice President, among other positions, of Pacific Resources, Inc., a publicly traded company involved primarily in petroleum refining and marketing. Mr. Murdy also serves on the Board of Directors of UIL Holdings Corporation and Kaiser Aluminum Corporation. Mr. Murdy is a graduate of the United States Military Academy at West Point and of the Harvard Business School.

Age: 70

Education:

Harvard Business School, M (Business Administration)
United States Military Academy, BS (Engineering)

Compensation/Salary:$600,000

Compensation Currency: USD

Darcy G. Anderson

View Email

Independent Director

Director/Board Member

Biography:

Mr. Darcy G. Anderson serves as anIndependent Director of Comfort Systems USA Inc., since March 2008. Since April 2009, Mr. Anderson has served as Vice Chairman of Hillwood, a real estate, oil and gas, and investments company. From November 2000 until April 2009, Mr. Anderson served as Chief People Officer and Vice President for Perot Systems Corporation, an information technology services and consulting firm. Prior to joining Perot Systems, Mr. Anderson held various positions at Hillwood Development Corporation beginning in 1987, including Senior Vice President for Corporate Affairs and Chief Operating Officer. Mr. Anderson also served as president of Hillwood Urban, overseeing all of the operations and development for the company's Victory project and the new American Airlines Center in downtown Dallas. He also served in various leadership roles for the Perot '92 Presidential Campaign. Mr. Anderson joined Electronic Data Systems (EDS) in 1983 working in recruiting management. Prior to his employment with EDS, Mr. Anderson completed five years of active duty in the United States Army Corp of Engineers. He is a Director for the West Point Association of Graduates. Mr. Anderson is a graduate of the United States Military Academy at West Point.

Age: 55

Education:

United States Military Academy

Herman E. Bulls

Independent Director

Director/Board Member

Biography:

Mr. Herman E. Bulls serves as an Independent Director of Comfort Systems USA Inc., since February 2001. Since September 2001, Mr. Bulls has served as Chief Executive Officer and President of Bulls Advisory Group, a real estate consulting and advisory firm, and serves as Chief Executive Officer, Public Institutions of Jones Lang LaSalle, an international full-service real estate firm. From September 2000 until August 2001, Mr. Bulls served as Executive Vice President and Chief Operating Officer of one of the nation's Fannie Mae multifamily lenders. From March 1998 to September 2000, Mr. Bulls was a Managing Director for Jones Lang LaSalle, an international full-service real estate firm. From 1989 until 1998, he held several positions with the predecessor organization, LaSalle Partners. Prior to his employment with Jones Lang LaSalle, he served over eleven years of active duty service with the United States Army. Mr. Bulls was the Co-Founder, President, and Chief Executive Officer of Bulls Capital Partners, a commercial mortgage firm. He sold the firm to a Wall Street entity in 2010. Mr. Bulls retired as a Colonel from the Army Reserve. Mr. Bulls is Vice Chair of the Board of Directors of the West Point Association of Graduates, serves as a member of the Real Estate Advisory Committee for New York State Teachers' Retirement System, one of the retirement systems in the United States, and serves on the Board of Directors of Rasmussen College, ITT EXELIS, and USAA. Mr. Bulls is a graduate of the United States Military Academy at West Point and of the Harvard Business School.

Age: 56

Education:

Harvard University, MBA (Finance)
United States Military Academy, BS (Engineering)

Alfred J. Giardinelli

Director

Director/Board Member

Biography:

Mr. Alfred J. Giardinelli, Jr., serves as Director of Comfort Systems USA Inc. He is one of the original founders of the Company, has served as a Director of the Company since June 1997. Since 1982, Mr. Giardinelli has been the President of Eastern Heating & Cooling, Inc., a New York corporation that is a wholly owned subsidiary of the Company. Mr. Giardinelli is a graduate of Florida State University.

Age: 64

Education:

Florida State University

Alan P. Krusi

Independent Director

Director/Board Member

Biography:

Mr. Alan P. Krusi serves as an Independent Director of Comfort Systems USA Inc., since March 2008. Mr. Krusi is President, Strategic Development of AECOM Technology Corporation. From 2003 until 2009 Mr. Krusi served as President of Earth Tech, Inc., an engineering, consulting, and construction services firm owned by Tyco International. From 2002 to 2003, Mr. Krusi served as CEO of RealEnergy, Inc., a company providing on-site cogeneration to commercial and industrial customers. From 1999 to 2002, Mr. Krusi served as President of the Construction Services division of URS Corporation, where he oversaw an international construction services business specializing in construction management and program management. Prior to his employment with URS, and over a period of twenty-two years, Mr. Krusi held a number of technical and management positions within the engineering and construction industries. Mr. Krusi is a graduate of the University of California at Santa Barbara and is a Registered Geologist, Certified Engineering Geologist, and Licensed General Contractor in the State of California.

Age: 57

Education:

University of California, Santa Barbara

Franklin Myers

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Lead Independent Director

Director/Board Member

Biography:

Mr. Franklin Myers serves as Lead Independent Director of Comfort Systems USA Inc., since May 2005. From April 2008 until March 2009, Mr. Myers served as Senior Advisor for financial and merger and acquisition matters for Cameron International Corporation, a global provider to the oil & gas and process industries. Mr. Myers served as the Senior Vice President of Finance and Chief Financial Officer of Cameron International Corporation from 2003 to 2008. From 1995 to 2003, Mr. Myers served at various times as Senior Vice President and President of a division within Cooper Cameron Corporation as well as General Counsel and Secretary. Prior to joining Cooper Cameron Corporation in 1995, Mr. Myers served as Senior Vice President and General Counsel of Baker Hughes Incorporated, and an attorney and partner at the law firm of Fulbright & Jaworski. Mr. Myers currently serves on the Board of Directors of Ion Geophysical Corporation and HollyFrontier Corporation. Mr. Myers served on the Board of Directors of Seahawk Drilling Company from 2009 until 2011, and of Frontier Oil Corporationâ€”a predecessor of HollyFrontier Corporationâ€”from 2009 until its 2011 merger with Holly Corporation. Currently, Mr. Myers is an operating advisor to Paine and Partners, a private equity firm. Mr. Myers holds a Bachelor of Science, Industrial Engineering, from Mississippi State University and a J.D. degree, with honors, from the University of Mississippi..

Age: 59

Education:

University of Mississippi, JD
Mississippi State University, BS (Industrial Engineering)

James H. Schultz

Independent Director

Director/Board Member

Biography:

Mr. James H. Schultz serves as an Independent Director of Comfort Systems USA Inc., since November 2002. He retired from the American Standard Companies in 2001, where he had worked for thirty-one years. Mr. Schultz served as President of the Trane Commercial Air Conditioning Group, a division of the American Standard Companies, from 1998 to 2001. Prior to that time he served in various other capacities, including Executive Vice President. Mr. Schultz served on the Board of Directors of Goodman Global, Inc. from 2006 to 2008. Mr. Schultz has been Chair and a Board member of the Air Conditioning and Refrigeration Institute, and serves on The Engineering College Industry Advisory Board. Mr. Schultz is also a Board Member of Twin City Fan and currently serves on the Iowa State University Engineering College and Industry Advisory Board. Mr. Schultz is a graduate of Iowa State University.

Age: 63

Education:

Iowa State University, BS (Electrical Engineering)

Robert D. Wagner

Independent Director

Director/Board Member

Biography:

Mr. Robert D. Wagner, Jr. serves as an Independent Director of Comfort Systems USA Inc., since April 2001. He is currently a Principal and Advisory Director of Rivington Capital Advisors LLC, which provides advisory services and private equity and debt placement for independent oil and gas producers. Mr. Wagner previously served as a Managing Director of Bankers Trust/BT Alex Brown in their Energy Corporate Finance Group. He also was Executive Vice President of First City National Bank of Houston's energy division, and later, the special loans division. Mr. Wagner served on the Board of Directors of Electric City Corp. from 2001 until 2005 and of Blue Dolphin Energy Corp. from 2001 until 2004. Mr. Wagner is a graduate of Holy Cross College and the Stern School of Business at New York University.

Age: 70

Education:

New York University

Executives

Name

Title

Function

Brian E. Lane

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President and Chief Executive Officer

Chief Executive Officer

Biography:

Mr. Brian E. Lane serves as President, Chief Executive Officer, Director of Comfort Systems USA Inc. He has served as Chief Executive Officer and President of Comfort Systems since December 2011 and as a director since November 2010. Brian served as Comfort Systems' President and Chief Operating Officer from March 2010 until December 2011. Brian joined Comfort Systems in October 2003 and served as Vice President and then Senior Vice President for Region One of the Company until he was named Executive Vice President and Chief Operating Officer in January 2009. Prior to joining Comfort Systems, Brian spent fifteen years at Halliburton, the global service and equipment company devoted to energy, industrial, and government customers. During his tenure, he held various positions in business development, strategy, and project initiatives. He departed as the Regional Director of Europe and Africa. Brian's additional experience included serving as a Regional Director of Capstone Turbine Corporation, a distributed power manufacturer. He also was a Vice President of Kvaerner, an international engineering and construction company where he focused on the chemical industry. Brian earned a Bachelor of Science in Chemistry from the University of Notre Dame and his MBA from Boston College.

Age: 55

Education:

Boston College, MBA
University of Notre Dame, BS (Chemistry)

Compensation/Salary:$375,000

Compensation Currency: USD

Dan Davis

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Fleet Administrator

Administration Executive

Angie Hatcher

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Telecommunications Administrator

Administration Executive

Trent T. McKenna

Vice President, General Counsel, Secretary

Company Secretary

Biography:

Mr. Trent T. McKenna serves as Vice President, General Counsel, Secretary of Comfort Systems USA Inc., since May 2005. He was Associate General Counsel from August 2004 to May 2005. From February 1999 to August 2004, Mr. McKenna was a practicing attorney in the area of complex commercial litigation in the Houston, Texas office of Akin Gump Strauss Hauer & Feld LLP, an international law firm.

Age: 39

Education:

Brigham Young University, BA
Duke University School of Law, JD

Compensation/Salary:$215,000

Compensation Currency: USD

Melissa Frazier

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Vice President-Audit & Controls

Finance Executive

Biography:

Melissa Frazier is the vice president of audit and controls for Comfort Systems USA. Prior to joining Comfort Systems, she had several years experience in financial and information systems audit with KPMG and Arthur Andersen. Frazier earned her bachelor's and master's degrees from the University of Missouri.

Education:

University of Missouri, Bachelors (Business Administration)
University of Missouri, Masters (Business Administration)

William George

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Chief Financial Officer, Executive Vice President

Finance Executive

Biography:

Mr. William George serves as Chief Financial Officer, Executive Vice President of Comfort Systems USA Inc., since May 2005. He was Senior Vice President, General Counsel and Secretary from May 1998 to May 2005, and was Vice President, General Counsel and Secretary from March 1997 to April 1998. From October 1995 to February 1997, Mr. George was Vice President and General Counsel of American Medical Response, Inc., a publicly-traded healthcare transportation company. From September 1992 to September 1995, Mr. George practiced corporate and antitrust law at Ropes & Gray, a Boston, Massachusetts law firm.

Age: 47

Education:

Brigham Young University
Harvard Law School

Compensation/Salary:$340,000

Compensation Currency: USD

Barbara Norton

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Central Regional Account

Accounting Executive

Julie S. Shaeff

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Senior Vice President, Chief Accounting Officer

Accounting Executive

Biography:

Ms. Julie S. Shaeff serves as Senior Vice President, Chief Accounting Officer of Comfort Systems USA Inc., since May 2005. She was Vice President and Corporate Controller from March 2002 to May 2005, and was Assistant Corporate Controller from September 1999 to February 2002. From 1996 to August 1999, Ms. Shaeff was Financial Accounting Managerâ€”Corporate Controllers Group for Browning-Ferris Industries, Inc., a publicly-traded waste services company. From 1987 to 1995, she held various positions with Arthur Andersen LLP. Ms. Shaeff is a Certified Public Accountant.

Age: 46

Compensation/Salary:$215,000

Compensation Currency: USD

Debbie Vila

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Cash Manager

Cash Management Executive

Jon-Paul Weiss

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Director of Tax

Corporate Tax Executive

Sherlyn Hufford

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Assistant Controller

Controller

Debra Mullinax

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Benefits Director

Benefits & Compensation Executive

Robert Williamson

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Vice President of Customer Services

Customer Service Executive

Ed Piasecki

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Vice President, Sales

Sales Executive

Eric Zinkann

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Sales

Sales Executive

Charles Diltz

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Senior Vice President-Region 3

International Executive

Biography:

Charles Diltz is the senior vice president of Region 3 for Comfort Systems USA. Prior to Comfort Systems, he served as president of company-owned distribution for Goodman Manufacturing. Diltz graduated from the Ohio State University with a bachelor's degree in finance and earned a master's from the University of Dayton.

Education:

The Ohio State University, BSBA (Finance)
University of Dayton, MBA

Thomas N Tanner

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Senior Regional Vice President-Region 1

International Executive

Biography:

Thomas N. Tanner is the chief operating officer of Comfort Systems USA. Prior to his appointment, he served at Comfort Systems USA as senior vice president of operations. He is a past president of the Central New York Subcontractors Association. Tanner earned a degree in economics from Syracuse University.

Dean Tillison

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Senior Vice President-Region 2

International Executive

Biography:

Dean Tillison is the senior vice president of Region 2 for Comfort Systems USA. Previously, he was the president and owner of Fred Hayes Mechanical Contractors. Tillison earned a bachelor's degree in business/construction, is a licensed HVAC contractor in North Carolina, Tennessee and Virginia, and has more than 30 years experience in the HVAC and plumbing industry.

Brian Glessman

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Information Technology

Information Executive

Kimberlee Cotter

Senior Vice President-Service Operations

Manufacturing Executive

Chip Chambliss

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Vice President Construction

Other

Brewster Earle

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Senior Vice President Energy Services

Other

Byran Ferris

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Director of Acquisitions

Other

Stacey Paris

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Assistant To Tom Tanner

Other

Significant Developments

Comfort Systems USA, Inc. Declares Quarterly Dividend

Aug 01, 2012

Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.05 per share on Comfort Systems USA, Inc. common stock. The dividend is payable on August 24, 2012 to shareholders of record at the close of business on August 13, 2012.

Comfort Systems USA, Inc. Declares Quarterly Dividend

May 02, 2012

Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.05 per share on Comfort Systems USA, Inc. common stock. The dividend is payable on May 25, 2012 to shareholders of record at the close of business on May 14, 2012.

Comfort Systems USA, Inc. Declares Quarterly Dividend

Feb 29, 2012

Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.05 per share on Comfort Systems USA, Inc. common stock. The dividend is payable on March 23, 2012 to shareholders of record at the close of business on March 12, 2012.

Comfort Systems USA, Inc. Announces Management Change

Nov 15, 2011

Comfort Systems USA, Inc. announced that its board of directors has formally selected Brian E. Lane, the Company's President and Chief Operating Officer, as the future successor to William F. Murdy as the Company's Chief Executive Officer. Mr. Lane, age 54, joined the Company in 2003 and has served as the Company's President and Chief Operating Officer since March 2010 and as a director since November 2010.

Comfort Systems USA, Inc. Declares Quarterly Dividend

Nov 03, 2011

Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.05 per share on Comfort Systems USA, Inc. common stock. The dividend is payable on December 20, 2011 to shareholders of record at the close of business on November 28, 2011.

Annual Income Statement

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Restated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Net Sales	1,240.0	1,108.3	1,128.9	1,321.8	1,101.6
Revenue	1,240.0	1,108.3	1,128.9	1,321.8	1,101.6
Total Revenue	1,240.0	1,108.3	1,128.9	1,321.8	1,101.6

Cost of Revenue	1,058.6	919.6	903.4	1,061.8	906.3
Cost of Revenue, Total	1,058.6	919.6	903.4	1,061.8	906.3
Gross Profit	181.5	188.7	225.6	259.9	195.3

Selling/General/Administrative Expense	172.1	163.4	169.0	180.8	145.8
Total Selling/General/Administrative Expenses	172.1	163.4	169.0	180.8	145.8
Impairment-Assets Held for Use	58.9	5.7	0.0	0.0	-
Loss (Gain) on Sale of Assets - Operating	-0.2	-0.5	-0.1	-0.3	0.0
Unusual Expense (Income)	58.7	5.2	-0.1	-0.3	0.0
Total Operating Expense	1,289.4	1,088.2	1,072.3	1,242.3	1,052.2

Operating Income	-49.4	20.0	56.6	79.4	49.4

Interest Expense - Non-Operating	-1.9	-1.7	-1.2	-1.4	-0.6
Interest Expense, Net Non-Operating	-1.9	-1.7	-1.2	-1.4	-0.6
Interest Income - Non-Operating	0.1	0.2	0.6	2.5	3.3
Interest/Investment Income - Non-Operating	0.1	0.2	0.6	2.5	3.3
Interest Income (Expense) - Net Non-Operating Total	-1.8	-1.5	-0.6	1.2	2.7
Other Non-Operating Income (Expense)	6.5	1.8	0.0	0.1	0.0
Other, Net	6.5	1.8	0.0	0.1	0.0
Income Before Tax	-44.7	20.4	56.0	80.7	52.1

Total Income Tax	-8.2	6.4	21.4	30.9	19.9
Income After Tax	-36.5	14.0	34.6	49.8	32.2

Minority Interest	-0.3	0.0	0.0	-	-
Net Income Before Extraord Items	-36.8	14.0	34.6	49.8	32.2
Discontinued Operations	0.0	0.7	-0.4	-0.1	0.2
Total Extraord Items	0.0	0.7	-0.4	-0.1	0.2
Net Income	-36.8	14.7	34.2	49.7	32.5

Income Available to Common Excl Extraord Items	-36.8	14.0	34.6	49.8	32.2

Income Available to Common Incl Extraord Items	-36.8	14.7	34.2	49.7	32.5

Basic/Primary Weighted Average Shares	37.4	37.5	38.0	39.4	40.6
Basic EPS Excl Extraord Items	-0.99	0.37	0.91	1.26	0.79
Basic/Primary EPS Incl Extraord Items	-0.99	0.39	0.90	1.26	0.80
Dilution Adjustment	0.0	-	-	-	-
Diluted Net Income	-36.8	14.7	34.2	49.7	32.5
Diluted Weighted Average Shares	37.4	37.8	38.5	40.0	41.3
Diluted EPS Excl Extraord Items	-0.99	0.37	0.90	1.24	0.78
Diluted EPS Incl Extraord Items	-0.99	0.39	0.89	1.24	0.79
Dividends per Share - Common Stock Primary Issue	0.20	0.20	0.19	0.18	0.15
Gross Dividends - Common Stock	7.6	7.6	7.3	7.1	6.1
Interest Expense, Supplemental	1.9	1.7	1.2	1.4	0.6
Depreciation, Supplemental	12.6	11.2	10.0	8.7	6.1
Total Special Items	58.7	5.2	-0.1	-0.3	0.0
Normalized Income Before Tax	14.0	25.6	55.9	80.4	52.1

Effect of Special Items on Income Taxes	20.5	1.6	0.0	-0.1	0.0
Inc Tax Ex Impact of Sp Items	12.4	8.0	21.4	30.8	19.9
Normalized Income After Tax	1.7	17.6	34.5	49.6	32.2

Normalized Inc. Avail to Com.	1.3	17.6	34.5	49.6	32.2

Basic Normalized EPS	0.04	0.47	0.91	1.26	0.79
Diluted Normalized EPS	0.04	0.47	0.90	1.24	0.78
Amort of Intangibles, Supplemental	7.5	6.2	3.5	3.8	0.7
Rental Expenses	13.0	13.3	16.2	15.3	16.7
Reported Gross Profit	-	-	225.6	259.9	195.3
Reported Operating Profit	-	-	56.6	79.4	49.4
Normalized EBIT	9.3	25.3	56.5	79.2	49.5
Normalized EBITDA	29.4	42.7	70.0	91.7	56.3
Current Tax - Domestic	0.2	8.0	14.2	28.0	16.8
Current Tax - Local	1.1	1.9	4.0	6.0	3.8
Current Tax - Total	1.4	9.8	18.3	34.0	20.6
Deferred Tax - Domestic	-10.3	-0.5	4.7	-3.1	-0.5
Deferred Tax - Local	0.8	-2.9	-1.6	-0.1	-0.2
Deferred Tax - Total	-9.5	-3.5	3.2	-3.2	-0.7
Income Tax - Total	-8.2	6.4	21.4	30.9	19.9
Defined Contribution Expense - Domestic	5.1	4.3	4.5	4.3	4.3
Total Pension Expense	5.1	4.3	4.5	4.3	4.3

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Cash & Equivalents	51.2	86.3	127.9	117.0	139.6
Cash and Short Term Investments	51.2	86.3	127.9	117.0	139.6
Accounts Receivable - Trade, Gross	272.4	239.0	210.6	271.9	265.2
Provision for Doubtful Accounts	-5.3	-5.1	-7.3	-5.3	-3.8
Trade Accounts Receivable - Net	267.1	233.9	203.4	266.6	261.4
Other Receivables	6.5	16.2	25.9	6.2	7.3
Total Receivables, Net	273.6	250.1	229.2	272.8	268.7
Total Inventory	10.6	9.4	9.8	11.4	9.4
Prepaid Expenses	24.7	30.5	25.8	23.4	14.5
Discontinued Operations - Current Asset	-	-	0.0	1.5	0.0
Other Current Assets	27.2	26.6	20.4	19.1	18.5
Other Current Assets, Total	27.2	26.6	20.4	20.7	18.5
Total Current Assets	387.3	402.9	413.2	445.2	450.6

Buildings	23.6	22.9	17.3	14.8	10.2
Land/Improvements	2.3	2.3	1.4	1.1	-
Machinery/Equipment	79.0	72.0	64.3	61.5	49.1
Property/Plant/Equipment - Gross	104.9	97.2	82.9	77.4	59.3
Accumulated Depreciation	-62.9	-53.5	-48.2	-41.7	-37.9
Property/Plant/Equipment - Net	42.0	43.6	34.7	35.7	21.4
Goodwill, Net	107.1	147.8	100.2	90.9	68.6
Intangibles - Gross	68.5	53.7	27.3	20.7	3.0
Accumulated Intangible Amortization	-20.2	-14.1	-7.9	-4.4	-0.8
Intangibles, Net	48.3	39.6	19.4	16.3	2.2
LT Investments - Other	-	0.0	4.7	8.4	0.0
Long Term Investments	-	0.0	4.7	8.4	0.0
Other Long Term Assets	6.3	6.0	2.8	2.0	4.2
Other Long Term Assets, Total	6.3	6.0	2.8	2.0	4.2
Total Assets	591.1	640.0	574.9	598.5	547.1

Accounts Payable	114.3	101.1	83.8	98.2	90.9
Accrued Expenses	77.1	88.0	81.7	84.7	77.9
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	0.6	1.3	1.2	1.3	0.4
Customer Advances	1.6	1.7	2.6	2.3	1.1
Income Taxes Payable	1.5	1.5	1.2	2.5	0.4
Discontinued Operations - Current Liability	-	-	0.0	0.4	0.0
Other Current Liabilities	82.9	74.6	78.5	108.9	111.1
Other Current liabilities, Total	86.0	77.8	82.3	114.2	112.6
Total Current Liabilities	278.0	268.2	249.0	298.4	281.7

Long Term Debt	14.7	28.7	6.4	9.4	1.1
Total Long Term Debt	14.7	28.7	6.4	9.4	1.1
Total Debt	15.4	29.9	7.6	10.7	1.5

Deferred Income Tax - LT Liability	4.5	18.9	9.6	1.5	-
Deferred Income Tax	4.5	18.9	9.6	1.5	-
Minority Interest	18.5	0.0	-	-	-
Other Long Term Liabilities	10.7	11.5	3.9	2.7	1.7
Other Liabilities, Total	10.7	11.5	3.9	2.7	1.7
Total Liabilities	326.5	327.2	269.0	312.0	284.5

Common Stock	0.4	0.4	0.4	0.4	0.4
Common Stock	0.4	0.4	0.4	0.4	0.4
Additional Paid-In Capital	323.6	326.5	326.1	328.6	337.0
Retained Earnings (Accumulated Deficit)	-20.0	20.6	13.5	-15.2	-64.9
Treasury Stock - Common	-39.4	-34.7	-33.8	-27.1	-10.0
Other Comprehensive Income	-	0.0	-0.2	-0.3	0.0
Other Equity, Total	-	0.0	-0.2	-0.3	0.0
Total Equity	264.6	312.8	306.0	286.5	262.6

Total Liabilities & Shareholdersâ€™ Equity	591.1	640.0	574.9	598.5	547.1

Shares Outstanding - Common Stock Primary Issue	37.4	37.9	38.0	38.7	40.3
Total Common Shares Outstanding	37.4	37.9	38.0	38.7	40.3
Treasury Shares - Common Stock Primary Issue	3.7	3.2	3.1	2.5	0.8
Employees	7,061	6,569	5,623	6,467	6,461
Number of Common Shareholders	370	409	389	432	436
Accumulated Intangible Amort, Suppl.	20.2	14.1	7.9	4.4	0.8
Deferred Revenue - Current	1.6	1.7	2.6	2.3	1.1
Total Long Term Debt, Supplemental	15.4	29.9	7.6	10.7	1.5
Long Term Debt Maturing within 1 Year	0.6	1.3	1.2	1.3	0.4
Long Term Debt Maturing in Year 2	0.7	1.7	3.7	3.0	0.4
Long Term Debt Maturing in Year 3	12.3	12.8	1.4	6.4	0.4
Long Term Debt Maturing in Year 4	0.3	12.4	1.4	0.0	0.4
Long Term Debt Maturing in Year 5	0.3	0.3	0.0	-	-
Long Term Debt Maturing in 2-3 Years	12.9	14.5	5.1	9.4	0.8
Long Term Debt Maturing in 4-5 Years	0.6	12.7	1.4	0.0	0.4
Long Term Debt Matur. in Year 6 & Beyond	1.2	1.5	0.0	0.0	0.0
Total Operating Leases, Supplemental	41.1	36.4	44.7	41.8	34.6
Operating Lease Payments Due in Year 1	10.6	9.9	10.6	11.0	9.6
Operating Lease Payments Due in Year 2	9.1	8.3	9.2	7.7	7.4
Operating Lease Payments Due in Year 3	6.5	6.6	8.0	6.7	4.4
Operating Lease Payments Due in Year 4	4.6	4.3	5.9	5.7	3.3
Operating Lease Payments Due in Year 5	3.1	2.8	3.9	4.3	2.7
Operating Lease Pymts. Due in 2-3 Years	15.6	14.9	17.2	14.4	11.8
Operating Lease Pymts. Due in 4-5 Years	7.7	7.1	9.7	10.0	6.1
Oper. Lse. Pymts. Due in Year 6 & Beyond	7.3	4.5	7.2	6.4	7.1

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Net Income/Starting Line	-36.5	14.7	34.2	49.7	32.5
Depreciation	12.6	11.2	10.0	8.8	6.1
Depreciation/Depletion	12.6	11.2	10.0	8.8	6.1
Amortization of Intangibles	7.5	6.2	3.5	3.8	0.7
Amortization	7.5	6.2	3.5	3.8	0.7
Deferred Taxes	-9.5	-3.5	3.2	-3.2	-0.7
Discontinued Operations	0.0	-0.7	0.1	0.0	0.0
Unusual Items	58.7	5.4	-0.1	-0.3	0.0
Other Non-Cash Items	-0.8	2.6	6.8	7.5	4.2
Non-Cash Items	57.9	7.3	6.8	7.2	4.2
Accounts Receivable	10.4	13.4	47.7	19.5	-21.2
Inventories	-0.3	1.0	1.7	0.0	-0.3
Prepaid Expenses	1.0	-1.5	2.0	1.6	-1.3
Other Assets	6.3	-13.5	-32.9	-15.1	37.1
Payable/Accrued	-21.5	0.0	-22.9	9.5	20.7
Other Liabilities	4.2	4.0	-0.3	1.3	5.8
Other Assets & Liabilities, Net	-2.4	-0.3	1.2	-0.3	-0.1
Other Operating Cash Flow	0.0	-7.1	0.0	0.0	-
Changes in Working Capital	-2.3	-3.9	-3.4	16.4	40.9
Cash from Operating Activities	29.7	32.1	54.3	82.9	83.6

Purchase of Fixed Assets	-8.7	-7.1	-9.5	-14.6	-11.1
Capital Expenditures	-8.7	-7.1	-9.5	-14.6	-11.1
Acquisition of Business	-30.0	-42.7	-14.6	-41.7	-7.3
Sale of Business	0.2	1.5	0.5	0.5	0.0
Sale of Fixed Assets	0.7	1.4	0.8	0.7	0.3
Sale/Maturity of Investment	2.0	3.9	4.0	8.6	0.0
Purchase of Investments	-	0.0	0.0	-18.5	0.0
Other Investing Cash Flow Items, Total	-27.1	-35.9	-9.4	-50.5	-7.0
Cash from Investing Activities	-35.8	-43.0	-18.8	-65.0	-18.1

Other Financing Cash Flow	-0.2	-0.8	0.2	1.8	1.2
Financing Cash Flow Items	-0.2	-0.8	0.2	1.8	1.2
Cash Dividends Paid - Common	-7.5	-7.5	-7.3	-7.1	-6.1
Total Cash Dividends Paid	-7.5	-7.5	-7.3	-7.1	-6.1
Repurchase/Retirement of Common	-7.3	-5.1	-12.6	-26.1	-11.5
Common Stock, Net	-7.3	-5.1	-12.6	-26.1	-11.5
Options Exercised	0.3	0.5	1.4	2.0	1.3
Issuance (Retirement) of Stock, Net	-7.0	-4.6	-11.2	-24.1	-10.2
Short Term Debt, Net	0.0	-	-	-	0.0
Long Term Debt Issued	-	-	-	-	0.0
Long Term Debt Reduction	-14.4	-17.7	-6.3	-11.1	-0.7
Long Term Debt, Net	-14.4	-17.7	-6.3	-11.1	-1.0
Issuance (Retirement) of Debt, Net	-14.4	-17.7	-6.3	-11.1	-1.0
Cash from Financing Activities	-29.0	-30.7	-24.6	-40.4	-16.2

Net Change in Cash	-35.1	-41.5	10.8	-22.6	49.3

Net Cash - Beginning Balance	86.3	127.9	117.0	139.6	90.3
Net Cash - Ending Balance	51.2	86.3	127.9	117.0	139.6
Cash Interest Paid	1.7	1.2	1.2	1.1	0.5
Cash Taxes Paid	1.6	9.0	39.0	32.2	20.1

Annual Income Statement

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Restated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Revenues	1,240.0	1,108.3	1,128.9	1,321.8	1,101.6
Total Revenue	1,240.0	1,108.3	1,128.9	1,321.8	1,101.6

Cost of Revenues	1,058.6	919.6	903.4	1,061.8	906.3
Selling, General and Administrative Exp.	172.1	163.4	169.0	180.8	145.8
Goodwill impairment	58.9	5.7	0.0	0.0	-
Gain on Sale of Assets	-0.2	-0.5	-0.1	-0.3	0.0
Total Operating Expense	1,289.4	1,088.2	1,072.3	1,242.3	1,052.2

Interest Income	0.1	0.2	0.6	2.5	3.3
Interest Expense	-1.9	-1.7	-1.2	-1.4	-0.6
Other income (expense)	0.9	0.3	0.0	0.1	0.0
Changes in the fair value of contingent	5.5	1.6	0.0	-	-
Net Income Before Taxes	-44.7	20.4	56.0	80.7	52.1

Provision for Income Taxes	-8.2	6.4	21.4	30.9	19.9
Net Income After Taxes	-36.5	14.0	34.6	49.8	32.2

Less: Net income attributable to noncont	-0.3	0.0	0.0	-	-
Net Income Before Extra. Items	-36.8	14.0	34.6	49.8	32.2
Operating income (loss), net of income t	0.0	0.0	-0.3	-0.1	0.2
Loss onDisposition of Disc.	0.0	0.7	-0.1	0.0	0.0
Net Income	-36.8	14.7	34.2	49.7	32.5

Income Available to Com Excl ExtraOrd	-36.8	14.0	34.6	49.8	32.2

Income Available to Com Incl ExtraOrd	-36.8	14.7	34.2	49.7	32.5

Basic Weighted Average Shares	37.4	37.5	38.0	39.4	40.6
Basic EPS Excluding ExtraOrdinary Items	-0.99	0.37	0.91	1.26	0.79
Basic EPS Including ExtraOrdinary Item	-0.99	0.39	0.90	1.26	0.80
Dilution Adjustment	0.0	-	-	-	-
Diluted Net Income	-36.8	14.7	34.2	49.7	32.5
Diluted Weighted Average Shares	37.4	37.8	38.5	40.0	41.3
Diluted EPS Excluding ExtraOrd Items	-0.99	0.37	0.90	1.24	0.78
Diluted EPS Including ExtraOrd Items	-0.99	0.39	0.89	1.24	0.79
DPS-Common Stock	0.20	0.20	0.19	0.18	0.15
Gross Dividends - Common Stock	7.6	7.6	7.3	7.1	6.1
Normalized Income Before Taxes	14.0	25.6	55.9	80.4	52.1

Inc Tax Ex Impact of Sp Items	12.4	8.0	21.4	30.8	19.9
Normalized Income After Taxes	1.7	17.6	34.5	49.6	32.2

Normalized Inc. Avail to Com.	1.3	17.6	34.5	49.6	32.2

Basic Normalized EPS	0.04	0.47	0.91	1.26	0.79
Diluted Normalized EPS	0.04	0.47	0.90	1.24	0.78
Interest Expense	1.9	1.7	1.2	1.4	0.6
Amortisation of Intangibles	7.5	6.2	3.5	3.8	0.7
Rental Expense	13.0	13.3	16.2	15.3	16.7
Depreciation	12.6	11.2	10.0	8.7	6.1
Current Tax - Domestics	0.2	8.0	14.2	28.0	16.8
Current Tax - State	1.1	1.9	4.0	6.0	3.8
Current Tax - Total	1.4	9.8	18.3	34.0	20.6
Deferred Tax - Domestic	-10.3	-0.5	4.7	-3.1	-0.5
Deferred Tax - State	0.8	-2.9	-1.6	-0.1	-0.2
Deferred Tax - Total	-9.5	-3.5	3.2	-3.2	-0.7
Income Tax - Total	-8.2	6.4	21.4	30.9	19.9
Gross profit	-	-	225.6	259.9	195.3
Operating income	-	-	56.6	79.4	49.4
Defined Contribution Plans - Pension	5.1	4.3	4.5	4.3	4.3
Multi-Employer Pension Plans-Subsidiary	0.0	0.0	0.0	0.0	0.0
Total Pension Expense	5.1	4.3	4.5	4.3	4.3

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Cash/Equivalents	51.2	86.3	127.9	117.0	139.6
Accounts Receivable, Gross	272.4	239.0	210.6	271.9	265.2
Doubtful Account	-5.3	-5.1	-7.3	-5.3	-3.8
Income tax receivable	0.0	9.5	20.1	0.0	-
Other Receivable	6.5	6.7	5.8	6.2	7.3
Inventories	10.6	9.4	9.8	11.4	9.4
Receivables from Sale of Operations	-	-	-	-	0.0
Prepaid Expenses	24.7	30.5	25.8	23.4	14.5
Costs and estimated earnings	27.2	26.6	20.4	19.1	18.5
Assets/Discontinued Operations	-	-	0.0	1.5	0.0
Total Current Assets	387.3	402.9	413.2	445.2	450.6

Land	2.3	2.3	1.4	1.1	-
Transportation Eqipment	35.0	31.0	23.6	21.8	12.7
Machine/Equip.	21.5	19.6	18.2	18.4	16.2
Computer/Teleph.	17.6	16.7	17.6	16.9	15.9
Build./Improv.	23.6	22.9	17.3	14.8	10.2
Furn./Fixutures	4.9	4.8	4.8	4.4	4.2
Depreciation	-62.9	-53.5	-48.2	-41.7	-37.9
Marketable Securities	-	0.0	4.7	8.4	0.0
Goodwill	107.1	147.8	100.2	90.9	68.6
Other LT Assets	6.3	6.0	2.8	2.0	4.2
Intangibles	68.5	53.7	27.3	20.7	3.0
Accumulated Amortization	-20.2	-14.1	-7.9	-4.4	-0.8
Total Assets	591.1	640.0	574.9	598.5	547.1

Current maturities of note	0.3	1.0	0.9	1.3	0.4
Current maturities of long-term debt	0.3	0.3	0.3	0.0	0.0
Accounts Payable	114.3	101.1	83.8	98.2	90.9
Accrued Comp.	36.5	42.6	38.0	46.6	42.8
Accrued self-insurance expense	27.4	29.0	26.9	25.4	21.3
Excess Billing	71.7	63.4	66.3	97.5	104.2
Taxes	-	-	0.0	1.0	0.4
Other current liabilities	11.2	11.2	12.2	11.4	6.9
Deferred revenue	1.6	1.7	2.6	2.3	1.1
Deferred income tax	1.5	1.5	1.2	1.5	-
Accrued expenses	13.2	16.4	16.8	12.7	13.8
Liabs./Discon.Op	-	-	0.0	0.4	0.0
Total Current Liabilities	278.0	268.2	249.0	298.4	281.7

Note to former owner	12.3	26.0	6.4	9.4	1.1
Long Term Debt, Net of Current Maturitie	2.4	2.7	0.0	0.0	0.0
Total Long Term Debt	14.7	28.7	6.4	9.4	1.1

Defered Income Tax Liability	4.5	18.9	9.6	1.5	-
Noncontrolling interests	18.5	0.0	-	-	-
Other Long-Term Liabilites	10.7	11.5	3.9	2.7	1.7
Total Liabilities	326.5	327.2	269.0	312.0	284.5

Common Stock	0.4	0.4	0.4	0.4	0.4
Accumulated other comprehensive income (	-	0.0	-0.2	-0.3	0.0
Additional paid in capital	323.6	326.5	326.1	328.6	337.0
Retained earnings	-20.0	20.6	13.5	-15.2	-64.9
Treasury stock	-39.4	-34.7	-33.8	-27.1	-10.0
Total Equity	264.6	312.8	306.0	286.5	262.6

Total Liabilities & Shareholders' Equity	591.1	640.0	574.9	598.5	547.1

S/O-Common Stock	37.4	37.9	38.0	38.7	40.3
Total Common Shares Outstanding	37.4	37.9	38.0	38.7	40.3
T/S-Common Stock	3.7	3.2	3.1	2.5	0.8
Accumulated Amortization	20.2	14.1	7.9	4.4	0.8
Deferred Revenue - Current	1.6	1.7	2.6	2.3	1.1
Full-Time Employees	7,061	6,569	5,623	6,467	6,461
Number of Common Shareholders	370	409	389	432	436
LT Debt Maturing within 1 Year	0.6	1.3	1.2	1.3	0.4
LT Debt Maturing within 2 Years	0.7	1.7	3.7	3.0	0.4
LT Debt Maturing within 3 Years	12.3	12.8	1.4	6.4	0.4
LT Debt Maturing within 4 Years	0.3	12.4	1.4	0.0	0.4
LT Debt Maturing within 5 Years	0.3	0.3	0.0	-	-
LT Debt Remaining Maturities	1.2	1.5	0.0	-	-
Total Long Term Debt, Supplemental	15.4	29.9	7.6	10.7	1.5
Operating Lease Maturing within 1 Year	10.6	9.9	10.6	11.0	9.6
Operating Lease Maturing within 2 Years	9.1	8.3	9.2	7.7	7.4
Operating Lease Maturing within 3 Years	6.5	6.6	8.0	6.7	4.4
Operating Lease Maturing within 4 Years	4.6	4.3	5.9	5.7	3.3
Operating Lease Maturing within 5 Years	3.1	2.8	3.9	4.3	2.7
Operating Lease - Remaining Maturities	7.3	4.5	7.2	6.4	7.1
Total Operating Leases	41.1	36.4	44.7	41.8	34.6

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Net Income	-36.5	14.7	34.2	49.7	32.5
Depreciation	12.6	11.2	10.0	8.8	6.1
Amortization of identifiable intangible	7.5	6.2	3.5	3.8	0.7
Write-off of debt financing costs	0.0	0.2	0.0	0.0	-
Estimated loss on disposition of discont	0.0	-0.7	0.1	0.0	0.0
Goodwill impairment	58.9	5.7	0.0	0.0	-
Deferred Taxes	-9.5	-3.5	3.2	-3.2	-0.7
Bad Debt Expense	0.9	0.4	3.3	3.6	1.5
Stock Based Compensation Expense	3.6	3.7	3.5	3.9	2.5
Amort.Debt Fin.Cost	0.2	0.2	0.1	0.1	0.1
Changes in the fair value of contingent	-5.5	-1.6	0.0	0.0	-
Loss (gain) on sale of assets	-0.2	-0.5	-0.1	-0.3	0.0
Receivables	10.4	13.4	47.7	19.5	-21.2
Inventories	-0.3	1.0	1.7	0.0	-0.3
Prepaid Exp./Other	1.0	-1.5	2.0	1.6	-1.3
Earnings in Excess	4.2	4.0	-0.3	1.3	5.8
Other Assests	0.9	-0.8	-0.5	0.3	0.5
Payable & Accrued	-21.5	0.0	-22.9	9.5	20.7
Costs in Excess	5.4	-12.7	-32.4	-15.4	36.6
Taxes paid related to pre-acquisition eq	0.0	-7.1	0.0	0.0	-
Other long term liabilities	-2.4	-0.3	1.2	-0.3	-0.1
Cash from Operating Activities	29.7	32.1	54.3	82.9	83.6

Capital Expenditures	-8.7	-7.1	-9.5	-14.6	-11.1
Sales of marketable securities	2.0	3.9	4.0	8.6	0.0
Purchases of marketable securities	-	0.0	0.0	-18.5	0.0
Sale of Assets	0.7	1.4	0.8	0.7	0.3
Cash paid for acquisition and intangible	-30.0	-42.7	-14.6	-41.7	-7.3
Sale of Business	0.2	1.5	0.5	0.5	0.0
Cash from Investing Activities	-35.8	-43.0	-18.8	-65.0	-18.1

Revolving Credit,Net	0.0	-	-	-	0.0
LTD Payments	-14.4	-17.7	-6.3	-11.1	-0.7
Borrowings of other long term debt	-	-	-	-	0.0
Debt financing costs	-0.5	-0.9	0.0	-	-
Borrowings of other long term debt Debt	-	-	-	0.0	-0.3
Tax benefit of stock based Compensation	0.2	0.7	0.6	1.8	1.2
Shares received in lieu of tax withholdi	-0.7	-0.6	-0.5	-	-
Dividends Paid	-7.5	-7.5	-7.3	-7.1	-6.1
Capital contribution from noncontrolling	0.8	0.0	0.0	-	-
Exercise of Options	0.3	0.5	1.4	2.0	1.3
Share repurchase program	-7.3	-5.1	-12.6	-26.1	-11.5
Cash from Financing Activities	-29.0	-30.7	-24.6	-40.4	-16.2

Net Change in Cash	-35.1	-41.5	10.8	-22.6	49.3

Net Cash - Beginning Balance	86.3	127.9	117.0	139.6	90.3
Net Cash - Ending Balance	51.2	86.3	127.9	117.0	139.6
Cash Interest Paid	1.7	1.2	1.2	1.1	0.5
Cash Taxes Paid	1.6	9.0	39.0	32.2	20.1

Financial Health

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Key IndicatorsÂ USD (mil)
Â	Quarter Ending 31-Mar-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue	329.4	16.79%	1,240.0	11.89%	-2.11%	3.25%
Operating Income	-3.4	-	-49.4	-	-	-
Income Available to Common Excl Extraord Items	-1.0	-	-36.8	-	-	-
Basic EPS Excl Extraord Items	-0.03	-	-0.99	-	-	-
Capital Expenditures	2.1	-11.27%	8.7	22.25%	-15.91%	1.33%
Cash from Operating Activities	-19.8	-	29.7	-7.68%	-28.98%	10.85%
Free Cash Flow	-21.9	-	21.0	-16.15%	-32.48%	16.91%
Total Assets	576.1	-6.53%	591.1	-7.65%	-0.42%	5.06%
Total Liabilities	313.7	1.46%	326.5	-0.23%	1.52%	8.31%
Total Long Term Debt	14.6	-46.96%	14.7	-48.55%	16.35%	-
Employees	-	-	7061	7.49%	2.97%	1.22%
Total Common Shares Outstanding	37.4	-1.75%	37.4	-1.30%	-1.10%	-1.68%
Market Cap	408.2	-23.81%	401.0	-19.66%	-0.91%	-4.86%

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	14.63%	17.02%	19.98%	19.67%	17.73%
Operating Margin	-3.98%	1.81%	5.02%	6.01%	4.49%
Pretax Margin	-3.60%	1.84%	4.96%	6.10%	4.73%
Net Profit Margin	-2.97%	1.26%	3.06%	3.77%	2.92%
Financial Strength
Current Ratio	1.39	1.50	1.66	1.49	1.60
Long Term Debt/Equity	0.06	0.09	0.02	0.03	0.00
Total Debt/Equity	0.06	0.10	0.02	0.04	0.01
Management Effectiveness
Return on Assets	-5.93%	2.31%	5.90%	8.70%	6.39%
Return on Equity	-12.76%	4.53%	11.68%	18.14%	12.75%
Efficiency
Receivables Turnover	4.74	4.62	4.50	4.88	4.33
Inventory Turnover	105.88	95.88	85.36	102.36	99.82
Asset Turnover	2.01	1.82	1.92	2.31	2.18

Market ValuationÂ USD (mil)
Enterprise Value	384.8	.	Price/Sales (TTM)	0.30
Enterprise Value/Revenue (TTM)	0.30	.	Price/Book (MRQ)	1.45
Market Cap as of 27-Jul-2012	380.6	.

Ratio Comparisons

Traded: New York Stock Exchange: FIX	Financials in: USD (actual units)
Industry: Construction Services	As of 27-Jul-2012
Sector: Capital Goods

	Company	Industry	Sector	S&P 500
Valuation Ratios
P/E Excluding Extraordinary (TTM)	-	30.77	22.07	19.68
P/E High Excluding Extraordinary - Last 5 Yrs	35.51	55.68	37.65	32.79
P/E Low Excluding Extraordinary - Last 5 Yrs	8.57	9.47	7.33	10.71
Beta	1.37	1.33	1.34	1.00
Price/Revenue (TTM)	0.30	1.01	1.52	2.57
Price/Book (MRQ)	1.45	2.04	4.76	3.67
Price to Tangible Book (MRQ)	3.49	3.63	7.19	5.21
Price to Cash Flow Per Share (TTM)	-	23.40	15.36	14.22
Price to Free Cash Flow Per Share (TTM)	29.19	31.68	32.27	26.26

Dividends
Dividend Yield	1.96%	1.03%	1.88%	2.26%
Dividend Per Share - 5 Yr Avg	0.18	0.79	1.73	1.99
Dividend 5 Yr Growth	7.39%	-15.78%	7.09%	0.08%
Payout Ratio (TTM)	-	10.38%	27.79%	25.98%

Growth Rates (%)
Revenue (MRQ) vs Qtr 1 Yr Ago	16.79%	4.79%	13.77%	15.58%
Revenue (TTM) vs TTM 1 Yr Ago	11.57%	1.08%	9.04%	17.69%
Revenue 5 Yr Growth	3.25%	4.38%	6.24%	8.97%
EPS (MRQ) vs Qtr 1 Yr Ago	79.84%	5.29%	8.64%	19.49%
EPS (TTM) vs TTM 1 Yr Ago	-532.65%	-4.67%	48.61%	32.55%
EPS 5 Yr Growth	-	21.98%	11.11%	9.86%
Capital Spending 5 Yr Growth	1.33%	-5.86%	2.27%	-2.04%

Financial Strength
Quick Ratio (MRQ)	1.36	1.42	1.00	1.24
Current Ratio (MRQ)	1.40	1.90	1.91	1.79
LT Debt/Equity (MRQ)	0.06	0.49	0.99	0.64
Total Debt/Equity (MRQ)	0.06	0.51	1.16	0.73
Interest Coverage (TTM)	-26.30	12.88	11.79	13.80

Profitability Ratios (%)
Gross Margin (TTM)	14.76%	9.50%	24.70%	45.21%
Gross Margin - 5 Yr Avg	17.81%	10.93%	24.93%	44.91%
EBITD Margin (TTM)	-1.87%	2.53%	12.97%	24.43%
EBITD Margin - 5 Yr Avg	3.84%	2.20%	12.28%	22.84%
Operating Margin (TTM)	-3.45%	0.59%	9.82%	20.63%
Operating Margin - 5 Yr Avg	2.65%	0.84%	9.51%	18.28%
Pretax Margin (TTM)	-3.07%	0.54%	8.95%	17.95%
Pretax Margin - 5 Yr Avg	2.79%	0.65%	8.79%	17.10%
Net Profit Margin (TTM)	-2.64%	1.44%	6.41%	13.65%
Net Profit Margin - 5 Yr Avg	1.60%	-0.43%	6.01%	12.10%
Effective Tax Rate (TTM)	-	34.88%	29.26%	28.45%
Effective Tax rate - 5 Yr Avg	42.77%	35.51%	31.03%	29.92%

Management Effectiveness (%)
Return on Assets (TTM)	-5.70%	2.80%	6.25%	8.54%
Return on Assets - 5 Yr Avg	3.26%	3.16%	6.69%	8.40%
Return on Investment (TTM)	-10.34%	2.60%	4.72%	7.90%
Return on Investment - 5 Yr Avg	6.14%	3.10%	5.72%	8.27%
Return on Equity (TTM)	-11.48%	4.41%	18.99%	19.72%
Return on Equity - 5 Yr Avg	6.60%	6.79%	23.87%	20.06%

Efficiency
Revenue/Employee (TTM)	182,321.30	709,241.09	357,573.83	927,613.77
Net Income/Employee (TTM)	-4,813.77	26,399.77	23,741.62	116,121.92
Receivables Turnover (TTM)	5.16	12.16	8.63	13.25
Inventory Turnover (TTM)	107.93	18.90	8.11	14.53
Asset Turnover (TTM)	2.16	1.35	1.00	0.93

Annual Ratios

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	1.39	1.50	1.66	1.49	1.60
Quick/Acid Test Ratio	1.17	1.25	1.43	1.31	1.45
Working Capital	109.3	134.7	164.1	146.8	168.9
Long Term Debt/Equity	0.06	0.09	0.02	0.03	0.00
Total Debt/Equity	0.06	0.10	0.02	0.04	0.01
Long Term Debt/Total Capital	0.05	0.08	0.02	0.03	0.00
Total Debt/Total Capital	0.05	0.09	0.02	0.04	0.01
Payout Ratio	-20.30%	53.58%	20.90%	14.25%	18.89%
Effective Tax Rate	-	31.21%	38.26%	38.26%	38.15%
Total Capital	280.0	342.7	313.6	297.2	264.1

Efficiency
Asset Turnover	2.01	1.82	1.92	2.31	2.18
Inventory Turnover	105.88	95.88	85.36	102.36	99.82
Days In Inventory	3.45	3.81	4.28	3.57	3.66
Receivables Turnover	4.74	4.62	4.50	4.88	4.33
Days Receivables Outstanding	77.08	78.93	81.15	74.75	84.38
Revenue/Employee	175,615	168,714	200,766	204,387	170,497
Operating Income/Employee	-6,992	3,051	10,072	12,285	7,649
EBITDA/Employee	-4,145	5,700	12,473	14,218	8,701

Profitability
Gross Margin	14.63%	17.02%	19.98%	19.67%	17.73%
Operating Margin	-3.98%	1.81%	5.02%	6.01%	4.49%
EBITDA Margin	-2.36%	3.38%	6.21%	6.96%	5.10%
EBIT Margin	-3.98%	1.81%	5.02%	6.01%	4.49%
Pretax Margin	-3.60%	1.84%	4.96%	6.10%	4.73%
Net Profit Margin	-2.97%	1.26%	3.06%	3.77%	2.92%
COGS/Revenue	85.37%	82.98%	80.02%	80.33%	82.27%
SG&A Expense/Revenue	13.88%	14.75%	14.97%	13.68%	13.24%

Management Effectiveness
Return on Assets	-5.93%	2.31%	5.90%	8.70%	6.39%
Return on Equity	-12.76%	4.53%	11.68%	18.14%	12.75%

Valuation
Free Cash Flow/Share	0.56	0.66	1.18	1.77	1.80
Operating Cash Flow/Share	0.79	0.85	1.43	2.14	2.07

Current Market Multiples
Market Cap/Earnings (TTM)	-11.60
Market Cap/Equity (MRQ)	1.45
Market Cap/Revenue (TTM)	0.30
Market Cap/EBIT (TTM)	-8.56
Market Cap/EBITDA (TTM)	-15.84
Enterprise Value/Earnings (TTM)	-11.73
Enterprise Value/Equity (MRQ)	1.47
Enterprise Value/Revenue (TTM)	0.30
Enterprise Value/EBIT (TTM)	-8.66
Enterprise Value/EBITDA (TTM)	-16.02

Stock Report

Stock Snapshot

Traded: New York Stock Exchange: FIX

As of 27-Jul-2012 US Dollars

Recent Price	$10.18	EPS	$0.04
52 Week High	$13.05	Price/Sales	0.31
52 Week Low	$7.81	Dividend Rate	$0.20
Avg. Volume (mil)	0.09	Price/Book	1.44
Market Value (mil)	$380.56	Beta	1.37

	Price % Change	Rel S&P 500%
4 Week	1.60%	-0.15%
13 Week	-5.91%	-4.73%
52 Week	-0.59%	-6.71%
Year to Date	-5.04%	-13.84%

2 Year Weekly End Price & Volume

Stock History

Market Cap History
	31-Mar-12	% Chg	31-Dec-11	% Chg	30-Sep-11	% Chg	30-Jun-11	% Chg	31-Mar-11	% Chg
Total Common Shares Outstanding	37	0.0	37	-0.2	37	-0.7	38	-0.8	38	0.5
Market Cap	408.2	1.8	401.0	28.5	312.0	-22.2	400.8	-25.2	535.8	7.3

Yearly Price History
	2012	% Chg	2011	% Chg	2010	% Chg	2009	% Chg	2008	% Chg
High Price	13.05	-9.4	14.41	-0.6	14.50	10.5	13.12	-17.1	15.82	-13.6
Low Price	8.81	12.8	7.81	-17.9	9.51	18.3	8.04	30.3	6.17	-43.4
Year End Price	10.18	-5.0	10.72	-18.6	13.17	6.7	12.34	15.8	10.66	-16.6

Monthly Price History
Price Ending Date	Open	High	Low	Close	Volume
27-Jul-12	10.00	10.90	9.29	10.18	1,319,189
29-Jun-12	8.81	10.09	8.81	10.02	2,132,492
31-May-12	10.59	10.90	8.82	9.08	2,075,024
30-Apr-12	10.84	11.33	9.40	10.58	1,969,314
30-Mar-12	11.55	11.55	9.97	10.91	3,001,616
29-Feb-12	12.08	13.05	11.36	11.44	2,210,580
31-Jan-12	11.08	12.42	10.60	11.96	1,331,731
30-Dec-11	10.37	11.33	10.08	10.72	2,217,633
30-Nov-11	10.51	12.00	8.60	10.43	3,243,677
31-Oct-11	8.28	11.59	7.81	11.00	2,651,887
30-Sep-11	9.58	10.15	8.31	8.32	2,994,893
31-Aug-11	10.54	12.53	8.78	9.56	4,785,832
29-Jul-11	10.64	11.30	10.08	10.44	2,211,497

Annual Income Statement

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Restated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Net Sales	1,240.0	1,108.3	1,128.9	1,321.8	1,101.6
Revenue	1,240.0	1,108.3	1,128.9	1,321.8	1,101.6
Total Revenue	1,240.0	1,108.3	1,128.9	1,321.8	1,101.6

Cost of Revenue	1,058.6	919.6	903.4	1,061.8	906.3
Cost of Revenue, Total	1,058.6	919.6	903.4	1,061.8	906.3
Gross Profit	181.5	188.7	225.6	259.9	195.3

Selling/General/Administrative Expense	172.1	163.4	169.0	180.8	145.8
Total Selling/General/Administrative Expenses	172.1	163.4	169.0	180.8	145.8
Impairment-Assets Held for Use	58.9	5.7	0.0	0.0	-
Loss (Gain) on Sale of Assets - Operating	-0.2	-0.5	-0.1	-0.3	0.0
Unusual Expense (Income)	58.7	5.2	-0.1	-0.3	0.0
Total Operating Expense	1,289.4	1,088.2	1,072.3	1,242.3	1,052.2

Operating Income	-49.4	20.0	56.6	79.4	49.4

Interest Expense - Non-Operating	-1.9	-1.7	-1.2	-1.4	-0.6
Interest Expense, Net Non-Operating	-1.9	-1.7	-1.2	-1.4	-0.6
Interest Income - Non-Operating	0.1	0.2	0.6	2.5	3.3
Interest/Investment Income - Non-Operating	0.1	0.2	0.6	2.5	3.3
Interest Income (Expense) - Net Non-Operating Total	-1.8	-1.5	-0.6	1.2	2.7
Other Non-Operating Income (Expense)	6.5	1.8	0.0	0.1	0.0
Other, Net	6.5	1.8	0.0	0.1	0.0
Income Before Tax	-44.7	20.4	56.0	80.7	52.1

Total Income Tax	-8.2	6.4	21.4	30.9	19.9
Income After Tax	-36.5	14.0	34.6	49.8	32.2

Minority Interest	-0.3	0.0	0.0	-	-
Net Income Before Extraord Items	-36.8	14.0	34.6	49.8	32.2
Discontinued Operations	0.0	0.7	-0.4	-0.1	0.2
Total Extraord Items	0.0	0.7	-0.4	-0.1	0.2
Net Income	-36.8	14.7	34.2	49.7	32.5

Income Available to Common Excl Extraord Items	-36.8	14.0	34.6	49.8	32.2

Income Available to Common Incl Extraord Items	-36.8	14.7	34.2	49.7	32.5

Basic/Primary Weighted Average Shares	37.4	37.5	38.0	39.4	40.6
Basic EPS Excl Extraord Items	-0.99	0.37	0.91	1.26	0.79
Basic/Primary EPS Incl Extraord Items	-0.99	0.39	0.90	1.26	0.80
Dilution Adjustment	0.0	-	-	-	-
Diluted Net Income	-36.8	14.7	34.2	49.7	32.5
Diluted Weighted Average Shares	37.4	37.8	38.5	40.0	41.3
Diluted EPS Excl Extraord Items	-0.99	0.37	0.90	1.24	0.78
Diluted EPS Incl Extraord Items	-0.99	0.39	0.89	1.24	0.79
Dividends per Share - Common Stock Primary Issue	0.20	0.20	0.19	0.18	0.15
Gross Dividends - Common Stock	7.6	7.6	7.3	7.1	6.1
Interest Expense, Supplemental	1.9	1.7	1.2	1.4	0.6
Depreciation, Supplemental	12.6	11.2	10.0	8.7	6.1
Total Special Items	58.7	5.2	-0.1	-0.3	0.0
Normalized Income Before Tax	14.0	25.6	55.9	80.4	52.1

Effect of Special Items on Income Taxes	20.5	1.6	0.0	-0.1	0.0
Inc Tax Ex Impact of Sp Items	12.4	8.0	21.4	30.8	19.9
Normalized Income After Tax	1.7	17.6	34.5	49.6	32.2

Normalized Inc. Avail to Com.	1.3	17.6	34.5	49.6	32.2

Basic Normalized EPS	0.04	0.47	0.91	1.26	0.79
Diluted Normalized EPS	0.04	0.47	0.90	1.24	0.78
Amort of Intangibles, Supplemental	7.5	6.2	3.5	3.8	0.7
Rental Expenses	13.0	13.3	16.2	15.3	16.7
Reported Gross Profit	-	-	225.6	259.9	195.3
Reported Operating Profit	-	-	56.6	79.4	49.4
Normalized EBIT	9.3	25.3	56.5	79.2	49.5
Normalized EBITDA	29.4	42.7	70.0	91.7	56.3
Current Tax - Domestic	0.2	8.0	14.2	28.0	16.8
Current Tax - Local	1.1	1.9	4.0	6.0	3.8
Current Tax - Total	1.4	9.8	18.3	34.0	20.6
Deferred Tax - Domestic	-10.3	-0.5	4.7	-3.1	-0.5
Deferred Tax - Local	0.8	-2.9	-1.6	-0.1	-0.2
Deferred Tax - Total	-9.5	-3.5	3.2	-3.2	-0.7
Income Tax - Total	-8.2	6.4	21.4	30.9	19.9
Defined Contribution Expense - Domestic	5.1	4.3	4.5	4.3	4.3
Total Pension Expense	5.1	4.3	4.5	4.3	4.3

Interim Income Statement

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1

Net Sales	329.4	317.7	328.1	312.1	282.1
Revenue	329.4	317.7	328.1	312.1	282.1
Total Revenue	329.4	317.7	328.1	312.1	282.1

Cost of Revenue	286.7	267.1	279.0	264.6	247.9
Cost of Revenue, Total	286.7	267.1	279.0	264.6	247.9
Gross Profit	42.7	50.6	49.1	47.5	34.2

Selling/General/Administrative Expense	46.4	46.1	41.5	41.9	42.6
Total Selling/General/Administrative Expenses	46.4	46.1	41.5	41.9	42.6
Impairment-Assets Held for Use	-	3.8	55.1	0.0	-
Loss (Gain) on Sale of Assets - Operating	-0.2	-0.1	-0.1	0.0	-0.1
Unusual Expense (Income)	-0.2	3.7	55.1	0.0	-0.1
Total Operating Expense	332.8	316.9	375.6	306.5	290.4

Operating Income	-3.4	0.8	-47.5	5.6	-8.3

Interest Expense - Non-Operating	-0.4	-0.5	-0.5	-0.5	-0.5
Interest Expense, Net Non-Operating	-0.4	-0.5	-0.5	-0.5	-0.5
Interest Income - Non-Operating	0.0	0.1	0.0	0.0	0.0
Interest/Investment Income - Non-Operating	0.0	0.1	0.0	0.0	0.0
Interest Income (Expense) - Net Non-Operating Total	-0.4	-0.4	-0.5	-0.4	-0.5
Other Non-Operating Income (Expense)	0.0	1.0	5.1	0.5	-0.1
Other, Net	0.0	1.0	5.1	0.5	-0.1
Income Before Tax	-3.8	1.4	-42.9	5.7	-8.9

Total Income Tax	-1.1	-0.7	-6.3	2.5	-3.7
Income After Tax	-2.7	2.1	-36.6	3.2	-5.2

Minority Interest	1.6	-0.3	-	-	0.0
Net Income Before Extraord Items	-1.0	1.7	-36.6	3.2	-5.2
Discontinued Operations	-	0.0	0.0	0.0	0.0
Total Extraord Items	-	0.0	0.0	0.0	0.0
Net Income	-1.0	1.7	-36.6	3.2	-5.2

Income Available to Common Excl Extraord Items	-1.0	1.7	-36.6	3.2	-5.2

Income Available to Common Incl Extraord Items	-1.0	1.7	-36.6	3.2	-5.2

Basic/Primary Weighted Average Shares	37.1	37.1	37.3	37.6	37.5
Basic EPS Excl Extraord Items	-0.03	0.05	-0.98	0.08	-0.14
Basic/Primary EPS Incl Extraord Items	-0.03	0.05	-0.98	0.08	-0.14
Dilution Adjustment	0.0	0.0	0.0	-	0.0
Diluted Net Income	-1.0	1.7	-36.6	3.2	-5.2
Diluted Weighted Average Shares	37.1	37.2	37.3	37.7	37.5
Diluted EPS Excl Extraord Items	-0.03	0.05	-0.98	0.08	-0.14
Diluted EPS Incl Extraord Items	-0.03	0.05	-0.98	0.08	-0.14
Dividends per Share - Common Stock Primary Issue	0.05	0.05	0.05	0.05	0.05
Gross Dividends - Common Stock	1.9	1.9	1.9	1.9	1.9
Interest Expense, Supplemental	0.4	0.5	0.5	0.5	0.5
Depreciation, Supplemental	3.1	3.5	3.0	3.0	3.2
Total Special Items	-0.2	3.7	55.1	0.0	-0.1
Normalized Income Before Tax	-4.0	5.1	12.2	5.7	-9.0

Effect of Special Items on Income Taxes	-0.1	1.3	19.3	0.0	0.0
Inc Tax Ex Impact of Sp Items	-1.2	0.6	13.0	2.5	-3.7
Normalized Income After Tax	-2.8	4.5	-0.8	3.2	-5.2

Normalized Inc. Avail to Com.	-1.2	4.2	-0.8	3.2	-5.2

Basic Normalized EPS	-0.03	0.11	-0.02	0.08	-0.14
Diluted Normalized EPS	-0.03	0.11	-0.02	0.08	-0.14
Amort of Intangibles, Supplemental	2.1	2.4	1.7	1.7	1.7
Reported Gross Profit	-	-	49.1	47.5	34.2
Reported Operating Profit	-	-	-47.5	5.6	-8.3
Normalized EBIT	-3.6	4.5	7.6	5.6	-8.4
Normalized EBITDA	1.5	10.4	12.3	10.3	-3.6

Annual Balance Sheet

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Cash & Equivalents	51.2	86.3	127.9	117.0	139.6
Cash and Short Term Investments	51.2	86.3	127.9	117.0	139.6
Accounts Receivable - Trade, Gross	272.4	239.0	210.6	271.9	265.2
Provision for Doubtful Accounts	-5.3	-5.1	-7.3	-5.3	-3.8
Trade Accounts Receivable - Net	267.1	233.9	203.4	266.6	261.4
Other Receivables	6.5	16.2	25.9	6.2	7.3
Total Receivables, Net	273.6	250.1	229.2	272.8	268.7
Total Inventory	10.6	9.4	9.8	11.4	9.4
Prepaid Expenses	24.7	30.5	25.8	23.4	14.5
Discontinued Operations - Current Asset	-	-	0.0	1.5	0.0
Other Current Assets	27.2	26.6	20.4	19.1	18.5
Other Current Assets, Total	27.2	26.6	20.4	20.7	18.5
Total Current Assets	387.3	402.9	413.2	445.2	450.6

Buildings	23.6	22.9	17.3	14.8	10.2
Land/Improvements	2.3	2.3	1.4	1.1	-
Machinery/Equipment	79.0	72.0	64.3	61.5	49.1
Property/Plant/Equipment - Gross	104.9	97.2	82.9	77.4	59.3
Accumulated Depreciation	-62.9	-53.5	-48.2	-41.7	-37.9
Property/Plant/Equipment - Net	42.0	43.6	34.7	35.7	21.4
Goodwill, Net	107.1	147.8	100.2	90.9	68.6
Intangibles - Gross	68.5	53.7	27.3	20.7	3.0
Accumulated Intangible Amortization	-20.2	-14.1	-7.9	-4.4	-0.8
Intangibles, Net	48.3	39.6	19.4	16.3	2.2
LT Investments - Other	-	0.0	4.7	8.4	0.0
Long Term Investments	-	0.0	4.7	8.4	0.0
Other Long Term Assets	6.3	6.0	2.8	2.0	4.2
Other Long Term Assets, Total	6.3	6.0	2.8	2.0	4.2
Total Assets	591.1	640.0	574.9	598.5	547.1

Accounts Payable	114.3	101.1	83.8	98.2	90.9
Accrued Expenses	77.1	88.0	81.7	84.7	77.9
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	0.6	1.3	1.2	1.3	0.4
Customer Advances	1.6	1.7	2.6	2.3	1.1
Income Taxes Payable	1.5	1.5	1.2	2.5	0.4
Discontinued Operations - Current Liability	-	-	0.0	0.4	0.0
Other Current Liabilities	82.9	74.6	78.5	108.9	111.1
Other Current liabilities, Total	86.0	77.8	82.3	114.2	112.6
Total Current Liabilities	278.0	268.2	249.0	298.4	281.7

Long Term Debt	14.7	28.7	6.4	9.4	1.1
Total Long Term Debt	14.7	28.7	6.4	9.4	1.1
Total Debt	15.4	29.9	7.6	10.7	1.5

Deferred Income Tax - LT Liability	4.5	18.9	9.6	1.5	-
Deferred Income Tax	4.5	18.9	9.6	1.5	-
Minority Interest	18.5	0.0	-	-	-
Other Long Term Liabilities	10.7	11.5	3.9	2.7	1.7
Other Liabilities, Total	10.7	11.5	3.9	2.7	1.7
Total Liabilities	326.5	327.2	269.0	312.0	284.5

Common Stock	0.4	0.4	0.4	0.4	0.4
Common Stock	0.4	0.4	0.4	0.4	0.4
Additional Paid-In Capital	323.6	326.5	326.1	328.6	337.0
Retained Earnings (Accumulated Deficit)	-20.0	20.6	13.5	-15.2	-64.9
Treasury Stock - Common	-39.4	-34.7	-33.8	-27.1	-10.0
Other Comprehensive Income	-	0.0	-0.2	-0.3	0.0
Other Equity, Total	-	0.0	-0.2	-0.3	0.0
Total Equity	264.6	312.8	306.0	286.5	262.6

Total Liabilities & Shareholdersâ€™ Equity	591.1	640.0	574.9	598.5	547.1

Shares Outstanding - Common Stock Primary Issue	37.4	37.9	38.0	38.7	40.3
Total Common Shares Outstanding	37.4	37.9	38.0	38.7	40.3
Treasury Shares - Common Stock Primary Issue	3.7	3.2	3.1	2.5	0.8
Employees	7,061	6,569	5,623	6,467	6,461
Number of Common Shareholders	370	409	389	432	436
Accumulated Intangible Amort, Suppl.	20.2	14.1	7.9	4.4	0.8
Deferred Revenue - Current	1.6	1.7	2.6	2.3	1.1
Total Long Term Debt, Supplemental	15.4	29.9	7.6	10.7	1.5
Long Term Debt Maturing within 1 Year	0.6	1.3	1.2	1.3	0.4
Long Term Debt Maturing in Year 2	0.7	1.7	3.7	3.0	0.4
Long Term Debt Maturing in Year 3	12.3	12.8	1.4	6.4	0.4
Long Term Debt Maturing in Year 4	0.3	12.4	1.4	0.0	0.4
Long Term Debt Maturing in Year 5	0.3	0.3	0.0	-	-
Long Term Debt Maturing in 2-3 Years	12.9	14.5	5.1	9.4	0.8
Long Term Debt Maturing in 4-5 Years	0.6	12.7	1.4	0.0	0.4
Long Term Debt Matur. in Year 6 & Beyond	1.2	1.5	0.0	0.0	0.0
Total Operating Leases, Supplemental	41.1	36.4	44.7	41.8	34.6
Operating Lease Payments Due in Year 1	10.6	9.9	10.6	11.0	9.6
Operating Lease Payments Due in Year 2	9.1	8.3	9.2	7.7	7.4
Operating Lease Payments Due in Year 3	6.5	6.6	8.0	6.7	4.4
Operating Lease Payments Due in Year 4	4.6	4.3	5.9	5.7	3.3
Operating Lease Payments Due in Year 5	3.1	2.8	3.9	4.3	2.7
Operating Lease Pymts. Due in 2-3 Years	15.6	14.9	17.2	14.4	11.8
Operating Lease Pymts. Due in 4-5 Years	7.7	7.1	9.7	10.0	6.1
Oper. Lse. Pymts. Due in Year 6 & Beyond	7.3	4.5	7.2	6.4	7.1

Interim Balance Sheet

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1

Cash & Equivalents	27.9	51.2	43.7	50.1	63.6
Cash and Short Term Investments	27.9	51.2	43.7	50.1	63.6
Accounts Receivable - Trade, Gross	271.7	272.4	264.5	260.4	238.4
Provision for Doubtful Accounts	-5.8	-5.3	-4.8	-5.1	-5.6
Trade Accounts Receivable - Net	265.9	267.1	259.8	255.3	232.8
Other Receivables	6.3	6.5	21.1	15.5	17.1
Total Receivables, Net	272.2	273.6	280.8	270.8	250.0
Total Inventory	10.7	10.6	9.7	10.1	9.6
Prepaid Expenses	29.2	24.7	24.6	28.5	29.7
Other Current Assets	33.6	27.2	29.1	26.4	25.7
Other Current Assets, Total	33.6	27.2	29.1	26.4	25.7
Total Current Assets	373.5	387.3	388.0	385.9	378.7

Property/Plant/Equipment - Net	40.8	42.0	40.5	41.0	42.7
Goodwill, Net	107.1	107.1	93.6	149.0	149.1
Intangibles - Gross	68.5	68.5	55.3	54.9	54.9
Accumulated Intangible Amortization	-22.2	-20.2	-19.2	-17.5	-15.8
Intangibles, Net	46.3	48.3	36.1	37.4	39.1
Other Long Term Assets	8.3	6.3	7.4	8.2	6.8
Other Long Term Assets, Total	8.3	6.3	7.4	8.2	6.8
Total Assets	576.1	591.1	565.6	621.5	616.3

Accounts Payable	105.8	114.3	101.4	98.2	88.6
Accrued Expenses	64.3	63.9	67.6	67.0	65.9
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	0.6	0.6	0.8	0.8	2.3
Other Current Liabilities	95.5	99.2	85.9	92.1	95.2
Other Current liabilities, Total	95.5	99.2	85.9	92.1	95.2
Total Current Liabilities	266.2	278.0	255.8	258.1	252.0

Long Term Debt	14.6	14.7	27.4	27.6	27.6
Total Long Term Debt	14.6	14.7	27.4	27.6	27.6
Total Debt	15.3	15.4	28.2	28.4	29.9

Deferred Income Tax - LT Liability	5.1	4.5	11.6	18.9	18.2
Deferred Income Tax	5.1	4.5	11.6	18.9	18.2
Minority Interest	16.9	18.5	-	-	-
Other Long Term Liabilities	10.8	10.7	6.3	11.6	11.3
Other Liabilities, Total	10.8	10.7	6.3	11.6	11.3
Total Liabilities	313.7	326.5	301.0	316.2	309.2

Convertible Preferred Stock - Non Redeemable	0.0	0.0	0.0	0.0	0.0
Preferred Stock - Non Redeemable, Net	0.0	0.0	0.0	0.0	0.0
Common Stock	0.4	0.4	0.4	0.4	0.4
Common Stock	0.4	0.4	0.4	0.4	0.4
Additional Paid-In Capital	322.3	323.6	324.6	326.2	325.9
Retained Earnings (Accumulated Deficit)	-21.0	-20.0	-21.7	14.8	13.6
Treasury Stock - Common	-39.3	-39.4	-38.6	-36.0	-32.8
Total Equity	262.3	264.6	264.6	305.4	307.1

Total Liabilities & Shareholdersâ€™ Equity	576.1	591.1	565.6	621.5	616.3

Shares Outstanding - Common Stock Primary Issue	37.4	37.4	37.5	37.8	38.1
Total Common Shares Outstanding	37.4	37.4	37.5	37.8	38.1
Treasury Shares - Common Stock Primary Issue	3.7	3.7	3.6	3.3	3.0
Accumulated Intangible Amort, Suppl.	22.2	20.2	19.2	17.5	15.8
Total Long Term Debt, Supplemental	15.3	15.4	30.3	28.4	29.9
Long Term Debt Maturing within 1 Year	0.6	0.6	1.7	0.8	2.3
Long Term Debt Maturing in Year 2	0.6	0.7	13.7	1.7	1.7
Long Term Debt Maturing in Year 3	12.2	12.3	13.2	11.8	11.8
Long Term Debt Maturing in Year 4	0.3	0.3	0.3	12.4	12.4
Long Term Debt Maturing in Year 5	0.3	0.3	0.3	0.3	0.3
Long Term Debt Maturing in 2-3 Years	12.8	12.9	26.8	13.4	13.4
Long Term Debt Maturing in 4-5 Years	0.6	0.6	0.6	12.7	12.7
Long Term Debt Matur. in Year 6 & Beyond	1.2	1.2	1.2	1.5	1.5
Total Operating Leases, Supplemental	38.9	41.1	38.9	35.8	37.7
Operating Lease Payments Due in Year 1	10.7	10.6	10.1	10.0	9.8
Operating Lease Payments Due in Year 2	8.5	9.1	8.8	8.7	8.7
Operating Lease Payments Due in Year 3	6.0	6.5	6.2	6.2	6.5
Operating Lease Payments Due in Year 4	4.4	4.6	4.2	3.9	4.5
Operating Lease Payments Due in Year 5	2.8	3.1	3.2	2.8	3.1
Operating Lease Pymts. Due in 2-3 Years	14.5	15.6	15.1	15.0	15.3
Operating Lease Pymts. Due in 4-5 Years	7.2	7.7	7.4	6.6	7.6
Oper. Lse. Pymts. Due in Year 6 & Beyond	6.4	7.3	6.3	4.2	5.1

Annual Cash Flows

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Net Income/Starting Line	-36.5	14.7	34.2	49.7	32.5
Depreciation	12.6	11.2	10.0	8.8	6.1
Depreciation/Depletion	12.6	11.2	10.0	8.8	6.1
Amortization of Intangibles	7.5	6.2	3.5	3.8	0.7
Amortization	7.5	6.2	3.5	3.8	0.7
Deferred Taxes	-9.5	-3.5	3.2	-3.2	-0.7
Discontinued Operations	0.0	-0.7	0.1	0.0	0.0
Unusual Items	58.7	5.4	-0.1	-0.3	0.0
Other Non-Cash Items	-0.8	2.6	6.8	7.5	4.2
Non-Cash Items	57.9	7.3	6.8	7.2	4.2
Accounts Receivable	10.4	13.4	47.7	19.5	-21.2
Inventories	-0.3	1.0	1.7	0.0	-0.3
Prepaid Expenses	1.0	-1.5	2.0	1.6	-1.3
Other Assets	6.3	-13.5	-32.9	-15.1	37.1
Payable/Accrued	-21.5	0.0	-22.9	9.5	20.7
Other Liabilities	4.2	4.0	-0.3	1.3	5.8
Other Assets & Liabilities, Net	-2.4	-0.3	1.2	-0.3	-0.1
Other Operating Cash Flow	0.0	-7.1	0.0	0.0	-
Changes in Working Capital	-2.3	-3.9	-3.4	16.4	40.9
Cash from Operating Activities	29.7	32.1	54.3	82.9	83.6

Purchase of Fixed Assets	-8.7	-7.1	-9.5	-14.6	-11.1
Capital Expenditures	-8.7	-7.1	-9.5	-14.6	-11.1
Acquisition of Business	-30.0	-42.7	-14.6	-41.7	-7.3
Sale of Business	0.2	1.5	0.5	0.5	0.0
Sale of Fixed Assets	0.7	1.4	0.8	0.7	0.3
Sale/Maturity of Investment	2.0	3.9	4.0	8.6	0.0
Purchase of Investments	-	0.0	0.0	-18.5	0.0
Other Investing Cash Flow Items, Total	-27.1	-35.9	-9.4	-50.5	-7.0
Cash from Investing Activities	-35.8	-43.0	-18.8	-65.0	-18.1

Other Financing Cash Flow	-0.2	-0.8	0.2	1.8	1.2
Financing Cash Flow Items	-0.2	-0.8	0.2	1.8	1.2
Cash Dividends Paid - Common	-7.5	-7.5	-7.3	-7.1	-6.1
Total Cash Dividends Paid	-7.5	-7.5	-7.3	-7.1	-6.1
Repurchase/Retirement of Common	-7.3	-5.1	-12.6	-26.1	-11.5
Common Stock, Net	-7.3	-5.1	-12.6	-26.1	-11.5
Options Exercised	0.3	0.5	1.4	2.0	1.3
Issuance (Retirement) of Stock, Net	-7.0	-4.6	-11.2	-24.1	-10.2
Short Term Debt, Net	0.0	-	-	-	0.0
Long Term Debt Issued	-	-	-	-	0.0
Long Term Debt Reduction	-14.4	-17.7	-6.3	-11.1	-0.7
Long Term Debt, Net	-14.4	-17.7	-6.3	-11.1	-1.0
Issuance (Retirement) of Debt, Net	-14.4	-17.7	-6.3	-11.1	-1.0
Cash from Financing Activities	-29.0	-30.7	-24.6	-40.4	-16.2

Net Change in Cash	-35.1	-41.5	10.8	-22.6	49.3

Net Cash - Beginning Balance	86.3	127.9	117.0	139.6	90.3
Net Cash - Ending Balance	51.2	86.3	127.9	117.0	139.6
Cash Interest Paid	1.7	1.2	1.2	1.1	0.5
Cash Taxes Paid	1.6	9.0	39.0	32.2	20.1

Interim Cash Flows

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1

Net Income/Starting Line	-2.7	-36.5	-38.6	-2.0	-5.2
Depreciation	3.1	12.6	9.1	6.2	3.2
Depreciation/Depletion	3.1	12.6	9.1	6.2	3.2
Amortization of Intangibles	2.1	7.5	5.1	3.4	1.7
Amortization	2.1	7.5	5.1	3.4	1.7
Deferred Taxes	-1.5	-9.5	-6.3	-1.3	-2.1
Discontinued Operations	-	0.0	0.0	0.0	0.0
Unusual Items	-0.2	58.7	55.0	-0.1	-0.1
Other Non-Cash Items	1.4	-0.8	-2.2	2.7	2.2
Non-Cash Items	1.2	57.9	52.8	2.6	2.1
Accounts Receivable	-0.9	10.4	-25.8	-22.6	-1.7
Inventories	-0.1	-0.3	-0.2	-0.5	-0.2
Prepaid Expenses	-0.9	1.0	-2.0	2.2	1.2
Other Assets	-1.7	-1.5	1.0	-1.9	-0.7
Payable/Accrued	-10.3	-21.5	-13.5	-7.8	-17.4
Other Liabilities	-8.0	9.6	-3.7	-1.6	0.0
Other Operating Cash Flow	-	0.0	0.0	-	-
Changes in Working Capital	-22.0	-2.3	-44.1	-32.2	-18.7
Cash from Operating Activities	-19.8	29.7	-22.0	-23.4	-19.1

Purchase of Fixed Assets	-2.1	-8.7	-6.5	-3.9	-2.4
Capital Expenditures	-2.1	-8.7	-6.5	-3.9	-2.4
Acquisition of Business	0.0	-30.0	-2.6	-2.3	-1.8
Sale of Business	0.0	0.2	0.1	0.1	0.0
Sale of Fixed Assets	0.4	0.7	0.6	0.4	0.2
Sale/Maturity of Investment	0.0	2.0	2.0	2.0	2.0
Other Investing Cash Flow Items, Total	0.4	-27.1	0.1	0.1	0.5
Cash from Investing Activities	-1.7	-35.8	-6.3	-3.8	-1.9

Other Financing Cash Flow	0.0	-0.2	-1.0	-0.5	0.0
Financing Cash Flow Items	0.0	-0.2	-1.0	-0.5	0.0
Cash Dividends Paid - Common	-1.9	-7.5	-5.7	-3.8	-1.9
Total Cash Dividends Paid	-1.9	-7.5	-5.7	-3.8	-1.9
Repurchase/Retirement of Common	0.0	-7.3	-6.3	-3.7	0.0
Common Stock, Net	0.0	-7.3	-6.3	-3.7	0.0
Options Exercised	0.0	0.3	0.2	0.2	0.1
Issuance (Retirement) of Stock, Net	0.0	-7.0	-6.1	-3.5	0.1
Short Term Debt, Net	0.0	0.0	0.0	0.0	0.0
Long Term Debt Reduction	-0.1	-14.4	-1.6	-1.3	0.0
Long Term Debt, Net	-0.1	-14.4	-1.6	-1.3	0.0
Issuance (Retirement) of Debt, Net	-0.1	-14.4	-1.6	-1.3	0.0
Cash from Financing Activities	-1.9	-29.0	-14.4	-9.0	-1.8

Net Change in Cash	-23.4	-35.1	-42.7	-36.2	-22.7

Net Cash - Beginning Balance	51.2	86.3	86.3	86.3	86.3
Net Cash - Ending Balance	27.9	51.2	43.7	50.1	63.6
Cash Interest Paid	1.0	1.7	1.2	0.8	0.4
Cash Taxes Paid	1.3	1.6	1.1	1.0	0.7

Annual Income Statement

As Reported

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Restated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Revenues	1,240.0	1,108.3	1,128.9	1,321.8	1,101.6
Total Revenue	1,240.0	1,108.3	1,128.9	1,321.8	1,101.6

Cost of Revenues	1,058.6	919.6	903.4	1,061.8	906.3
Selling, General and Administrative Exp.	172.1	163.4	169.0	180.8	145.8
Goodwill impairment	58.9	5.7	0.0	0.0	-
Gain on Sale of Assets	-0.2	-0.5	-0.1	-0.3	0.0
Total Operating Expense	1,289.4	1,088.2	1,072.3	1,242.3	1,052.2

Interest Income	0.1	0.2	0.6	2.5	3.3
Interest Expense	-1.9	-1.7	-1.2	-1.4	-0.6
Other income (expense)	0.9	0.3	0.0	0.1	0.0
Changes in the fair value of contingent	5.5	1.6	0.0	-	-
Net Income Before Taxes	-44.7	20.4	56.0	80.7	52.1

Provision for Income Taxes	-8.2	6.4	21.4	30.9	19.9
Net Income After Taxes	-36.5	14.0	34.6	49.8	32.2

Less: Net income attributable to noncont	-0.3	0.0	0.0	-	-
Net Income Before Extra. Items	-36.8	14.0	34.6	49.8	32.2
Operating income (loss), net of income t	0.0	0.0	-0.3	-0.1	0.2
Loss onDisposition of Disc.	0.0	0.7	-0.1	0.0	0.0
Net Income	-36.8	14.7	34.2	49.7	32.5

Income Available to Com Excl ExtraOrd	-36.8	14.0	34.6	49.8	32.2

Income Available to Com Incl ExtraOrd	-36.8	14.7	34.2	49.7	32.5

Basic Weighted Average Shares	37.4	37.5	38.0	39.4	40.6
Basic EPS Excluding ExtraOrdinary Items	-0.99	0.37	0.91	1.26	0.79
Basic EPS Including ExtraOrdinary Item	-0.99	0.39	0.90	1.26	0.80
Dilution Adjustment	0.0	-	-	-	-
Diluted Net Income	-36.8	14.7	34.2	49.7	32.5
Diluted Weighted Average Shares	37.4	37.8	38.5	40.0	41.3
Diluted EPS Excluding ExtraOrd Items	-0.99	0.37	0.90	1.24	0.78
Diluted EPS Including ExtraOrd Items	-0.99	0.39	0.89	1.24	0.79
DPS-Common Stock	0.20	0.20	0.19	0.18	0.15
Gross Dividends - Common Stock	7.6	7.6	7.3	7.1	6.1
Normalized Income Before Taxes	14.0	25.6	55.9	80.4	52.1

Inc Tax Ex Impact of Sp Items	12.4	8.0	21.4	30.8	19.9
Normalized Income After Taxes	1.7	17.6	34.5	49.6	32.2

Normalized Inc. Avail to Com.	1.3	17.6	34.5	49.6	32.2

Basic Normalized EPS	0.04	0.47	0.91	1.26	0.79
Diluted Normalized EPS	0.04	0.47	0.90	1.24	0.78
Interest Expense	1.9	1.7	1.2	1.4	0.6
Amortisation of Intangibles	7.5	6.2	3.5	3.8	0.7
Rental Expense	13.0	13.3	16.2	15.3	16.7
Depreciation	12.6	11.2	10.0	8.7	6.1
Current Tax - Domestics	0.2	8.0	14.2	28.0	16.8
Current Tax - State	1.1	1.9	4.0	6.0	3.8
Current Tax - Total	1.4	9.8	18.3	34.0	20.6
Deferred Tax - Domestic	-10.3	-0.5	4.7	-3.1	-0.5
Deferred Tax - State	0.8	-2.9	-1.6	-0.1	-0.2
Deferred Tax - Total	-9.5	-3.5	3.2	-3.2	-0.7
Income Tax - Total	-8.2	6.4	21.4	30.9	19.9
Gross profit	-	-	225.6	259.9	195.3
Operating income	-	-	56.6	79.4	49.4
Defined Contribution Plans - Pension	5.1	4.3	4.5	4.3	4.3
Multi-Employer Pension Plans-Subsidiary	0.0	0.0	0.0	0.0	0.0
Total Pension Expense	5.1	4.3	4.5	4.3	4.3

Interim Income Statement

As Reported

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1

Revenues	329.4	317.7	328.1	312.1	282.1
Total Revenue	329.4	317.7	328.1	312.1	282.1

Cost of Revenues	286.7	267.1	279.0	264.6	247.9
Selling, General and Administrative Exp.	46.4	46.1	41.5	41.9	42.6
(Gain) loss on sale of assets	-0.2	-0.1	-0.1	0.0	-0.1
Goodwill impairment	-	3.8	55.1	0.0	-
Total Operating Expense	332.8	316.9	375.6	306.5	290.4

Interest Income	0.0	0.1	0.0	0.0	0.0
Interest expense	-0.4	-0.5	-0.5	-0.5	-0.5
Other, Net	0.1	0.5	0.0	0.5	0.0
Changes in the fair value of contingent	0.0	0.5	5.1	-	-0.1
Net Income Before Taxes	-3.8	1.4	-42.9	5.7	-8.9

Provision for Income Taxes	-1.1	-0.7	-6.3	2.5	-3.7
Net Income After Taxes	-2.7	2.1	-36.6	3.2	-5.2

Less: Net loss attributable to noncontro	1.6	-0.3	-	-	0.0
Net Income Before Extra. Items	-1.0	1.7	-36.6	3.2	-5.2
Operating loss, net of income tax benefi	-	0.0	-	-	-
GAIN ON DISPOSITION OF DISCONTINUED OPER	-	0.0	0.0	0.0	0.0
Net Income	-1.0	1.7	-36.6	3.2	-5.2

Income Available to Com Excl ExtraOrd	-1.0	1.7	-36.6	3.2	-5.2

Income Available to Com Incl ExtraOrd	-1.0	1.7	-36.6	3.2	-5.2

Basic Weighted Average Shares	37.1	37.1	37.3	37.6	37.5
Basic EPS Excluding ExtraOrdinary Items	-0.03	0.05	-0.98	0.08	-0.14
Basic EPS Including ExtraOrdinary Item	-0.03	0.05	-0.98	0.08	-0.14
Dilution Adjustment	0.0	0.0	0.0	-	0.0
Diluted Net Income	-1.0	1.7	-36.6	3.2	-5.2
Diluted Weighted Average Shares	37.1	37.2	37.3	37.7	37.5
Diluted EPS Excluding ExtraOrd Items	-0.03	0.05	-0.98	0.08	-0.14
Diluted EPS Including ExtraOrd Items	-0.03	0.05	-0.98	0.08	-0.14
DPS-Common Stock	0.05	0.05	0.05	0.05	0.05
Gross Dividends - Common Stock	1.9	1.9	1.9	1.9	1.9
Normalized Income Before Taxes	-4.0	5.1	12.2	5.7	-9.0

Inc Tax Ex Impact of Sp Items	-1.2	0.6	13.0	2.5	-3.7
Normalized Income After Taxes	-2.8	4.5	-0.8	3.2	-5.2

Normalized Inc. Avail to Com.	-1.2	4.2	-0.8	3.2	-5.2

Basic Normalized EPS	-0.03	0.11	-0.02	0.08	-0.14
Diluted Normalized EPS	-0.03	0.11	-0.02	0.08	-0.14
Interest Expense	0.4	0.5	0.5	0.5	0.5
Amortization of Intangible Assets	2.1	2.4	1.7	1.7	1.7
Depreciation	3.1	3.5	3.0	3.0	3.2
Gross profit	-	-	49.1	47.5	34.2
Operating income	-	-	-47.5	5.6	-8.3

Annual Balance Sheet

As Reported

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Cash/Equivalents	51.2	86.3	127.9	117.0	139.6
Accounts Receivable, Gross	272.4	239.0	210.6	271.9	265.2
Doubtful Account	-5.3	-5.1	-7.3	-5.3	-3.8
Income tax receivable	0.0	9.5	20.1	0.0	-
Other Receivable	6.5	6.7	5.8	6.2	7.3
Inventories	10.6	9.4	9.8	11.4	9.4
Receivables from Sale of Operations	-	-	-	-	0.0
Prepaid Expenses	24.7	30.5	25.8	23.4	14.5
Costs and estimated earnings	27.2	26.6	20.4	19.1	18.5
Assets/Discontinued Operations	-	-	0.0	1.5	0.0
Total Current Assets	387.3	402.9	413.2	445.2	450.6

Land	2.3	2.3	1.4	1.1	-
Transportation Eqipment	35.0	31.0	23.6	21.8	12.7
Machine/Equip.	21.5	19.6	18.2	18.4	16.2
Computer/Teleph.	17.6	16.7	17.6	16.9	15.9
Build./Improv.	23.6	22.9	17.3	14.8	10.2
Furn./Fixutures	4.9	4.8	4.8	4.4	4.2
Depreciation	-62.9	-53.5	-48.2	-41.7	-37.9
Marketable Securities	-	0.0	4.7	8.4	0.0
Goodwill	107.1	147.8	100.2	90.9	68.6
Other LT Assets	6.3	6.0	2.8	2.0	4.2
Intangibles	68.5	53.7	27.3	20.7	3.0
Accumulated Amortization	-20.2	-14.1	-7.9	-4.4	-0.8
Total Assets	591.1	640.0	574.9	598.5	547.1

Current maturities of note	0.3	1.0	0.9	1.3	0.4
Current maturities of long-term debt	0.3	0.3	0.3	0.0	0.0
Accounts Payable	114.3	101.1	83.8	98.2	90.9
Accrued Comp.	36.5	42.6	38.0	46.6	42.8
Accrued self-insurance expense	27.4	29.0	26.9	25.4	21.3
Excess Billing	71.7	63.4	66.3	97.5	104.2
Taxes	-	-	0.0	1.0	0.4
Other current liabilities	11.2	11.2	12.2	11.4	6.9
Deferred revenue	1.6	1.7	2.6	2.3	1.1
Deferred income tax	1.5	1.5	1.2	1.5	-
Accrued expenses	13.2	16.4	16.8	12.7	13.8
Liabs./Discon.Op	-	-	0.0	0.4	0.0
Total Current Liabilities	278.0	268.2	249.0	298.4	281.7

Note to former owner	12.3	26.0	6.4	9.4	1.1
Long Term Debt, Net of Current Maturitie	2.4	2.7	0.0	0.0	0.0
Total Long Term Debt	14.7	28.7	6.4	9.4	1.1

Defered Income Tax Liability	4.5	18.9	9.6	1.5	-
Noncontrolling interests	18.5	0.0	-	-	-
Other Long-Term Liabilites	10.7	11.5	3.9	2.7	1.7
Total Liabilities	326.5	327.2	269.0	312.0	284.5

Common Stock	0.4	0.4	0.4	0.4	0.4
Accumulated other comprehensive income (	-	0.0	-0.2	-0.3	0.0
Additional paid in capital	323.6	326.5	326.1	328.6	337.0
Retained earnings	-20.0	20.6	13.5	-15.2	-64.9
Treasury stock	-39.4	-34.7	-33.8	-27.1	-10.0
Total Equity	264.6	312.8	306.0	286.5	262.6

Total Liabilities & Shareholders' Equity	591.1	640.0	574.9	598.5	547.1

S/O-Common Stock	37.4	37.9	38.0	38.7	40.3
Total Common Shares Outstanding	37.4	37.9	38.0	38.7	40.3
T/S-Common Stock	3.7	3.2	3.1	2.5	0.8
Accumulated Amortization	20.2	14.1	7.9	4.4	0.8
Deferred Revenue - Current	1.6	1.7	2.6	2.3	1.1
Full-Time Employees	7,061	6,569	5,623	6,467	6,461
Number of Common Shareholders	370	409	389	432	436
LT Debt Maturing within 1 Year	0.6	1.3	1.2	1.3	0.4
LT Debt Maturing within 2 Years	0.7	1.7	3.7	3.0	0.4
LT Debt Maturing within 3 Years	12.3	12.8	1.4	6.4	0.4
LT Debt Maturing within 4 Years	0.3	12.4	1.4	0.0	0.4
LT Debt Maturing within 5 Years	0.3	0.3	0.0	-	-
LT Debt Remaining Maturities	1.2	1.5	0.0	-	-
Total Long Term Debt, Supplemental	15.4	29.9	7.6	10.7	1.5
Operating Lease Maturing within 1 Year	10.6	9.9	10.6	11.0	9.6
Operating Lease Maturing within 2 Years	9.1	8.3	9.2	7.7	7.4
Operating Lease Maturing within 3 Years	6.5	6.6	8.0	6.7	4.4
Operating Lease Maturing within 4 Years	4.6	4.3	5.9	5.7	3.3
Operating Lease Maturing within 5 Years	3.1	2.8	3.9	4.3	2.7
Operating Lease - Remaining Maturities	7.3	4.5	7.2	6.4	7.1
Total Operating Leases	41.1	36.4	44.7	41.8	34.6

Interim Balance Sheet

As Reported

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1

Cash & Cash Equivalents	27.9	51.2	43.7	50.1	63.6
Accounts Receivable	271.7	272.4	264.5	260.4	238.4
Doubtful Accounts	-5.8	-5.3	-4.8	-5.1	-5.6
Income tax receivable	-	0.0	11.5	10.0	11.5
Other Receivables	6.3	6.5	9.6	5.5	5.6
Inventories	10.7	10.6	9.7	10.1	9.6
Prepaid Expenses/Other	29.2	24.7	24.6	28.5	29.7
Cost &Estmatd. Earn. Excess of Billings	33.6	27.2	29.1	26.4	25.7
Total Current Assets	373.5	387.3	388.0	385.9	378.7

Property & Equipment, Net	40.8	42.0	40.5	41.0	42.7
Intangible Assets	68.5	68.5	55.3	54.9	54.9
Accumulated Amortization	-22.2	-20.2	-19.2	-17.5	-15.8
Goodwill	107.1	107.1	93.6	149.0	149.1
Other Non Current Assets	8.3	6.3	7.4	8.2	6.8
Total Assets	576.1	591.1	565.6	621.5	616.3

Current maturities of note	0.3	0.3	0.5	0.5	2.0
Current maturities of long-term debt	0.3	0.3	0.3	0.3	0.3
Accounts Payable	105.8	114.3	101.4	98.2	88.6
Accrued Compensation & Benefits	36.0	36.5	36.8	35.8	35.3
Excess Billing	70.1	71.7	62.2	61.6	62.5
Other current liabilities	25.4	27.5	23.7	30.5	32.8
Accrued/Other	28.3	27.4	30.8	31.2	30.6
Total Current Liabilities	266.2	278.0	255.8	258.1	252.0

Note to former owner	12.2	12.3	25.0	24.9	24.9
Long Term Debt	2.4	2.4	2.4	2.7	2.7
Total Long Term Debt	14.6	14.7	27.4	27.6	27.6

Noncontrolling interests	16.9	18.5	-	-	-
Other Long Term Liabilities	10.8	10.7	6.3	11.6	11.3
Deferred Income Tax Liabilities	5.1	4.5	11.6	18.9	18.2
Total Liabilities	313.7	326.5	301.0	316.2	309.2

Preferred stock, $.01 par, 5,000,000 sha	0.0	0.0	0.0	0.0	0.0
Common Stock	0.4	0.4	0.4	0.4	0.4
Treasury stock, at cost, 3,129,460 and 3	-39.3	-39.4	-38.6	-36.0	-32.8
Additional paid in capital	322.3	323.6	324.6	326.2	325.9
Retained Earnings	-21.0	-20.0	-21.7	14.8	13.6
Total Equity	262.3	264.6	264.6	305.4	307.1

Total Liabilities & Shareholders' Equity	576.1	591.1	565.6	621.5	616.3

S/O-Common Stock	37.4	37.4	37.5	37.8	38.1
Total Common Shares Outstanding	37.4	37.4	37.5	37.8	38.1
T/S-Common Stock	3.7	3.7	3.6	3.3	3.0
Accumulated Intangible Amort, Suppl.	22.2	20.2	19.2	17.5	15.8
Long-Term Debt Maturing within 1 Year	0.6	0.6	1.7	0.8	2.3
Long-Term Debt Maturing within 2 Years	0.6	0.7	13.7	1.7	1.7
Long-Term Debt Maturing within 3 Years	12.2	12.3	13.2	11.8	11.8
Long-Term Debt Maturing within 4 Years	0.3	0.3	0.3	12.4	12.4
Long-Term Debt Maturing within 5 Years	0.3	0.3	0.3	0.3	0.3
Long-Term Debt - Remaining Maturities	1.2	1.2	1.2	1.5	1.5
Total Long Term Debt, Supplemental	15.3	15.4	30.3	28.4	29.9
Operating Lease Maturing within 1 Year	10.7	10.6	10.1	10.0	9.8
Operating Lease Maturing within 2 Years	8.5	9.1	8.8	8.7	8.7
Operating Lease Maturing within 3 Years	6.0	6.5	6.2	6.2	6.5
Operating Lease Maturing within 4 Years	4.4	4.6	4.2	3.9	4.5
Operating Lease Maturing within 5 Years	2.8	3.1	3.2	2.8	3.1
Operating Lease - Remaining Maturities	6.4	7.3	6.3	4.2	5.1
Total Operating Leases	38.9	41.1	38.9	35.8	37.7

Annual Cash Flows

As Reported

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Net Income	-36.5	14.7	34.2	49.7	32.5
Depreciation	12.6	11.2	10.0	8.8	6.1
Amortization of identifiable intangible	7.5	6.2	3.5	3.8	0.7
Write-off of debt financing costs	0.0	0.2	0.0	0.0	-
Estimated loss on disposition of discont	0.0	-0.7	0.1	0.0	0.0
Goodwill impairment	58.9	5.7	0.0	0.0	-
Deferred Taxes	-9.5	-3.5	3.2	-3.2	-0.7
Bad Debt Expense	0.9	0.4	3.3	3.6	1.5
Stock Based Compensation Expense	3.6	3.7	3.5	3.9	2.5
Amort.Debt Fin.Cost	0.2	0.2	0.1	0.1	0.1
Changes in the fair value of contingent	-5.5	-1.6	0.0	0.0	-
Loss (gain) on sale of assets	-0.2	-0.5	-0.1	-0.3	0.0
Receivables	10.4	13.4	47.7	19.5	-21.2
Inventories	-0.3	1.0	1.7	0.0	-0.3
Prepaid Exp./Other	1.0	-1.5	2.0	1.6	-1.3
Earnings in Excess	4.2	4.0	-0.3	1.3	5.8
Other Assests	0.9	-0.8	-0.5	0.3	0.5
Payable & Accrued	-21.5	0.0	-22.9	9.5	20.7
Costs in Excess	5.4	-12.7	-32.4	-15.4	36.6
Taxes paid related to pre-acquisition eq	0.0	-7.1	0.0	0.0	-
Other long term liabilities	-2.4	-0.3	1.2	-0.3	-0.1
Cash from Operating Activities	29.7	32.1	54.3	82.9	83.6

Capital Expenditures	-8.7	-7.1	-9.5	-14.6	-11.1
Sales of marketable securities	2.0	3.9	4.0	8.6	0.0
Purchases of marketable securities	-	0.0	0.0	-18.5	0.0
Sale of Assets	0.7	1.4	0.8	0.7	0.3
Cash paid for acquisition and intangible	-30.0	-42.7	-14.6	-41.7	-7.3
Sale of Business	0.2	1.5	0.5	0.5	0.0
Cash from Investing Activities	-35.8	-43.0	-18.8	-65.0	-18.1

Revolving Credit,Net	0.0	-	-	-	0.0
LTD Payments	-14.4	-17.7	-6.3	-11.1	-0.7
Borrowings of other long term debt	-	-	-	-	0.0
Debt financing costs	-0.5	-0.9	0.0	-	-
Borrowings of other long term debt Debt	-	-	-	0.0	-0.3
Tax benefit of stock based Compensation	0.2	0.7	0.6	1.8	1.2
Shares received in lieu of tax withholdi	-0.7	-0.6	-0.5	-	-
Dividends Paid	-7.5	-7.5	-7.3	-7.1	-6.1
Capital contribution from noncontrolling	0.8	0.0	0.0	-	-
Exercise of Options	0.3	0.5	1.4	2.0	1.3
Share repurchase program	-7.3	-5.1	-12.6	-26.1	-11.5
Cash from Financing Activities	-29.0	-30.7	-24.6	-40.4	-16.2

Net Change in Cash	-35.1	-41.5	10.8	-22.6	49.3

Net Cash - Beginning Balance	86.3	127.9	117.0	139.6	90.3
Net Cash - Ending Balance	51.2	86.3	127.9	117.0	139.6
Cash Interest Paid	1.7	1.2	1.2	1.1	0.5
Cash Taxes Paid	1.6	9.0	39.0	32.2	20.1

Interim Cash Flows

As Reported

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1

Net Income	-2.7	-36.5	-38.6	-2.0	-5.2
Depreciation	3.1	12.6	9.1	6.2	3.2
Amortization of identifiable intangible	2.1	7.5	5.1	3.4	1.7
Estimated gain on disposition of discont	-	0.0	0.0	0.0	0.0
Bad Debt Expense	0.7	0.9	0.5	0.7	0.8
Write-off of debt financing costs	-	0.0	0.0	-	-
Deferred tax expense	-1.5	-9.5	-6.3	-1.3	-2.1
Amortization of Deferred Financing Costs	0.1	0.2	0.2	0.1	0.1
Changes in the fair value of contingent	0.0	-5.5	-5.6	-0.5	0.1
(Gain) loss on sale of assets	-0.2	-0.2	-0.2	-0.1	-0.1
Goodwill Impairment	-	58.9	55.1	0.0	-
Compensation Expense	0.6	3.6	2.7	2.3	1.2
Accounts Receivable	-0.9	10.4	-25.8	-22.6	-1.7
Inventories	-0.1	-0.3	-0.2	-0.5	-0.2
Prepaid Expenses /Other Current Assets	-0.9	1.0	-2.0	2.2	1.2
Billings in Excess	-6.4	4.2	-2.5	0.2	0.9
Other long term liabilities	0.3	-2.4	0.3	0.5	0.1
Other Assets	-2.1	0.9	0.7	-2.3	-0.8
Accounts payable and accrued liabilities	-10.3	-21.5	-13.5	-7.8	-17.4
Taxes paid related to pre-acquisition eq	-	0.0	0.0	-	-
Excess Cost/Estimate	-1.6	5.4	-1.2	-1.9	-1.0
Cash from Operating Activities	-19.8	29.7	-22.0	-23.4	-19.1

Capital Expenditure	-2.1	-8.7	-6.5	-3.9	-2.4
Sale of Assets	0.4	0.7	0.6	0.4	0.2
Cash paid for acquisitions and intangibl	0.0	-30.0	-2.6	-2.3	-1.8
Sale of marketable securities	0.0	2.0	2.0	2.0	2.0
Proceeds from businesses sold	0.0	0.2	0.1	0.1	0.0
Cash from Investing Activities	-1.7	-35.8	-6.3	-3.8	-1.9

Net borrowings on revolving line of cred	0.0	0.0	0.0	0.0	0.0
Payments on other long-term debt	-0.1	-14.4	-1.6	-1.3	0.0
Excess benefit of stock based compensati	0.0	0.2	0.2	0.2	0.0
Capital contribution from noncontrolling	-	0.8	-	-	-
Exercise of Options	0.0	0.3	0.2	0.2	0.1
Dividends Paid	-1.9	-7.5	-5.7	-3.8	-1.9
Debt Financing Cost	-	-0.5	-0.6	-	-
Shares received in lieu of tax withholdi	0.0	-0.7	-0.7	-0.7	0.0
Share repurchase program and shares rece	0.0	-7.3	-6.3	-3.7	0.0
Cash from Financing Activities	-1.9	-29.0	-14.4	-9.0	-1.8

Net Change in Cash	-23.4	-35.1	-42.7	-36.2	-22.7

Net Cash - Beginning Balance	51.2	86.3	86.3	86.3	86.3
Net Cash - Ending Balance	27.9	51.2	43.7	50.1	63.6
Cash Interest Paid	1.0	1.7	1.2	0.8	0.4
Cash Taxes Paid	1.3	1.6	1.1	1.0	0.7

Bottom of Form

Standard & Poor’s

United States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising Debt Burden; Outlook Negative

Publication date: 05-Aug-2011 20:13:14 EST

· We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating.

· We have also removed both the short- and long-term ratings from CreditWatch negative.

· The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics.

· More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.

· Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon.

· The outlook on the long-term rating is negative. We could lower the long-term rating to 'AA' within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case.

TORONTO (Standard & Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it lowered its long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the long-term rating is negative. At the same time, Standard & Poor's affirmed its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's removed both ratings from CreditWatch, where they were placed on July 14, 2011, with negative implications.

The transfer and convertibility (T&C) assessment of the U.S.--our assessment of the likelihood of official interference in the ability of U.S.-based public- and private-sector issuers to secure foreign exchange for

debt service--remains 'AAA'.

We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade.

Our lowering of the rating was prompted by our view on the rising public debt burden and our perception of greater policymaking uncertainty, consistent with our criteria (see "Sovereign Government Rating Methodology and Assumptions ," June 30, 2011, especially Paragraphs 36-41). Nevertheless, we view the U.S. federal government's other economic, external, and monetary credit attributes, which form the basis for the sovereign rating, as broadly unchanged.

We have taken the ratings off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment of 2011 has removed any perceived immediate threat of payment default posed by delays to raising the government's debt ceiling. In addition, we believe that the act provides sufficient clarity to allow us to evaluate the likely course of U.S. fiscal policy for the next few years.

The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year's wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements,

the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.

Our opinion is that elected officials remain wary of tackling the structural issues required to effectively address the rising U.S. public debt burden in a manner consistent with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and Assumptions," June 30, 2011, especially Paragraphs 36-41). In our view, the difficulty in framing a consensus on fiscal policy weakens the government's ability to manage public finances and diverts attention from the debate over how to achieve more balanced and dynamic economic growth in an era of fiscal stringency and private-sector deleveraging (ibid). A new political consensus might (or might not) emerge after the 2012 elections, but we believe that by then, the government debt burden will likely be higher, the needed medium-term fiscal adjustment potentially greater, and the inflection point on the U.S. population's demographics and other age-related spending drivers closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely Cost Even More Green, Now," June 21, 2011).

Standard & Poor's takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.'s finances on a sustainable footing.

The act calls for as much as $2.4 trillion of reductions in expenditure growth over the 10 years through 2021. These cuts will be implemented in two steps: the $917 billion agreed to initially, followed by an additional $1.5 trillion that the newly formed Congressional Joint Select Committee on Deficit Reduction is supposed to recommend by November 2011. The act contains no measures to raise taxes or otherwise enhance revenues, though the committee could recommend them.

The act further provides that if Congress does not enact the committee's recommendations, cuts of $1.2 trillion will be implemented over the same time period. The reductions would mainly affect outlays for civilian discretionary spending, defense, and Medicare. We understand that this fall-back mechanism is designed to encourage Congress to embrace a more balanced mix of expenditure savings, as the committee might recommend.

We note that in a letter to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated total budgetary savings under the act to be at least $2.1 trillion over the next 10 years relative to its baseline assumptions. In updating our own fiscal projections, with certain modifications outlined below, we have relied on the CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to include the CBO assumptions contained in its Aug. 1 letter to Congress. In general, the CBO's "Alternate Fiscal Scenario" assumes a continuation of recent Congressional action overriding existing law.

We view the act's measures as a step toward fiscal consolidation. However, this is within the framework of a legislative mechanism that leaves open the details of what is finally agreed to until the end of 2011, and Congress and the Administration could modify any agreement in the future. Even assuming that at least $2.1 trillion of the spending reductions the act envisages are implemented, we maintain our view that the U.S. net general government debt burden (all levels of government combined, excluding liquid financial assets) will likely continue to grow. Under our revised base case fiscal scenario--which we consider to be consistent with a 'AA+' long-term rating and a negative outlook--we now project that net general government debt would rise from an estimated 74% of GDP by the end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign indebtedness is high in relation to those of peer credits and, as noted, would continue to rise under the act's revised policy settings.

Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act. Key macroeconomic assumptions in the base case scenario include trend real GDP growth of 3% and consumer price inflation near 2% annually over the decade.

Our revised upside scenario--which, other things being equal, we view as consistent with the outlook on the 'AA+' long-term rating being revised to stable--retains these same macroeconomic assumptions. In addition, it incorporates $950 billion of new revenues on the assumption that the 2001 and 2003 tax cuts for high earners lapse from 2013 onwards, as the Administration is advocating. In this scenario, we project that the net general government debt would rise from an estimated 74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.

Our revised downside scenario--which, other things being equal, we view as being consistent with a possible further downgrade to a 'AA' long-term rating--features less-favorable macroeconomic assumptions, as outlined below and also assumes that the second round of spending cuts (at least $1.2 trillion) that the act calls for does not occur. This scenario also assumes somewhat higher nominal interest rates for U.S. Treasuries. We still believe that the role of the U.S. dollar as the key reserve currency confers a government funding advantage, one that could change only slowly over time, and that Fed policy might lean toward continued loose monetary policy at a time of fiscal tightening. Nonetheless, it is possible that interest rates could rise if investors re-price relative risks. As a result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in 10-year bond yields relative to the base and upside cases from 2013 onwards. In this scenario, we project the net public debt burden would rise from 74% of GDP in 2011 to 90% in 2015 and to 101% by 2021.

Our revised scenarios also take into account the significant negative revisions to historical GDP data that the Bureau of Economic Analysis announced on July 29. From our perspective, the effect of these revisions underscores two related points when evaluating the likely debt trajectory of the U.S. government. First, the revisions show that the recent recession was deeper than previously assumed, so the GDP this year is lower than previously thought in both nominal and real terms. Consequently, the debt burden is slightly higher. Second, the revised data highlight the sub-par path of the current economic recovery when compared with rebounds following previous post-war recessions. We believe the sluggish pace of the current economic recovery could be consistent with the experiences of countries that have had financial crises in which the slow process of debt deleveraging in the private sector leads to a persistent drag on demand. As a result, our downside case scenario assumes relatively modest real trend GDP growth of 2.5% and inflation of near 1.5% annually going forward.

When comparing the U.S. to sovereigns with 'AAA' long-term ratings that we view as relevant peers--Canada, France, Germany, and the U.K.--we also observe, based on our base case scenarios for each, that the trajectory of the U.S.'s net public debt is diverging from the others. Including the U.S., we estimate that these five sovereigns will have net general government debt to GDP ratios this year ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%. By 2015, we project that their net public debt to GDP ratios will range between 30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at 79%. However, in contrast with the U.S., we project that the net public debt burdens of these other sovereigns will begin to decline, either before or by 2015.

Standard & Poor's transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment reflects our view of the likelihood of the sovereign restricting other public and private issuers' access to foreign exchange needed to meet debt service. Although in our view the credit standing of the U.S. government has deteriorated modestly, we see little indication that official interference of this kind is entering onto the policy agenda of either Congress or the Administration. Consequently, we continue to view this risk as being highly remote.

The outlook on the long-term rating is negative. As our downside alternate fiscal scenario illustrates, a higher public debt trajectory than we currently assume could lead us to lower the long-term rating again. On the other hand, as our upside scenario highlights, if the recommendations of the Congressional Joint Select Committee on Deficit Reduction--independently or coupled with other initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high earners--lead to fiscal consolidation measures beyond the minimum mandated, and we believe they are likely to slow the deterioration of the government's debt dynamics, the long-term rating could stabilize at 'AA+'.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.86.45
Euro	1	Rs.68.04

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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