For the full year 2009, net income⁽¹⁾ was $160.8 million, or $2.38 per diluted share, compared to $182.2 million, or $2.71 per diluted share, a year ago. The full year 2009 results include a non-cash impairment charge of $13.5 million, or $0.13 per diluted share after tax, as a result of a change in the fair value of trade names and customer relationships associated with certain prior acquisitions. Revenues for the full year totaled $5.55 billion, compared to $6.79 billion for the full year 2008.

For the full year 2009, operating income was $262.4 million, or 4.7% of revenues, compared to operating income of $302.6 million, or 4.5% of revenues, in the prior year. Operating income for 2009 included the aforementioned $13.5 million impairment charge and restructuring expenses of $6.0 million. Operating income in 2008 included restructuring expenses of $1.8 million. SG&A for the full year 2009 was $556.5 million, or 10.0% of revenues, compared to $582.3 million, or 8.6% of revenues, for the full year 2008.

Frank T. MacInnis, Chairman and CEO of EMCOR Group, commented, “Despite the economic challenges faced throughout 2009, EMCOR Group’s fourth quarter capped a year in which we generated the second highest level of profits in our history, surpassed only by our extraordinary performance in 2008. Our results are reflective of the many actions we have taken to better position our business across the economic cycle, as well as our disciplined approach to project bidding and cost controls, which allowed us to achieve increased operating margins for the full year despite lower revenue levels. We maintained our focus on cash generation throughout the year, and in doing so achieved record levels of cash flow and further strengthened what was already a robust and liquid balance sheet.”

Mr. MacInnis continued, “Backlog trends in the fourth quarter were largely similar to those we have seen in recent quarters. Commercial and hospitality and gaming sectors continue to show significant softness in demand. Excluding these sectors, our year-end backlog was down only 6.5% from the prior year. This is a testament to the effectiveness of our long-term market and service diversification strategy.”

Mr. MacInnis added, “As anticipated, we have begun to see some contribution to our backlog from stimulus-related spending, as more technically sophisticated projects, which are aligned with our core competencies and typically take more time to engineer and design, begin to enter the market. We are well positioned to capture additional stimulus projects with our wide array of service offerings and unmatched geographic footprint.”

Mr. MacInnis concluded, “We enter 2010 with a solid margin base and stronger financial positioning relative to previous economic cycles, but we remain cautious about the broader economic environment with a continuing lack of visibility in some of our end markets. While we are seeing some stabilization in our overall backlog levels and growth in areas such as healthcare and government services, there has been a shift in mix towards a greater percentage of public and quasi-public projects, which will affect margins during the year. Our focus will continue to be on execution and cost management, as well as bidding discipline. This bidding discipline may affect backlog growth and earnings power in the near-term but will enable us to retain capacity necessary to commit quickly to projects with more compelling economics when market conditions inevitably improve.”