These
excellent results are not a one time phenomenon,
but are the standards by which EMCOR
is judged and by which we judge ourselves. The
graphs to the right illustrate the continuous development
and improvement which characterizes our
company: Over the period from 1995 to 1999, EMCOR
grew at a compounded annual rate of 16% for revenue,
20% for gross margins, 77% for operating income,
and more than 250% for earnings per share.
During
2000, we expect to continue our
growth and improvement. We will
supplement the profits from our continuing
dominance of our specialty construction
markets with new investments in facility
services, new strategic alliances with property
managers, property owners and developers, and
increased participation in the exciting and fast-growing voice and
data communications market.
In
April 2000, EMCOR
established a
new venture with CB
Richard Ellis, a premier real estate management company,
to provide technical solutions and building operations
and maintenance to 2,460 buildings in over 30
states managed by CB Richard Ellis. This added about 70
million square feet to the 400 million square feet for which
EMCOR was already providing similar services.
All
of these changes will reflect our sensitivity to the changing
requirements of our customers, as we strive to
respond to their needs and to maximize the functionality
and efficiency of the facilities we design, build,
and manage. Our willingness and flexibility to
adapt to the needs and to fulfill the goals of our clients
gave rise to the theme of this year’s report -- “The
Evolution of Service.”
EMCOR
will continue to evolve with its markets, but
certain things will always remain the same: our commitment
to our customers, the integrity of our operations
and services, and our appreciation of our shareholders,
directors, and employees who make it possible.
Thank you all.
|
