The following selected financial data has been derived from audited financial statements and should be read in conjunction with the consolidated financial statements, the related notes thereto and the report of independent public accountants thereon, included elsewhere in this annual report and in previously filed annual reports on Form 10-K of EMCOR.

(a) Effective December 31, 1997, EMCOR adopted Statement of Financial Accounting Standards No. 128, "Earnings Per Share." Accordingly, earnings per share information for years prior to December 31, 1997 has been restated to conform to current year presentation.

(b) No cash dividends on EMCOR's common stock have been paid during the past five years.