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establishing long-term relationships that provide stable sources of revenue even in difficult times. 

The Diversity of our companies is unmatched in our industry and enables us to move quickly and profitably from markets in which demand is declining to areas of increasing growth opportunity. Our ability to provide a broad scope of services across literally hundreds of markets ensures that we are always at the “center of the action.” 

During 2001, the sharp decline in the telecommunications sector, which had provided us with substantial revenue in 2000, was more than matched by our growth in the energy, public infrastructure, and healthcare sectors, all of which have strong, long-term growth prospects. 

EMCOR is built for the long term. The foundations of our Company are our commitment to our customers, the integrity of our operations and services, and the conservatism of our financial structure. These add up to Enduring performance; your Company has reported 28 consecutive profitable quarters, seven years of continuous earnings growth, and a six-year ROI to investors of 384%. We are very proud of the opportunity that EMCOR has provided to employees and stockholders to participate in our growth and success. 

Early in 2002, we announced the acquisition of a group of 19 companies, former subsidiaries of Comfort Systems USA. This purchase fulfilled a number of long-sought goals, including a major expansion in the industrial Midwest and increased participation in 

FRANK T. MACINNIS 

