The ServiceMaster Company Reports Preliminary Second-Quarter 2012 Financial Results
- Second-quarter operating revenue decreased 0.5% to $962 million
- Second-quarter operating income decreased 40% to $97 million; operating income includes a $67.7 million non-cash trade name impairment charge
- Second-quarter operating performance increased 0.3% to $212 million
- June YTD operating revenue increased 2.2% to $1.6 billion
- June YTD operating income decreased 18% to $152 million
- June YTD operating performance improved 8.8% to $313 million
MEMPHIS, Tenn., Aug. 7, 2012 // PRNewswire // -- The ServiceMaster Company, one of the world's largest residential and commercial service networks, today announced preliminary, unaudited second-quarter 2012 results, including operating revenue of $962 million, a decline of 0.5 percent compared to second-quarter 2011 results. The company's second-quarter operating income, which included a $67.7 million non-cash trade name impairment charge, decreased 40 percent to $97 million. The company's operating performance increased 0.3 percent to $212 million compared to the same period in 2011.
ServiceMaster's overall operating revenue for the first six months of the year increased 2.2 percent, to $1.6 billion. The company's operating performance for the first six months increased 8.8 percent, to $313 million.
"We're pleased with the company's overall performance through the first half of the year, even though we saw a slight decline in revenue and profitability in the second quarter. Excluding TruGreen, our operating revenue for the first six months of the year was up 6.7 percent." said Hank Mullany, ServiceMaster's chief executive officer. "Driven by our category-leading brands and continued improvements in overall customer satisfaction, and the ongoing transformation of our TruGreen business, we're making great strides in building a company that will be a rapidly growing, best-in-class service provider."
Although TruGreen expected some challenges as it retools the business, Mullany noted that TruGreen's operating performance was up 11.5 percent compared to the second quarter of 2011, marking its fourth consecutive quarter of improved operating performance. "We're laying a strong foundation for the future," Mullany said.
Second-Quarter Earnings Conference Call
The company will discuss its strategic initiatives and second-quarter operating results during a webcast conference call at 7:30 a.m. CDT today. To participate on the conference call, interested parties should call 888.612.1053. Additionally, the conference call will be available via webcast. A slide presentation highlighting the company's results and key performance indicators will also be available. To participate via webcast and view the slide presentation, visit the company's investor relations home page at www.servicemaster.com.
For full Segment Review and Forward-looking Statements, please visit the Investor section at ServiceMaster.com (http://phx.corporate-ir.net/phoenix.zhtml?c=118856&p=irol-irhome).
With a global network of more than 6,900 company-owned, franchise and licensed locations, Memphis-based ServiceMaster is one of the world's largest residential and commercial service networks. The company's high-profile brands are Terminix, TruGreen, American Home Shield, ServiceMaster Clean, Merry Maids, Furniture Medic and AmeriSpec. Through approximately 21,000 corporate associates and a franchise network that independently employs over 31,000 additional people, the ServiceMaster family of brands serves more than 8.2 million customers every year. Our market-leading brands provide a range of residential and commercial services including termite and pest control; lawn, tree and shrub care; home warranties and preventative maintenance contracts; furniture repair; home inspections; home cleaning; janitorial services; and disaster restoration. Go to www.servicemaster.com for more information about ServiceMaster or follow us at twitter.com/ServiceMaster or facebook.com/TheServiceMasterCo.
SOURCE The ServiceMaster Company