AMPAM Reports Second Quarter Results.Business Editors ROUND ROCK, Texas--(BUSINESS WIRE)--Aug. 4, 2000 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Plumbing plumbing, piping systems inside buildings for water supply and sewage. The Romans had a highly developed plumbing system; water was brought to Rome by aqueducts and distributed to homes in lead pipes—hence the name plumbing from the Latin word plumbum & Mechanical Inc. ("AMPAM") today announced its operating results for the quarter and six-month periods ended June June: see month. 30, 2000. Second Quarter Results Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Christianson Christianson, as a person, may refer to:
Revenues increased 50% to $141.7 million for the second quarter versus $94.3 million for the comparable quarter in 1999. The increase in revenues reflects 18% same-store growth and $30.4 million associated with acquisitions completed since the second quarter of last year. Gross profit for the quarter increased 58% to $26.5 million compared to $16.8 million for the comparable period last year. The increase in gross profit reflects 26% same-store growth and $5.4 million associated with acquisitions completed since the second quarter of last year. Gross margins for the quarter ended June 30, 2000, were 18.7%, versus 17.8% during the same period in 1999 and 17.7% in the first quarter of this year. Selling, general and administrative ("SG&A") expenses for the second quarter were $11.7 million, or 8.3% of revenues, versus $15.7 million (16.6% of revenues) for the comparable period in 1999. SG&A expenses in the second quarter of 1999 included an $8.0 million non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. related to common stock issued to management prior to April 1, 1999. Absent this charge, SG&A expenses were 8.2% of revenues for the quarter ended June 30, 1999. Goodwill amortization was $1.4 million for the quarter ended June 30, 2000, an increase of $0.4 million from the comparable period in 1999, which reflects the goodwill associated with acquisitions completed since the second quarter of 1999. Income from operations was $13.4 million for the period, versus $0.2 million in the second quarter of 1999. Interest expense for the second quarter of 2000 was $4.3 million versus $3.2 million in the same period last year, reflecting both increased levels of debt and higher interest rates. Both periods include approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.3 million of non-cash interest related to the amortization of debt offering expenses. At June 30, 2000, borrowings under the company's bank credit agreement were $28.4 million. Net income available to common shareholders for the second quarter totaled $4.7 million versus a loss of $6.2 million for the same period in 1999. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Six-Month Results For the six months ended June 30, 2000, revenues totaled $266.8 million. Gross profit and EBITDA for the period were $48.7 million and $28.3 million, respectively. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, revenues for the six months ended June 30, 2000, were $275.5 million versus $228.4 million for the comparable period in 1999. Pro forma gross profit was $50.7 million for the first half of 2000 versus $48.7 million for the comparable period in 1999. Pro forma EBITDA during the period was $29.7 million versus $31.4 million in the first six months of 1999, reflecting an exceptionally strong first quarter in 1999. AMPAM, headquartered in Round Rock, Texas, is the largest company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. focused primarily on the plumbing contracting services industry. AMPAM also provides heating, ventilation ventilation, process of supplying fresh air to an enclosed space and removing from it air contaminated by odors, gases, or smoke. Proper ventilation requires also that there be a movement or circulation of the air within the space and that the temperature and and air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. and mechanical contracting services. This news release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . Although AMPAM believes that such statements are based on reasonable assumptions, it can give no assurance that its expectations will in fact occur. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, changes in national or regional economic conditions affecting the construction industry, our ability to pursue acquisition candidates as well as our ability to integrate acquired businesses, federal and state regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. developments, AMPAM's financial leverage and the availability of skilled personnel, as well as other risk factors.
American Plumbing and Mechanical Inc.
Combined Statements of Operations
(unaudited)
(in thousands)
Three months ended June 30,
------------------------------------------
1999 2000
------------------------------------------
Revenues $ 94,315 $ 141,679
Cost of revenues 77,495 115,163
--------- ---------
Gross Profit 16,820 26,516
Selling, general and
administrative expenses 7,696 11,699
Noncash stock
compensation charge 7,992 --
Goodwill amortization 951 1,446
--------- ---------
Income from operations 181 13,371
Interest expense (3,240) (4,343)
Other, net 170 194
--------- ---------
Income (loss) before taxes (2,889) 9,222
Provision for income taxes 2,533 4,208
--------- ---------
Income (loss) before
extraordinary loss (5,422) 5,014
Extraordinary loss 455 --
--------- ---------
Net income (loss) (5,877) 5,014
--------- ---------
Preferred dividends 341 341
--------- ---------
Net income (loss) available
to common shareholders $ (6,218) $ 4,673
========= =========
EBITDA $ 10,255 $ 16,295
========= =========
Six months ended June 30,
--------------------------------------
1999 2000 2000
--------------------------------------
(Pro Forma) (Pro Forma) (Historical)
Revenues $ 228,398 $ 275,529 $ 266,816
Cost of revenues 179,699 224,786 218,153
--------- --------- ---------
Gross profit 48,699 50,743 48,663
Selling, general and
administrative expenses 19,961 24,007 23,188
Noncash compensation charge 7,992 -- --
Goodwill amortization 2,615 2,849 2,746
--------- --------- ---------
Income from operations 18,131 23,887 22,729
Interest expense (8,035) (9,243) (9,083)
Other, net 822 563 407
--------- --------- ---------
Income before taxes 10,918 15,207 14,053
Provision for income taxes 9,175 7,083 6,593
--------- --------- ---------
Income before
extraordinary loss 1,743 8,124 7,460
Extraordinary loss 455 -- --
--------- --------- ---------
Net Income 1,288 8,124 7,460
Preferred dividends 682 682 682
--------- --------- ---------
Net income available to
common shareholders $ 606 $ 7,442 $ 6,778
========= ========= =========
EBITDA $ 31,387 $ 29,706 $ 28,329
========= ========= =========
Pro forma information includes the results of operations of all
acquired companies as if they were acquired on January 1, 1999.
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