ARS reports third quarter results above expectations.HOUSTON--(BUSINESS WIRE)--Nov. 12, 1996--American Residential Services, Inc. (NYSE NYSE See: New York Stock Exchange :ARS ARS In currencies, this is the abbreviation for the Argentine Peso. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), a leading provider of residential maintenance, repair and installation services, today reported third quarter results. 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 revenues for the quarter ended Sept. 30, 1996 were $36.7 million, up 19% from revenues of $30.9 million for the same period a year ago. Pro forma net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the quarter was $1.42 million, or 16 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to $1.27 million, or 14 cents per share, for the third quarter of 1995. For the nine months ended Sept. 30, 1996, pro forma revenues were $98.3 million, compared to $84.7 million for the corresponding nine month period in 1995. Pro forma net income from continuing operations was $2.94 million, or 32 cents per share, compared to $2.63 million, or 29 cents per share, for the corresponding period in 1995. "The results for the third quarter were slightly above our expectations of 14 cents per share," Cliff Wright, President and Chief Executive Officer stated. "Prior to the Company's initial public offering in September, our management had already begun the process of integrating the companies that comprise American Residential Services, the initial effects of which are already reflected in our third quarter results. However, this was somewhat offset by increases in corporate overhead expenses. We have already put in place the necessary corporate structure that is required for a publicly-traded entity and for an aggressive acquisition program. Now that we have completed the offering and have our corporate structure in place, we can focus on the opportunities available to a national company and realize further synergies that we expect to result from the continued integration of our operations." American Residential Services is the largest publicly held 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. engaged primarily in providing comprehensive maintenance, repair, replacement and new equipment installation services for heating, 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. , 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 , electrical, indoor air quality Indoor Air Quality (IAQ) deals with the content of interior air that could affect health and comfort of building occupants. The IAQ may be compromised by microbial contaminants (mold, bacteria), chemicals (such as carbon monoxide, radon), allergens, or any mass or energy stressor and major home appliances for residential customers. -0-
AMERICAN RESIDENTIAL SERVICES, INC. AND SUBSIDIARIES
Pro Forma Combined Results of Operations/a
(in thousands, except per share amounts)
Three Months Nine Months
Ended September 30, Ended September 30,
1996 1995 1996 1995
Revenues $36,725 $30,869 $98,261 $84,725
Gross Profit 10,199 8,042 26,241 21,532
Operating Income 2,330 2,228 5,194 4,529
Pro Forma Combined Net Income
From Continuing Operations 1,421 1,270 2,942 2,627
Pro Forma Combined Earnings
Per Share $ 0.16 $ 0.14 $ 0.32 $ 0.29
Average Shares Outstanding 9,080 9,080 9,080 9,080
a/ Actual results of operations are not reflected in this table
as the Company completed its acquisitions of its operating companies
on Sept. 27, 1996, the date of the closing of the Company's initial
public offering.
CONTACT: American Residential Services, Inc., Houston Jennifer L. Tweeton, 713/706-6172 |
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