American Residential Announces $32 Million in Acquired Revenues.HOUSTON--(BUSINESS WIRE)--May 13, 1998--American Residential Services, Inc. (NYSE NYSE See: New York Stock Exchange : ARS), a leading provider of residential and commercial 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, electrical and appliance services, today announced that it has closed five transactions with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues totaling approximately $32 million. These acquisitions were closed in the first quarter and second quarter to-date. Three of the companies provide residential heating and air conditioning repair and replacement services in the Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. and Raleigh markets as well as electrical repair and new installation services in the Raleigh market. The other two companies were acquired by ARS' wholly-owned subsidiary, American Mechanical Services (AMS AMS - Andrew Message System ), and provide commercial heating and air conditioning services in Colorado Springs and electrical services in the Baltimore, Washington, DC and Northern Virginia market areas. Four transactions will be accounted for as purchase transactions, and one will be accounted for as a pooling-of-interest transaction. Terms of the transactions were not disclosed. "These five acquisitions increase our revenue run rate to almost half a billion dollars," stated Gorden Timmons, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , "and will serve to strengthen our service lines in key markets where we already have a significant presence. The AMS acquisition in the Northeast will also expand our commercial service capabilities in that area to include electrical services. We are pleased to see that our acquisition pipeline continues to remain full with premier service companies." American Residential Services is engaged principally in providing comprehensive maintenance, repair, replacement and new equipment installation services for heating, air conditioning, plumbing, 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 systems and major home appliances, primarily in existing homes, homes under construction and commercial buildings. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on current plans and expectations of ARS and involve risks and uncertainties that could cause actual future activities and results of operations to be materially different from those set forth in the forward-looking statements. Important factors that could cause actual results to differ include, among others, risks associated with acquisitions, fluctuations in operating results because of acquisitions and variations in stock prices, competition, and risks of operations and integration of the newly acquired businesses. CONTACT: American Residential Services Inc., Houston Jennifer L. Tweeton, 713/599-9015 |
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