American Residential Announces Additional Acquisitions of $25 Million in Acquired Revenues.HOUSTON--(BUSINESS WIRE)--Sept. 30, 1997-- Acquisitions Bring Total Third Quarter Acquired Revenues to $83 Million and Total Annual Run Rate to $450 Million American Residential Services Inc. (NYSE NYSE See: New York Stock Exchange : ARS) announced today that it has acquired five more 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 or electric service companies during the quarter, bringing total 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 acquired for the third quarter to $83 million. Three of the acquisitions provide residential services and the other two, which were completed by ARS's American Mechanical Services (AMS AMS - Andrew Message System ) subsidiary, provide commercial services. The services provided by the five companies are primarily heating, air conditioning and electric. Two of the transactions will be accounted for as pooling-of-interests transactions, and the other three will be accounted for as purchase transactions. Additional terms were not disclosed. "To date, ARS has acquired 79 business with combined annualized revenues of $450 million. We believe that contractors continue to join ARS based on our defined growth strategy, our multi-trades, our business segment focus and our experienced personnel," stated Howard Hoover, chairman of the board. Commenting further, Cliff Wright, president and chief executive officer, stated, "Our acquisition program is a crucial element of our strategy to become the first premier national service provider in this industry. We are currently in 42 metropolitan U.S markets, 31 of the top 100, and we will continue to enter new markets as well as expand our range of services in existing markets. Our developed regional management structure is in place to ensure that the process of integrating newly acquired companies will proceed at a measured pace." 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 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 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 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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