American Residential Announces Six Acquisitions and $100 Million Credit Line.HOUSTON--(BUSINESS WIRE)--March 4, 1997--American Residential Services, Inc. (NYSE NYSE See: New York Stock Exchange :ARS), the nation's leading provider of residential heating, air conditioning, plumbing, electrical and appliance services, today announced it closed six acquisitions, representing its first round of acquisitions for the quarter, totaling approximately $19 million in historical 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. All six acquisitions will be accounted for as poolings-of-interests transactions. The six residential services companies acquired include Southcoast Heating & Air Conditioning, which performs heating, ventilation and air conditioning (HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free ) repair, replacement and new installation services for the San Diego metropolitan area San Diego, California Metropolitan Area:
Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , which will be integrated into the Company's existing South Carolina operations: R.F. Masters, Inc. in Charleston, Rooter Express Services, Inc. in Myrtle Beach, and Doc Plumbing, Inc. of Hilton Head. All three companies perform primarily plumbing repair, replacement and new installation services for their respective areas. 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. stated, "We are excited with the premier service companies who continue to choose to combine their businesses with ARS." The Company also reports closing an agreement with a new bank syndicate, led by NationsBank, to increase its credit facility from $55 million to $100 million. The Company intends to use this facility together with issuances of its common stock, primarily to fund future acquisitions. "Because we have acquired $100 million in annual revenues in the last four months, double our initial expectations, we increased the availability of our credit facility in order to provide more flexibility in financing future acquisitions," stated Hank Nicodemus, Chief Financial Officer. American Residential Services is the largest publicly held company in the United States engaged primarily 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 and major home appliances for residential customers. CONTACT: American Residential Services, Inc., Houston Jennifer L. Tweeton, 713/599-9015 |
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