American Residential Closes Deals Totaling $57 Million in Revenues in the Third Quarter to Date.HOUSTON--(BUSINESS WIRE)--Sept. 3, 1997--Continuing its strategic national expansion, American Residential Services Inc. (NYSE NYSE See: New York Stock Exchange :ARS) today reported that to date in the third quarter it has acquired 16 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. or plumbing service companies and added four major metropolitan residential markets to its service area. The acquisitions totaled $57 million in historical annual sales and boosted ARS' 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 to $425 million. The transactions also put the company in 42 U.S. markets, including 31 of the 100 largest. The new ARS residential markets include Detroit, Atlanta, Tucson and Fort Myers Fort Myers, city (1990 pop. 45,206), seat of Lee co., SW Fla., on the Caloosahatchee River, near the Gulf of Mexico; founded 1850, inc. 1905. It has a tourist trade and light industry and is a shipping point for citrus fruits, winter vegetables, flowers (especially , Fla. Three of the acquisitions provide commercial services and were completed by ARS' American Mechanical Services ("AMS AMS - Andrew Message System ") subsidiary. AMS provides primarily 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 services to commercial properties. AMS now operates in eight markets including, for the first time, Houston. Five of the transactions will be accounted for as pooling-of-interests transactions, and the other 11 will be accounted for as purchase transactions. Additional terms were not disclosed. "We continue to be pleased with the success of our strategy," commented Cliff Wright, president and chief executive officer. "The company's commercial services margins are stronger than expected and are expected to offset the seasonality generally experienced in the residential side of the business, and the multi-trade, 'one-stop shop' single vendor concept is working in the locations where we provide these services. As indicated by the company's second quarter margin improvement, ARS' operating strategy is successfully being implemented as the company continues to attract and position the right operating talent from the industry. Our acquisition pipeline is full and we will continue to implement the company's national operating strategy to become the premier residential and commercial service provider." American Residential Services is the largest publicly held company in the United States 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. CONTACT: American Residential Services Inc., Houston Jennifer L. Tweeton, 713/599-9015 |
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