American Residential acquires $38 million of revenues in second quarter.NEW YORK--(BUSINESS WIRE)--June 4, 1997--American Residential Services, Inc. (NYSE NYSE See: New York Stock Exchange :ARS), a leading provider of residential 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 at the PaineWebber Aggressive Growth & Technology Conference that it has closed seven more acquisitions in the second quarter of 1997, totaling approximately $38 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. Total annualized revenues acquired by ARS during 1997 are approximately $68 million to date for the second quarter and $104 million to date for the year. The seven acquired companies and the markets they serve are as follows: Murray Service Co., which operates as EMD EMD Electromechanical dissociation, see there Mechanical Specialists, provides commercial 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 ") services for the Washington, D.C. area. Snake `N' Rooter Inc. of Aurora, Colo. provides residential and commercial plumbing services for the greater Denver area. PRO-FORMANCE INC, which also operates as Pro Heating & Air, offers residential HVAC services to Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . Anderson Heating & Cooling Co. Inc. performs HVAC services for the greater Chicago residential area. Engineered Air Systems provides commercial HVAC and plumbing services for San Francisco (representing a new market). Colorado Chiller chill·er n. 1. One that chills. 2. A frightening story, especially one involving violence, evil, or the supernatural; a thriller. chiller Noun 1. Maintenance Inc. offers commercial HVAC services and Trautman & Shreve Service Inc. offers commercial HVAC and plumbing services, both for the Denver area. Colorado Chiller Maintenance and Anderson Heating & Cooling will be accounted for as purchase transactions, and the other five transactions will be accounted for as pooling-of-interests transactions. Additional terms were not disclosed. "With the addition of these companies, ARS is operating at a historical annualized revenue base of over $320 million," stated Roy Eliff, director of market development. "Our pipeline has been very active and we expect that to continue throughout the remainder of the year." 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 homes, including homes under construction, and small commercial buildings. CONTACT: American Residential Services, Inc., Houston Jennifer L. Tweeton, 713/599-9015 |
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