American Residential announces acquisition of an additional $14 million in the first quarter.HOUSTON--(BUSINESS WIRE)--March 21, 1997--American Residential Services, Inc. (NYSE NYSE See: New York Stock Exchange :ARS), the nation's 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 it closed three more acquisitions in the first quarter of 1997, totaling approximately $14 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. To date, total annualized revenues acquired by ARS during the first quarter are $32 million. The three companies acquired were Energy Concepts, Inc. in Grand Rapids Grand Rapids, city (1990 pop. 189,126), seat of Kent co., SW central Mich., on the Grand River; inc. 1850. The second largest city in the state, it is a distribution, wholesale, and industrial center for an area that yields fruit, dairy products, farm produce, , Mich., which supplies 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; Advanced Air-Co & Heating, Inc. in Oklahoma City, which performs HVAC maintenance, repair and replacement services; and Tri-State/Broome Heating and Air out of Wahalla, S.C., which performs HVAC repair, replacement and new installation services for the Golden Triangle area. Energy Concepts and Advanced Air-Co, which were accounted for as poolings-of-interests transactions, represent new markets for American Residential, increasing the company's market coverage to 24 major markets. "Our acquisition strategy is successfully increasing our national presence," stated Cliff Wright, President and Chief Executive Officer. "These three new acquisitions bring our annualized revenue `run rate' to approximately $260 million and give us a strategic presence in two important new markets as well as an increased presence in South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. ." 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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