The ServiceMaster Company Reports Preliminary Full-Year and Fourth-Quarter 2011 Financial Results
2011 operating revenue increased 2.5% to $3.206 billion, while
2011 operating income increased 22.4% to $375 million
- 2011 operating performance increased 10.8% to $610 million
- 2011 operating performance margin increased to 19% from 17.6%
- Year-to-date cash flow from operations increased 32% to $295 million
- Fourth-quarter operating revenue increased 0.7% to $693 million
- Fourth-quarter operating income decreased 19% to $45 million; operating income includes a $36.7 million non-cash trade name impairment charge
- Fourth-quarter operating performance increased 20.7% to $129 million
MEMPHIS, TENN, ― February 29, 2012 — The ServiceMaster Company today announced preliminary, unaudited 2011 results, led by a 2.5 percent increase in operating revenue, to $3.206 billion and a 22.4 percent increase in operating income, to $375.5 million compared to $306.7 million reported in 2010.
Meanwhile, operating performance increased 10.8 percent to $610 million. A reconciliation of operating income to operating performance is set forth below in this press release. Cash flow from operating activities in 2011 improved $72 million, or 32 percent, to $295 million compared to $222 million a year ago. The company plans to issue its audited 2011 results in early March 2012.
ServiceMaster also reported fourth-quarter operating revenue of $693 million, a 0.7 percent increase compared to prior year results. Fourth-quarter 2011 operating income was $44.9 million compared to prior year results of $55.5 million. Fourth-quarter operating performance was $129 million, an increase of approximately 21 percent compared to fourth-quarter 2010 results.
“Our fourth-quarter performance reflects our continued focus on driving growth by literally transforming our customers’ experiences and becoming a world-class service provider,” said ServiceMaster CEO Hank Mullany,
“I’m extremely pleased by the progress we made in 2011, and specifically in the fourth quarter, to simplify and improve the quality of our customers’ lives.”
Please see attached .PDF document for full Segment Review and Forward-Looking Statements.
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With a global network of more than 6,900 company-owned, franchise and licensed locations, Memphis-based ServiceMaster is one of the world’s largest residential and commercial service networks. The company’s high-profile brands are TruGreen, Terminix, American Home Shield, ServiceMaster Clean, Merry Maids, Furniture Medic and AmeriSpec. Through approximately 21,000 employees and a franchise network that independently employs over 31,000 additional people, the ServiceMaster family of brands serves more than 8.2 million customers every year and hold market-leading positions in residential and commercial lawn, tree and shrub care, termite and pest control, home warranties, furniture repair, home inspections, residential and commercial cleaning and disaster restoration. Go to www.servicemaster.com or twitter.com/ServiceMaster for more information about ServiceMaster.