ServiceMaster Reports On Second Quarter

DOWNERS GROVE, Ill. - ServiceMaster Co. announced its second-quarter results, which featured revenues of $1.1 billion, a 6-percent increase compared to the same period in 2003. Earnings per share were $0.24, a 9-percent increase over the 2003 second quarter. For the six-month results, revenues of $1.8 billion were up 6 percent over the first half of 2003. Earnings per share from continuing operations were $0.28, up 17 percent over 2003's first half.

Share repurchases in the first six months were approximately $40 million, the majority in the first quarter. Total debt was $816 million, slightly below the 2003 year-end level. Net cash flow provided by operating activities was $116 million for the first six months, compared to $60 million in 2003. The company cites the improvement as a result of higher earnings, and a decrease in the use of working capital.

Second-quarter revenues by segment are: TruGreen, $454 million, up 4 percent; Terminix, $282 million, up 8 percent; American Home Shield, $133 million, up 6 percent; American Residential Services and American Mechanical Services, $180 million, up 4 percent; and other operations, $40 million, up 6 percent.

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Publication date: 08/23/2004

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