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ServiceMaster reports Q4 results

|  February 26, 2013

MEMPHIS—The ServiceMaster Co. has reported its preliminary unaudited 2012 results, including operating revenue of $3.2 billion, a decline of 0.4 percent compared to 2011 results. The company reported a 2012 operating loss of $533 million, which included non-cash goodwill and trade name impairment charges of $790 million and $119 million, respectively. The company’s 2012 operating performance decreased 7.8 percent to $563 million compared to 2011.

ServiceMaster’s preliminary, unaudited fourth-quarter results include operating revenue of $676 million, a decline of 2.5% compared to prior year results. Operating income for the fourth quarter decreased 12.4 percent to $39 million. The company’s operating performance for the fourth quarter of 2012 decreased 37.4 percent to $81 million.

“While our 2012 overall results weren’t up to our expectations, we achieved solid results in Terminix, American Home Shield and Merry Maids and put the building blocks in place for success in 2013 in our other businesses,” says CEO Hank Mullany.

He notes that excluding TruGreen, the rest of the company grew operating revenue 5.2 percent and operating performance improved 2.1 percent for the year. Excluding TruGreen, that represents the second-best revenue growth the company has experienced since 2007.

“We’re committed to the strategies that will get TruGreen on track in 2013 and deliver long-term, sustainable revenue and earnings growth for the brand, and the company overall,” Mullany says, adding that the diversity of the ServiceMaster family of brands continues to be a strength of the company. “We believe we have a strong foundation for the future, with the leadership and strategies in place to achieve our vision of transforming ServiceMaster into a growing, best-in-class service provider. We will be the best place to work and invest.”

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