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ABM Reports First Quarter 2012 Financial Results And Declares Quarterly Dividend

ABM Industries Incorporated (NYSE:ABM):
Quarter Ended
(in millions, except per share data) January 31, Increase
(unaudited)   2012   2011   (Decrease)
Revenues   $ 1,073.8   $ 1,029.2   4.3 %
Net cash provided by continuing operating activities   $ 11.8   $ 0.3   NM*
Income from continuing operations $ 10.6 $ 8.4 26.6 %
Income from continuing operations per diluted share   $ 0.20   $ 0.16   25.0 %
Net income $ 10.6 $ 8.4 26.7 %
Net income per diluted share   $ 0.20   $ 0.16   25.0 %
Adjusted income from continuing operations $ 11.8 $ 11.7 0.9 %
Adjusted income from continuing operations per diluted share   $ 0.22   $ 0.22   0.0 %
Adjusted EBITDA   $ 35.9   $ 35.7   0.6 %
* Not Meaningful

(This release refers to non-GAAP financial measures described as "Adjusted EBITDA", "Adjusted Income from Continuing Operations", and "Adjusted Income from Continuing Operations per Diluted Share" (or "Adjusted EPS"). Refer to the accompanying financial tables for supplemental financial data and corresponding reconciliation of these non-GAAP financial measures to certain GAAP financial measures.)

ABM (NYSE:ABM), a leading provider of integrated facility solutions, today announced financial results for the fiscal 2012 first quarter that ended January 31, 2012. The Company reported that revenues for the first quarter of fiscal year 2012 reached $1.07 billion, a 4.3% increase compared to first quarter of fiscal year 2011 revenues of $1.03 billion, driven primarily by revenues associated with the acquisition of the former Linc Group. Net income and income from continuing operations in the first quarter of 2012 increased 26.7% to $10.6 million, or $0.20 per diluted share, compared to $8.4 million, or $0.16 per diluted share, in the 2011 first quarter. Net income benefited from a reduction in transaction costs and sustained improvement in historical credits on client receivables partially offset by higher payroll-related expenses. Net cash flow from continuing operations for the first quarter increased to $11.8 million compared to $0.3 million in the year-ago quarter. Adjusted income from continuing operations for the fiscal 2012 first quarter was essentially flat at $11.8 million, or $0.22 per diluted share, compared to $11.7 million, or $0.22 per diluted share, in the first quarter of fiscal 2011. Adjusted EBITDA in the 2012 first quarter was $35.9 million compared to $35.7 million one year ago.

First Quarter Results and Impacts

“Our financial results for the quarter were in line with our expectations and consistent with last year,” ABM’s president and chief executive officer Henrik Slipsager said. “Facility Solutions (combined Linc and ABM Engineering operations) and Security generated year-over year increases in revenues, combined with essentially flat sales for Parking and Janitorial. Janitorial achieved slight growth from sustained improvement in billing processes and cost control measures partially offset by higher state unemployment insurance expense. Margins in Facility Solutions were lower than last year, primarily as a result of the comparative mix and timing of government projects. Total expenses as a percentage of revenues held steady as gross margins remained essentially flat year-over-year.”

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