ABM Industries Announces 2012 Fourth Quarter And Full-Year Financial Results

ABM (NYSE:ABM), a leading provider of integrated facility solutions, today announced financial results for the fiscal 2012 fourth quarter and full year that ended October 31, 2012.

					Quarter Ended												Year Ended
(in millions, except per share data)					October 31,								Increase				October 31,								Increase
(unaudited)						2012				2011			(Decrease)					2012				2011			(Decrease)
Revenues					$	1,090.0			$	1,081.3			0.8	%			$	4,300.3			$	4,246.8			1.3	%
Income from continuing operations					$	27.7			$	18.2			52.2	%			$	62.7			$	68.7			(8.7	)%
Income from continuing operations per diluted share					$	0.50			$	0.33			51.5	%			$	1.14			$	1.27			(10.2	)%
Adjusted income from continuing operations					$	27.7			$	20.4			35.8	%			$	76.1			$	75.0			1.5	%
Adjusted income from continuing operations per diluted share					$	0.50			$	0.37			35.1	%			$	1.39			$	1.39			0.0	%
Net income					$	27.7			$	18.0			53.9	%			$	62.6			$	68.5			(8.6	)%
Net income per diluted share					$	0.50			$	0.33			51.5	%			$	1.14			$	1.27			(10.2	)%
Net cash provided by operating activities					$	66.8			$	75.2			(11.2	)%			$	150.6			$	160.0			(5.9	)%
Adjusted EBITDA					$	50.2			$	51.3			(2.1	)%			$	176.4			$	184.0			(4.1	)%

(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.)

Executive Summary:

• Revenues were $1.09 billion in the fiscal 2012 fourth quarter, up approximately 1% compared to $1.08 billion last year, as sluggish economic conditions and lower government spending continued to impact operating results.
• Excluding the Company’s government business, revenue grew approximately 2.6% in the fourth quarter.
• Adjusted income from continuing operations for the fiscal 2012 fourth quarter was $0.50 per diluted share, up 35.1% versus $0.37 per diluted share in the prior year. The increase is primarily due to a $0.11 per diluted share net benefit from a one-time discrete tax item.
• Operating profit for the fourth quarter of fiscal 2012 increased 9.9% compared to fiscal 2011. All four service-line segments generated higher operating profit with Facility Solutions achieving a year-over-year increase of 13.2%.
• Net cash flow from continuing operations was $66.8 million for fiscal 2012 fourth quarter, compared to $75.2 million for the same period last year. Fiscal 2012 fourth quarter income taxes paid increased by $4.8 million.
• Outstanding borrowings under the Company’s credit facility decreased by $37.0 million in the fourth quarter and for the fiscal year by $85.0 million from $300 million to $215 million.

Fourth Quarter Results and Recent Events

“Our fourth quarter and fiscal year-end operational results were in-line with our revised guidance and cash flow from operations was again very strong,” said ABM’s president and chief executive officer Henrik Slipsager. “On a year-over-year basis, we generated higher revenues on a consolidated basis as we benefited from new business in Janitorial, Security and Parking. Revenue for Facility Solutions continued to be negatively impacted by diminished sales to the U.S. Government, which decreased 34% year-over-year in the fourth quarter of 2012. Excluding the government business, consolidated revenue grew approximately 2.6%.”

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