This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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%.”

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,086.63 -26.91 -0.16%
S&P 500 1,987.01 +3.48 0.18%
NASDAQ 4,473.6970 +17.6810 0.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs