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

Stocks in this article: ABM

Fiscal 2012 Results

The Company reported revenues for the fiscal year ended October 31, 2012 of $4.30 billion, a 1.3% increase compared to year-ago revenues of $4.25 billion. Income from continuing operations for the fiscal year 2012 was $62.7 million, or $1.14 per diluted share, compared to $68.7 million, or $1.27 per diluted share, for the fiscal year 2011.

Adjusted income from continuing operations for the fiscal year 2012 was $76.1 million, or $1.39 per diluted share, essentially flat, compared to $75.0 million, or $1.39 per diluted share, for the fiscal year 2011.

Strategy Update

Slipsager concluded, “We continue to focus on our long-term strategic goals and are pleased with the progress we are making. The recent acquisitions of Air Serv and HHA along with our initial steps to streamline internal assets and focus resources on vertical markets are improving our long-term growth prospects. The acquisition of Air Serv strengthens ABM’s position in the aviation vertical with over $650 million in annual revenue and their European operations will serve as a strategic base as we seek to expand our global presence in other verticals. With the HHA transaction, ABM has consolidated and strengthened our healthcare capabilities considerably. These acquisitions along with the investments and acquisitions we have made in our on-demand and mobile businesses uniquely position ABM to meet the long-term growth opportunities in the facility services industry.”

Dividend

The Company also announced that the Board of Directors has declared a first quarter cash dividend of $0.15 per common share – which is a 3.4% increase - payable on December 28, 2012 to stockholders of record on December 21, 2012. This will be ABM's 187th consecutive quarterly cash dividend.

Outlook

At this time, given the economic and government spending uncertainties relating to possible sequestration under the Budget Control Act of 2011, commonly referred to as the “fiscal cliff”, the Company is not providing guidance for fiscal year 2013. The Company anticipates providing guidance in March 2013, when it reports results of its first fiscal quarter.

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