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SOURCE The ServiceMaster Company, LLC
-- Revenue increased 4 percent to $533 million, with growth in each segment
-- Loss from continuing operations of $18 million included a $48 million ($29 million net of tax) non-cash impairment charge related to the decision to abandon the deployment of a new operating system
-- Adjusted income from continuing operations(1) increased $5 million to $11 million
-- Adjusted EBITDA(2) increased 12 percent to $115 million
MEMPHIS, Tenn., May 2, 2014 /PRNewswire/ -- The ServiceMaster Company, LLC, a leading provider of essential residential and commercial services, today announced preliminary unaudited first-quarter 2014 results. The company reported first-quarter 2014 revenue of $533 million, an increase of approximately 4 percent compared to the same period in 2013.
The company reported a first-quarter 2014 loss from continuing operations of $18 million, versus income from continuing operations of $6 million for the first quarter of 2013. Adjusted income from continuing operations for the first quarter of 2014 was $11 million, excluding a $48 million ($29 million net of tax), non-cash asset impairment charge related to the decision to abandon the deployment of a new operating system for American Home Shield.
The company reported first-quarter 2014 Adjusted EBITDA of $115 million, an increase of $12 million compared to the same period in 2013. The increase was primarily driven by the impact of higher revenue and the transition of certain costs in the first quarter of 2014 to TruGreen, which the company spun-off on January 14, 2014. A reconciliation of net loss to Adjusted EBITDA is set forth below in this press release.
"We're pleased that Terminix, American Home Shield and the Franchise Services Group all reported first-quarter 2014 revenue and Adjusted EBITDA growth versus prior year," said Rob Gillette, ServiceMaster's chief executive officer. "Our business units are built to perform and they share a strong commitment to customer service, delivered by professionals with deep expertise and backed by performance guarantees."
Please note that, due to the pending IPO registration statement filing with the SEC by the company's ultimate parent, the company will not host a webcast or conference call to discuss first-quarter 2014 earnings or provide an investor slide presentation. For full segment review, please visit the Investor section at ServiceMaster.com.
The ServiceMaster Company, LLC is a leading provider of essential residential and commercial services, operating through an extensive service network of more than 7,000 company-owned, franchised and licensed locations. The company's portfolio of well-recognized brands includes Terminix (termite and pest control), American Home Shield (home warranties), ServiceMaster Restore (disaster restoration), ServiceMaster Clean (janitorial), Merry Maids (residential cleaning), Furniture Medic (furniture repair) and AmeriSpec (home inspections). The company serves approximately 5 million residential and commercial customers through an employee base of approximately 13,000 company associates and a franchise network that independently employs an estimated 33,000 additional people. The company is headquartered in Memphis, Tenn. Go to www.servicemaster.com for more information about ServiceMaster or follow the company at twitter.com/ServiceMaster or facebook.com/TheServiceMasterCo.
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