Press Releases

Revenues Increase 24% to $1.06 Billion

EPS from Continuing Operations Rises to $0.26; Adjusted EPS Increases to $0.28

NEW YORK--(BUSINESS WIRE)-- ABM Industries Incorporated (NYSE:ABM):

					Three Months Ended												Six Months Ended
(in millions,					April 30,								Increase				April 30,								Increase
except per share data)					2011				2010				(Decrease)				2011				2010				(Decrease)
Revenues					$	1,060.1			$	855.5			23.9	%			$	2,089.3			$	1,725.3			21.1	%
Net cash provided by continuing operating activities					$	31.3			$	50.0			(37.4	)%			$	31.5			$	37.7			(16.5	)%
Income from continuing operations					$	14.2			$	8.6			64.7	%			$	22.6			$	21.5			5.3	%
Income from continuing operations per diluted share					$	0.26			$	0.16			63.9	%			$	0.42			$	0.41			2.1	%
Net income					$	14.2			$	8.6			65.5	%			$	22.6			$	21.4			5.8	%
Net income per diluted share					$	0.26			$	0.16			63.9	%			$	0.42			$	0.41			2.1	%
Adjusted income from continuing operations					$	15.0			$	11.9			25.5	%			$	26.7			$	26.0			2.9	%
Adjusted income from continuing operations per diluted share					$	0.28			$	0.23			20.0	%			$	0.50			$	0.49			2.0	%
Adjusted EBITDA					$	42.0			$	29.4			43.1	%			$	77.7			$	62.0			25.3	%
(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 Industries Incorporated (NYSE:ABM) today announced revenues for the second quarter of fiscal year 2011 of $1.06 billion, a 23.9% increase compared to second quarter of fiscal year 2010 revenues of $855.5 million. Income from continuing operations for the second quarter of fiscal year 2011 was $14.2 million, a 64.7% increase from $8.6 million in the second quarter of fiscal year 2010. Income from continuing operations per diluted share for the second quarter of fiscal year 2011 increased 63.9% to $0.26 compared to income from continuing operations per diluted share of $0.16 in the second quarter of fiscal year 2010. Income from continuing operations increased primarily as a result of a $4.7 million after-tax increase in Divisional operating profit in the second quarter of fiscal year 2011, driven by the companies acquired in 2010, and including a $2.3 million after-tax benefit from lower labor expense as a result of one less work day, partially offset by higher state unemployment insurance tax expense and fuel costs. In addition, the second quarter of fiscal year 2010 included a $2.7 million after-tax expense for a specific legal contingency. This combined benefit to the year-over-year increase in income from continuing operations in the second quarter of fiscal year 2011 was partially offset by a $1.9 million after-tax increase in interest expense compared to the year-ago quarter, primarily as a result of financing the Linc acquisition.

"The strength of our acquired businesses, combined with our continued focus on job profitability, drove second quarter results, which came in as expected," said Henrik Slipsager, president and chief executive officer, ABM Industries Incorporated. "The quarter generated top and bottom line growth for the Company as we delivered our second consecutive quarter exceeding $1 billion in revenues and both income from continuing operations and adjusted income from continuing operations increased by double digits year-over-year. Revenue growth in the quarter was driven by the companies we acquired in 2010, which together contributed nearly $200 million. We also achieved slight organic growth, both year-over-year and sequentially. Adjusted income from continuing operations increased 26% to $15 million while adjusted income from continuing operations per diluted share increased 20% year-over-year to $0.28. The quarter also generated 43% growth in Adjusted EBITDA, which increased to $42 million compared to $29 million in the year-ago quarter.

"As with last quarter, all four Divisions produced revenue increases year-over-year. The acquisitions of The Linc Group, L&R Parking companies and Diversco continue to increase the Company's revenues and profitability while expanding our reach in key vertical markets. Engineering revenues increased by more than $135 million driven by The Linc Group, which also helped increase the Division's operating profit by more than 36%. Linc Government Services, however, was impacted by the delay in passing a federal budget that postponed the start of existing projects and delayed bidding and awarding of new contracts.

"Janitorial revenues grew through the combination of Diversco sales and strong revenue growth in the Northeast. Janitorial increased operating profit by more than 21% as a result of lower labor expense from one less work day in the quarter, which added $2.3 million after-tax, as well as the savings generated by the Division's regional consolidation. Parking revenues increased about 37% on the strength of $43 million in sales from the L&R companies. Parking's operating profit was down slightly as a result of a contract settlement and higher state unemployment insurance expenses in the quarter. Security revenues increased slightly with Diversco generating nearly $3 million. Security's operating profit was essentially flat year-over-year."

Slipsager concluded: "With the addition and successful integration of The Linc Group, Engineering continued to expand the number and scope of facility solutions we offer to reduce energy consumption and costs for clients ranging from colleges and universities to biotechnology centers and governments. Across all Divisions, we continued to win new business and expand existing businesses in key vertical markets, including financial services, health care, education, telecommunications, transportation and commercial real estate. We will continue to focus on and generate growth from the integrated facility services we deliver to our target vertical markets, leveraging our experience and expertise in meeting the distinct needs of these client sectors."

Excluding items impacting comparability, adjusted income from continuing operations was $15.0 million, or $0.28 per diluted share, for the second quarter of fiscal year 2011. This compares to adjusted income from continuing operations of $11.9 million, or $0.23 per diluted share, in the second quarter of fiscal year 2010.

The Company's adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, and excluding discontinued operations and items impacting comparability) for the second quarter of fiscal year 2011 was $42.0 million, a 43.1% increase compared to $29.4 million in the second quarter of fiscal year 2010.

Net cash from continuing operations was $31.3 million in the second quarter of fiscal year 2011 compared to $50.0 million in the second quarter of fiscal year 2010. The decrease in net cash provided by operating activities was primarily related to the timing of both collections received from clients and payments made on vendor invoices as well as an increase in cash taxes paid as a result of the runoff in the utilization of tax assets acquired in the 2007 OneSource acquisition.

The Company reported revenues for the six months ended April 30, 2011 of $2.09 billion, a 21.1% increase compared to year-ago revenues of $1.73 billion. Income from continuing operations for the first six months of fiscal year 2011 was $22.6 million, or $0.42 per diluted share, compared to $21.5 million, or $0.41 per diluted share, for the first six months of fiscal year 2010. Adjusted income from continuing operations for the first half of fiscal year 2011 was $26.7 million, or $0.50 per diluted share, compared to $26.0 million, or $0.49 per diluted share, for the first six months of fiscal year 2010. Adjusted EBITDA for the first six months of fiscal year 2011 was $77.7 million, a 25.3% increase compared to $62.0 million for the first six months of fiscal year 2010.

The Company also announced that the Board of Directors has declared a third quarter cash dividend of $0.14 per common share payable on August 1, 2011 to stockholders of record on July 7, 2011. This will be ABM's 181^st consecutive quarterly cash dividend.

Guidance

The Company reaffirmed its guidance and continues to estimate that income from continuing operations per diluted share for the full 2011 fiscal year will be in the range of $1.23 to $1.33 and adjusted income from continuing operations per diluted share, for the same period, of $1.43 to $1.53.

Earnings Webcast

On Wednesday, June 8, 2011, at 9:00 a.m. (EDT), ABM will host a live webcast of remarks by President and Chief Executive Officer Henrik Slipsager and Executive Vice President and Chief Financial Officer James Lusk.

The webcast will be accessible at: http://investor.abm.com/eventdetail.cfm?eventid=97653

Listeners are asked to be online at least 15 minutes early to register, as well as to download and install any complimentary audio software that might be required. Following the call, the webcast will be available at this URL for a period of 90 days.

In addition to the webcast, a limited number of toll-free telephone lines will also be available for listeners who are among the first to call 877-664-7395 within 15 minutes before the event. Telephonic replays will be accessible during the period from two hours to seven days after the call by dialing 800-642-1687 and then entering ID #70483113.

Earnings Webcast Presentation

In connection with the webcast to discuss earnings (see above), a slide presentation related to earnings and operations will be available at the Company's website at www.abm.com and can be accessed through the Investor Relations portion of ABM's website by clicking on the "Presentations" tab.

About ABM Industries Incorporated

ABM Industries Incorporated (NYSE:ABM), which operates through its subsidiaries (collectively "ABM"), is a leading provider of integrated facility services. With fiscal 2010 revenues of approximately $3.5 billion and nearly 100,000 employees, ABM provides commercial cleaning and maintenance, facility engineering, energy efficiency, parking and security services for thousands of commercial, industrial, government and retail clients across the United States and various international locations. ABM's business services include ABM Janitorial Services, ABM Facility Services, ABM Engineering Services, Ampco System Parking and ABM Security Services. For more information, visit www.abm.com.

Cautionary Statement under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements that set forth management's anticipated results based on management's current plans and assumptions. Any number of factors could cause the Company's actual results to differ materially from those anticipated. These factors include but are not limited to the following: (1) risks relating to our acquisition of Linc, including risks relating to reductions in government spending on outsourced services as well as payment delays, may adversely affect a significant portion of revenues generated by government contracts, and political and compliance risks, both domestically and abroad, may adversely impact our operations; (2) our acquisition strategy may adversely impact our results of operations; (3) intense competition can constrain our ability to gain business, as well as our profitability; (4) we are subject to volatility associated with high deductibles for certain insurable risks; (5) an increase in costs that we cannot pass on to clients could affect our profitability; (6) we provide our services pursuant to agreements which are generally cancelable by either party upon 30 to 90 days' notice; (7) our success depends on our ability to preserve our long-term relationships with clients; (8) we incur significant accounting and other control costs that reduce profitability; (9 ) a decline in commercial office building occupancy and rental rates could affect our revenues and profitability; (10) deterioration in economic conditions in general could further reduce the demand for facility services and, as a result, reduce our earnings and adversely affect our financial condition; (11) financial difficulties or bankruptcy of one or more of our major clients could adversely affect results; (12) we are subject to risks relating to foreign currency fluctuations and foreign exchange exposure; (13) our ability to operate and pay our debt obligations depends upon our access to cash; (14) because we conduct our business through operating subsidiaries, we depend on those entities to generate the funds necessary to meet financial obligations; (15) that portion of our revenues which are generated from international operations are subject to political risks and changes in socio-economic conditions, laws and regulations, including labor, monetary and fiscal policies, which could negatively impact our ability to operate and grow our business in the international arena; (17) future declines or fluctuations in the fair value of our investments in auction rate securities that are deemed other-than-temporarily impaired could negatively impact our earnings; (18) uncertainty in the credit markets may negatively impact our costs of borrowings, our ability to collect receivables on a timely basis, and our cash flow; (19) any future increase in the level of debt or in interest rates can affect our results of operations; (20) an impairment charge could have a material adverse effect on our financial condition and results of operations; (21) we are defendants in several class and representative actions or other lawsuits alleging various claims that could cause us to incur substantial liabilities; (22) since we are an attractive employer for recent émigrés to this country and many of our jobs are filled by such, changes in immigration laws or enforcement actions or investigations under such laws could significantly adversely affect our labor force, operations and financial results as well as our reputation; (23) labor disputes could lead to loss of revenues or expense variations; (24) federal health care reform legislation may adversely affect our business and results of operations; (25) we participate in multi-employer defined benefit plans that could result in substantial liabilities being incurred; and (26) natural disasters or acts of terrorism could disrupt our services.

Additional information regarding these and other risks and uncertainties the Company faces is contained in the Company's Annual Report on Form 10-K for the year ended October 31, 2010 and in other reports we file from time to time with the Securities and Exchange Commission.

Use of Non-GAAP Financial Information

To supplement ABM's consolidated financial information, the Company has presented income from continuing operations, as adjusted for items impacting comparability, for the second quarter of fiscal years 2011 and 2010. The Company also presents guidance for fiscal year 2011, as adjusted. These adjustments have been made with the intent of providing financial measures that give management and investors a better understanding of the underlying operational results and trends and ABM's marketplace performance. In addition, the Company has presented earnings before interest, taxes, depreciation and amortization and excluding discontinued operations and items impacting comparability (adjusted EBITDA) for the second quarter of fiscal years 2011 and 2010. Adjusted EBITDA is among the indicators management uses as a basis for planning and forecasting future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for financial statements prepared in accordance with generally accepted accounting principles in the United States. (See accompanying financial tables for supplemental financial data and corresponding reconciliations to certain GAAP financial measures.)

 

Financial Schedules
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED INCOME STATEMENT INFORMATION (UNAUDITED)
					Three Months Ended April 30,										Increase
(In thousands, except per share data)					2011					2010					(Decrease)
Revenues					$	1,060,083				$	855,461				23.9	%
Expenses
Operating						949,594					771,974				23.0	%
Selling, general and administrative						78,324					65,244				20.0	%
Amortization of intangible assets						5,666					2,694				110.3	%
	Total expenses					1,033,584					839,912				23.1	%
Operating profit						26,499					15,549				70.4	%
	Other-than-temporary impairment losses
		on auction rate security:
		Gross impairment losses				-					(101	)			NM*
		Impairments recognized in
		other comprehensive income				-					(26	)			NM*
Income from unconsolidated affiliates, net						832					-				NM*
Interest expense						(4,317	)				(1,177	)			266.8	%
Income from continuing operations
	before income taxes					23,014					14,245				61.6	%
Provision for income taxes						(8,814	)				(5,622	)			56.8	%
Income from continuing operations						14,200					8,623				64.7	%
Loss from discontinued operations, net of taxes						(8	)				(46	)			NM*
Net Income					$	14,192				$	8,577				65.5	%
Net Income Per Common Share - Basic
	Income from continuing operations				$	0.27				$	0.16				67.1	%
	Loss from discontinued operations					-					-				NM*
	Net Income				$	0.27				$	0.16				67.1	%
Net Income Per Common Share - Diluted
	Income from continuing operations				$	0.26				$	0.16				63.9	%
	Loss from discontinued operations					-					-				NM*
	Net Income				$	0.26				$	0.16				63.9	%
* Not Meaningful
Average Common And Common Equivalent Shares
	Basic					53,106					52,007
	Diluted					54,159					52,719
Dividends Declared Per Common Share					$	0.140				$	0.135
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED INCOME STATEMENT INFORMATION (UNAUDITED)
					Six Months Ended April 30,										Increase
(In thousands, except per share data)					2011					2010					(Decrease)
Revenues					$	2,089,252				$	1,725,345				21.1	%
Expenses
Operating						1,877,354					1,554,075				20.8	%
Selling, general and administrative						157,524					128,046				23.0	%
Amortization of intangible assets						10,959					5,469				100.4	%
	Total expenses					2,045,837					1,687,590				21.2	%
Operating profit						43,415					37,755				15.0	%
	Other-than-temporary impairment losses
		on auction rate security:
		Gross impairment losses				-					(36	)			NM*
		Impairments recognized in
		other comprehensive income				-					(91	)			NM*
Income from unconsolidated affiliates, net						1,619					-				NM*
Interest expense						(8,363	)				(2,392	)			249.6	%
Income from continuing operations
	before income taxes					36,671					35,236				4.1	%
Provision for income taxes						(14,066	)				(13,777	)			2.1	%
Income from continuing operations						22,605					21,459				5.3	%
Loss from discontinued operations, net of taxes						(24	)				(107	)			NM*
Net Income					$	22,581				$	21,352				5.8	%
Net Income Per Common Share - Basic
	Income from continuing operations				$	0.43				$	0.41				4.1	%
	Loss from discontinued operations					-					-				NM*
	Net Income				$	0.43				$	0.41				4.1	%
Net Income Per Common Share - Diluted
	Income from continuing operations				$	0.42				$	0.41				2.1	%
	Loss from discontinued operations					-					-				NM*
	Net Income				$	0.42				$	0.41				2.1	%
* Not Meaningful
Average Common And Common Equivalent Shares
	Basic					52,972					51,914
	Diluted					54,026					52,633
Dividends Declared Per Common Share					$	0.280				$	0.270

 

ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES
SELECTED CONSOLIDATED CASH FLOW INFORMATION (UNAUDITED)
					Three Months Ended April 30,
(In thousands)					2011					2010
Net cash provided by continuing operating activities						31,266					49,960
Net cash provided by discontinued operating activities						614					3,276
Net cash provided by operating activities					$	31,880				$	53,236
Net cash provided by (used in) investing activities					$	262				$	(4,815	)
Proceeds from exercises of stock options
(including income tax benefit)						2,000					1,794
Dividends paid						(7,436	)				(7,022	)
Borrowings from line of credit						131,000					98,000
Repayment of borrowings from line of credit						(165,000	)				(125,000	)
Changes in book cash overdrafts						(781	)				(16,427	)
Net cash used in financing activities					$	(40,217	)			$	(48,655	)
					Six Months Ended April 30,
(In thousands)					2011					2010
Net cash provided by continuing operating activities						31,524					37,740
Net cash provided by discontinued operating activities						1,653					6,583
Net cash provided by operating activities					$	33,177				$	44,323
Acquisition of Linc (net of cash acquired)						(292,178	)				-
Other investing						(5,547	)				(11,739	)
Net cash used in investing activities					$	(297,725	)			$	(11,739	)
Proceeds from exercises of stock options
(including income tax benefit)						7,731					3,045
Dividends paid						(14,834	)				(14,014	)
Deferred financing costs paid						(4,991	)				-
Borrowings from line of credit						561,500					229,000
Repayment of borrowings from line of credit						(306,000	)				(256,500	)
Changes in book cash overdrafts						4,986					(7,325	)
Net cash provided by (used in) financing activities					$	248,392				$	(45,794	)

 

ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (UNAUDITED)
					April 30,				October 31,
(In thousands)					2011				2010
Assets
Cash and cash equivalents					$	23,290			$	39,446
Trade accounts receivable, net						555,940				450,513
Prepaid income taxes						2,211				1,498
Current assets of discontinued operations						3,445				4,260
Prepaid expenses						47,038				41,306
Notes receivable and other						33,686				20,402
Deferred income taxes, net						45,217				46,193
Insurance recoverables						5,138				5,138
	Total current assets					715,965				608,756
Non-current assets of discontinued operations						464				1,392
Insurance deposits						35,903				36,164
Other investments and long-term receivables						3,736				4,445
Deferred income taxes, net						45,209				51,068
Insurance recoverables						72,006				70,960
Other assets						67,051				37,869
Investments in auction rate securities						15,503				20,171
Investments in unconsolidated affiliates, net						15,705				-
Property, plant and equipment, net						62,346				58,088
Other intangible assets, net						140,924				65,774
Goodwill						742,179				593,983
	Total assets				$	1,916,991			$	1,548,670
Liabilities
Trade accounts payable					$	127,197			$	78,928
Accrued liabilities
	Compensation					94,974				89,063
	Taxes - other than income					22,530				17,663
	Insurance claims					76,438				77,101
	Other					80,504				70,119
Income taxes payable						716				977
	Total current liabilities					402,359				333,851
Income taxes payable						32,961				29,455
Line of credit						396,000				140,500
Retirement plans and other						53,517				34,626
Insurance claims						271,897				271,213
	Total liabilities					1,156,734				809,645
Stockholders' Equity						760,257				739,025
	Total liabilities and stockholders' equity				$	1,916,991			$	1,548,670

 

ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES
REVENUES AND OPERATING PROFIT BY SEGMENT (UNAUDITED)
					Three Months Ended April 30,										Increase
(In thousands)					2011					2010					(Decrease)
Revenues
Janitorial					$	590,254				$	566,275				4.2	%
Engineering						229,197					93,961				143.9	%
Parking						156,127					114,003				36.9	%
Security						84,138					80,712				4.2	%
Corporate						367					510				(28.0	)%
					$	1,060,083				$	855,461				23.9	%
Operating Profit
Janitorial					$	34,934				$	28,859				21.1	%
Engineering						6,842					5,022				36.2	%
Parking						4,894					5,184				(5.6	)%
Security						897					941				(4.7	)%
Corporate						(21,068	)				(24,457	)			13.9	%
Operating profit						26,499					15,549				70.4	%
	Other-than-temporary impairment losses
		on auction rate security:
		Gross impairment losses				-					(101	)			NM*
		Impairments recognized in
		other comprehensive income				-					(26	)			NM*
Income from unconsolidated affiliates, net						832					-				NM*
Interest expense						(4,317	)				(1,177	)			266.8	%
Income from continuing operations
	before income taxes				$	23,014				$	14,245				61.6	%
REVENUES AND OPERATING PROFIT BY SEGMENT (UNAUDITED)
					Six Months Ended April 30,										Increase
(In thousands)					2011					2010					(Decrease)
Revenues
Janitorial					$	1,184,860				$	1,142,333				3.7	%
Engineering						421,845					191,333				120.5	%
Parking						308,993					226,591				36.4	%
Security						172,894					164,309				5.2	%
Corporate						660					779				(15.3	)%
					$	2,089,252				$	1,725,345				21.1	%
Operating Profit
Janitorial					$	64,798				$	62,660				3.4	%
Engineering						14,292					10,297				38.8	%
Parking						9,628					10,210				(5.7	)%
Security						2,198					2,287				(3.9	)%
Corporate						(47,501	)				(47,699	)			0.4	%
Operating profit						43,415					37,755				15.0	%
	Other-than-temporary impairment losses
		on auction rate security:
		Gross impairment losses				-					(36	)			NM*
		Impairments recognized in
		other comprehensive income				-					(91	)			NM*
Income from unconsolidated affiliates, net						1,619					-				NM*
Interest expense						(8,363	)				(2,392	)			249.6	%
Income from continuing operations
	before income taxes				$	36,671				$	35,236				4.1	%
* Not Meaningful

 

ABM Industries Incorporated and Subsidiaries
Reconciliations of Non-GAAP Financial Measures
(Unaudited)
(in thousands, except per share data)
						Three Months Ended April 30,										Six Months Ended April 30,
						2011					2010					2011					2010
Reconciliation of Adjusted Income from Continuing
Operations to Net Income
Adjusted Income from Continuing Operations						$	14,967				$	11,925				$	26,715				$	25,965
Items Impacting Comparability, net of taxes							(767	)				(3,302	)				(4,110	)				(4,506	)
Income from Continuing Operations							14,200					8,623					22,605					21,459
Loss from Discontinued Operations							(8	)				(46	)				(24	)				(107	)
Net Income						$	14,192				$	8,577				$	22,581				$	21,352
Reconciliation of Adjusted Income from Continuing
Operations to Income from Continuing Operations
Adjusted Income from Continuing Operations						$	14,967				$	11,925				$	26,715				$	25,965
Items Impacting Comparability:
Corporate Initiatives (a)							-					(1,005	)				-					(2,975	)
Acquisition Costs							(803	)				-					(4,927	)				-
Linc Purchase Accounting Adjustment							(418	)				-					(698	)				-
Litigation Contingency							-					(4,400	)				(920	)				(4,400	)
Total Items Impacting Comparability							(1,221	)				(5,405	)				(6,545	)				(7,375	)
Income Taxes Benefit							454					2,103					2,435					2,869
Items Impacting Comparability, net of taxes							(767	)				(3,302	)				(4,110	)				(4,506	)
Income from Continuing Operations						$	14,200				$	8,623				$	22,605				$	21,459
Reconciliation of Adjusted EBITDA to Net Income
Adjusted EBITDA						$	42,046				$	29,378				$	77,747				$	62,047
Items Impacting Comparability							(1,221	)				(5,405	)				(6,545	)				(7,375	)
Discontinued Operations							(8	)				(46	)				(24	)				(107	)
Income Tax							(8,814	)				(5,622	)				(14,066	)				(13,777	)
Interest Expense							(4,317	)				(1,177	)				(8,363	)				(2,392	)
Depreciation and Amortization							(13,494	)				(8,551	)				(26,168	)				(17,044	)
Net Income						$	14,192				$	8,577				$	22,581				$	21,352
(a) Corporate initiatives includes: (i) costs associated with the implementation of a new payroll and human resources information system, (ii) the upgrade of the Company's accounting system, (iii) the completion of the corporate move from San Francisco, and (iv) the integration costs associated with OneSource.
Reconciliation of Adjusted Income from Continuing Operations per Diluted
Share to Income from Continuing Operations per Diluted Share
						Three Months Ended April 30,										Six Months Ended April 30,
						2011					2010					2011					2010
Adjusted Income from Continuing
Operations per Diluted Share						$	0.28				$	0.23				$	0.50				$	0.49
Items Impacting Comparability, net of taxes							(0.02	)				(0.07	)				(0.08	)				(0.08	)
Income from Continuing Operations
per Diluted Share						$	0.26				$	0.16				$	0.42				$	0.41
Diluted Shares							54,159					52,719					54,026					52,633

 

ABM Industries Incorporated and Subsidiaries
Reconciliation of Estimated Adjusted Income from Continuing Operations per Diluted Share to
Income from Continuing Operations per Diluted Share for the Year Ending October 31, 2011
			Year Ending October 31, 2011
			Low Estimate					High Estimate
			(per diluted share)
Adjusted Income from Continuing Operations per Diluted Share			$	1.43				$	1.53
Adjustments to Income from Continuing Operations (a)				(0.20	)				(0.20	)
Income from Continuing Operations per Diluted Share			$	1.23				$	1.33
(a) Adjustments to income from continuing operations are expected to include transaction and integration costs associated with the acquisition of The Linc Group (TLG) and other unique items impacting comparability.

 

ABM Industries Incorporated
Investors & Analysts: David Farwell
212-297-9792
dfarwell@abm.com
or
Media: Tony Mitchell
212-297-9828
tony.mitchell@abm.com

Source: ABM Industries Incorporated

 

 

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