Plumbing and Mechanical

AMPAM Announces Board Changes, 1Q Revenues

July 15, 2003
American Plumbing and Mechanical announced that Lloyd C. Smith and Stephen F. Turner were re-elected as directors of the company at the annual stockholders meeting May 29. However, Richard Pollard was not re-elected, and David Baggett resigned from the board May 28 pursuant to his resignation agreement. Resigning on May 30 were Susan O. Rheney, Albert W. Niemi Jr. and Michael E. Workman.

In other news, first-quarter 2003 revenues from AMPAM’s ongoing operations increased $9.5 million from 2002’s first quarter to a total of $137.1 million. Income rose from a loss of $34 million in 2002 to a net income of $0.8 million for 2003’s first quarter. The company in August 2002 decided to shut down commercial operations in Sacramento, Calif., and Pensacola, Fla. The shutdown was to be completed by June 30. These operations collectively incurred net losses of $1.2 million for 2003’s first quarter.