AMPAM Reports Decreased Revenues; Selected Operations To Be Closed
American Plumbing & Mechanical Inc. announced its second quarter 2002 revenues dropped to $148.8 million, a 7.4 percent decrease from 2001’s second quarter. It will also shut down some of its operations.
American Plumbing & Mechanical Inc. announced its second quarter 2002 revenues dropped to $148.8 million, a 7.4 percent decrease from 2001’s second quarter. Revenues for the six-month period dropped 4.5 percent. The most significant decreases for the year occurred in commercial operations in Ohio and San Diego ($15.6 million); Austin, Texas single family operations ($12.6 million); and Orlando, Fla., multifamily operations ($6.4 million).
The revenue decrease in these markets was attributable to the weaker economy and increased competition, which resulted in fewer contracts being awarded and lower contract prices. These decreases were partially offset by revenue increases for the first half of the year in startup operations of $12.3 million, excluding the commercial startup in Sacramento, Calif., which increased its revenue $17.4 million.