ServiceMaster Reports Preliminary Earnings, Restates 2000 And 2001 Results
The ServiceMaster Co. announced preliminary results for 2002. Company revenues were up 1 percent while revenues in the American Residential Services and American Mechanical Services segment declined 12 percent from 2001 to $719 million. This reflects decreased demand for plumbing and heating services caused by the economic slowdown. The company is thoroughly reviewing individual branches in this segment to determine their longer-term profit potential and whether under-performing operations should be closed.
The company is also restating its 2000 and 2001 financial results, which reflects initial results from the re-audit by Deloitte & Touche and a review by the Securities and Exchange Commission of ServiceMaster’s most recent 10-K and 10-Q filings. The SEC previously announced a review of all Fortune 500 companies.
In other news, ServiceMaster appointed Ralph F. Tschantz as vice president and managing director of the New Channels Development Group, and Roy Beatty as vice president of the Yellow Pages Marketing Group.