The company expects its performance in 2002 to be less than previously reported, partly from the weakened economy and significant debt reduction.
Encompass Reports Quarterly Losses
July 3, 2002
Encompass Services Corp. reported a loss of $450.9 million ($7.13 per share) for the first quarter of 2002, compared to a profit of $13.8 million the previous year's first quarter. The loss was partly due to discontinued operations and a $452 million charge for a change in accounting for goodwill. First-quarter revenues fell 13 percent, from $992.9 million in 2001 to $863 million.