Net income increased $0.5 million to $2.9 million. The company has been working to cut overhead and reduce materials costs, and has made several management changes. AMPAM president David Baggett expects these changes will return AMPAM to profitability in 2003.
AMPAM Lowers Overhead, Still Sees Revenue Loss
American Plumbing & Mechanical Inc. announced its third quarter and nine-month period revenues decreased $12.1 million to $139.0 million, with the most significant revenue decreases in commercial operations in Ohio and San Diego ($9 million). Gross profit also decreased $3.2 million to $22.9 million.