{"id":28600,"date":"2012-06-07T11:23:00","date_gmt":"2012-06-07T11:23:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/abm-abm-second-quarter-results-and-recent-events\/28600\/"},"modified":"2012-06-07T11:23:00","modified_gmt":"2012-06-07T11:23:00","slug":"abm-abm-second-quarter-results-and-recent-events","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/abm-abm-second-quarter-results-and-recent-events\/28600\/","title":{"rendered":"ABM &#8211; ABM &#8211; Second Quarter Results and Recent Events"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!-- AddThis Button BEGIN --><\/p>\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a><br \/>\n<a class=\"addthis_button_preferred_2\"><\/a><br \/>\n<a class=\"addthis_button_preferred_3\"><\/a><br \/>\n<a class=\"addthis_button_preferred_4\"><\/a><br \/>\n<a class=\"addthis_button_compact\"><\/a><br \/>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n<p><script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script><br \/>\n<!-- AddThis Button END --><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><strong>ABM (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=ABM\">NYSE:ABM<\/a>)<\/strong>, a leading provider of integrated facility solutions, announced financial results for the fiscal 2012 second quarter that ended April 30, 2012.<\/p>\n<p><strong>ABM &#8211; Highlights of the Company&#8217;s fiscal 2012 second quarter include:<\/strong><\/p>\n<ul>\n<li>Revenues were $1.06 billion in the fiscal 2012 second quarter, flat compared to $1.06 billion last year. Longer than anticipated start dates on recently awarded contracts coupled with lower than expected contribution from government business impacted revenue growth.<\/li>\n<li>Adjusted income from continuing operations for the fiscal 2012 second quarter was $16.3 million, or $0.30 per diluted share, compared to $15.0 million, or $0.28 per diluted share, in the second quarter of fiscal 2011. The combined decrease in interest and income tax expense of $4.2 million after-tax, offset higher payroll related expenses of $1.7 million after-tax associated with increases in state unemployment insurance rates.<\/li>\n<li>Net income was $11.7 million, or $0.21 per diluted share, compared to $14.2 million, or $0.26 per diluted share, in the 2011 second quarter. Net income in fiscal 2012 second quarter includes $3.0 million after-tax charge for certain legal settlements or $0.06 per diluted share.<\/li>\n<li>Net cash flow from continuing operations increased $11.3 million, or 36.1%, to $42.6 million in the fiscal 2012 second quarter, compared to $31.3 million last year. Outstanding borrowings under the Company&#8217;s credit facility were reduced by $27 million in the quarter.<\/li>\n<\/ul>\n<p><strong>ABM &#8211; Second Quarter Results and Recent Events<\/strong><\/p>\n<p><!--Ad Injection mfunc mode ad code--><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>&#8220;Operating results were in line with our expectations with the exception of government and government-related businesses. Adjusted income from continuing operations was up 9% as we maintained our focus on cost control measures and benefited from employment-based tax credits due to our hiring practices,&#8221; said ABM&#8217;s president and chief executive officer Henrik Slipsager. &#8220;Net Income was adversely impacted by legal settlements we made to mitigate long-term risks. We generated revenues from new clients and expanded services to existing clients in the Janitorial and Security segments. Janitorial benefited from client wins in the high-technology sector, although overall the segment was negatively affected by the delayed timing of starting recently signed jobs. New business in Security generated a 6% increase in revenue and along with cost reductions drove a 13% increase in operating profit. Despite lower year-over-year revenues in Parking, we increased margins due to an improved mix of work performed and select cost reductions. Our Facility Solutions segment continues to be impacted by the timing of government contracts and the postponement of the start of existing projects.&#8221;<\/p>\n<p><strong>About ABM<\/strong><\/p>\n<p>ABM (ABM) is a leading provider of integrated facility solutions. Thousands of commercial, industrial, government and retail clients outsource their non-core functions to ABM for consistent quality service that meets their specialized facility needs.<\/p>\n<p><!-- AddThis Button BEGIN --><\/p>\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a><br \/>\n<a class=\"addthis_button_preferred_2\"><\/a><br \/>\n<a class=\"addthis_button_preferred_3\"><\/a><br \/>\n<a class=\"addthis_button_preferred_4\"><\/a><br \/>\n<a class=\"addthis_button_compact\"><\/a><br \/>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n<p><script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script><br \/>\n<!-- AddThis Button END --><\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/stocks-headed-for-a-higher-finish-25\/28701\"><br \/>\nStocks Headed for a Higher Finish<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/gold-prices-marginally-higher-silver-prices-in-red-2\/28698\"><br \/>\nGold Prices Marginally Higher; Silver Prices in Red<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/stocks-rebound-on-spain-rescue-hopes\/28696\"><br \/>\nStocks Rebound on Spain Rescue Hopes<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/general-dynamics-gd-declares-dividend-authorizes-share-repurchases\/28680\"><br \/>\nGeneral Dynamics &#8211; GD &#8211; Declares Dividend, Authorizes Share Repurchases<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/agilysys-agys-successfully-repositioned-the-company\/28681\"><br \/>\nAgilysys &#8211; AGYS &#8211; Successfully repositioned the company<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/rentrak-rent-tv-essentials-business-grew-90-percent-this-quarter\/28682\"><br \/>\nRentrak &#8211; RENT &#8211; TV Essentials\u2122 business grew 90 percent this quarter<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/francescas-holdings-fran-fy12-is-off-to-a-strong-start-as-we-continue-to-execute-on-our-differentiated-business-model\/28683\"><br \/>\nFrancesca&#8217;s Holdings &#8211; FRAN &#8211; FY12 is off to a strong start as we continue to execute on our differentiated business model<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>ABM (NYSE:ABM), a leading provider of integrated facility solutions, announced financial results for the fiscal 2012 second quarter that ended 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