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ServiceMaster reports preliminary financial results

Supplier News

The company announced its unaudited first-quarter 2014 results.

| May 5, 2014

MEMPHIS, Tenn. -- The ServiceMaster Company, a leading provider of essential residential and commercial services, today announced preliminary unaudited first-quarter 2014 results. The company reported first-quarter 2014 revenue of $533 million, an increase of approximately four percent compared to the same period in 2013.

The company reported a first-quarter 2014 loss from continuing operations of $18 million, versus income from continuing operations of $6 million for the first quarter of 2013. Adjusted income from continuing operations for the first quarter of 2014 was $11 million, excluding a $48 million ($29 million net of tax), non-cash asset impairment charge related to the decision to abandon the deployment of a new operating system for American Home Shield.

The company reported first-quarter 2014 Adjusted EBITDA of $115 million, an increase of $12 million compared to the same period in 2013. The increase was primarily driven by the impact of higher revenue and the transition of certain costs in the first quarter of 2014 to TruGreen, which the company spun-off on January 14, 2014. A reconciliation of net loss to Adjusted EBITDA is set forth below in this press release.

"We're pleased that Terminix, American Home Shield and the Franchise Services Group all reported first-quarter 2014 revenue and Adjusted EBITDA growth versus prior year," said Rob Gillette, ServiceMaster's chief executive officer. "Our business units are built to perform and they share a strong commitment to customer service, delivered by professionals with deep expertise and backed by performance guarantees."

Please note that, due to the pending IPO registration statement filing with the SEC by the company's ultimate parent, the company will not host a webcast or conference call to discuss first-quarter 2014 earnings or provide an investor slide presentation. For full segment review, please visit the Investor section at ServiceMaster.com.

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