AMPAM Reports Second Quarter Operating Results and Announces the Shutdown of Selected Operations.
Business Wire › August 14, 2002
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AMPAM Reports Second Quarter Operating Results and Announces the Shutdown of Selected Operations.
Business Editors
ROUND ROCK, Texas--(BUSINESS WIRE)--Aug. 14, 2002 American Plumbing & Mechanical Inc. ("AMPAM") today announced its operating results for the quarter and six-month periods ended June 30, 2002. It also announced that it is shutting down its commercial operations headquartered in Sacramento, Calif. and Pensacola, Fla. and its Southern Virginia single family residential operations. Second Quarter Results Revenues decreased $11.9 million, from $160.7 million for the three months ended June 30, 2001, to $148.8 million for the three months ended June 30, 2002. The most significant revenue decreases occurred in the Company's ongoing commercial operations in Ohio and San Diego, Calif., ($11.0 million), Austin, Texas single family operations ($5.5 million) and Orlando, Fla. multifamily operations ($3.0 million). The revenue decrease in these markets was attributable to the weaker economy and increased competition, which resulted in fewer contracts being awarded and lower contract prices. These decreases were...See the full content of this document
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