$ABM
ABM INDUSTRIES INC /DE/

2012 Q3 Form 10-Q Financial Statement

#000119312512382523 Filed on September 06, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q3
Revenue $1.079B $1.076B
YoY Change 0.28% 23.85%
Cost Of Revenue $971.6M $952.8M
YoY Change 1.97% 22.76%
Gross Profit $107.6M $123.4M
YoY Change -12.8% 32.98%
Gross Profit Margin 9.97% 11.47%
Selling, General & Admin $79.10M $76.36M
YoY Change 3.59% 39.59%
% of Gross Profit 73.51% 61.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.80M $13.10M
YoY Change -2.29% 43.96%
% of Gross Profit 11.9% 10.62%
Operating Expenses $79.10M $76.36M
YoY Change 3.59% 32.79%
Operating Profit $23.17M $40.73M
YoY Change -43.11% 15.39%
Interest Expense -$1.700M -$2.900M
YoY Change -41.38% 163.64%
% of Operating Profit -7.34% -7.12%
Other Income/Expense, Net
YoY Change
Pretax Income $21.51M $37.79M
YoY Change -43.06% 10.48%
Income Tax $8.887M $9.874M
% Of Pretax Income 41.31% 26.13%
Net Earnings $12.58M $27.88M
YoY Change -54.88% 32.74%
Net Earnings / Revenue 1.17% 2.59%
Basic Earnings Per Share $0.23 $0.52
Diluted Earnings Per Share $0.23 $0.51
COMMON SHARES
Basic Shares Outstanding 54.15M shares 53.21M shares
Diluted Shares Outstanding 55.00M shares 54.20M shares

Balance Sheet

Concept 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.70M $39.60M
YoY Change -45.2% 20.36%
Cash & Equivalents $21.65M $39.61M
Short-Term Investments
Other Short-Term Assets $56.87M $150.9M
YoY Change -62.31% 24.4%
Inventory
Prepaid Expenses $50.73M
Receivables $577.9M $565.3M
Other Receivables $10.20M $9.200M
Total Short-Term Assets $760.1M $765.1M
YoY Change -0.65% 23.84%
LONG-TERM ASSETS
Property, Plant & Equipment $62.75M $62.10M
YoY Change 1.05% 3.67%
Goodwill $750.9M
YoY Change
Intangibles
YoY Change
Long-Term Investments $14.99M $34.30M
YoY Change -56.31% 39.43%
Other Assets $41.57M $121.9M
YoY Change -65.9% -9.44%
Total Long-Term Assets $1.127B $1.162B
YoY Change -3.01% 27.52%
TOTAL ASSETS
Total Short-Term Assets $760.1M $765.1M
Total Long-Term Assets $1.127B $1.162B
Total Assets $1.887B $1.927B
YoY Change -2.07% 26.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $124.4M $129.1M
YoY Change -3.66% 60.77%
Accrued Expenses $247.7M $233.2M
YoY Change 6.22% 33.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $460.0M $442.3M
YoY Change 4.0% 31.56%
LONG-TERM LIABILITIES
Long-Term Debt $252.0M $365.0M
YoY Change -30.96% 143.33%
Other Long-Term Liabilities $349.4M $335.4M
YoY Change 4.17% 2.98%
Total Long-Term Liabilities $601.4M $700.4M
YoY Change -14.13% 47.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $460.0M $442.3M
Total Long-Term Liabilities $601.4M $700.4M
Total Liabilities $1.061B $1.143B
YoY Change -7.11% 40.74%
SHAREHOLDERS EQUITY
Retained Earnings $597.7M
YoY Change
Common Stock $229.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $825.5M $784.1M
YoY Change
Total Liabilities & Shareholders Equity $1.887B $1.927B
YoY Change -2.07% 26.03%

Cashflow Statement

Concept 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $12.58M $27.88M
YoY Change -54.88% 32.74%
Depreciation, Depletion And Amortization $12.80M $13.10M
YoY Change -2.29% 43.96%
Cash From Operating Activities $28.30M $51.60M
YoY Change -45.16% 43.33%
INVESTING ACTIVITIES
Capital Expenditures -$6.900M -$6.400M
YoY Change 7.81% -8.57%
Acquisitions
YoY Change
Other Investing Activities -$5.300M $1.600M
YoY Change -431.25% -105.48%
Cash From Investing Activities -$12.10M -$4.900M
YoY Change 146.94% -86.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.90M -30.50M
YoY Change -34.75% -350.0%
NET CHANGE
Cash From Operating Activities 28.30M 51.60M
Cash From Investing Activities -12.10M -4.900M
Cash From Financing Activities -19.90M -30.50M
Net Change In Cash -3.700M 16.20M
YoY Change -122.84% 35.0%
FREE CASH FLOW
Cash From Operating Activities $28.30M $51.60M
Capital Expenditures -$6.900M -$6.400M
Free Cash Flow $35.20M $58.00M
YoY Change -39.31% 34.88%

Facts In Submission

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dei Trading Symbol
TradingSymbol
ABM
dei Entity Registrant Name
EntityRegistrantName
ABM INDUSTRIES INC /DE/
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-07-31
dei Entity Central Index Key
EntityCentralIndexKey
0000771497
dei Current Fiscal Year End Date
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--10-31
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<div> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>1. Nature of Business</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">ABM Industries Incorporated (&#x201C;ABM&#x201D;), through its subsidiaries (collectively, the &#x201C;Company&#x201D;), is a leading provider of end-to-end integrated facilities management services to commercial, governmental, industrial, institutional, residential, and retail facilities primarily throughout the United States. The Company&#x2019;s comprehensive capabilities include expansive facility services, energy solutions, commercial cleaning, maintenance and repair, HVAC, electrical, landscaping, parking and security, provided through stand-alone or integrated solutions. The Company was reincorporated in Delaware on March&#xA0;19, 1985, as the successor to a business founded in California in 1909.</font></p> </div>
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Loss Contingency Disclosures
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<div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>10. Contingencies</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company is subject to legal proceedings, settlements, class actions, and purported class actions arising from the ordinary course of business, generally including employment-based claims and customer contract claims. Litigation outcomes are difficult to predict and are often resolved over long periods of time. Estimating probable losses requires the analysis of multiple possible outcomes that often depend on judgments about potential actions by third parties. In accordance with FASB Accounting Standards Codification 450-20, <i>Loss Contingencies</i>, the Company accrues for loss contingencies when losses become probable and are reasonably estimable. If the reasonable estimate of the loss is a range and no amount within the range is a better estimate, the minimum amount of the range is recorded as a liability. Legal costs associated with loss contingencies are expensed as incurred. At July&#xA0;31, 2012, the total amount accrued for all probable litigation losses where a reasonable estimate of the loss could be made was $6.9 million.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company does not accrue for contingent losses that, in the judgment of the Company, are considered to be reasonably possible but not probable. Management currently estimates that the range of loss for all reasonably possible losses for which an estimate can be made is between $0 and $92.3 million, including $89.7 million related to the &#x201C;Augustus case&#x201D; noted below. Factors underlying this estimate will change from time to time, and actual results may vary significantly from this estimate. Those matters for which the Company cannot reasonably estimate potential losses are not included within this estimated range and, therefore, this range does not represent the Company&#x2019;s maximum potential loss exposure. The ultimate resolution of such matters is always uncertain, and any such proceeding brought against the Company could have a material adverse impact on its financial condition and results of operations.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">There have been no significant changes to the cases disclosed in Note 11 in the Company&#x2019;s Notes to Consolidated Financial Statements contained in the Company&#x2019;s Annual Report on Form 10-K for the year ended October&#xA0;31, 2011, except as described below.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company is a defendant in the previously reported consolidated cases of Augustus, Hall and Davis v. American Commercial Security Services filed on July&#xA0;12, 2005 in the Superior Court of California, Los Angeles County (the &#x201C;Augustus case&#x201D;). The Augustus case is a class action involving allegations that the Company violated certain state laws relating to meal and rest breaks. As previously disclosed, the plaintiffs filed a motion for summary judgment on the rest break claim seeking damages in the amount of $103.0 million. On July&#xA0;6, 2012, the Superior Court of California, Los Angeles County (the &#x201C;Superior Court&#x201D;) heard plaintiffs&#x2019; motion for damages on the rest break claim and the Company&#x2019;s motion to decertify the class. The Superior Court denied the Company&#x2019;s motion and awarded plaintiffs damages. On July&#xA0;31, 2012, the Superior Court entered judgment in favor of plaintiffs in the amount of approximately $89.7 million, which is included in the range of loss for all reasonably possible losses noted above. This amount does not include plaintiffs&#x2019; counsel&#x2019;s fees. The Company strongly disagrees with the decisions of the Superior Court, firmly believes that it has complied with applicable law, and intends to vigorously appeal these decisions.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company was a defendant in the previously reported consolidated cases of Diaz/Morales/Reyes v. Ampco System Parking filed on December&#xA0;5, 2006 in Los Angeles Superior Court (the &#x201C;Superior Court&#x201D;). On June&#xA0;22, 2011, the parties accepted a mediator&#x2019;s proposal which involves settling all the claims made in the first amended complaint for the period of October&#xA0;1, 2002 to the date on which the Superior Court grants preliminary approval of the settlement. The Superior Court granted its preliminary approval of the settlement on December&#xA0;13, 2011. On January&#xA0;27, 2012, the notice to the class of the settlement was mailed. The Superior Court approved the final settlement on May&#xA0;21, 2012. Settlement funds totaling approximately $3.2 million, including payments to plaintiff&#x2019;s attorneys, were disbursed in late May 2012.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company is a defendant in the previously reported case of Khadera v. American Building Maintenance Co.- West and ABM Industries filed on March&#xA0;24, 2008 in the U.S. District Court of Washington, Western District (the &#x201C;Khadera case&#x201D;). The Khadera case is a collective action and involves allegations relating to unpaid overtime and meal and rest claims. It is an opt-in class under the Fair Labor Standards Act and 343 plaintiffs are in the class. On March&#xA0;14, 2012, the parties accepted a mediator&#x2019;s proposal and settled this matter for $1.8 million, which includes payments to plaintiffs&#x2019; attorneys. The settlement is subject to the District Court&#x2019;s approval of the settlement and the state court&#x2019;s approval of the settlement in the companion Simpson case discussed below. The Company has accrued $1.8 million with respect to this matter, which is included in the total amount accrued for all litigation matters described above.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company is a defendant in the previously reported case of Simpson v. ABM Janitorial Services-Northwest and ABM Industries Incorporated filed on September&#xA0;24, 2010 in the Superior Court for the State of Washington in and for King County (the &#x201C;Simpson case&#x201D;). The Simpson case involves allegations relating to unpaid overtime, off-the-clock work, and failure to provide meal and rest periods under Washington state law. On March&#xA0;14, 2012, the parties accepted a mediator&#x2019;s proposal and settled this matter for $1.2 million, which includes payments to plaintiffs&#x2019; attorneys. The settlement is subject to the State Court&#x2019;s approval of the settlement and the District Court&#x2019;s approval of the settlement in the Khadera companion case. The Company has accrued $1.2 million with respect to this matter, which is included in the total amount accrued for all litigation matters described above.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company is a defendant in the case of Las and Yanez v. ABM Industries Incorporated, et al. filed on April&#xA0;6, 2011 in Illinois state court and subsequently removed to the U.S. District Court for the Northern District of Illinois (the &#x201C;Las/Yanez case&#x201D;). The Las/Yanez case involves allegations relating to unpaid overtime and off-the-clock work under federal and state law. It was filed as a collective action, but has not been certified as a class action or collective action. On May&#xA0;4, 2012, the parties accepted a mediator&#x2019;s proposal, which involves settling all the claims made in the operative complaint for the period of April&#xA0;6, 2008 through May&#xA0;7, 2012, subject to court approval. Under the terms of the proposed settlement, the gross settlement value (&#x201C;GSV&#x201D;) is the total agreed-upon value of the claims of all settlement class members in the Las/Yanez case assuming that 100% of the settlement class members were to submit a claim. The parties have agreed that the GSV is equal to $5.5 million, less certain costs and payments to the named plaintiffs in this action. Under the terms of the proposed settlement, in the event that more than 30% of the settlement class, measured by the aggregate value of their claims in relation to the GSV, submits claims, the Company has the option to terminate the settlement agreement. The Company currently anticipates that payments to members of the settlement class who properly submit claims, together with payments to plaintiffs&#x2019; attorneys, will total approximately $2.1 million and that the Company&#x2019;s maximum exposure would be approximately $2.9 million. The Company has accrued $2.1 million with respect to this matter, which is included in the total amount accrued for all litigation matters described above.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company is a defendant in the case of Bojorquez v. ABM Industries Incorporated and ABM Janitorial Services &#x2013; Northern California, Inc. filed on January&#xA0;13, 2010, in the San Francisco Superior Court (the &#x201C;Superior Court&#x201D;). &#xA0;Plaintiff brought suit for sexual harassment, retaliation, and failure to prevent harassment and discrimination. On May&#xA0;17, 2012, a jury awarded the plaintiff approximately $0.8 million in damages. The Company anticipates that the plaintiff also will file an application for attorneys&#x2019; fees and costs with the Superior Court. The Company intends to appeal this decision.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Other</i></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">During October 2011, the Company began an internal investigation into matters relating to compliance with the U.S. Foreign Corrupt Practices Act and the Company&#x2019;s internal policies in connection with services provided by a foreign entity affiliated with a former Linc joint venture partner. Such services commenced prior to the Linc Acquisition. As a result of the investigation, the Company has caused Linc to terminate its association with the arrangement. In December 2011, the Company contacted the U.S. Department of Justice and the Securities and Exchange Commission to voluntarily disclose the results of its internal investigation to date. The Company cannot reasonably estimate the potential liability, if any, related to these matters. However, based on the facts currently known, the Company does not believe that these matters will have a material adverse effect on its business, financial condition, results of operations or cash flows. There have been no significant changes to the status of this internal investigation during the quarter ended July&#xA0;31, 2012.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In June 2012, the Company settled certain matters arising under a contract related to a prior divestiture and, in connection therewith, made a payment of $1.8 million to the other party to the contract primarily in exchange for a release from certain restrictive covenants.</font></p> </div>
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the Company&#x2019;s consolidated financial statements and the accompanying notes, including those related to self-insurance reserves, allowances for doubtful accounts, sales allowances, deferred income tax assets and valuation allowances, estimates of useful lives of intangible assets, impairment tests of goodwill and other intangibles, fair value of auction rate securities, cash flow forecasts, share-based compensation expense, and contingencies and litigation liabilities. The Company bases its estimates on historical experience, known or expected trends, independent valuations, and various other assumptions that are believed to be reasonable under the circumstances based on information available as of the date of the issuance of these unaudited consolidated financial statements. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.</font></p> </div>
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-41000
CY2011Q3 us-gaap Cost Of Services
CostOfServices
952844000
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53207000 shares
CY2011Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1166000
CY2011Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
1076247000
CY2011Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
37785000
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
27875000
CY2011Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
76356000
CY2011Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9874000
CY2011Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.51
CY2011Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6314000

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