Servicemaster Reports 2004 First Quarter Results; Reflects Continued Growth In Revenues And Earnings

Wednesday, April 28, 2004

The ServiceMaster Company (NYSE: SVM) today announced first quarter 2004 revenues of $757 million, a 6 percent increase compared to the prior year. First quarter earnings per share doubled from $.02 in 2003 to $.04 in 2004. Although it is early in our production season, we are pleased that every business delivered top line growth. Our largest brands did this while simultaneously making valuable changes in their sales methods and service offerings while taking advantage of favorable weather in the quarter. TruGreen ChemLawn continues to reduce its reliance on telemarketing and Terminix is offering more choice to its customers, said Jonathan Ward, Chairman and CEO. By continuing to differentiate our service experience, we expect to produce steady gains in performance and retentison while strengthening our brand image in the minds of consumers. Our team is confident in this plan and focused on execution. Review of Cash Flows and Balance Sheet Net cash flow provided by operating activities was a positive $16 million in the quarter, compared to operating activities using net cash of $33 million in the previous year. The increase is a result of higher earnings and a decrease in the use of working capital, primarily due to increased production and related collections and the timing and amount of certain payables and accruals. Outlook We are re-affirming our outlook for the year. We expect revenue growth to be in the mid-single digits and that earnings per share will grow somewhat faster than revenues, said Ward. We believe that positive factors such as the improving economy, consumer confidence and home sales will help us overcome higher insurance, fuel costs and a return to a more normal level of variable compensation. We are focused company-wide on top-line sales, increased retention and price realization, as well as improving performance in the ARS/AMS segment and at TruGreen LandCare.

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