Servicemaster
Co. (SVM, Financial) filed Quarterly Report for the period ended 2009-09-30.
Silvercorp Metals, Inc. engages in the acquisition, exploration, development, and mining of precious and base metal mineral properties in the Peoples Republic of China. It explores for silver, gold, lead, and zinc properties. The company primarily operates and develops four Silver-Lead-Zinc mines at the Ying Mining Camp, Henan Province; and the Na-Bao Polymetalic Project in Qinghai Province, China. The company is growing its resource base through continuous exploration of existing projects as well as acquiring new development and exploration projects in multiple jurisdictions. Silvercorp is listed on the Toronto Stock Exchange and the NYSE under the symbol `T.SVM` and `SVM` respectively. Servicemaster
Co. has a market cap of $977.6 million; its shares were traded at around $6.05 with a P/E ratio of 35.59 and P/S ratio of 11.7. The dividend yield of Servicemaster
Co. stocks is 1.21%.
Operating income was $94.8 million for the third quarter of 2009 compared to $110.7 million for the third quarter of 2008. Income from continuing operations before income taxes was $25.0 million for the third quarter of 2009 compared to $26.9 million for the third quarter of 2008. The decline in income from continuing operations before income taxes of $1.9 million reflects the net effect of:
(1) The net favorable impact of non-cash purchase accounting adjustments for the third quarter of 2009 compared to 2008 of $1.3 million consists primarily of decreased amortization of intangible assets of $0.5 million and a $0.7 million increase in revenue resulting from recording deferred revenue at its fair value in conjunction with purchase accounting partially offset by increased deferred customer acquisition expense of $0.1 million.
Non-operating expense totaled $69.8 million for the third quarter of 2009 compared to $83.8 million for the third quarter of 2008. This change includes a $9.7 million decrease in interest expense primarily resulting from decreases in our weighted average interest rates and decreases in our weighted average long-term debt balances, as well as a $4.3 million increase in interest and net investment income. Interest and net investment income was comprised of the following for the three months ended September 30, 2009 and 2008:
In connection with Fast Forward, the Company incurred costs of approximately $1.5 million and $2.0 million for the three months ended September 30, 2009 and 2008, respectively, which included the costs described above. For the three months ended September 30, 2009, such costs included consulting fees of approximately $1.1 million and severance, lease termination and other costs of approximately $0.4 million For the three months ended September 30, 2008, these charges included consulting fees of approximately $0.6 million and severance, lease termination and other costs of approximately $1.4 million.
For the three months ended September 30, 2009, TruGreen LawnCare recorded restructuring costs of approximately $6.0 million relating to a reorganization of field leadership and a restructuring of branch operations. For the three months ended September 30, 2009, these costs included approximately $4.1 million of consulting fees, approximately $0.7 million of severance and approximately $1.2 million of lease termination and other costs. In connection with the restructuring of branch operations, we would expect to incur cash charges through the fourth quarter of 2010 related to, among other things, employee retention and severance costs and consulting fees, and such charges could be material. The Company is currently unable to estimate the aggregate amount or timing of such charges or the anticipated related cash outlays.
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Co. (SVM, Financial) filed Quarterly Report for the period ended 2009-09-30.
Silvercorp Metals, Inc. engages in the acquisition, exploration, development, and mining of precious and base metal mineral properties in the Peoples Republic of China. It explores for silver, gold, lead, and zinc properties. The company primarily operates and develops four Silver-Lead-Zinc mines at the Ying Mining Camp, Henan Province; and the Na-Bao Polymetalic Project in Qinghai Province, China. The company is growing its resource base through continuous exploration of existing projects as well as acquiring new development and exploration projects in multiple jurisdictions. Silvercorp is listed on the Toronto Stock Exchange and the NYSE under the symbol `T.SVM` and `SVM` respectively. Servicemaster
Co. has a market cap of $977.6 million; its shares were traded at around $6.05 with a P/E ratio of 35.59 and P/S ratio of 11.7. The dividend yield of Servicemaster
Co. stocks is 1.21%.
Highlight of Business Operations:
The Company reported third quarter 2009 revenue of $920.5 million, a $27.6 million or 2.9 percent decrease compared to 2008. Revenue for the third quarter of 2008 has been reduced by $0.7 million (non-cash) resulting from recording deferred revenue at its fair value in connection with purchase accounting. Excluding this impact of purchase accounting, revenue for the third quarter of 2009 decreased $28.3 million, or 3.0 percent, from 2008 levels, driven by the results of our business units as described in our Segment Reviews for the Third Quarter 2009 Compared to 2008.Operating income was $94.8 million for the third quarter of 2009 compared to $110.7 million for the third quarter of 2008. Income from continuing operations before income taxes was $25.0 million for the third quarter of 2009 compared to $26.9 million for the third quarter of 2008. The decline in income from continuing operations before income taxes of $1.9 million reflects the net effect of:
(1) The net favorable impact of non-cash purchase accounting adjustments for the third quarter of 2009 compared to 2008 of $1.3 million consists primarily of decreased amortization of intangible assets of $0.5 million and a $0.7 million increase in revenue resulting from recording deferred revenue at its fair value in conjunction with purchase accounting partially offset by increased deferred customer acquisition expense of $0.1 million.
Non-operating expense totaled $69.8 million for the third quarter of 2009 compared to $83.8 million for the third quarter of 2008. This change includes a $9.7 million decrease in interest expense primarily resulting from decreases in our weighted average interest rates and decreases in our weighted average long-term debt balances, as well as a $4.3 million increase in interest and net investment income. Interest and net investment income was comprised of the following for the three months ended September 30, 2009 and 2008:
In connection with Fast Forward, the Company incurred costs of approximately $1.5 million and $2.0 million for the three months ended September 30, 2009 and 2008, respectively, which included the costs described above. For the three months ended September 30, 2009, such costs included consulting fees of approximately $1.1 million and severance, lease termination and other costs of approximately $0.4 million For the three months ended September 30, 2008, these charges included consulting fees of approximately $0.6 million and severance, lease termination and other costs of approximately $1.4 million.
For the three months ended September 30, 2009, TruGreen LawnCare recorded restructuring costs of approximately $6.0 million relating to a reorganization of field leadership and a restructuring of branch operations. For the three months ended September 30, 2009, these costs included approximately $4.1 million of consulting fees, approximately $0.7 million of severance and approximately $1.2 million of lease termination and other costs. In connection with the restructuring of branch operations, we would expect to incur cash charges through the fourth quarter of 2010 related to, among other things, employee retention and severance costs and consulting fees, and such charges could be material. The Company is currently unable to estimate the aggregate amount or timing of such charges or the anticipated related cash outlays.
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