ABM Industries Reports EPS of $0.22 vs. $0.27; Revenue $1.03B vs. $1.03B

ABM Industries Incorporated ABM today announced revenues for the first quarter of fiscal year 2011 of $1.03 billion compared to first quarter of fiscal year 2010 revenues of $869.9 million. Net income for the first quarter of fiscal year 2011 was $8.4 million, a 34.3% decrease from $12.8 million in the first quarter of fiscal year 2010.

Net income per diluted share for the first quarter of fiscal year 2011 decreased 33.7% to $0.16 compared to net income per diluted share of $0.24 in the first quarter of fiscal year 2010. Net income for the first quarter of fiscal year 2011 was impacted by $2.5 million after-tax of transaction costs associated with The Linc Group acquisition in 2010, $2.3 million after-tax of labor expense from one additional work day and $0.5 million after-tax in higher state unemployment insurance tax compared to the year-ago quarter.

Excluding items impacting comparability, adjusted income from continuing operations was $11.7 million, or $0.22 per diluted share, for the first quarter of fiscal year 2011.