September 20, 2014 4:19 PM ET

Commercial Services and Supplies

Company Overview of TruGreen, Inc.

Company Overview

TruGreen, Inc. provides lawn care, tree and shrub care, and landscaping services to residential and commercial customers in the United States. The company’s lawn care services include weed control and fertilization treatments, insect treatments, and lawn analysis and lawn treatment. It also offers seeding remedies for conditions, such as compacted soil, poor drainage, and weed infestation; chemical amendments to maintain pH levels of the soil; and granular fertilizer products for the do-it-yourself lawn enthusiasts. The company was founded in 1990 and is headquartered in Memphis, Tennessee. TruGreen, Inc. operates as a subsidiary of Servicemaster Co.

860 Ridge Lake Boulevard

Memphis, TN 38120-9408

United States

Founded in 1990

Phone:

901-681-1990

Key Executives for TruGreen, Inc.

Interim President and Chief Executive Officer of The Servicemaster Company
Age: 56
Principal Financial Officer and Principal Accounting Officer
Age: 77
Vice President of Human Resource Field Operations
Compensation as of Fiscal Year 2014.

TruGreen, Inc. Key Developments

TruGreen, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2012

TruGreen, Inc. reported unaudited earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported operating revenue of $183.6 million, a decrease of 14.3% compared to fourth-quarter 2011 results. The decrease in operating revenue was driven by a decline in customer counts due to a decrease in new unit sales and acquisitions and a reduction in ice melt sales, partially offset by a 190 basis-point increase in the customer retention rate. Operating performance was $8.8 million, a decrease of 82.3% compared to fourth-quarter 2011 results. The decrease primarily reflects the impact of lower operating revenue, a reduction in labor productivity, higher technology costs related to a new operating system and higher sales and marketing expense, increased investments in ongoing productivity and standardization initiatives and higher fuel prices. Operating income included a pre-tax non-cash impairment charge of $908.9 million to reduce the carrying value of TruGreen’s goodwill and the TruGreen trade name to their estimated fair value. For the year, the company reported operating revenue of $979.08 million against $1,100.7 million a year ago. Operating loss was $805.02 million against operating income of $129.32 million a year ago. Operating performance was $152.8 million against $209.03 million a year ago.

TruGreen, Inc. Provides Earnings Guidance for the Fourth Quarter of 2012

TruGreen, Inc. provided earnings guidance for the fourth quarter of 2012. For the fourth quarter, the company looks like revenue is about $185 million against $214 million the prior year. But the operating performance looks like in the $9 million to $10 million area against $49 million, which implies about a 5% margin.

TruGreen, Inc. Announces Preliminary Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012; Provides Earnings Guidance for the Full Year 2012

TruGreen, Inc. announced preliminary unaudited earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company reported operating revenue of $312,977,000 against $367,122,000 a year ago. Operating loss was $799,163,000 against operating income of $79,138,000 a year ago. The decline in operating revenue was due to a 13.7% decline in average residential full program customer counts, partially offset by improved price realization. Third-quarter operating performance was $58,900,000, a decrease of 35.2% compared to third-quarter 2011 results. The decline primarily reflects the impact of lower operating revenue, a reduction in labor productivity, higher fertilizer and fuel costs, and an increase in technology costs related to a new operating system. LBITDA was $787,163,000 against EBITDA of $90,204,000 a year ago. Adjusted EBITDA was $57,794,000 against $90,204,000 a year ago. For the nine months, the company reported operating revenue of $795,460,000 against $886,405,000 a year ago. Operating loss was $804,694,000 against operating income of $127,966,000 a year ago. LBITDA was $770,747,000 against EBITDA of $158,943,000 a year ago. Adjusted EBITDA was $142,126,000 against $158,943,000 a year ago. The company provided earnings guidance for the full year 2012. For the year, the company expects operating revenue will be approximately 10% to 12% lower as compared to its full-year 2011 operating revenue, and that the company's full-year 2012 operating performance will be approximately 27% to 31% lower as compared to its full-year 2011 operating performance. The expected reduction in the company's operating revenue is driven primarily by lower expected residential revenue production driven by the continued impact of the year-over-year decline in residential full program customer counts. The lower forecasted operating performance at the company is primarily the result of the impact of lower forecasted revenue and higher labor costs, fertilizer costs, fuel prices and technology costs related to a new operating system.

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