CSNbbs

Includes $845M in goodwill and brand impairment.

Yikes!

meh, they'll be ok. They are still generating good bits of revenue even with TruGreen sucking ass. They have a good team and it'll be fixed.

Aren't they owned by a private equity firm? Why did they even report this - did they have public debt?

I worked for them under contract a few years ago. Heard last year after a terrible third quarter, they laid off several people, had a better fourth quarter, then hired people for the empty positions in January. It had that cold, impersonal corporate feel to it. Always talk outsourcing support sections to India.

I know several people that work/have worked for them. Said it was the most depressing soul-sucking work environment they'd ever been in.

(11-19-2012 09:18 AM)tiger2000 Wrote: [ -> ]Aren't they owned by a private equity firm? Why did they even report this - did they have public debt?

they have a stock price ....

(11-19-2012 09:24 AM)TallTiger Wrote: [ -> ]I worked for them under contract a few years ago. Heard last year after a terrible third quarter, they laid off several people, had a better fourth quarter, then hired people for the empty positions in January. It had that cold, impersonal corporate feel to it. Always talk outsourcing support sections to India.

They did outsource IT to India(IBM), and it went as expected. Spent 2012 and several million insourcing IT back. TruGreen ran a bad marketing campaign, lost millions, and cost executives their jobs. The rest of the company did very well against their projections for 2012.

(11-19-2012 10:39 AM)BinghamptonNed Wrote: [ -> ]

(11-19-2012 09:18 AM)tiger2000 Wrote: [ -> ]Aren't they owned by a private equity firm? Why did they even report this - did they have public debt?

they have a stock price ....

public debt.

they aren't publicly traded.

Sat next to a regional exec on a flight recently and I was very impressed. We talked for a solid hour and a half.

(11-19-2012 10:22 AM)memphis88 Wrote: [ -> ]I know several people that work/have worked for them. Said it was the most depressing soul-sucking work environment they'd ever been in.

They haven't had very many jobs then. Working at ServiceMaster was pretty great relative to other jobs. Current downside, however, is that a lot of their markets are pretty close to fully penetrated so the best way to improve financial position is cost-cutting.

(11-19-2012 10:39 AM)BinghamptonNed Wrote: [ -> ]

(11-19-2012 09:18 AM)tiger2000 Wrote: [ -> ]Aren't they owned by a private equity firm? Why did they even report this - did they have public debt?

they have a stock price ....

bonds. not stock

(11-18-2012 06:56 PM)TG4 Wrote: [ -> ]Includes $845M in goodwill and brand impairment.

Yikes!

Probably have to shut the doors soon.

(11-19-2012 01:22 PM)tkgrrett Wrote: [ -> ]

(11-19-2012 10:22 AM)memphis88 Wrote: [ -> ]I know several people that work/have worked for them. Said it was the most depressing soul-sucking work environment they'd ever been in.

They haven't had very many jobs then. Working at ServiceMaster was pretty great relative to other jobs. Current downside, however, is that a lot of their markets are pretty close to fully penetrated so the best way to improve financial position is cost-cutting.

They've worked at probably 7 or 8 places among them.

Servicemaster has made a habit out of growing by acquisition and not by growth of existing companies. When the elder Cantu was at the helm, they began that trend and it continues today. Their profits looked good, but their expenses from borrowing money to buy these businesses made their stock not follow the market back when the market was really solid. Lawsuits and other actions were the result of their large debt. At one time they had record quarterly earnings 40 straight quarters or so, but their earnings were inflated by buying every competitor in sight. Finally, their debt got them behind the 8 ball and I don't believe they have ever recovered. I bailed on their stock after years of waiting on something positive. Other stockholders filed suit as a result of their business practices.

(11-19-2012 10:48 PM)Elvis Lives Wrote: [ -> ]Servicemaster has made a habit out of growing by acquisition and not by growth of existing companies. When the elder Cantu was at the helm, they began that trend and it continues today. Their profits looked good, but their expenses from borrowing money to buy these businesses made their stock not follow the market back when the market was really solid. Lawsuits and other actions were the result of their large debt. At one time they had record quarterly earnings 40 straight quarters or so, but their earnings were inflated by buying every competitor in sight. Finally, their debt got them behind the 8 ball and I don't believe they have ever recovered. I bailed on their stock after years of waiting on something positive. Other stockholders filed suit as a result of their business practices.

Actually, they've (fairly) recently sold off a bunch of business units - so the whole "growth by acquisition" strategy isn't true anymore. Plus they aren't public so you couldn't by their stock right now if you wanted to.

The old guard is gone - the new CEO came from Wal-Mart and the CIO came from Nissan.

What was true in the past isn't necessarily true now.

And no, I do not work for ServiceMaster, I just read the MBJ.

They're one of a handful of big employers in Memphis and as such what's good for ServiceMaster is good for memphis.

(11-20-2012 11:51 AM)tiger2000 Wrote: [ -> ]

(11-19-2012 10:48 PM)Elvis Lives Wrote: [ -> ]Servicemaster has made a habit out of growing by acquisition and not by growth of existing companies. When the elder Cantu was at the helm, they began that trend and it continues today. Their profits looked good, but their expenses from borrowing money to buy these businesses made their stock not follow the market back when the market was really solid. Lawsuits and other actions were the result of their large debt. At one time they had record quarterly earnings 40 straight quarters or so, but their earnings were inflated by buying every competitor in sight. Finally, their debt got them behind the 8 ball and I don't believe they have ever recovered. I bailed on their stock after years of waiting on something positive. Other stockholders filed suit as a result of their business practices.

Actually, they've (fairly) recently sold off a bunch of business units - so the whole "growth by acquisition" strategy isn't true anymore. Plus they aren't public so you couldn't by their stock right now if you wanted to.

The old guard is gone - the new CEO came from Wal-Mart and the CIO came from Nissan.

What was true in the past isn't necessarily true now.

And no, I do not work for ServiceMaster, I just read the MBJ.

They're one of a handful of big employers in Memphis and as such what's good for ServiceMaster is good for memphis.

I knew they sold off, divested and made many changes over the last few years. I haven't kept up with what division is what any more. I bought their stock years ago in the teens, the market exploded and years later, their stock was still in the teens. I bailed and lost interest. I do some shuttle runs for them in my bobtruck and they are quick with my check every time I send them an invoice. That makes them fine as far as I am concerned.