1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 1994
Commission File No. 1-8929
ABM INDUSTRIES INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware 94-1369354
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
50 Fremont Street Suite 2600
San Francisco, CA 94105
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code:
(415)597-4500
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES [X] NO [ ]
Number of shares of Common Stock outstanding as of July 31,1994:
8,978,000.
2
PART I FINANCIAL INFORMATION
Item 1 Financial Statements
ABM INDUSTRIES INCORPORATED
CONSOLIDATED BALANCE SHEETS
(In Thousands of dollars)
October 31, July 31,
1993 1994
(Unaudited)
Current Assets:
Cash and time deposits $ 1,688 $ 459
Accounts and other receivables, net 127,908 136,283
Inventories and supplies 16,288 15,605
Deferred income taxes 10,960 11,152
Prepaid expenses 10,089 12,390
--------- ---------
Total current assets 166,933 175,889
--------- ---------
Investments and Long-Term Receivables 7,129 7,037
Property, Plant and Equipment, at Cost:
Land and buildings 5,364 5,924
Transportation and equipment 7,727 8,366
Machinery and other equipment 29,415 32,696
Leasehold improvements 8,332 9,055
--------- ---------
50,838 56,041
Less accumulated depreciation
and amortization (33,795) (36,316)
--------- ---------
Property, plant and equipment, net 17,043 19,725
--------- ---------
Intangible Assets 57,785 61,629
Deferred Income Taxes 13,307 14,202
Other Assets 5,943 6,179
--------- ---------
$ 268,140 $ 284,661
========= =========
See accompanying Notes to Consolidated Financial Statements
3
October 31, July 31,
1993 1994
(Unaudited)
Current Liabilities
Notes payable $ - $ 5,000
Current portion of long-term debt 682 647
Bank overdraft 4,231 -
Accounts payable, trade 17,863 20,137
Income taxes payable: 3,203 1,401
Accrued Liabilities:
Compensation 16,695 16,413
Taxes - other than income 8,474 8,856
Insurance claims 25,608 26,065
Other 13,564 13,659
--------- ---------
Total current liabilities 90,320 92,178
--------- ---------
Long-Term Debt (less current portion) 20,937 22,938
Retirement plans 4,574 5,629
Insurance claims 35,721 37,853
Series B 8% Senior redeemable
cumulative preferred stock 6,400 6,400
Stockholders' Equity:
Preferred stock, $0.1 par value, 500,000
shares authorized; none issued - -
Common stock, $.01 par value, 12,000,000
shares authorized; 8,778,000 and
8,978,000 shares issued and
outstanding at October 31, 1993
and July 31, 1994, respectively 88 90
Additional capital 31,244 34,240
Retained earnings 78,856 85,333
--------- ---------
Total stockholders' equity 110,188 119,663
--------- ---------
$ 268,140 $ 284,661
========= =========
See accompanying Notes to Consolidated Financial Statements
4
ABM INDUSTRIES INCORPORATED
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
(In Thousands Except per Share Amounts
For the Three Months Ended For the Nine Months Ended
July 31 July 31
1993 1994 1993 1994
REVENUES AND OTHER INCOME $ 192,203 $ 224,965 $ 568,071 $ 651,676
EXPENSES:
Operating Expenses and Cost
of Goods Sold 163,813 194,403 485,558 560,517
Selling and Administrative 22,076 22,660 66,459 71,202
Interest 484 1,303 1,560 2,763
-------- -------- -------- --------
Total Expenses 186,373 218,366 553,577 634,482
-------- -------- -------- --------
INCOME BEFORE INCOME TAXES 5,830 6,599 14,494 17,194
INCOME TAXES 2,448 2,453 6,087 6,903
-------- -------- -------- --------
NET INCOME $ 3,382 $ 4,146 $ 8,407 $ 10,291
======== ======== ======== ========
NET INCOME PER COMMON SHARE $ 0.39 $ 0.45 $ 0.98 $ 1.12
DIVIDENDS PER COMMON SHARE $ 0.125 $ 0.125 $ 0.375 $ 0.375
AVERAGE NUMBER OF COMMON
AND COMMON EQUIVALENT
SHARES OUTSTANDING 8,675 8,942 8,613 8,872
See accompanying Notes to Consolidated Financial Statements
5
ABM INDUSTRIES INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
FOR THE NINE MONTHS ENDED JULY 31, 1993 AND 1994
(In Thousands of Dollars)
July 31, July 31,
1993 1994
Cash Flows from Operating Activities:
Cash received from customers $ 567,603 $ 638,764
Other operating cash receipts 1,867 1,440
Interest received 563 286
Cash paid to suppliers and employees (546,186) (617,892)
Interest paid (2,122) (3,120)
Income taxes paid (6,702) (9,792)
--------- ---------
Net cash provided by operating activities 15,023 9,686
--------- ---------
Cash Flows from Investing Activities:
Additions to property, plant and equipment (4,519) (6,872)
Proceeds from sale of assets 297 414
(Increase) decrease in investments
and long-term receivables 805 92
Intangibles resulting from acquisitions (6,298) (6,468)
--------- ---------
Net cash used in investing activities (9,715) (12,834)
--------- ---------
Cash Flows from Financing Activities:
Common stock issued 2,824 2,998
Dividends paid (3,242) (3,814)
Increase(decrease) in cash overdraft - (4,231)
Increase(decrease) in notes payable (1,348) 4,966
Long-term borrowings - 22,000
Repayments of long-term borrowings - (20,000)
--------- ---------
Net cash provided by financing activities (1,766) 1,919
--------- ---------
Net Increase (Decrease) in Cash
and Cash Equivalents 3,542 (1,229)
Cash and Cash Equivalents Beginning of Year 2,365 1,688
--------- ---------
Cash and Cash Equivalents End of Period $ 5,907 $ 459
========= =========
Reconciliation of Net Income to Net Cash
Provided by Operating Activities:
Net Income $ 8,407 $ 10,291
Adjustments:
Depreciation and amortization 5,106 6,513
Provision for bad debts 1089 1349
Gain on sale of assets (140) (113)
(Increase) decrease in accounts and
other receivables 2,441 (9,724)
(Increase) decrease in inventories and
supplies (2,710) 683
(Increase) decrease in prepaid expenses (1,556) (2,301)
(Increase) decrease in other assets 133 (236)
Increase (decrease) in deferred taxes (1,677) (1,087)
Increase (decrease) in income taxes payable 1,062 (1,802)
Increase (decrease) in retirement
plans accrual 557 1,055
Increase (decrease) in insurance claims 3,169 2,589
Increase (decrease) in accounts payable
and other accrued liabilities (858) 2,469
--------- ---------
Total Adjustments to net income 6,616 (605)
--------- ---------
Net Cash Provided By Operating Activities $ 15,023 $ 9,686
========= =========
See accompanying Notes to Consolidated Financial Statements
6
ABM INDUSTRIES INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. General
In the opinion of management, the accompanying unaudited
consolidated financial statements contain all material adjustments
which are necessary to present fairly the financial position as of
July 31 31, 1994 and the results of operations and cash flows for
the three months and nine months then ended.
It is suggested that these financial statements be read in
conjunction with the financial statements and the notes thereto
included in the Company's 1993 Form 10K filed with the Securities
and Exchange Commission.
2. Earnings per Share
Net Income per Common Share: Net income per common and common
equivalent share, after the reduction for preferred stock dividends
in the amount of $384,000 during the nine months ended July 31,
1994, is based on the weighted average number of shares outstanding
during the year and the common stock equivalents that have a
dilutive effect. Net income per common share assuming full
dilution is not significantly different than net income per share
as shown.
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Item 2 Management's Discussion and Analysis of Financial Condition
and Results of Operations
Financial Condition
Funds provided from operations and bank borrowings have
historically been the sources for meeting working capital
requirements, financing capital expenditures, acquisitions and
paying cash dividends. Management believes that funds from these
sources will remain available and adequately serve the Company's
liquidity needs. Capital expenditures during the first nine months
of fiscal year 1994 were approximately $6.9 million as compared
with $4.5 million during the same period of fiscal year 1993. Cost
of acquisitions for the nine months of 1994 were approximately $6.5
million as compared to $6.3 million for the same period in 1993.
The Company paid cash dividends of $384,000 and approximately $3.4
million to preferred and common shareholders, respectively, during
the nine months ended July 31, 1994, as compared with $3.2 million
paid to common shareholders in 1993.
The Company has short-term agreements with several banks for lines
of credit totaling $13 million, subject to annual renewal, at a
maximum of the prime interest rate. On July 31, 1994, the Company
had $5 million outstanding under these arrangements. In addition,
the Company has a long-term line of credit of $20 million with a
major U.S. bank and, at July 31, 1994, the Company had borrowed $20
million under this line. At the option of the Company, interest is
at the commercial paper rate plus 1/2%, LIBOR plus 1/2% or at the
prime rate. The agreement requires the Company, among other
things, to meet certain objectives with respect to financial ratios
and places certain limitations on dividend payments and other
outside borrowing. The Company is prohibited from declaring or
paying cash dividends exceeding 50% of its net income for any
fiscal year. The Company has entered into an interest rate swap
agreement to reduce the impact of changes in interest rates on a
portion of its floating rate long-term debt. At July 31, 1994, the
Company had outstanding a swap agreement with a domestic commercial
bank, having a notional principal amount of $15 million. This
agreement effectively changes the Company's interest rate exposure
on $15 million of its $20 million floating rate debt due in fiscal
1994 to a fixed 5.8%. The interest rate swap agreement matures
December 10, 1994. The Company is exposed to credit loss in the
event of nonperformance by the other parties to the interest rate
swap agreement. However, the Company does not anticipate
nonperformance by the counterparties. In connection with the
System Parking acquisition, the Company assumed a note payable in
the amount of $3,818,000. Interest on this note is payable monthly
at an annual rate of 9.35%, with principal amounts of $636,000 due
annually through October 1, 1998. At July 31, 1994, the balance
remaining on this note was $3,182,000.
8
At July 31, 1994, working capital was $83.7 million, as
compared to $76.6 million at October 31, 1993.
Effect of Inflation
The low rates of inflation experienced in recent years have had
no material impact on the financial statements of the Company. The
Company attempts to recover inflationary costs by increasing sales
prices to the extent permitted by contracts and competition.
Acquisition
As previously reported, the Company acquired the operations of
General Maintenance Service Company, Inc. in Washington D.C. on
March 1, 1994. General Maintenance provides janitorial services to
major commercial buildings and institutions in Washington, D.C.,
Maryland, and Virginia. At the time of acquisition by the Company,
General Maintenance reported annual revenues of approximately $18.9
million. In addition to the amount paid at closing, contingent
payments based upon gross profit of acquired contracts will be made
over the next five years.
Results of Operations
The following discussion should be read in conjunction with the
consolidated financial statements of the Company. All information
in the discussion and references to the year is based on the
Company's fiscal year which ends on October 31, and nine months and
the third quarter ended July 31, 1994.
Nine Months Ended July 31, 1994 vs. Nine Months Ended July 31, 1993
Revenues and other income (hereafter called revenues) for the
first nine months of fiscal year 1994 were $652 million compared to
$568 million in 1993, a 15% increase over the same period of the
prior year. As a percentage of revenues, operating expenses and
cost of goods sold were 86% during the nine months of fiscal year
1994 compared to 85.5% for the same period in 1993. Consequently,
as a percentage of revenues, gross profit (revenue minus operating
expenses and cost of goods sold) was 14% for the nine months ended
July 31, 1994, as compared to 14.5% for the same period of fiscal
year 1993. The principal factors which contributed to the decline
of gross profit margin were competitive market conditions resulting
in lower bids to retain existing customers and the depressed
economic conditions causing high office vacancy rates in Southern
California where the Company has a strong presence. The decrease
in gross profit margin was also caused by generally higher
insurance expense. As discussed in the first and second fiscal
quarter reports, office building vacancy rates continue to show
improvements in generally all the major metropolitan areas, except
Southern California.
Selling and administrative expense for the nine months of fiscal
year 1994 was $71.2 million compared to $66.5 million for
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the corresponding nine months of fiscal year 1993. As a percentage
of revenues, selling and administrative expense decreased from
11.7% for the nine months ended July 31, 1993 to 10.9% for the same
period in 1994. The increase in the dollar amount of selling and
administrative expense for the nine months ended July 31, 1994,
compared to the same period in 1993, is due to revenue growth and
expenses associated with acquisitions.
Interest expense was $2,763,000 for the first nine months of
fiscal year 1994 compared to $1,560,000 in 1993, an increase of
$1,203,000 over the same period of the prior fiscal year. The
increase in interest expense was due to higher bank borrowings in
1994 primarily necessitated by acquisitions and higher interest
rates especially during the most recent months.
The effective income tax rate for the first nine months of
fiscal year 1994 was 40% compared to 42% in 1993. The decreased
rate is due to estimated increase in income tax credits.
Increased operating profits by the Company generally reflect an
improvement in office vacancy rates and improved business climate.
As a result, net income for the first nine months of fiscal year
1994 was $10,291,000, an increase of 22%, compared to the prior
year's net income of $8,407,000. However, due to the increase in
average shares outstanding and the deduction of a preferred stock
dividend of $384,000 in the calculation of earnings per share, per
common share earnings increased 14% to $1.12 for the first nine
months of 1994 compared to 98 cents for the same period in 1993.
The results of operations from the Company's three industry
segments and its operating divisions for the nine months ended July
31, 1994 as compared to the nine months ended July 31, 1993 are
more fully described below:
Revenues for the two divisions of the Janitorial Services s
egment for the first nine months of fiscal year 1994 were
$357 million, an increase of $28 million, or 8.6% over the
first nine months of fiscal 1993, while its operating
profits increased by 18.7% over the comparable period of
1993. Janitorial Services accounted for approximately 55% of
the Company's consolidated revenues for the nine months.
The Janitorial Division's revenues increased by 8.6% during
the first nine months of fiscal year 1994 as compared to the
same period of 1993 primarily as a result of acquisitions
made during the latter half of fiscal year 1993 and in March
1994 and, to a lesser extent, sales increases recorded by
this Division's Northeast, Northwest, and Southeast Regions.
As a result of the revenue increase, this Division's
operating profits increased 20% when compared to the same
period last year. Continued decreases in labor and labor-
related expenses contributed to an improvement in gross
margin for this Division during the first nine months of the
fiscal year 1994 over the same period of the prior year. The
Division's general and administrative expenses were in line
10
with its revenue growth. The Janitorial Supply Division's
revenue for the first nine months increased by approximately
8.6% compared to the same period in 1993 generally due to a
sales increase in Northern California from obtaining several
large customers. A decrease of 8% in operating profits was
a result of erosion of gross margins caused by competitive
market conditions and higher freight expenses which more
than offset benefits derived from the wholesale distributor
program outside California.
Amtech Services reported revenues of $167 million,
which represent approximately 26% of the Company's
consolidated revenues for the first nine months of 1994, an
increase of approximately 8.7% over the same period of last
year. Amtech Services' profit increased 23% compared to the
first nine months of fiscal year 1993. The Mechanical
Division's operating profits for the first nine months of
1994 decreased by 21% caused mainly by flat revenues, impact
by the loss of a large customer with multi-branch
operations, in addition to a decline in its
construction/installation contracts and energy related
projects. Although this Division continues to reduce its
overhead, it was not sufficient to offset the loss of gross
margins from a lack of revenue growth which resulted from
its failure to obtain larger project type contracts. The
Lighting Division's revenues were up 8% largely due to an
expanded contract base from existing customers, as well as
obtaining a large one-time energy saving retrofit contract.
Operating profits increased only 2% during the first nine
months of fiscal year 1994 due to start-up costs associated
with opening new branches and from competitive market
conditions. Revenues for the Elevator Division were up by
10% for the first nine months of fiscal year 1994 over the
same period of 1993 primarily due to increases in its
service, repair, and installation lines of business, as well
as a strong performance by its Mexican subsidiary. As a
result of increased revenues, the Division more than doubled
its operating profits for the nine months of 1994 compared
to the corresponding period of 1993. The Division's profits
benefited from an increase in volume, improved gross
margins, and a continued effort to contain general and
administrative expenses. The Engineering Division's
revenues increased by 12% and it reported a 48% increase in
operating profits in the first nine months of 1994 compared
to the same period in 1993. Revenue increases generally
were recorded by all its regions except its Northwest
Region. The increase in operating profits continues to
result from increased volume and reductions in other payroll
related costs.
Revenues of the Other Services segment for the first nine
months of 1994 were approximately $127 million, a 50%
increase over the same period of fiscal year 1993 primarily
due to acquisitions made by its Parking Division. Other
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Services accounted for approximately 19% of the Company's
consolidated revenues. The operating profits of Other
Services were up by 64% principally due to acquisitions by
its Parking Division. The Parking Division's revenues
increased by 117% and its profits increased by 158% during
the first nine months of fiscal year 1994 compared to 1993.
The increase in revenues and operating profits is primarily
due to the acquisitions of System Parking, as discussed
previously, and a parking business in Northern California,
and from obtaining contracts to manage parking operations at
several major airports in the U.S. The Security Division
reported a slight decrease in revenues but its profits
increased by 16% in the first nine months of 1994 compared
to the same period of 1993. The decrease in revenues
resulted from customer contract cancellations in certain
metropolitan areas. The increase in operating income during
the first nine months as compared to the prior year was due
to a decrease in direct labor and related expenses and a
decrease in selling and administrative expenses resulting
from the Division's cost cutting measures.
Three Months Ended July 31, 1994 vs. Three Months Ended July 31,
1993
Revenues and other income for the third quarter of fiscal year
1994 were $225 million compared to $192 million in 1993, a 17%
increase over the third quarter of the prior year. As a percentage
of revenues, operating expenses and cost of goods sold were 86.4%
during the third quarter of fiscal year 1994 compared to 85.2% for
the same period in 1993. Consequently, as a percentage of
revenues, gross profit was 13.6% for the third quarter ended July
31, 1994, as compared to 14.8% for the same period of fiscal year
1993. A lower overall gross margin percentage for the third
quarter results from increased general liability self-insurance
costs. However, the recent improvement in office occupancy rates
in most regions of the Company's Janitorial, Parking, and Security
Divisions resulted in profit margin improvements for those
Divisions.
Selling and administrative expense for the three months ended
July 31, 1994 was $22.7 million compared to $22.1 million for the
corresponding three months of fiscal year 1993. As a percentage of
revenues, selling and administrative expense decreased from 11.5%
for the three months ended July 31, 1993 to 10.1% for the same
period in 1994. When compared to a 17% revenue increase, a slight
increase of $584,000, or 2.7%, in selling and administrative
expense for the three months ended July 31, 1994 over the same
period in 1993 results from the Company's continued efforts of cost
containment.
Interest expense was $1,303,000 for the third quarter of fiscal
year 1994 compared to $484,000 in 1993, an increase of $819,000
over the same period of the prior fiscal year. Interest expense
increased during the three months ended July 31, 1994 compared to
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1993 due to higher bank borrowings required for recent acquisitions
and higher interest rates.
The effective income tax rate for the third quarter of fiscal
year 1994 was 37% as compared to 42% in 1993. The lower rate is due
to estimated increases in income tax credits.
Net income for the three months ended July 31, 1994 was
$4,146,000, an increase of 23%, compared to the prior year's third
quarter net income of $3,382,000. However, due to the increase in
average shares outstanding and the deduction of a preferred stock
dividend of $128,000 in the calculation of earnings per share, per
common share earnings increased 15% to 45 cents for the third
quarter of 1994 compared to 39 cents for the same period in 1993.
The results of operations from the Company's three industry
segments and its operating divisions for the three months ended
July 31, 1994 as compared to the three months ended July 31, 1993
are more fully described below:
Revenues of the Janitorial Services segment for the third
quarter of fiscal year 1994 were $124 million, an increase
of approximately $13 million, or 12% over the third quarter
of fiscal 1993, while its operating profits increased by 27%
over the comparable period of 1993. Janitorial Services
accounted for approximately 55% of the Company's
consolidated revenues for the current quarter. As discussed
in the nine-month management's discussion, the Janitorial
Division's revenues increased by 12% during the third
quarter of fiscal year 1994 as compared to the same period
of 1993 primarily as a result of acquisitions made during
the latter half of fiscal year 1993 and March 1994 and, to a
lesser extent, increases recorded by this Division's
Northeast and Southeast Regions. As a result of a volume
increase and a percentage reduction in operating expenses in
relation to a percentage increase in revenues, this
Division's operating profits increased 27% when compared to
the same period last year. Decreases in operating expenses
such as labor-related expenses contributed to the gross
margin improvement for this division during the third
quarter of 1994 over the same period of the prior year. The
Janitorial Supply Division's revenue for the third quarter
increased by approximately 9% compared to the same quarter
in 1993 generally due to new business in Northern
California. An increase of 25% in operating profits results
from a volume increase and a reduction in the selling and
administrative expense.
Amtech Services reported revenues of $57 million, which
represent approximately 25% of the Company's consolidated
revenues for the third quarter of fiscal year 1994, an
increase of approximately 8% over the same quarter of last
year. Amtech Services' operating profit increased 31%
compared to the third quarter of fiscal year 1993. The
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Mechanical Division's operating profits for the third
quarter of 1994 increased by 4% on a 3% increase in
revenues. Although this Division shows signs of improvement
in both revenues and operating profits, it continues to
suffer from an economic slow-down in California and failure
to obtain more lucrative energy projects. The Lighting Divi
sion reported an 11% revenue increase for the three months
ended July 31, 1994 compared to the same period of 1993,
principally due to the contract award of a chain store
project and its successful efforts in expanding its customer
contract base. Operating profits also increased by 24%
during the third quarter of fiscal year 1994 as this
Division continues to maintain its operating margins from
cost containment programs. Revenues for the Elevator
Division were up by 5% for the third quarter of 1994 over
the same quarter of 1993 largely due to increased repair
business resulting from the earthquake in the greater Los
Angeles metropolitan area and generally, from revenue
increases from all phases of its business. The Division
posted a 51% increase in operating profit for the third
quarter compared to the corresponding quarter of fiscal year
1993. A continued effort to control costs and closing of
unprofitable locations, as well as more favorable market
conditions, improved this Division's operating income. The
Engineering Division's revenues increased by 13% and it
reported a 44% increase in operating profits in the third
quarter of 1994 compared to the same period in 1993. This
Division posted revenue increases in all its regions, except
the Southern California and Northwest Regions, thus enabling
it to increase its operating profits. Also contributing to
the increase in operating profits were reductions in payroll
related costs which improved gross margins.
Revenues of the Other Services segment for the third
quarter of 1994 were approximately $44 million, a 55%
increase over the same quarter of fiscal year 1993, while
its operating profits were up by 72%. Other Services
accounted for approximately 20% of the Company's
consolidated revenues. Revenues and operating profits of
Other Services were up primarily due to acquisitions made by
its Parking Division. As previously reported and discussed,
primarily due to acquisitions the Parking Division's
revenues increased by 125% and its profits increased by 268%
during the third quarter of fiscal year 1994. The increase
in operating profits was primarily due to contributions made
by these acquisitions, improvement in business climate in
certain regions, and from continued growth by this Division
in airport parking facility management. The Security
Division's revenues for the third quarter decreased by 1% as
compared to the same quarter of 1993, largely due to a
contract which was canceled in its Southcentral Region.
However, its profits increased by 2% in the third quarter of
1994 compared to the same period of 1993 mainly due to a
continued cost reduction effort initiated by its management.
14
PART II. OTHER INFORMATION
Item 1. Legal Proceedings - not applicable.
Item 6 Exhibits and Reports on Form 8-K
(a) Exhibits: NONE
(b) Reports on Form 8-K: No reports on Form 8-K were filed
during the quarter ended July 31, 1994.
15
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized on the 13th day of September, 1994.
ABM INDUSTRIES INCORPORATED
(Registrant)
By /s/ David H. Hebble
David H. Hebble
Vice President, Principal Financial Officer
