American Home Shield 2006 Annual Report Download - page 26
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Please find page 26 of the 2006 American Home Shield annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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Cost of services rendered and products sold increased four percent compared to the prior year and decreased as a percentage of
revenue to 62.6 percent in 2004 from 63.5 percent in 2003. Selling and administrative expenses increased nine percent and
increased as a percentage of revenue to 26.7 percent from 26.0 percent in 2003. The increase in selling and administrative expenses
primarily reflects an increased level of variable incentive compensation expense at the headquarters level and increased investments
in the sales force, particularly at Terminix and American Home Shield.
Net interest expense decreased $5 million from 2003, primarily reflecting the favorable impact of interest rate swap agreements
entered into at the end of 2003 and early 2004, and a slightly higher level of investment income from
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