American Home Shield 2006 Annual Report Download - page 28

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increased level of enhancement sales, and an improvement in materials expense. These items were offset in part by a weather-
related reduction in high-margin snow removal revenue and higher variable incentive compensation and fuel costs.
Capital employed decreased 23 percent, reflecting improved working capital management supported by a program to reduce
underutilized equipment.
Terminix Segment
The Terminix segment reported a five percent increase in revenue to $997 million from $945 million in 2003 and operating income
of $133 million compared to $131 million, a one percent increase.
Entering 2004, Terminix was making significant changes to its operating model with the implementation of a dual service offering
for termites and the migration in pest control from
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