Programmed Maintenance

Despite revenue increasing six-fold between 2005 and 2012, earnings per share for Programmed Maintenance Services remains stuck at 26 cents due to profit margins collapsing from 16% to just 4%. Over the same period, the annual salary of the chief executive has increased 162% to almost $760,000, no doubt due to the time it takes to manage all the unprofitable contracts accumulated over the past seven years. Programmed is a low quality business that carries too much debt for its level and variability of earnings. AVOID.

Despite revenue increasing six-fold between 2005 and 2012, earnings per share for Programmed Maintenance Services remains stuck at 26 cents due to profit margins collapsing from 16% to just 4%. Over the same period, the annual salary of the chief executive has increased 162% to almost $760,000, no doubt due to the time it takes to manage all the unprofitable contracts accumulated over the past seven years. Programmed is a low quality business that carries too much debt for its level and variability of earnings. AVOID.

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