Monday, 19 August 2013
RURAL/METRO CORPORATION
MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Company name
RURAL/METRO CORPORATION
Identification number If you want to know more, ASKMORE modeFinance’s credit report.
TM
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United States of America
ZIP code and city
85258 - SCOTTSDALE
Address
9221, EAST VIA DE VENTURA +1 8003522309 www.ruralmetro.com feedback@ruralmetro.com
Legal form Account
Consolidated
Incorporation date
1948
NACE 2 Sector
4939 - Other passenger land transport nec
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Country
Listed Status
Active
MORE Credit limit
Not assessable on the base of the available informations
Black records
Available on request
plans 3 types of reports:
30/06/2010
30/06/2009
30/06/2008
432,527
347,955
301,865
D
D
D
35.00%
35.00%
35.00%
100.00%
100.00%
100.00%
0%
0%
0%
Leverage ratio
-3.85
-3.81
-3.72
Financial Leverage
-2.65
-2.63
-2.57
0.74
0.73
0.73
Current Ratio
1.39
1.64
1.51
Quick Ratio
1.30
1.55
1.42
10.00
14.00
22.00
Return on investement ROI (%)
13.78
15.54
13.94
Return on equity ROE (%)
-3.45
-4.76
-3.77
Asset turnover
1.84
1.67
1.62
Gross Profit/Operating revenue
0.39
0.38
0.38
1.84
1.48
1.28
Turnover (th e) s-peek
Rating
Plus
Basic TM
ASKMORE Basic: This report includes modeFinance ’ s MORE Credit Ratings and MORE Credit Limit to help you in the decision making. It covers all essential information including financial statements of the last three years and descriptive information including trade description and sector analysis. This report type is ideally suited for decisions on transactions with each level of credit risk. TM
Score Probability of default Confidence Level Solvency ratios
Total asset/Total liabilities Liquidity ratios
Cash Cycle Ratio Profitability ratios
Interest Coverage ratios EBIT interest coverage ratio
Analysis and trend of financial strength modeFinance Headquarter Building A - AREA Science Park Padriciano 99 - 34149 Trieste - Italy Ph.: +39 040 375 5337 Fax: +39 040 375 6741 info@modefinance.com TM
key askMORETM is a registered mark of modeFinanceTM
MORE Credit Rating
D not available
non return
C
CC
extremly pathological pathological
CCC
B
BB
BBB
A
AA
AAA
high danger
weak
sufficient
adequate
good
very strong
extremely strong
RURAL/METRO CORPORATION
Monday, 19 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
Solvency ratios Leverage ratio
-3.85
0.62
1.58
3.26
2.14
Financial Leverage
-2.65
0.03
0.45
1.03
0.00
Total asset/Total liabilities
0.74
2.61
1.63
1.26
1.01
1.39
1.88
1.14
0.76
0.47
Liquidity ratios Current Ratio Quick Ratio
1.30
1.81
1.08
0.71
0.43
Cash Cycle Ratio
10.00
-1.50
-5.00
-8.00
1.00
Profitability ratios Return on investement ROI (%)
13.78
15.58
5.60
1.04
-10.41
Return on equity ROE (%)
-3.45
19.55
8.98
0.12
-67.43
Asset turnover
1.84
1.72
1.33
1.32
2.02
Gross Profit/Operating revenue
0.39
0.18
0.27
0.16
0.06
1.84
128.30
5.06
0.33
-8.50
Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days) Days Sales Of Inventory (DIO)
6
4
4
5
5
Days Sales Outstanding (DSO)
44
39
34
32
41
Days Payable Outstanding (DPO)
9
18
20
24
34
Cash Conversion Cycle (DIO + DSO - DPO)
41
25
20
12
7
-
295
720
547
155
D
A
BB
B
CC
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 4939 with financial data of year 2010.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RURAL/METRO CORPORATION
Monday, 19 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Sector Analysis - Graphs
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
RURAL/METRO CORPORATION
Monday, 19 August 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
30/06/2010
30/06/2009
30/06/2008
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.81493
0.70751
0.63436
12
12
12
Total assets
235,076
208,685
186,635
Fixed assets
134,470
99,073
96,745
Intangible fixed assets
30,350
27,062
24,400
Tangible fixed assets
41,293
34,736
29,775
Other fixed assets
62,828
37,275
42,569
100,606
109,612
89,890
6,520
6,039
5,364
Debtors
51,814
45,532
48,294
Other current assets
42,272
58,041
36,232
16,484
26,254
10,091
-83,811
-75,514
-69,696
205
175
157
Other shareholders funds
-84,016
-75,690
-69,853
Total liabilities
318,887
284,199
256,331
Non current liabilities
246,453
217,512
196,980
Long term debt
214,006
196,059
176,996
32,447
21,453
19,984
Current liabilities
72,434
66,687
59,351
Loans
5,245
141
237
Creditors
10,524
10,530
10,243
Other current liabilities
56,665
56,016
48,871
235,076
208,685
186,635
30/06/2010
30/06/2009
30/06/2008
Exchange rate USD - EUR Number of months
Current assets Stocks
Cash & cash equivalent Shareholders funds Capital
Other non-current liabilities
Total shareh. funds & liab. NET DEBT (th e) Short term debts Long term debt Cash & cash equivalent Net debt
5,245
141
237
214,006
196,059
176,996
16,484
26,254
10,091
202,766
169,946
167,143
30/06/2010
30/06/2009
30/06/2008
Working capital
47,810
41,041
43,415
Net Current Assets
28,172
42,925
30,539
30/06/2010
30/06/2009
30/06/2008
Days Sales Of Inventory (DIO)
6
6
6
Days Sales Outstanding (DSO)
44
48
58
9
11
12
41
43
52
Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RURAL/METRO CORPORATION
Monday, 19 August 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
30/06/2010
30/06/2009
30/06/2008
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.81493
0.70751
0.63436
12
12
12
Exchange rate USD - EUR Number of months Sales
432,527
347,955
301,865
24
15
-
0
0
0
Operating revenue / turnover
432,527
347,955
301,865
Total operating costs
388,790
315,751
276,088
Costs growth (%)
23
14
-
Service costs
-
-
-
Material costs
-
-
-
Costs of employees
-
-
-
EBITDA
57,726
42,292
33,646
Depreciation
13,989
10,088
7,869
EBIT
43,737
32,204
25,777
-35,054
-21,593
-19,892
192
229
237
35,246
21,822
20,129
23,711
21,822
20,129
8,683
10,611
5,886
-2,243
-1,796
-301
Extr. and other revenue
-
-
-
Extr. and other expenses
-
-
-
P/L before tax + Extr. and other P/L
6,440
8,815
5,584
Taxation
3,582
5,259
2,985
P/L for period
2,859
3,556
2,599
Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
Financial P/L Financial revenue Financial expenses Interest paid P/L before tax Extr. and other P/L
30/06/2010
30/06/2009
30/06/2008
Costs of Good Sold
264,647
215,984
186,588
Gross Profit
167,880
131,972
115,277
Other Operating Expenses
124,143
99,768
89,500
30/06/2010
30/06/2009
30/06/2008
16,848
13,644
10,468
-
-
-
Cash flow Added value
30/06/2010 Number of employees
8,152
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
30/06/2009 7,922
30/06/2008 7,869
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RURAL/METRO CORPORATION
Monday, 19 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Evolutions and trends
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
RURAL/METRO CORPORATION
Monday, 19 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
This company is engaged in the provision of ambulance and emergency services. The company was founded in 1948, and it has its headquarters located in Scottsdale, state of Arizona in the United States. The company is a leading provider of emergency and non - emergency medical transportation services, fire protection and other safety - related services to municipal, residential, commercial, and residential customers in approximately 440 communities. Its services include: 911 Emergency Ambulance (EMT and Paramedic Training, Water Safety Programs, Fire Prevention Programs, Injury Prevention Programs, Smoke Detector Programs, CPR Training and Flu Shots in select locations); Interfacility Ambulance (Basic Life Support, Advanced Life Support, Neonatal Transportation, Critical Care Transportation and Wheelchair Transportation); Special Event Ambulance (State Fairs, Concerts, Block Parties, Marathons, Golf Tournaments and Cycling Events); Community Fire Protection (Fire Prevention, Fire Suppression, Emergency Medical Services, Fire Inspection Services and Community Health and Safety Programs); Industrial Fire Protection (Airport Rescue and Firefighting, Industry - Specific Fire Protection, On - Site Emergency Medical Response, On - Site Medical Services and Security Services); Wildland Fire Protection (Hotshot Crews, Hand Crews, Multi - Agency Command Systems and Specialized Apparatus and Equipment); and Other Services (Up to three wireless alarm pendants can be programmed into each unit, Waterproof pendant that can be worn in the bath or shower, Inactivity alarm and Optional wireless door indicator).
History
Not available.
Primary business line
Engaged in the provision of ambulance and emergency services.
Secondary business line
Not available.
Main activity
Services.
Secondary activity
Not available.
Main products and services
911 Emergency Ambulance (EMT and Paramedic Training, Water Safety Programs, Fire Prevention Programs, Injury Prevention Programs, Smoke Detector Programs, CPR Training and Flu Shots in select locations); Interfacility Ambulance (Basic Life Support, Advanced Life Support, Neonatal Transportation, Critical Care Transportation and Wheelchair Transportation); Special Event Ambulance (State Fairs, Concerts, Block Parties, Marathons, Golf Tournaments and Cycling Events); Community Fire Protection (Fire Prevention, Fire Suppression, Emergency Medical Services, Fire Inspection Services and Community Health and Safety Programs); Industrial Fire Protection (Airport Rescue and Firefighting, Industry - Specific Fire Protection, On - Site Emergency Medical Response, On - Site Medical Services and Security Services); Wildland Fire Protection (Hotshot Crews, Hand Crews, Multi - Agency Command Systems and Specialized Apparatus and Equipment); and Other Services (Up to three wireless alarm pendants can be programmed into each unit, Waterproof pendant that can be worn in the bath or shower, Inactivity alarm and Optional wireless door indicator).
Size estimate
A leading provider of emergency and non - emergency medical transportation services, fire protection and other safety - related services to municipal, residential, commercial, and residential customers in approximately 440 communities.
Strategy, organization and policy
Not available.
Strategic alliances
Not available.
Membership of a network
Not available.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RURAL/METRO CORPORATION
Monday, 19 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Main brand names
Not available.
Main domestic country
United States of America.
Main foreign countries or regions
Not available.
Main production sites
Not available.
Main distribution sites
Not available.
Main sales representation sites
Not available.
Main customers
Not available.
Black records Available on request.
Auditor/Advisor/Bank name
type
address
PRICEWATERHOUSECOOPERS LLP Computershare Trust Company
Auditor Transfer Agent
-
Board name
date of birth
nationality
function
Mr Conrad A Conrad Mr Eugene I Davis Mr Michael P Dimino Mr Earl P Holland Mr Christopher S Shackelton Mr Henry G Walker
-
-
Chairman of the Board Director President Chief Executive Officer and Director Director Director Director
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
RURAL/METRO CORPORATION
Monday, 19 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Shareholders (the first twenty shareholders ordered by Direct %) Rating:
WP ROCKET HOLDINGS INC. Country ISO code
US
Operating Revenue (MIL $)
NACE Rev. 2, Core code Direct % Total % Address : Not available
MO -
Total Assets (MIL $) Number of Employees Information date
8152 10/2012
Rating:
BB
Country ISO code NACE Rev. 2, Core code Direct %
US -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Total % Address : Not available
-
WARBURG PINCUS LLC
Information date
346.3
1.6 200 06/2013
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
RURAL/METRO FIRE DEPARTMENT., INC. Country ISO code NACE Rev. 2, Core code
US -
Operating Revenue (MIL $) Total Assets (MIL $)
Direct % Total %
WO
Number of Employees Information date
US MO
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Total %
-
Information date
Total %
US MO
Total %
04/2013
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
-
Information date
0.74 12 04/2013
Rating:
KEEFE & KEEFE INC Country ISO code NACE Rev. 2, Core code Direct %
1.4 50
Rating:
FIRE SERVICE RESEARCH CO OF OREGON Country ISO code NACE Rev. 2, Core code Direct %
870 03/2010
Rating:
EASTERN AMBULANCE SERVICE, INC Country ISO code NACE Rev. 2, Core code Direct %
61.5 -
US MO
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
-
Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
0.63 15 04/2013
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RURAL/METRO CORPORATION
Monday, 19 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
LASALLE AMBULANCE INC Country ISO code NACE Rev. 2, Core code Direct % Total %
US MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
METRO CARE CORP. Country ISO code NACE Rev. 2, Core code Direct % Total %
2 60 04/2013
Rating:
RURAL/METRO OF NORTH FLORIDA, INC. Country ISO code NACE Rev. 2, Core code Direct % Total %
84.3 2000 04/2013
Rating:
RURAL METRO OF OREGON, INC. Country ISO code NACE Rev. 2, Core code Direct % Total %
1.9 45 04/2013
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
0.2 4 01/2013
RURAL/METRO CORPORATION
Monday, 19 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
ASKMORE rating guide General vision
A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk factors. The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial companies by using data included in financial statements. The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applying newly developed numerical methodologies, drawing together financial theory, data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective algorithm that produces a classification of each company, by taking into account any attributes (such as sector and country) characterizing a firm. The model gives the opportunity to assign a rating to a company even without considering a complete data analysis and allows to process quality information. It induces a better understanding of a company’s strength and weakness thanks to sophisticated data mining tools and taking into account the analyst knowledge. The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, better will be the final rating. This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RURAL/METRO CORPORATION
Monday, 19 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating scale Rating class
Rating macro class
The company’s capacity to meet its financial commitments is extremely strong.
AAA AA
Assessment
Healthy
The company has very strong creditworthiness. The company has a high solvency.
A
Capital structure and economic equilibrium are considered adequate.
BBB Balanced BB
The companyï¿ 21 s performances are adequate considering the sector and the country in which it is operating.
B
The company presents vulnerable signals with regards to its fundamentals. Vulnerable
CCC
The company shows signals of high vulnerability.
CC C D
The company has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals.
Risky
The company shows considerable pathological situations. The company has not any longer the capacity to meet its financial commitments.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RURAL/METRO CORPORATION
Monday, 19 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Fundamental Credit Rating Ratios Analysis area
Ratio
Assessment This measures the level of total liabilities of the company in comparison
Leverage ratio
with equity.
Solvency ratios
Financial ratios
Assets to debt
This indicates company’s solvency. The company shows a level of deficit when the value of this ratio is under one unit.
Fixed Assets coverage ratio
This is calculated only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital.
Current ratio
This measures whether a company has sufficient short-term assets to cover its short-term liabilities.
Liquidity ratios This compares current liabilities only to those assets that can be readily
Quick ratio
turned into cash.
Return on Investement(ROI)
This measures the profitability of company investments without regard to the way the investment is financed.
Return on Equity(ROE)
This measures the profitability of the equity.
Asset turnover
This indicates the investments turnover with regards to sales. The level assumed from the ratio depends on the sector in which the company operates.
Profit margin
This indicates the profitability of sales.
Interest Paid coverage
This indicate the ability of the company to cover interest expenses through the economic margins (Gross profit and EBIT) and through the cash flow from operating activities.
Profitability and economic ratios
Interest coverage ratio
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RURAL/METRO CORPORATION
Monday, 19 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
MORE Credit Limit, Probability of default and Confidence Level MORE Credit Limit
MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial relationship with the analyzed company with an outlook of one year. modeFinance used the following values associated with the company analyzed while computing the credit limit:
• Size; • Years in Business; • Average number of suppliers; • Liquidity of the company and the comparison with its sector; • The funds dedicated to be paid to suppliers; • The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).
The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual public data. This value should be reviewed by paying attention to the Confidence Level value and by using other information such as other business information, news... etc; and private information such as the relationship with client, history of payments, guarantees and the knowledge of the sector.
Probability of default e Confidence Level
In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go into default. As the probability of default is strongly affected by the economic climate that the company is operating in, companies in the same MORE class will not necessarily have the same probability of default. The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:
Confidence =
P Available Information P Total Information
The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to take into account for each company. For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RURAL/METRO CORPORATION
Monday, 19 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Notes and disclaimer NOTES
modeFinance has based the present analysis on the company available financial statements, coming from one or more of the following sources: local providers, Commercial Register (Companies House), websites, modeFinance’s database etc.
DISCLAIMER
All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.
Contacts
Info web
modeFinance MORE rating AREA Science Park 34149 Trieste, via Padriciano 99 - ITALY info@modefinance.com www.modefinance.com
Phone
+39 040 3755337
Company Products Where
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741