7/28/2005
SIRVA Targeting to Announce Full Year 2004 and First Half 2005 Financial Results, and File 2004 Form 10-K, in September
CHICAGO, July 28, 2005 — SIRVA, Inc. (NYSE: SIR), a global relocation services provider, announced today that it is targeting to report audited financial results for the fourth quarter and full year 2004 in September, when it expects to file its 2004 Form 10-K. The company also expects to announce results for the first and second quarters of 2005 at the same time.
Previously, SIRVA had targeted the end of July for the release of its preliminary unaudited 2004 and first quarter 2005 operating and segment results. The company has decided not to release its preliminary results in advance of finalizing its audited 2004 financial statements in September to permit it to evaluate the need for two potential changes in the historical method of revenue recognition in its Relocation Services business.
Specifically, the revenue recognition methods under consideration are: 1) a change in the timing of revenue recognition from the date a home sale contract is signed to the date of the home’s closing, which if implemented, would have a relatively minor impact on the revenue and operating income of prior years; and 2) the reporting of revenue for fixed fee transactions on a gross basis (including home value), versus the company’s current method of net reporting, which if implemented, would result in a material increase in reported revenue, but would have no impact on operating income.
About SIRVA, Inc.
SIRVA, Inc. is a leader in providing relocation solutions to a well-established and diverse customer base around the world. More information about SIRVA can be found on the company’s Web site at www.sirva.com.
Forward-Looking Statements
This release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical, but are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon SIRVA, Inc. and its subsidiaries. There can be no assurance that future developments affecting us will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and other factors, including without limitation the outcome and effect of the matters described in this release and those described under the caption “Business-Investment Considerations” and other risks described in our 2003 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and other reports we submit to the Securities and Exchange Commission from time to time. We do not intend, and are under no obligation, to update any particular forward-looking statement included in this release.
Media Contacts
Jim Trainor
Vice President
Corporate Communications
630.468.4828 (work)
630.334.7865 (cell)
Judy Wohlt
Director
Corporate Communications
630.468.4886 (work)
630.802.1299 (cell)
Investor Contact
John Springer
Vice President
Investor Relations
630.468.4797
