ABM Industries (ABM) 8-K Abm Industries Continues Best-ever Quarterly Dividend Rate

EXHIBIT 99.2

For further information, please contact ABM’s Senior Vice
President & Chief Financial Officer, George B. Sundby,
at 415/733-4000 (or e-mail gsundby@abm.com).

ABM INDUSTRIES ANNOUNCES THIRD QUARTER FINANCIAL RESULTS AND
ACQUISITION OF THE JANITORIAL OPERATIONS OF PHILADELPHIA-BASED
HGO, INC.

SAN FRANCISCO, September 9, 2003 — ABM Industries Incorporated (NYSE:ABM) today reported net income for the quarter ended July 31, 2003 of $11.7 million ($0.23 per diluted share) compared to $12.6 million ($0.25 per diluted share) reported for the third quarter of fiscal 2002. As a result of the previously announced sale of the assets of Amtech Elevator Services to Otis Elevator on August 15, 2003, results from the Elevator segment have been reclassified as income from discontinued operations. Revenues from continuing operations for the third quarter of 2003 were $569.1 million, up 9% from $520.0 million in the third quarter of 2002. Income from continuing operations for the quarter ended July 31, 2003 was $10.6 million ($0.21 per diluted share) compared to $11.9 million ($0.23 per diluted share) for the third quarter of fiscal 2002.

A number of events affected the comparability of the quarters. The quarter ended July 31, 2002 benefited from a $5.7 million gain ($3.6 million after-tax) from a partial settlement on the World Trade Center insurance claim, a $2.0 million tax benefit from the adjustment of tax liabilities resulting from the filing of the 2001 tax returns, and a related $0.6 million tax benefit from reducing the estimated tax rate for 2002 from 38.0% to 36.3%. The third quarter of 2002 was adversely affected by a $3.1 million provision ($1.9 million after-tax) for costs associated with the elimination of the Chief Administrative Officer position, the early retirement of the Corporate General Counsel and the replacement of the President of the ABM Facility Services.

The quarter ended July 31, 2003 includes revenues and operating profits generated by the operations of Lakeside Building Maintenance acquired in July 2002, the self-performed janitorial operations of Horizon National Commercial Services acquired in January 2003 and the commercial parking operations of Valet Parking Service acquired in May 2003. Third quarter 2003 operating profits also include a $0.7 million tax benefit from the adjustment of tax liabilities resulting from the filing of the 2002 tax returns during the quarter.

     Net income for the nine months ended July 31, 2003 was $26.0 million ($0.52 per diluted share) compared to $34.6 million ($0.68 per diluted share) reported for the first nine months of fiscal 2002. Income from continuing operations for the nine months ended July 31, 2003 was $23.6 million ($0.47 per diluted share) compared to $32.9 million for the comparable period in fiscal 2002 ($0.64 per diluted share). Revenues from continuing operations for the first nine months of 2003 were $1,684.1 million up 11% from $1,523.0 million in the comparable 2002 period. In addition to the unusual items noted above, the nine months ended July 31, 2002 included an additional $4.3 million ($2.7 million after-tax) gain recognized in the second quarter of 2002 from the initial proceeds from the World Trade Center insurance claim.

     On August 29, 2003, ABM acquired the operations of HGO, Inc., a provider of janitorial services based in King of Prussia, Pennsylvania. Assets acquired by ABM include key accounts in the eastern United States. The terms of the acquisition include a cash payment made at closing of $12.8 million, plus contingent payments based on income improvement and contract retention during the three years commencing September 1, 2003. Annual revenues from the acquisition are approximately $40 million. The operating results generated from these assets

will be included in the consolidated financial results of ABM Industries effective September 1, 2003.

     “Third quarter performance was solid in spite of some weakness in a couple of isolated areas and continued tightening of customers’ budgets that reduced higher margin capital project work and extra services,” said Henrik C. Slipsager, ABM’s President & Chief Executive Officer. “While not reflected in our third quarter results, the completion of the successful sale of Amtech Elevator Services to Otis Elevator and the acquisition of HGO, Inc., a premier janitorial operation in Philadelphia, are significant accomplishments that will be beneficial for ABM and its stockholders in the future,” said Slipsager.

     “Our cash flow from operations continued to be strong in the quarter, and with the sale of Elevator we have a cash surplus never seen before. We expect over time to continue to make acquisitions in our core services. Despite the good news associated with our recent acquisitions, we anticipate that the challenging economic environment will continue for the remainder of fiscal 2003,” said Slipsager. “We expect income from continuing operations for the fourth quarter of 2003 to be approximately $0.25 per diluted share. Net income for the fourth quarter including the gain on the sale of our elevator services business to Otis Elevator, will be approximately $1.25 per diluted share.”

     Wednesday morning, September 10th, at 6:00 a.m. (Pacific Daylight Time), ABM will host a live webcast of remarks by President & Chief Executive Officer Henrik C. Slipsager and Senior Vice President & Chief Financial Officer George B. Sundby, who will also answer questions from a panel of financial analysts who will join Slipsager and Sundby on the conference call. The webcast will be accessible at www.irconnect.com/primecast/03/q3/abm_3q2003.mhtml by clicking on ABM at that site. Listeners are requested to be online at least fifteen minutes early

to register, as well as to download and install any complimentary audio software that might be required. The webcast will be archived at this URL for 90 days thereafter. In addition to the webcast, a limited number of toll-free telephone lines will be available for listeners who are among the first to call 877/440-9648 within fifteen minutes before the event. Telephonic replays will be accessible for 48 hours beginning two hours after the call ends by dialing 800/642-1687, and then entering ID #2432289.

     ABM Industries Incorporated is one of the largest facility services contractors listed on the New York Stock Exchange. With fiscal 2002 revenues in excess of $2.0 billion and more than 63,000 employees, ABM provides janitorial, parking, engineering, security, lighting, mechanical and network services for thousands of commercial, industrial, institutional and retail facilities in hundreds of cities across North America. The ABM Family of Services includes ABM Janitorial, Ampco System Parking, ABM Engineering, American Commercial Security (ACSS), Amtech Lighting, CommAir Mechanical and ABM Service Network.

Safe Harbor Statement

     Cautionary Safe Harbor Disclosure for Forward Looking Statements under the Private Securities Litigation Reform Act of 1995: Because of the factors set forth below, as well as other variables affecting the Company’s operating results, past financial performance should not be considered a reliable indicator of future performance, and investors should not use historical trends to anticipate results or trends in future periods. The statements contained herein which are not historical facts are forward-looking statements that are subject to meaningful risks and uncertainties, including but not limited to: (1) significant decreases in commercial real estate occupancy, resulting in reduced demand and pricing pressures on building maintenance and other facility services in the Company’s major markets, (2) inability to pass through cost increases in a timely manner, or at all, or to reduce expenses when sales decline, (3) loss or bankruptcy of one or more of the Company’s major customers, which could adversely affect the Company’s ability to collect its accounts receivable or recover its deferred costs as well as having an adverse impact on future revenue, (4) major collective bargaining issues that may cause loss of revenues or cost increases that non-union competitors can use to their advantage in gaining market share, (5) significant shortfalls in adding additional customers in existing and new territories and markets, (6) inability to successfully integrate acquisitions into the Company, (7) a protracted slowdown in the Company’s acquisition activities, (8) legislation or other governmental action that severely impacts one or more of the Company’s lines of business, such as price controls that could restrict price increases, or the unrecovered cost of any universal employer-paid health insurance, as well as government investigations that adversely affect the Company, (9) reduction or revocation of the Company’s line of credit, which

would increase interest expense or the cost of capital, (10) cancellation or nonrenewal of the Company’s primary insurance policies, as many customers contract out services based on the contractor’s ability to provide adequate insurance coverage and limits, (11) catastrophic uninsured or underinsured claims against the Company, the inability of the Company’s insurance carriers to pay otherwise insured claims, or inadequacy in the Company’s reserve for self-insured claims, (12) inability to employ entry level personnel at competitive wage rates due to labor shortages, (13) resignation, termination, death or disability of one or more of the Company’s key executives, which could adversely affect customer retention and day-to-day management of the Company, and (14) other material factors that are disclosed from time to time in the Company’s public filings with the United States Securities and Exchange Commission, such as reports on Forms 8-K, 10-Q and 10-K.

BALANCE SHEET SUMMARY (UNAUDITED)

	July 31,		July 31,		Increase
	2003		2002		(Decrease)
Assets
Assets held for sale	$	28,831,000	$	34,206,000		-15.7	%
Other current assets		428,142,000		409,650,000		4.5	%
Goodwill		182,814,000		161,968,000		12.9	%
All other assets		105,586,000		98,843,000		6.8	%
Total assets	$	745,373,000	$	704,667,000		5.8	%
Liabilities
Liabilities held for sale	$	7,869,000	$	5,508,000		42.9	%
Other current liabilities		243,719,000		214,504,000		13.6	%
Non-current liabilities		94,758,000		103,036,000		-8.0	%
Total liabilities	$	346,346,000	$	323,048,000		7.2	%
Stockholders’ Equity	$	399,027,000	$	381,619,000		4.6	%
Total liabilities and stockholders’ equity	$	745,373,000	$	704,667,000		5.8	%

SELECTED CASH FLOW INFORMATION (UNAUDITED)

	Three Months Ended July 31,						Increase
	2003			2002			(Decrease)
Net Cash Provided By Operating Activities	$	25,815,000		$	22,839,000			13.0	%
Net Cash Used In Investing Activities	$	(5,520,000	)	$	(39,913,000	)		-86.2	%
Common stock issued	$	3,553,000		$	3,916,000			-9.3	%
Stock buyback		(2,795,000	)		—			—
Dividends paid		(4,693,000	)		(4,405,000	)		6.5	%
Net debt borrowings		—			15,000,000			—
Increase in bank overdraft		—			2,594,000			—
Net Cash (Used In) Provided By Financing Activities	$	(3,935,000	)	$	17,105,000			-123.0	%

	Nine Months Ended July 31,						Increase
	2003			2002			(Decrease)
Net Cash Provided By Operating Activities	$	49,058,000		$	63,150,000			-22.3	%
Net Cash Used In Investing Activities	$	(26,742,000	)	$	(54,611,000	)		-51.0	%
Common stock issued	$	11,227,000		$	13,656,000			-17.8	%
Stock buyback		(12,092,000	)		(16,670,000	)		-27.5	%
Dividends paid		(14,003,000	)		(13,283,000	)		5.4	%
Net debt borrowings		—			3,181,000			—
Increase in bank overdraft		—			4,281,000			—
Net Cash Used In Financing Activities	$	(14,868,000	)	$	(8,835,000	)		68.3	%

SUMMARY INCOME STATEMENT (UNAUDITED)

		Three Months Ended July 31,				Increase
		2003		2002		(Decrease)
Sales and other income		$	569,093,000	$	514,260,000		10.7	%
Gain on insurance claim			—		5,725,000		—
Total revenues			569,093,000		519,985,000		9.4	%
Operating expenses and cost of goods sold			511,720,000		460,942,000		11.0	%
Selling, general and administrative expenses			41,689,000		44,290,000		-5.9	%
Interest expense			216,000		229,000		-5.7	%
Income from continuing operations before income taxes			15,468,000		14,524,000		6.5	%
Income from continuing operations, net of income taxes			10,556,000		11,891,000		-11.2	%
Income from discontinued operations, net of income taxes			1,182,000		743,000		59.1	%
Net income		$	11,738,000	$	12,634,000		-7.1	%
Net income per common share:
Basic — From continuing operations		$	0.21	$	0.24		-12.5	%
	From discontinued operations		0.03		0.02		50.0	%
	Net income	$	0.24	$	0.26		-7.7	%
Diluted — From continuing operations		$	0.21	$	0.23		-8.7	%
	From discontinued operations		0.02		0.02		0.0	%
	Net income	$	0.23	$	0.25		-8.0	%
Average common shares outstanding:
Basic			49,269,000		49,059,000		0.4	%
Diluted			50,244,000		51,179,000		-1.8	%

	Nine Months Ended July 31,				Increase
	2003		2002		(Decrease)
Sales and other income	$	1,684,074,000	$	1,512,935,000		11.3	%
Gain on insurance claim		—		10,025,000		—

			Nine Months Ended July 31,				Increase
			2003		2002		(Decrease)
Total revenues				1,684,074,000		1,522,960,000		10.6	%
Operating expenses and cost of goods sold				1,520,980,000		1,360,202,000		11.8	%
Selling, general and administrative expenses				127,027,000		113,580,000		11.8	%
Interest expense				503,000		726,000		-30.7	%
Income from continuing operations before income taxes				35,564,000		48,452,000		-26.6	%
Income from continuing operations, net of income taxes				23,554,000		32,929,000		-28.5	%
Income from discontinued operations, net of income taxes				2,414,000		1,685,000		43.3	%
Net income			$	25,968,000	$	34,614,000		-25.0	%
Net income per common share:
Basic — From continuing operations			$	0.48	$	0.67		-28.4	%
	From discontinued operations			0.05		0.04		25.0	%
	Net income		$	0.53	$	0.71		-25.4	%
Diluted — From continuing operations			$	0.47	$	0.64		-26.6	%
		From discontinued operations		0.05		0.04		25.0	%
		Net income	$	0.52	$	0.68		-23.5	%
Average common shares outstanding:
Basic				49,105,000		49,093,000		0.0	%
Diluted				50,031,000		51,117,000		-2.1	%

SALES AND OPERATING PROFIT BY SEGMENT (UNAUDITED)

	Three Months Ended July 31,						Increase
	2003			2002			(Decrease)
Sales and Other Income
Janitorial	$	343,314,000		$	295,556,000			16.2	%
Parking		97,835,000			91,912,000			6.4	%
Engineering		44,492,000			43,273,000			2.8	%
Security		41,449,000			36,603,000			13.2	%
Lighting		30,657,000			31,868,000			-3.8	%
Other		11,303,000			14,960,000			-24.4	%
Corporate		43,000			88,000			-51.1	%
	$	569,093,000		$	514,260,000			10.7	%
Operating Profit
Janitorial	$	13,859,000		$	12,442,000			11.4	%
Parking		2,326,000			2,077,000			12.0	%
Engineering		2,631,000			2,626,000			0.2	%
Security		1,897,000			1,468,000			29.2	%
Lighting		1,373,000			1,880,000			-27.0	%
Other		333,000			(2,159,000	)		-115.4	%
Corporate expenses		(6,735,000	)		(9,306,000	)		-27.6	%
Operating profit from continuing operations		15,684,000			9,028,000			73.7	%
Gain on insurance claim		—			5,725,000			—
Interest expense		(216,000	)		(229,000	)		-5.7	%
Income from continuing operations before income taxes	$	15,468,000		$	14,524,000			6.5	%

	Nine Months Ended July 31,						Increase
	2003			2002			(Decrease)
Sales and Other Income
Janitorial	$	1,017,671,000		$	866,585,000			17.4	%
Parking		283,909,000			269,751,000			5.2	%
Engineering		134,064,000			129,610,000			3.4	%
Security		118,246,000			103,397,000			14.4	%
Lighting		97,380,000			96,506,000			0.9	%
Other		32,528,000			46,648,000			-30.3	%
Corporate		276,000			438,000			-37.0	%
	$	1,684,074,000		$	1,512,935,000			11.3	%
Operating Profit
Janitorial	$	37,236,000		$	39,612,000			-6.0	%
Parking		3,938,000			4,908,000			-19.8	%
Engineering		7,247,000			7,286,000			-0.5	%
Security		4,399,000			3,728,000			18.0	%
Lighting		3,866,000			5,884,000			-34.3	%
Other		280,000			(1,387,000	)		-120.2	%
Corporate expenses		(20,899,000	)		(20,878,000	)		0.1	%
Operating profit from continuing operations		36,067,000			39,153,000			-7.9	%
Gain on insurance claim		—			10,025,000			—
Interest expense		(503,000	)		(726,000	)		-30.7	%
Income from continuing operations before income taxes	$	35,564,000		$	48,452,000			-26.6	%