8/5/2004

SIRVA Reports Strong Results For the Second Quarter

Net income up nearly three-fold to $17.5 Million at $0.23 per share

Excluding one-time items, SIRVA reported earnings of $0.24 per diluted share in the second quarter, more than double the second quarter of 2003.

SIRVA’s operating revenue for the second quarter of 2004 was $668.8 million, an increase of 15.4 percent from $579.8 million in operating revenue for the second quarter 2003. The company’s revenue less Purchased Transportation Expense (PTE), or net revenue, was $319.7 million for the second quarter of 2004, up 23.1 percent from $259.7 million in net revenue for the second quarter of last year. SIRVA’s second quarter 2004 income from operations was $33.0 million, up 33.6 percent from $24.7 million in income from operations for the second quarter of 2003.

“We are very pleased with our second quarter results,” said Brian Kelley, president and chief executive officer of SIRVA. “We continue to grow market share and execute our ‘Relocation Redefined’ strategy in the marketplace.”

Relocation Solutions North America had another excellent quarter and continued to drive market share gain. Home sale initiations were up 49 percent year over year, the highest in SIRVA history and well above the growth rates of recent quarters. Importantly, SIRVA continued to build its customer pipeline in the quarter with the addition of a number of large clients, including Adobe, CSX, Valeo, Twentieth Century Fox, Interstate Brands and Jet Blue. Operating revenue in moving services grew 10 percent on strong shipments across consumer, military/government and corporate segments. Corporate shipments were higher on a year-over-year basis for the first time in 14 quarters.

“We continue to invest in our European and Asia Pacific operations with the goal of developing a powerful selling and marketing capability across the rest of the world like we have in the U.S.,” Kelley said. “We are building the infrastructure for future growth.”

Outlook

With strong performance in the first half of the year, the company remains confident that it will deliver on its stated objective of $1.17 - $1.20 earnings per share for 2004, based on an average sharecount assumption of 75.5 million shares. With the exercise of the Exel warrants, the average sharecount will now be approximately 77.1 million shares in the third and fourth quarters. Accounting for this impact, the company’s revised guidance for 2004 is a range of $1.15 - $1.18 per diluted share.

SIRVA’s financial data for the second quarter ended June 30, 2004, are included with this news release.

Use of Non-GAAP Financial Measures

In an effort to provide investors with additional information regarding SIRVA’s results as determined by generally accepted accounting principles (GAAP), the company also discloses certain non-GAAP financial measures within the meaning of Regulation G under the federal securities laws, including earnings per share, excluding one-time items, and revenue less PTE, or net revenue. Management believes this information is of interest to investors and facilitates more useful period-to-period comparisons of the company’s financial results. Pursuant to the requirements of Regulation G, the company has attached reconciliations of these measures to the most directly comparable GAAP financial measures. In addition, the Investor Relations portion of SIRVA’s Web site (www.sirva.com) provides detailed information on additional non-GAAP financial measures and, as appropriate, a reconciliation of the measure to the most directly comparable GAAP measure.

Webcast

SIRVA will hold a conference call to discuss its results for the second quarter ended June 30, 2004, on Thursday, August 5, 2004, at 10 a.m. Eastern Time (ET). SIRVA’s call will be Webcast by CCBN and can be accessed through the investor relations portion of SIRVA’s Web site at www.sirva.com. It also will be distributed over CCBN’s Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN’s individual investor center at www.fulldisclosure.com or by visiting any of the investor sites in CCBN’s Individual Investor Network. Institutional investors can access the call via CCBN’s password-protected event management site, StreetEvents, at www.streetevents.com. A replay of the call will be available through the investor relations portion of SIRVA’s Web site starting at 1 p.m. ET on August 5.

About SIRVA, Inc.

SIRVA, Inc. is a leader in providing relocation solutions to a well-established and diverse customer base around the world. The company is the leading global provider that can handle all aspects of relocations end-to-end within its own network, including home purchase and home sale services, household goods moving, mortgage services and insurance. SIRVA conducts more than 365,000 relocations per year, transferring corporate and government employees and moving individual consumers. The company operates in more than 40 countries with more than 7,800 employees and an extensive network of agents and other service providers. SIRVA’s well-recognized brands include Allied, northAmerican, Global, and SIRVA Relocation in North America; Pickfords in the U.K.; Huet in France; Kungsholms in Sweden; ADAM in Denmark; Majortrans in Norway; Arthur Pierre in Belgium; Rettenmayer in Germany; Varekamp in The Netherlands; and Allied Pickfords in the Asia Pacific region. More information about SIRVA can be found on the company’s Web site at www.sirva.com.

Relocation Solutions – North America

This segment is SIRVA’s largest business unit and sells to customers in North America under the Allied, Global, northAmerican and SIRVA Relocation brands. The services it provides include home purchase and home sale services, household goods moving, mortgage services, appraisal and title services, expense management, expatriate services and high-value products moving.

Relocation Solutions – Europe & Asia Pacific

This segment provides the same services as Relocation Solutions – North America, but to customers in Europe and Asia, under the ADAM, Allied Pickfords, Arthur Pierre, Kungsholms, Huet, Majortrans, and Pickfords brands.

Network Services

This segment offers a wide range of services – including insurance, fleet maintenance programs, equipment and fuel purchasing and legal/tax services – to moving and storage agents, independent owner-operators and small truck fleets under the NAIT, TransGuard and Vanguard brands.

Transportation Solutions

This segment provides inventory management solutions using proprietary asset management technology to coordinate a variety of services such as order fulfillment, project-specific delivery management and the tracing of products through customers’ supply chains.

Forward-Looking Statements

This release includes statements that constitute forward-looking statements within the meaning of the U. S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “includes,” “plans,” “assumes,” “will,” “estimates,” “projects,” “intends,” or variations of such words are generally part of forward-looking statements. Forward-looking statements 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 SIRVA, Inc. and its subsidiaries will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including without limitation the factors described under the caption “Business-Investment Considerations” and other risks described in SIRVA, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2003, filed with the Securities and Exchange Commission on March 26, 2004. SIRVA, Inc. does not intend, and is under no obligation, to update any particular forward-looking statement included in this release. Readers should consider the information referred to above when reviewing forward-looking statements contained in this release.

Investor Contact

John Springer
Vice President
Investor Relations
630.468.4797

Media Contacts

Jim Trainor
Vice President
Corporate Communications
630.468.4828 (work)
630.334.7865 (cell)

Chris Tofalli
Broadgate Consultants, Inc.
212-232-2226