Printer Friendly

CINTAS ANNOUNCES RECORD RESULTS FOR THE FIRST QUARTER ENDED AUG. 31, 1993

 CINCINNATI, Sept. 30 /PRNewswire/ -- Cintas Corporation (NASDAQ: CTAS) revenues for the quarter were $122 million, up 17 percent from $105 million last year reflecting stronger growth in existing operations and the contribution of several acquisitions made in fiscal 1993. Pre-tax income was $18.3 million, up 19 percent from $15.4 million last year.
 Net income and earnings per share were adversely impacted by one- time tax adjustments. These were caused by the new tax law which was enacted on Aug. 10, 1993, and retroactively applied back to Jan. 1, 1993.
 Net income was $10.5 million compared to $9.6 million reported last year. Without the one-time tax adjustments, the increase in net income would have been 19 percent. Earnings per share were $.23 versus $.21 last year. The retroactive one-time tax charges reduced earnings by $.02 per share.
 The reported tax expense includes one-time charges of approximately $1.1 million to retroactively apply the new tax rates to Jan. 1, 1993, and to restate deferred taxes on the balance sheet to comply with accounting rules under SFAS No. 109, Accounting for Income Taxes. This one-time charge was partially offset by jobs tax credits which the new tax law extended retroactive to June 30, 1992.
 Richard T. Farmer, chairman of the Cincinnati-based uniform company, commented, "Cintas continues to aggressively reinvest profits in our business. We are in various stages of building uniform rental facilities in Baton Rouge, Louisiana and Akron, Ohio, and a fourth manufacturing facility based in Hazard, Kentucky. This new manufacturing center is an important addition to our infrastructure that will strengthen our competitive edge in introducing new products to our customers. During the fiscal year, the company also has plans to construct three additional uniform rental facilities in order to accommodate continuing growth."
 Cintas is a leader in the business of designing, planning and implementing corporate identity uniform programs nationwide. Cintas has 100 uniform rental facilities located in 33 states and the Province of Ontario, Canada. It is a publicly held company traded over NASDAQ under the symbol CTAS.
 CINTAS CORPORATION
 FIRST QUARTER RESULTS
 Fiscal 1994 and 1993
 (000's except per share data)
 (Unaudited)
 Three Months Ended
 August 31 Percent
 1993 1992 Increase
 Revenues $122,224 $104,662 17
 Income Before Income Taxes $18,293 $15,411 19
 Income Taxes $7,750 $5,846 33
 Net Income $10,543 $9,565 10
 Earnings Per Share $.23 $.21 10
 Weighted Shares Outstanding 46,637 46,217
 -0- 9/30/93
 /CONTACT: David T. Jeanmougin, vice president - finance, 513-573-4089, or Karen Carnahan, treasurer, 513-573-4013, both of Cintas Corporation/
 (CTAS)


CO: Cintas Corporation ST: Ohio IN: SU: ERN

AR -- CL005 -- 7178 09/30/93 10:07 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 30, 1993
Words:448
Previous Article:JEFFERSON-PILOT NAMES INVESTMENTS HEAD
Next Article:SUBURBAN FEDERAL COMPLETES STOCK OFFERING
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters