Coinmach Service Corp. Announces Filing of Annual Report on Form 10-K for Fiscal 2006.PLAINVIEW, N.Y. -- Coinmach Service Corp. (the "Company") (Amex: DRA DRA Delta Regional Authority DRA Developmental Reading Assessment (educational test) DRA Division of Ratepayer Advocates (California) DRA Data Research Associates DRA Directory and Resource Administrator , DRY), a leading supplier of outsourced laundry equipment services for multi-family housing properties in North America, today announced the filing with the Securities and Exchange Commission of its annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the 2006 fiscal year. Subsequent to the Company's May 23rd press release and related conference call, management identified approximately $2.0 million of miscellaneous tax items, consisting primarily of state franchise taxes, that were included in the calculation of consolidated tax expense. Specifically, the Company classified such items in consolidated tax expense as distinct from consolidated operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . As a result, quarterly and fiscal year ended March 31, 2006 operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (earnings before deduction of interest, depreciation and amortization expense), and consolidated tax expense were reduced by this amount. These reclassifications have no impact on the Company's consolidated cash flow, consolidated net loss or earnings per share. The financial information set forth in the 10-K properly accounts for this reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. . Coinmach Service Corp., through its operating subsidiaries, is a leading supplier of outsourced laundry equipment services for multi-family housing properties in North America. Coinmach's core business involves leasing laundry rooms from building owners and property management companies, installing and servicing laundry equipment and collecting revenues generated from laundry machines. |
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