DRYCLEAN USA, Inc. Reports Third Quarter Results.Business Editors MIAMI--(BUSINESS WIRE)--May 10, 2002 DRYCLEAN USA, Inc. (AMEX AMEX See: American Stock Exchange :DCU DCU Dublin City University DCU DC Universe (comics) DCU Digital Federal Credit Union DCU Danmarks Cykle Union DCU D.C. United (soccer) DCU Display Control Unit DCU Device Configuration Utility ), today reported results of operations for the third quarter of fiscal 2002. Revenues for the third quarter of fiscal 2002 were $3,782,462 compared to $4,733,415 for the same period of last year. However, for this period net income increased to $128,178 or $.02 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share from $82,771 or $.01 per diluted share for the third quarter of fiscal 2001. For the nine month period ended March 31, 2002, revenues were $11,911,572 compared to $14,205,950 for the same period of fiscal 2001. Net income decreased to $262,604 or $.04 per diluted share compared to net income of $425,179 or $.06 per diluted share. "Sales continue to be negatively impacted by the current recession affecting the dry cleaning dry cleaning, process of cleaning fabrics without water. Special solvents and soaps are used so as not to harm fabrics and dyes that will not withstand the effects of ordinary soap and water. Dry cleaning began in France about the middle of the 19th cent. and laundry segment and severely affecting the telecom segment," said Venerando Indelicato, Chief Financial Officer of DRYCLEAN USA, Inc. "However, we have been able to reduce 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. and, coupled with increased sales of the new environmentally safe Green Jet dry-wet cleaning machine, profits have increased during the last two quarters over the same periods of last year." Mr. Indelicato also stated that the Company has moved its telecom manufacturing into smaller quarters to further attempt to bring costs in line with reduced sales. DRYCLEAN USA, Inc. is one of the largest franchise and license operations in the dry cleaning industry, currently consisting of over 400 franchised and licensed stores in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , the Caribbean and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . Founded in 1960, its dry cleaning and laundry machinery division is also one of the nation's leading distributors of industrial laundry Large institutions that require a constant flow of clean linen will often employ the services of an industrial laundry. Hospitals, prisons and hotels, for instance, will usually have their own laundry departments. , dry cleaning machines and steam boilers. In addition to its wholesale and retail dry cleaning operations, DRYCLEAN USA, Inc., through its Metro Tel division, also manufactures telecommunications test equipment and peripheral telephone products. This press release contains certain information that is subject to a number of known and unknown risks and uncertainties that may cause actual results and trends to differ materially from those expressed or implied by the forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Information concerning such factors are discussed in Company reports filed with the Securities and Exchange Commission.
DRYCLEAN USA, Inc. (AMEX:DCU)
CONSOLIDATED STATEMENTS OF OPERATIONS
Nine months ended Three months ended
March 31, March 31,
2002 2001 2002 2001
Revenues $11,911,572 $14,205,950 $ 3,782,462 $ 4,733,415
Earnings before
income taxes 437,672 708,632 213,629 137,952
Provision for
income taxes 175,068 283,453 85,451 55,181
Net earnings $ 262,604 $ 425,179 $ 128,178 $ 82,771
Earnings per
share
Basic $ .04 $ .06 $ .02 $ .01
Diluted $ .04 $ .06 $ .02 $ .01
Weighted average
number of
outstanding
shares
Basic 6,999,334 7,001,250 6,996,450 7,001,250
Diluted 6,999,334 7,170,335 6,996,450 7,049,881
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