DRYCLEAN USA Inc. Announces Record Year End Results; Net Earnings Increase 26.8%.Business Editors MIAMI--(BUSINESS WIRE)--Sept. 7, 2000 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 record revenues and earnings for the fiscal year ended June June: see month. 30, 2000. Revenues for the year increased to $19,524,499 compared to revenues of $18,474,798 for fiscal 1999. Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta earnings for the year ended June 30, 2000 increased to $1,529,449, an increase of 32.8%, resulting in net earnings of $965,449 or $.13 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 after a $564,000 provision for income taxes. This compares with pre-tax earnings of $1,151,966 for fiscal 1999 and after a provision of $390,490 for income taxes, resulted in net earnings of $761,476 or $.12 per diluted share. Fiscal 1999 was a period when the company was subject to a reduced tax rate and lower weighted average number of shares outstanding as a result of the reverse merger with Metro Tel Corp. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Steiner, president of DRYCLEAN USA, stated that, "The acquisition of DRYCLEAN USA License Corp., which is now integrated with our basic operations, was successful during its first year of operations. The addition of this subsidiary along with Steiner-Atlantic Brokerage Corp. helped raise management fees, royalties and commissions, by 120.3% over last year. As recently reported the Aero-Tech division of DRYCLEAN USA entered into a License Agreement with Green Earth Solutions to use the Green Earth Cleaning System in its new Green Jet(tm) drycleaning machines. These new drycleaning machines will allow drycleaners throughout 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. and the world to comply with all environmental regulations while efficiently producing environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] products for the consumer. DRYCLEAN USA is one of the largest franchise and license operations in the drycleaning industry and currently consists of nearly 400 franchised and licensed stores in the United States, 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, the Steiner-Atlantic subsidiary is 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. , drycleaning machines and steam boilers. Aside from its wholesale and retail drycleaning operations, DRYCLEAN USA, through its Metro Tel division, also manufactures telecom test equipment and peripheral telephone products. This press release contains certain information and projections that may be considered forward-looking by securities law and, as such, is subject to certain risks and uncertainties. The company's future results of operations and other forward looking statements contained in this press release involve a number of risks and uncertainties including, but not limited to, business conditions and the general economy, competitive factors and acceptance of the company's products. Actual results may differ materially.
DRYCLEAN USA INC. (AMEX:DCU)
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended June 30, Year Ended June 30,
2000 1999
Revenues $ 19,524,499 $ 18,474,798
Earnings before provision for
Income taxes 1,529,449 1,151,966
Provision for income taxes 564,000 390,490
Net earnings 965,449 761,476
Basic earnings per share $ .14 $ .12
Diluted earnings per share .13 .12
Weighted average number of
outstanding shares
Basic 6,952,083 6,165,318
Diluted 7,305,931 6,491,450
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