CINTAS ANNOUNCES RESULTS FOR THE FISCAL YEAR ENDED MAY 31, 1993
CINCINNATI, July 23 /PRNewswire/ -- Cintas Corporation (NASDAQ: CTAS) announced today record sales and profits for fiscal year 1993, which ended May 31, 1993. This marks the 24th year of uninterrupted growth in sales and profits. Sales for the year were $452.7 million, up 13 percent from $401.6 million last year. Net income was $44.9 million, an increase of 23 percent from $36.5 million reported last year before the cumulative effect of a change in an accounting principle. Earnings per share of $.97 increased 23 percent from $.79 reported last year before the accounting change. During the first quarter of fiscal year 1992, SFAS 96, a change in accounting for income taxes, was implemented. The effect of this accounting change was an increase in last year's first quarter net income of $2.7 million or $.06 per share. Sales for the fourth quarter were $124.3 million, an increase of 19 percent from $104.1 million last year. Net income of $12.6 million increased 16 percent from $10.9 million and earnings per share of $.27 increased 13 percent from $.24 last year. Earnings in the fourth quarter were adversely affected by numerous one-time costs related to an acquisition based in Seattle. These included legal fees, costs of closing obsolete plants, severance costs, and miscellaneous expenses related to the integration of the acquired company.
PROGRESS WAS MADE ON MANY FRONTS DURING FISCAL YEAR 1993:
The company made numerous acquisitions during the fiscal year. Four acquisitions were of strategic importance giving us an entry into Seattle, Tacoma and Everett, Wash.; Portland, Ore.; Phoenix, Ariz.; and Portland, Maine.
Nine new markets were opened during the year. These new markets will be served by existing operations in nearby cities. These new markets include: Worcester, Mass.; Providence, R.I.; Youngstown, Ohio; Flint, Mich.; Sandusky, Ohio; Greensboro, N.C.; Asheville, N.C.; Lakeland, Fla.; and Stockton, Calif.
The company's commitment to excellence is also evident in its capital spending program. New rental uniform facilities were opened in New Orleans; Miami; Pittsburgh; and Kansas City, Mo. Richard T. Farmer, chairman and chief executive officer, stated that the company's performance was particularly encouraging considering the serious effects that the economy has had on the company, and expenses associated with the ambitious acquisition program instituted over the last two years. The recently acquired companies will continue to be converted to the Cintas method of operations and will make important contributions over the next three to five years. The future of the industry is bright and Cintas has the management and financial resources to capitalize on the many growth opportunities available. The company looks forward to its 25th consecutive record year in sales and profits in fiscal 1994. Cintas is a leader in the business of designing, planning, and implementing corporate identity uniform programs. Cintas has 95 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 FOURTH QUARTER RESULTS Fiscal 1993 and 1992 (000's) (Unaudited) Three Months Ended May 31 Percent 1993 1992 Increase Sales $124,276 $104,086 19 Net Income $ 12,647 $ 10,870 16 Earnings Per Share $.27 $.24 13 Weighted Shares Outstanding 46,574 46,189 Twelve Months Ended May 31 Percent 1993 1992 Increase Sales $452,722 $401,563 13 Income Before Cumulative Effect of Change in Accounting Principle $ 44,873 $ 36,490 23 Cumulative Effect of Change in Accounting Principle --- $ 2,705 N/A Net Income $ 44,873 $ 39,195 15 Earnings Per Share: Before Cumulative Effect of Change in Accounting Principle $.97 $.79 23 Cumulative Effect of Change in Accounting Principle --- $.06 N/A Earnings Per Share $.97 $.85 14 Weighted Shares Outstanding 46,411 46,145 -0- 7/22/93 /CONTACT: David T. Jeanmougin, vice president - finance, 513-573-4089, or Karen L. Carnahan, treasurer, 513-573-4013, both of Cintas Corporation/ (CTAS)
CO: Cintas Corporation ST: Ohio IN: SU: ERN
BM -- CL002 -- 5071 07/23/93 10:47 EDT
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|Date:||Jul 23, 1993|
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