Home| Franchise Info | Intranet | Consumers | Investor Relations | SEC Edgar | Contact Us
May 16, 2005Revenues increased 25.4% for the first nine months of fiscal 2005 to $13,793,360 from $11,002,875 for the same period of last year. Net earnings increased 44.4% to $532,648 or $.08 per diluted share for the first nine months of fiscal 2005 from $368,778 or $.05 per diluted share for the same period of fiscal 2004.
For the third quarter of 2005, revenues increased by 24.1% to $4,418,565 from $3,561,703 in the third quarter of last year. Net income for the fiscal 2005 three month period increased 77.6% to $159,046 or $.02 per diluted share from $89,531 or $.01 per diluted share from the third quarter of fiscal 2004.
Venerando J. Indelicato, Chief Financial Officer of DRYCLEAN USA, Inc., stated: "Sales and earnings continued to increase at double-digit rates, partly due to an improved domestic economy but mostly due to our expanded sales territory and increased sales staff." He continued, "As previously reported the Company received an initial payment from Whirlpool, however, the impact to the bottom line was small as the Company is recognizing this income over a 48 month period."
DRYCLEAN USA, Inc., through its subsidiaries, is one of the nation's leading distributors of industrial laundry, dry cleaning machines and steam boilers. Its subsidiary, DRYCLEAN USA License Corp, is one of the largest franchise and license operations in the dry cleaning industry, currently consisting of over 400 franchised and license stores in the United States, the Caribbean and Latin America.
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. Information concerning such factors are discussed in Company reports filed with the Securities and Exchange Commission.
DRYCLEAN USA, Inc. (AMEX: DCU)
Summary Consolidated Statements of Income
Nine months ended Three months ended
March 31, March 31,
2005 2004 2005 2004
-------------------- --------------------
Revenues $13,793,360 $11,002,875 $ 4,418,565 $ 3,561,703
Earnings before
income taxes 887,746 614,623 265,077 149,211
Provision for
income taxes 355,098 245,845 106,031 59,680
Net earnings $ 532,648 $ 368,778 $ 159,046 $ 89,531
Basic and diluted
earnings per
share $ .08 $ .05 $ .02 $ .01
Weighted average
shares
outstanding:
Basic 7,022,711 7,007,446 7,024,450 7,014,450
Diluted 7,036,942 7,033,314 7,041,717 7,028,696
|
|
| Contact: Michael S. Steiner, President |
| DRYCLEAN USA |
| 290 N.E. 68th Street |
| Miami, FL 33138 |
| (305) 754-9966 |
| ir@drycleanusa.com |