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February 13, 2006While revenues decreased 8.1% for the first half of fiscal 2006 to $8,611,196 compared to $9,374,794 for the same period of last year, earnings nevertheless rose to $381,206 or $.05 per diluted share for the first six months of fiscal 2006 from $373,601 or $.05 per diluted share for the same period of fiscal 2005.
For the second quarter of 2006, revenues increased slightly to $5,176,896 from $5,142,223 for the second quarter of last year; with income increasing to $273,545 or $.04 per diluted share from $261,063 or $.04 per diluted share for the second quarter of fiscal 2005.
Venerando J. Indelicato, Chief Financial Officer of DRYCLEAN USA, Inc., stated: "Sales for the first six months of fiscal 2006 were affected by shipping delays caused by Hurricanes Katrina and Wilma, mostly in the first three months of our fiscal year. A supplier located in New Orleans, although not fully staffed as yet, is now increasing shipments to us to enable us to fulfill our backlog." Mr. Indelicato indicated that the Company expects continued improvement in the third quarter through year end as the Company's level of backlog is reduced to more normal levels.
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
Six months ended Three months ended
December 31, December 31,
2005 2004 2005 2004
Revenues $8,611,196 $9,374,794 $5,176,896 $5,142,223
Earnings before
income taxes 614,848 622,669 441,202 435,106
Provision for
income taxes 233,642 249,068 167,657 174,043
Net earnings $ 381,206 $ 373,601 $ 273,545 $ 261,063
Basic and diluted
earnings per
share $ .05 $ .05 $ .04 $ .04
Weighted average
shares
outstanding:
Basic 7,024,450 7,021,841 7,024,450 7,024,450
Diluted 7,034,015 7,034,554 7,033,611 7,037,722
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| Contact: Michael S. Steiner, President |
| DRYCLEAN USA |
| 290 N.E. 68th Street |
| Miami, FL 33138 |
| (305) 754-9966 |
| ir@drycleanusa.com |