Home| Franchise Info | Intranet  |  Consumers  |  Investor Relations | SEC Edgar | Contact Us 

Monday May 14, 2007

DRYCLEAN USA, Inc. Announces Third Quarter Results

MIAMI--DRYCLEAN USA, Inc. (AMEX:DCU) today reported record revenues and earnings for the nine months ended March 31, 2007. Revenues increased by 21.2% to $17,436,944 from $14,389,739 for the same period of fiscal 2006. Net earnings increased by 6.9% to $653,086 or $.09 per diluted share compared to net earnings of $610,813 or $.09 per diluted share for the same period of fiscal 2006.

For the third quarter of fiscal 2007, revenues decreased by 9.1% to $5,181,944 from $5,697,793 in the comparable period of fiscal 2006. Net earnings for the quarter were essentially flat, decreasing by 2.8% to $223,128 or $.03 per diluted share from $229,606 or $.03 per diluted share for the third quarter of fiscal 2006.

Venerando J. Indelicato, Chief Financial Officer of DRYCLEAN USA, Inc., stated: "The Company continues to perform well in fiscal 2007, reaching record revenues and profits for the nine month period. Comparisons for the third quarter were more difficult, as the Company shipped a larger order during the third quarter of fiscal 2006, which had been delayed due to the effects of Hurricanes Katrina and Wilma. Despite the comparative reduction in sales, the Company's gross profit margin for the third quarter of fiscal 2007 improved from the third quarter of fiscal 2006."

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. 

              Summary Consolidated Statements of Income

                        Nine months ended       Three months ended
                            March 31,                March 31,
                       2007         2006         2007        2006

Revenues            $17,436,944  $14,389,739  $5,181,944  $5,697,793
Earnings before
 income taxes         1,056,103      985,181     361,797     370,333
Provision for
 income taxes           403,017      374,368     138,669     140,727

Net earnings            653,086    $ 610,813   $ 223,128   $ 229,606


Basic and diluted
 earnings per share        $.09         $.09        $.03        $.03

Weighted average
 shares
 outstanding:
   Basic              7,034,418    7,024,450   7,034,355   7,024,450
   Diluted            7,037,871    7,033,495   7,038,197   7,032,253