MIAMI -- DRYCLEAN USA, Inc. (AMEX: DCU) today reported results of operations for its fiscal year ended June 30, 2002.

Net earnings from continuing operations was $479,978, or $.07 per diluted share, on revenues of $14,288,504, compared to $314,668, or $.04 per diluted share, on revenues of $15,804,285 last year. As a result of a net loss from discontinued operations of $759,988, or $.11 per share, arising out of the operations and sale of the Company's Metro-Tel telecommunications segment, the Company reported a net loss of $280,010, or $.04 per share, for fiscal 2002, compared to earnings of $122,471, or $.02 per share, in fiscal 2001.

Venerando J. Indelicato, Chief Financial Officer of DRYCLEAN USA, Inc., stated: "With the sale of the telecommunications segment, our only losing business segment, we can now focus our resources on our core business of commercial laundry and dry cleaning equipment." He also indicated, that commercial laundry and dry cleaning sales have been impacted by the current economic downturn and the post September 11th, period which have negatively affected some of the Company's largest customers, particularly in the hospitality industry. Recent sales of the Company's traditional products appear to be firming up. Furthermore, sales of the Company's new Green Jet® dry-wetcleaning™ ecologically friendly cleaning machines are doing well. In concluding, Mr. Indelicato reported: "From a balance sheet standpoint, during the year, the Company reduced its debt by $360,000, and increased its cash position."

DRYCLEAN USA, Inc. is one of the nation's leading distributors of industrial laundry and dry cleaning machines and steam boilers. The Company is also one of the largest franchise and license operations in the dry cleaning industry, with over 400 franchised and licensed stores in the United States, the Caribbean and Latin America.

This press release contains certain forward-looking statements that are 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. Certain of these factors are discussed in Company reports filed with the Securities and Exchange Commission.

                    DRY CLEAN USA, Inc. (AMEX: DCU)
                 CONSOLIDATED STATEMENTS OF OPERATIONS

                                              Year Ended   Year Ended
                                               June 30,     June 30,
                                                 2002         2001
                                             ------------ ------------
Revenues                                     $14,288,504  $15,804,285
Earnings from continuing operations              775,057      509,913
Provision for income taxes                       295,079      195,245
                                             ------------ ------------
Net earnings from continuing operations          479,978      314,668
Loss, net of income tax benefit, from:
 Discontinued operations                        (204,992)    (192,197)
 Disposal of discontinued operations            (554,996)          --
                                             ------------ ------------
Net (loss) earnings                          $  (280,010) $  (122,471)
                                             ============ ============
Basic and diluted earnings (loss) per share
from:
 Continuing operations                       $       .07  $       .04
 Discontinued operations                     $      (.11) $      (.02)
                                             ------------ ------------
       Net (loss) earnings                   $      (.04) $       .02
                                             ============ ============
Weighted average shares outstanding:
 Basic                                         6,996,813    7,001,250
 Diluted                                       6,997,342    7,121,155