Back to DCU
DRYCLEAN USA, Inc. Announces Year End Results

DRYCLEAN USA, Inc. (NYSE Amex:DCU) today reported results of operations for the Company’s year ended June 30, 2009.

Revenues for fiscal 2009 increased to a record $23,155,417, an increase of 2.0% over last year’s revenues of $22,705,143. Net earnings decreased by 12.5% to $526,863 or $.07 per diluted share for fiscal 2009, from $601,852 or $.09 per diluted share in fiscal 2008.

Venerando J. Indelicato, Chief Financial Officer of DRYCLEAN USA Inc., stated: “The Company managed to post record revenues in fiscal 2009, but the economic crisis affected operations during the fourth quarter, decreasing our profits for the year. Interest income was also substantially down despite higher outstanding average balances.” He mentioned that the Company has added a new boiler line of products to enhance its existing line, which will contribute to fiscal 2010 revenues. Mr. Indelicato also said: “The financial crisis will have a greater affect on the Company’s operations at the start of fiscal 2010; however, it is anticipated that the economy will improve during the year releasing pent up demand that presently awaits financing.”

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 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. (NYSE Amex: DCU)
 
Year ended June 30,
2009 2008
 
Revenues $ 23,155,417 $ 22,705,143
 
Earnings before income taxes 852,546 954,591
Provision for income taxes   325,683   352,739
 
Net earnings $ 526,863 $ 601,852
 
Basis and diluted earnings per share $ 0.07 $ 0.09
 
 
Weighted average shares outstanding:
Basic 7,033,804 7,034,258
Diluted 7,033,804 7,036,727

(c) 2009 Business Wire, Inc., All rights reserved. All of the news releases and other content contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. Any copying or reproduction (other than for an individual user's personal reference), redistribution, reposting or other transmission or communication is expressly prohibited without prior written permission of Business Wire, Inc
Back to DCU
Wikinvest © 2006, 2007, 2008, 2009. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki