DRYCLEAN USA, Inc. Announces Year End Results
MIAMI--(BUSINESS WIRE)--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,
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