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.


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



comments powered by Disqus

Franchise News Room »

News By Industry »

Featured Opportunities

Perkins Restaurant & Bakery
In today's market, the opportunity to buy a Perkins® couldn't be better for experienced restaurateurs interested in aligning with a concept that has...
Jiffy Lube
Jiffy Lube® pioneered the fast-lube category more than 35 years ago, changing the way millions of drivers care for their vehicles. Today, Jiffy Lube...
Sonic Drive-In
Here's your chance to own a SONIC® Drive-in Franchise Restaurant. As the nation's largest drive-in chain, SONIC® has successfully served up hot,...
Kona Ice
We have a question for you. What determines the success of a franchise? Is it luck? Coincidence? Kona Ice was ranked #1 New Franchise in Entrepreneur...
Eat. Energize. That's the Freshii mantra. Since 2005, Freshii has been on a mission to help the citizens of the world live better by making healthy...
Share This Page

Subscribe to Franchising.com Express

A Franchise Update Media Production
Franchise Update Media
P.O. Box 20547
San Jose, CA 95160
PH. (408) 402-5681
In Loving Memory Of Timothy Gardner (1987-2014)

Copyright © 2001 - 2018.
All Rights Reserved.