Home / Knowledge / News / Apparel/Garments / G&K Services posts record operating income in fiscal 2014
G&K Services posts record operating income in fiscal 2014
16
Aug '14
NASDAQ-listed and a branded uniform and facility services programs provider G&K Services, Inc said its full year adjusted operating income touched a record high in its fiscal year ending June 28, 2014.

Full year adjusted operating income from continuing operations rose 17 percent to a record $99.8 million.

For the same period, adjusted operating margin from continuing operations improved to 11.1 percent, up 120 basis points from 9.9 percent in fiscal 2013.

For fiscal 2014, revenue from continuing operations grew 4.0 percent from a year earlier to $900.9 million.

Fiscal 2014 adjusted earnings from continuing operations grew 10 percent also to a record $2.90 per diluted share, compared to $2.63 per share in the prior year.

It said, full year adjusted results excluded net charges of $0.12 per share.

Including these charges, G&K Services reported operating income from continuing operations of $96.1 million, operating margin of 10.7 percent, and earnings from continuing operations of $2.78 per diluted share all from a year earlier period.

It ended fiscal 2014 with total debt, net of cash, of $229.9 million, up from $136.4 million in the prior year, primarily due to additional borrowings to fund the $6.00 per share special dividend that was paid during the quarter. The ratio of debt to total capital was 41.7 percent.

Cash provided by operating activities for the fiscal year was $74.6 million, compared to the record $112.1 million in fiscal 2013.

G&K said the lower operating cash flow was primarily due to investments in inventory to support revenue growth, increased accounts receivable, and timing of federal tax payments.

Capital expenditures during fiscal 2014 were $32.8 million, compared to $35.5 million in fiscal 2013.

During the fiscal year, G&K returned $152.6 million of cash to shareholders through dividend payments and stock repurchases, including the $6.00 per share special dividend.

For the new fiscal year, G&K expects to drive continued performance gains and forecasts revenue in the range of $930 million to $950 million and earnings per diluted share between $3.10 and $3.25.

“We completed another terrific year for G&K,” said CEO, Douglas Milroy. "I am confident we will continue our track record of strong performance in fiscal 2015 and beyond”.

Fibre2fashion News Desk - India

Must ReadView All

Textiles minister Smriti Irani at a press conference with minister of state for textiles, Ajay Tamta, the principal director general (M&C), PIB, AP Frank Noronha and other dignitaries. Courtesy: PIB

Apparel/Garments | On 23rd May 2017

Special package for knitwear coming soon: Irani

Union textiles minister Smriti Irani said that the government of...

Apparel/Garments | On 23rd May 2017

Apparel, footwear use may rise by 63% in 2030: Report

The apparel and footwear consumption is projected to rise by 63 per...

Apparel/Garments | On 23rd May 2017

Gap Inc earns $3.4 bn in net sales in Q1 FY17

Gap Inc's net sales for the first quarter of fiscal year 2017 were...

Interviews View All

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search