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

Apparel/Garments | On 6th May 2016

Iran offers scope for boosting RMG exports: AEPC

Garment exporters body Apparel Export Promotion Council (AEPC)...

Courtesy: PIB

Textiles | On 6th May 2016

SVPISTM, Coimbatore to offer UG & PG courses in textiles

Coimbatore based Sardar Vallabhbhai Patel International School of...

Courtesy: Idaman Eramandiri

Textiles | On 6th May 2016

Indonesian firm bags Made in Green by Oeko-Tex

Idaman Eramandiri (IEM) has become the first textile manufacturer in...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

What is the influence of foreign trends and designs on Indian fashion?

Sachin Arora
Myntra

How prevalent are engagement practices in the Indian corporate houses? Can ...

Dharmendra Shah
Ozone PB Spintex Limited

How has the Indian spinning industry fared in the last two years? What...

Marten Alkhagen
Swerea IVF AB

<b><i>Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles...

Mr. Anant Kanoi
TechFab India Industries Ltd

Mr. Anant Kanoi is the Managing Director of TechFab India Industries Ltd....

Dr. Andreas Schmidt
Department Function and Care, The Hohenstein Institute

Dr. Andreas Schmidt is Director of Department Function and Care, The...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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
April 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


feedback
We would love to hear from you about your experience using the new interface. A quick review of yours would help us give you a better experience.
Advanced Search