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G&K Services posts record revenue for Q3 fiscal '06

May '06
G&K Services Inc has reported record revenue for the third quarter ended April 1st 2006 of $226.1 million, up 11.0 percent over $203.8 million reported in the third fiscal quarter last year. Revenue exceeded expectations due to strong direct sale volume.

Earnings per diluted share totaled $0.49 for the quarter, a 4.3 percent increase compared to $0.47 during the prior-year quarter.

The increase in earnings was due to higher sales and a lower effective tax rate, partially offset by the impact of higher energy costs, continued investments in strategic initiatives, costs associated with accelerated new account growth and reserves established for the pending resolution of two specific legal matters.

For the nine months ended April 1st 2006, revenue was $653.4 million compared to $581.4 million during the prior-year period, an increase of 12.4 percent. Earnings per diluted share were $1.46, up 8.1 percent compared to $1.35 during the same period last year.

"Our results and momentum reflect the continued execution of our new strategic vision introduced in early fiscal 2005,” said Richard Marcantonio, Chairman and CEO.

"The early execution of our strategy continues to produce improved financial performance, despite the effect of the hurricanes and higher energy costs. Given our success to date in absorbing these cost pressures, we're confident our on-going strategic investments will deliver long-term revenue growth and accelerated earnings growth," he added.

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