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G&K Services Q3 profit up 4%

02
May '07
G&K Services, Inc reported revenue for the third quarter ended March 31, 2007 of $235.2 million, a 4.0 percent increase from prior-year revenue of $226.1 million. Organic rental growth combined with revenue from acquisitions contributed to the increase in revenue over the prior-year.

Earnings per diluted share totaled $0.57 for the quarter, a 16.3 percent increase, compared to $0.49 during the prior-year period. Third quarter earnings exceeded expectations due to improved operating performance and a lower than anticipated effective tax rate. The increase in earnings compared to the prior-year, was driven by revenue growth and productivity improvements, partially offset by continued investment initiatives.

“We're very pleased to report solid revenue and earnings growth during the third quarter,” said Richard Marcantonio, G&K's chairman and chief executive officer. “The momentum we've established, along with the benefits we're achieving from our investments in sales, marketing and productivity initiatives, will provide for a successful finish to fiscal 2007 and a strong foundation for the long-term success of the company.”

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