Cintas Reports Record Second Quarter 2002 Sales and Profits

December 18, 2001 — CINCINNATI, OH — Cintas Corporation reported that total revenue for its fiscal second quarter ended November 30, increased 3 percent to $557 million from $539 million a year ago. Net income of $58 million for the second quarter also increased 3 percent from $56.5 million reported in last year’s second quarter. Earnings per share advanced to 34 cents per share (diluted) from 33 cents.

“Our results again illustrate Cintas’ ability to grow even in the tough economic environment that we are in today,” said Robert J. Kohlhepp, CEO of Cintas. “Our uniform business has been negatively impacted by the decline in employment levels. In spite of that, we continue to add new customers and increase market share. We also continue to leverage our customer relationships to provide additional products and services.”

Cintas’ rental revenue was up 8 percent from last year’s second quarter. Other services revenue, which includes the sale of uniforms as well as the sale of other products and services, declined 11 percent from a year ago. In total, Cintas’ revenue increased 3 percent compared to the second quarter of last fiscal year.

For the first six months of fiscal 2002, total revenue advanced 6 percent to $1.12 billion from $1.06 billion in the comparable prior period. Net income increased 7 percent to $114.5 million, or 67 cents per share (diluted) versus $107.4 million, or 63 cents, last year.

“Cintas has reported 32 consecutive years of uninterrupted growth in sales and profits, and we are confident that fiscal 2002 will continue that record,” Kohlhepp said.

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