Market leader in branded identity apparel programs and facility services, G&K Services Inc announced that G&K Services will begin trading under ticker symbol GKSR on the NASDAQ National Market effective January 23, 2006.
This change results from the previously announced conversion of the Company's Class B Common Stock to Class A Common Stock upon the retirement of Richard Fink, former Chairman, as an employee of the company.
Effective with Fink's retirement on December 31, 2005, all Class B Common Stock was converted to Class A Common Stock.
Each Class B share had the same monetary value as a Class A share, therefore, the conversion did not affect the market valuation of the company.
Also, the Class B Common Stock was previously included in both the basic and diluted shares outstanding used to calculate the company's earnings per share, therefore, this conversion has no impact on previously reported earnings per share.
As a result of this change, the company will no longer have two classes of common stock outstanding.
Additional information regarding the conversion of the Company's Class B Common Stock can be found on Form 8-K filed with the SEC on January 6, 2006.
Headquartered in Minneapolis, Minnesota, G&K Services Inc is a market leader in branded identity apparel programs and facility services in the United States, and is the largest such provider in Canada.
G&K operates over 140 processing facilities and branch offices, serving more than 160,000 customers.
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