Apparel programs and facility services provider G&K Services Inc reported revenue for the fiscal fourth quarter ended July 2, 2005 of $207.4 million, up 7.3 percent over the $193.3 million reported in the prior-year period, which included an extra week of operations. Excluding the extra week, fourth quarter revenue increased 15.1 percent. Revenue exceeded expectations on continued improvement in the company's rental organic growth rate and strong direct sales volume.
Earnings per diluted share totaled $0.46 for the quarter, compared to $0.45 during the prior-year period. While the prior-year included the benefit of an extra week of operations, it was largely offset by costs associated with the transfer of production within the company's manufacturing facilities and the settlement of a legal dispute. Current year fourth quarter earnings were in-line with the company's previous guidance and reflect the impact of investments in the company's growth initiatives, costs associated with acquisition integration and high energy costs.
Revenue for fiscal 2005 reached a record $788.8 million versus $733.4 million last year, up 7.5 percent. Excluding the extra week in fiscal 2004, full-year revenues were up 9.5 percent. Fiscal 2005 earnings per diluted share totaled $1.88 compared to $1.69 last year, an increase of 11.2 percent. Fiscal 2004 earnings were positively impacted by the extra week of operations in the fourth quarter largely offset by the costs and legal settlement described above.
marketing@alchempro.com
