Angelica Corp's Q4 & FY 2005 financial results up 35.8%
12 Apr '06
3 min read
Linen management solutions provider Angelica Corporation announced fourth quarter and fiscal year 2005 financial results for the periods ended on January 28, 2006. For the year, revenues from continuing operations were $418.4 million, up 35.8 percent from fiscal year 2004. Earnings per share (EPS) from continuing operations were $0.25, slightly over prior guidance due to a higher than anticipated tax benefit.
Fourth Quarter Ended January 28, 2006 Revenues from continuing operations for the fourth quarter of fiscal 2005 were $105.1 million, a 31.8 percent increase from $79.7 million recorded in the fourth quarter of fiscal 2004. Acquisitions, net of divestitures, added $22.7 million of the $25.4 million increase in fiscal fourth quarter 2005 revenue, or 28.4 percent. Organic growth year-over-year was $2.7 million, a 3.4 percent increase in revenues.
Gross profit from continuing operations for the fourth quarter of fiscal 2005 was $11.1 million, a 0.6 percent decrease from $11.2 million in the fourth quarter of fiscal 2004. Higher revenues were offset by natural gas costs increasing as a percent of revenue to 7.5 percent from 5.0 percent in fourth quarter fiscal 2004.
Our fourth quarter fiscal 2005 reorganization, in which 56 employees were terminated, added $0.3 million in field operations severance costs. Savings in linen procurement costs partially offset other cost increases. As a result, gross profit margin was 10.6 percent in fourth quarter fiscal 2005, a decrease from 14.0 percent in the fourth quarter of fiscal 2004.
marketing@alchempro.com
