290 NE 68 Street
Miami, FL 33138
Michael Steiner (305) 754-4551
Venerando Indelicato (813) 814-0722
FOR IMMEDIATE RELEASE
Miami, FL November 13, 2006 DRYCLEAN USA, Inc. (AMEX:DCU) today reported operating results for the three month period ended September 30, 2006.
For the first three months of fiscal 2007, revenues increased 70.0% to $5,912,198 from $3,478,240 for the same period of last year. While these revenues were a record for any fiscal quarter, the disruption caused by Hurricane Katrina during the first quarter of fiscal 2006, affected the comparability of revenues. Net earnings increased 73.5% to $186,779 or $.03 per diluted share from $107,661 or $.02 per diluted share in the first quarter of fiscal 2006.
Venerando J. Indelicato, Chief Financial Officer of DRYCLEAN USA Inc., stated: We are happy to reach a new milestone in quarterly revenues and while they may not be comparable with last years revenues, they are a record for the Company. He also stated that net earnings were more comparable, as last years earnings were helped by commissions paid to the Company by manufacturers selling directly to the Companys customers.
DRYCLEAN USA, Inc. through its subsidiaries is one of the nations leading distributors of industrial laundry, dry cleaning machines and steam boilers. Its subsidiary, DRYCLEAN USA License Corp, is one of the largest franchise and license operations in the dry cleaning industry, currently consisting of over 400 franchised and license stores in the United States, the Caribbean and Latin America.
This press release contains certain information that is subject to a number of known and unknown risks and uncertainties that may cause actual results and trends to differ materially from those expressed or implied by the forward-looking statements. Information concerning such factors are discussed in Company reports filed with the Securities and Exchange Commission.
DRYCLEAN USA, Inc. and Subsidiaries
DRYCLEAN USA, Inc. and Subsidiaries (AMEX:DCU)
Summary Unaudited Consolidated Statements of Income
|Three months ended
|Earnings before income taxes||301,257||173,646|
|Provision for income taxes||114,478||65,985|
|Basic and diluted|
|earnings per share||$||.03||$||.02|
|Weighted average shares|