Date of Report (Date of earliest event reported) |
May 13, 2002 |
CINTAS CORPORATION |
(Exact name of registrant as specified in its charter) |
Washington |
0-11399 |
31-1188630 | ||
(State or other jurisdiction of incorporation)
|
(Commission File Number) |
(IRS Employer Identification No.) |
6800 Cintas Boulevard, P.O. Box 625737 Cincinnati, Ohio |
45262-5737 | |
(Address of principal executive offices) |
Zip Code |
Registrants telephone number, including area code |
(513) 459-1200 |
|
(Former name or former address, if changed since last report.) |
| ||
Cintas CorporationAudited Financial Statements as of May 31, 2001 and 2000 and for the Three Years in the Period Ended May 31, 2001 |
||
3 | ||
4 | ||
5 | ||
6 | ||
7 | ||
8 |
2001 |
2000 |
1999 |
||||||||||
Revenue: |
||||||||||||
Rentals |
$ |
1,610,606 |
|
$ |
1,424,892 |
|
$ |
1,297,248 |
| |||
Other services |
|
550,094 |
|
|
477,099 |
|
|
454,320 |
| |||
|
|
|
|
|
|
|
|
| ||||
|
2,160,700 |
|
|
1,901,991 |
|
|
1,751,568 |
| ||||
Costs and expenses (income): |
||||||||||||
Cost of rentals |
|
896,539 |
|
|
807,301 |
|
|
745,142 |
| |||
Cost of other services |
|
367,894 |
|
|
315,138 |
|
|
305,657 |
| |||
Selling and administrative expenses |
|
528,354 |
|
|
455,794 |
|
|
419,487 |
| |||
Acquisition-related expenses |
|
709 |
|
|
834 |
|
|
12,088 |
| |||
Special charge |
|
|
|
|
|
|
|
28,429 |
| |||
Environmental charge |
|
|
|
|
|
|
|
5,000 |
| |||
Interest income |
|
(4,369 |
) |
|
(4,742 |
) |
|
(4,671 |
) | |||
Interest expense |
|
15,119 |
|
|
15,907 |
|
|
16,442 |
| |||
|
|
|
|
|
|
|
|
| ||||
|
1,804,246 |
|
|
1,590,232 |
|
|
1,527,574 |
| ||||
|
|
|
|
|
|
|
|
| ||||
Income before income taxes |
|
356,454 |
|
|
311,759 |
|
|
223,994 |
| |||
Income taxes |
|
134,003 |
|
|
118,372 |
|
|
85,055 |
| |||
|
|
|
|
|
|
|
|
| ||||
Net income |
$ |
222,451 |
|
$ |
193,387 |
|
$ |
138,939 |
| |||
|
|
|
|
|
|
|
|
| ||||
Basic earnings per share |
$ |
1.32 |
|
$ |
1.16 |
|
$ |
.84 |
| |||
|
|
|
|
|
|
|
|
| ||||
Diluted earnings per share |
$ |
1.30 |
|
$ |
1.14 |
|
$ |
.82 |
| |||
|
|
|
|
|
|
|
|
| ||||
Dividends declared and paid per share |
$ |
.22 |
|
$ |
.19 |
|
$ |
.15 |
| |||
|
|
|
|
|
|
|
|
|
2001 |
2000 |
|||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
73,724 |
|
$ |
52,182 |
| ||
Marketable securities |
|
36,505 |
|
|
57,640 |
| ||
Accounts receivable, principally trade, less allowance of $8,765 and $7,364, respectively |
|
244,450 |
|
|
225,735 |
| ||
Inventories |
|
214,349 |
|
|
164,906 |
| ||
Uniforms and other rental items in service |
|
242,172 |
|
|
213,770 |
| ||
Prepaid expenses |
|
8,470 |
|
|
7,237 |
| ||
|
|
|
|
|
| |||
Total current assets |
|
819,670 |
|
|
721,470 |
| ||
Property and equipment, at cost, net |
|
702,132 |
|
|
642,507 |
| ||
Other assets |
|
230,422 |
|
|
217,365 |
| ||
|
|
|
|
|
| |||
$ |
1,752,224 |
|
$ |
1,581,342 |
| |||
|
|
|
|
|
| |||
Liabilities And Shareholders Equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
42,495 |
|
$ |
50,976 |
| ||
Accrued compensation and related liabilities |
|
35,140 |
|
|
28,140 |
| ||
Accrued liabilities |
|
94,960 |
|
|
90,058 |
| ||
Deferred income taxes |
|
57,703 |
|
|
49,614 |
| ||
Long-term debt due within one year |
|
20,605 |
|
|
16,604 |
| ||
|
|
|
|
|
| |||
Total current liabilities |
|
250,903 |
|
|
235,392 |
| ||
Long-term debt due after one year |
|
220,940 |
|
|
254,378 |
| ||
Deferred income taxes |
|
49,066 |
|
|
48,696 |
| ||
Shareholders equity: |
||||||||
Preferred stock, no par value: 100,000 shares authorized, none outstanding |
|
|
|
|
|
| ||
Common stock, no par value: 425,000,000 shares authorized, 169,370,563 and 168,281,506 shares issued and outstanding, respectively |
|
62,409 |
|
|
54,738 |
| ||
Retained earnings |
|
1,174,330 |
|
|
992,450 |
| ||
Other accumulated comprehensive loss |
|
(5,424 |
) |
|
(4,312 |
) | ||
|
|
|
|
|
| |||
Total shareholders equity |
|
1,231,315 |
|
|
1,042,876 |
| ||
|
|
|
|
|
| |||
$ |
1,752,224 |
|
$ |
1,581,342 |
| |||
|
|
|
|
|
|
Common Stock |
Retained Earnings |
Other Accumulated Comprehensive Loss |
Total Shareholders Equity |
||||||||||||||||
Shares |
Amount |
||||||||||||||||||
Balance at May 31, 1998 |
164,691 |
|
$ |
47,062 |
|
$ |
712,249 |
|
$ |
(2,516 |
) |
$ |
756,795 |
| |||||
Net income |
|
|
|
|
|
|
138,939 |
|
|
|
|
|
138,939 |
| |||||
Equity adjustment for foreign currency translation |
|
|
|
|
|
|
|
|
|
(1,303 |
) |
|
(1,303 |
) | |||||
|
|
| |||||||||||||||||
Comprehensive income |
|
137,636 |
| ||||||||||||||||
|
|
| |||||||||||||||||
Adjustment to conform Unitog Companys fiscal year |
|
|
|
|
|
|
689 |
|
|
|
|
|
689 |
| |||||
Dividends |
|
|
|
|
|
|
(24,942 |
) |
|
|
|
|
(24,942 |
) | |||||
Effects of acquisitions |
1,472 |
|
|
13 |
|
|
2,072 |
|
|
|
|
|
2,085 |
| |||||
Repurchase of common stock |
(143 |
) |
|
|
|
|
(3,739 |
) |
|
|
|
|
(3,739 |
) | |||||
Stock options exercised net of shares surrendered |
404 |
|
|
2,309 |
|
|
|
|
|
|
|
|
2,309 |
| |||||
Tax benefit resulting from exercise of employee stock options |
|
|
|
590 |
|
|
|
|
|
|
|
|
590 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at May 31, 1999 |
166,424 |
|
|
49,974 |
|
|
825,268 |
|
|
(3,819 |
) |
|
871,423 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income |
|
|
|
|
|
|
193,387 |
|
|
|
|
|
193,387 |
| |||||
Equity adjustment for foreign currency translation |
|
|
|
|
|
|
|
|
|
(493 |
) |
|
(493 |
) | |||||
|
|
| |||||||||||||||||
Comprehensive income |
|
192,894 |
| ||||||||||||||||
|
|
| |||||||||||||||||
Dividends |
|
|
|
|
|
|
(31,249 |
) |
|
|
|
|
(31,249 |
) | |||||
Effects of acquisitions |
1,419 |
|
|
825 |
|
|
5,044 |
|
|
|
|
|
5,869 |
| |||||
Stock options exercised net of shares surrendered |
439 |
|
|
3,399 |
|
|
|
|
|
|
|
|
3,399 |
| |||||
Tax benefit resulting from exercise of employee stock options |
|
|
|
540 |
|
|
|
|
|
|
|
|
540 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at May 31, 2000 |
168,282 |
|
|
54,738 |
|
|
992,450 |
|
|
(4,312 |
) |
|
1,042,876 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income |
|
|
|
|
|
|
222,451 |
|
|
|
|
|
222,451 |
| |||||
Equity adjustment for foreign currency translation |
|
|
|
|
|
|
|
|
|
(1,112 |
) |
|
(1,112 |
) | |||||
|
|
| |||||||||||||||||
Comprehensive income |
|
221,339 |
| ||||||||||||||||
|
|
| |||||||||||||||||
Dividends |
|
|
|
|
|
|
(37,173 |
) |
|
|
|
|
(37,173 |
) | |||||
Effects of acquisitions |
459 |
|
|
(11 |
) |
|
(3,398 |
) |
|
|
|
|
(3,409 |
) | |||||
Stock options exercised net of shares surrendered |
630 |
|
|
5,992 |
|
|
|
|
|
|
|
|
5,992 |
| |||||
Tax benefit resulting from exercise of employee stock options |
|
|
|
1,690 |
|
|
|
|
|
|
|
|
1,690 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at May 31, 2001 |
169,371 |
|
$ |
62,409 |
|
$ |
1,174,330 |
|
$ |
(5,424 |
) |
$ |
1,231,315 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2001 |
2000 |
1999 |
||||||||||
Cash flows from operating activities: |
||||||||||||
Net income |
$ |
222,451 |
|
$ |
193,387 |
|
$ |
138,939 |
| |||
Adjustment to conform Unitog Companys fiscal year |
|
|
|
|
|
|
|
689 |
| |||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||||
Depreciation |
|
90,239 |
|
|
78,516 |
|
|
68,779 |
| |||
Amortization of deferred charges |
|
21,850 |
|
|
20,997 |
|
|
21,449 |
| |||
Write down of assets |
|
|
|
|
|
|
|
12,609 |
| |||
Deferred income taxes |
|
8,459 |
|
|
17,379 |
|
|
(1,356 |
) | |||
Change in current assets and liabilities, net of acquisitions of businesses: |
||||||||||||
Accounts receivable |
|
(16,486 |
) |
|
(19,259 |
) |
|
(14,484 |
) | |||
Inventories |
|
(48,693 |
) |
|
(22,976 |
) |
|
(5,897 |
) | |||
Uniforms and other rental items in service |
|
(28,471 |
) |
|
(14,425 |
) |
|
(17,898 |
) | |||
Prepaid expenses |
|
(1,160 |
) |
|
(938 |
) |
|
(537 |
) | |||
Accounts payable |
|
(10,107 |
) |
|
(600 |
) |
|
(15,089 |
) | |||
Accrued compensation and related liabilities |
|
6,666 |
|
|
2,270 |
|
|
3,559 |
| |||
Accrued liabilities |
|
2,210 |
|
|
3,681 |
|
|
12,299 |
| |||
|
|
|
|
|
|
|
|
| ||||
Net cash provided by operating activities |
|
246,958 |
|
|
258,032 |
|
|
203,062 |
| |||
Cash flows from investing activities: |
||||||||||||
Capital expenditures |
|
(147,444 |
) |
|
(161,432 |
) |
|
(171,248 |
) | |||
Proceeds from sale or redemption of marketable securities |
|
61,609 |
|
|
112,908 |
|
|
235,400 |
| |||
Purchase of marketable securities |
|
(40,474 |
) |
|
(98,233 |
) |
|
(225,189 |
) | |||
Acquisitions of businesses, net of cash acquired |
|
(30,535 |
) |
|
(24,982 |
) |
|
(15,588 |
) | |||
Proceeds from divestiture of certain facilities |
|
1,400 |
|
|
25,722 |
|
|
19,911 |
| |||
Other |
|
(5,965 |
) |
|
(10,921 |
) |
|
(2,785 |
) | |||
|
|
|
|
|
|
|
|
| ||||
Net cash used in investing activities |
|
(161,409 |
) |
|
(156,938 |
) |
|
(159,499 |
) | |||
Cash flows from financing activities: |
||||||||||||
Proceeds from issuance of long-term debt |
|
230 |
|
|
140,739 |
|
|
65,778 |
| |||
Repayment of long-term debt |
|
(33,634 |
) |
|
(177,651 |
) |
|
(85,502 |
) | |||
Stock options exercised |
|
5,992 |
|
|
3,399 |
|
|
2,309 |
| |||
Dividends paid |
|
(37,173 |
) |
|
(31,249 |
) |
|
(24,942 |
) | |||
Other |
|
578 |
|
|
47 |
|
|
1,174 |
| |||
|
|
|
|
|
|
|
|
| ||||
Net cash used in financing activities |
|
(64,007 |
) |
|
(64,715 |
) |
|
(41,183 |
) | |||
Net increase in cash and cash equivalents |
|
21,542 |
|
|
36,379 |
|
|
2,380 |
| |||
Cash and cash equivalents at beginning of year |
|
52,182 |
|
|
15,803 |
|
|
13,423 |
| |||
|
|
|
|
|
|
|
|
| ||||
Cash and cash equivalents at end of year |
$ |
73,724 |
|
$ |
52,182 |
|
$ |
15,803 |
| |||
|
|
|
|
|
|
|
|
|
Buildings and Improvements |
5 to 40 | |
Equipment |
3 to 10 | |
Leasehold Improvements |
2 to 5 |
2001 |
2000 | |||||||||||
Cost |
Estimated Fair Value |
Cost |
Estimated Fair Value | |||||||||
Obligations of state and political subdivisions |
$ |
32,171 |
$ |
32,468 |
$ |
44,828 |
$ |
44,346 | ||||
U.S. Treasury securities and obligations of U.S. government agencies |
|
600 |
|
600 |
|
900 |
|
836 | ||||
Other debt securities |
|
3,734 |
|
3,794 |
|
11,912 |
|
11,858 | ||||
|
|
|
|
|
|
|
| |||||
$ |
36,505 |
$ |
36,862 |
$ |
57,640 |
$ |
57,040 | |||||
|
|
|
|
|
|
|
|
Cost |
Estimated Fair Value | |||||
Due in one year or less |
$ |
22,139 |
$ |
22,207 | ||
Due after one year through three years |
|
13,211 |
|
13,496 | ||
Due after three years |
|
1,155 |
|
1,159 | ||
|
|
|
| |||
$ |
36,505 |
$ |
36,862 | |||
|
|
|
|
2001 |
2000 | |||||
Land |
$ |
54,743 |
$ |
49,829 | ||
Buildings and improvements |
|
326,512 |
|
285,510 | ||
Equipment |
|
589,945 |
|
528,467 | ||
Leasehold improvements |
|
12,124 |
|
10,978 | ||
Construction in progress |
|
74,609 |
|
73,217 | ||
|
|
|
| |||
|
1,057,933 |
|
948,001 | |||
Less: accumulated depreciation |
|
355,801 |
|
305,494 | ||
|
|
|
| |||
$ |
702,132 |
$ |
642,507 | |||
|
|
|
|
2001 |
2000 | |||||
Goodwill |
$ |
143,368 |
$ |
134,445 | ||
Service contracts |
|
118,241 |
|
107,598 | ||
Noncompete and consulting agreements |
|
63,519 |
|
56,872 | ||
|
|
|
| |||
|
325,128 |
|
298,915 | |||
Less: accumulated amortization |
|
123,759 |
|
103,607 | ||
|
|
|
| |||
|
201,369 |
|
195,308 | |||
Other |
|
29,053 |
|
22,057 | ||
|
|
|
| |||
$ |
230,422 |
$ |
217,365 | |||
|
|
|
|
2001 |
2000 | |||||
Secured and unsecured term notes due through 2003 at an average rate of 9.98% |
$ |
7,500 |
$ |
9,500 | ||
Unsecured term notes due through 2026 at an average rate of 6.13% |
|
54,348 |
|
66,846 | ||
Unsecured notes due through 2009 at an average rate of 4.67% |
|
160,156 |
|
172,946 | ||
Industrial development revenue bonds due through 2026 at an average rate of 3.91% |
|
14,489 |
|
15,168 | ||
Other |
|
5,052 |
|
6,522 | ||
|
|
|
| |||
|
241,545 |
|
270,982 | |||
Less: amounts due within one year |
|
20,605 |
|
16,604 | ||
|
|
|
| |||
$ |
220,940 |
$ |
254,378 | |||
|
|
|
|
2001 |
2000 |
1999 |
||||||||
Income taxes consist of the following components: |
||||||||||
Current: |
||||||||||
Federal |
$ |
111,408 |
$ |
88,842 |
$ |
75,304 |
| |||
State and local |
|
14,135 |
|
12,151 |
|
11,177 |
| |||
|
|
|
|
|
|
| ||||
|
125,543 |
|
100,993 |
|
86,481 |
| ||||
Deferred |
|
8,460 |
|
17,379 |
|
(1,426 |
) | |||
|
|
|
|
|
|
| ||||
$ |
134,003 |
$ |
118,372 |
$ |
85,055 |
| ||||
|
|
|
|
|
|
|
2001 |
2000 |
1999 |
||||||||||
Reconciliation of income tax expense using the statutory rate and actual Income tax expense is as follows:
|
||||||||||||
Income taxes at the U.S. federal statutory rate |
$ |
124,760 |
|
$ |
109,109 |
|
$ |
78,398 |
| |||
State and local income taxes, net of federal benefit |
|
9,710 |
|
|
9,727 |
|
|
8,156 |
| |||
Other |
|
(467 |
) |
|
(464 |
) |
|
(1,499 |
) | |||
|
|
|
|
|
|
|
|
| ||||
$ |
134,003 |
|
$ |
118,372 |
|
$ |
85,055 |
| ||||
|
|
|
|
|
|
|
|
|
2001 |
2000 | |||||
Deferred tax assets: |
||||||
Employee benefits |
$ |
11,574 |
$ |
9,240 | ||
Inventory obsolescence |
|
7,603 |
|
8,235 | ||
Allowance for bad debts and other |
|
15,317 |
|
21,782 | ||
|
|
|
| |||
|
34,494 |
|
39,257 | |||
Deferred tax liabilities: |
||||||
In service inventory |
|
84,579 |
|
77,501 | ||
Depreciation |
|
50,078 |
|
50,481 | ||
Other |
|
6,606 |
|
9,585 | ||
|
|
|
| |||
|
141,263 |
|
137,567 | |||
|
|
|
| |||
Net deferred tax liability |
$ |
106,769 |
$ |
98,310 | ||
|
|
|
|
2001 |
2000 | |||||
Fair value of assets acquired |
$ |
32,286 |
$ |
32,577 | ||
Liabilities assumed and incurred |
|
2,379 |
|
1,969 | ||
|
|
|
| |||
Total cash paid for acquisitions |
$ |
29,907 |
$ |
30,608 | ||
|
|
|
|
2001 |
2000 |
1999 | |||||||
Numerator: |
|||||||||
Net income |
$ |
222,451 |
$ |
193,387 |
$ |
138,939 | |||
|
|
|
|
|
| ||||
Denominator: |
|||||||||
Denominator for basic earnings per shareweighted average shares (000s) |
|
168,779 |
|
167,067 |
|
165,603 | |||
Effect of dilutive securitiesemployee stock options (000s) |
|
2,850 |
|
2,920 |
|
3,738 | |||
|
|
|
|
|
| ||||
Denominator for diluted earnings per shareadjusted weighted average shares and assumed conversions
(000s) |
|
171,629 |
|
169,987 |
|
169,341 | |||
|
|
|
|
|
| ||||
Basic earnings per share |
$ |
1.32 |
$ |
1.16 |
$ |
.84 | |||
|
|
|
|
|
| ||||
Diluted earnings per share |
$ |
1.30 |
$ |
1.14 |
$ |
.82 | |||
|
|
|
|
|
|
Shares |
Weighted Average Exercise Price | |||||
Outstanding May 31, 1998 (668,919 shares exercisable) |
6,193,860 |
|
$ |
15.49 | ||
Granted |
620,175 |
|
|
32.90 | ||
Cancelled |
(299,972 |
) |
|
20.15 | ||
Exercised |
(592,886 |
) |
|
11.72 | ||
|
|
|
| |||
Outstanding May 31, 1999 (623,280 shares exercisable) |
5,921,177 |
|
|
17.46 | ||
Granted |
760,825 |
|
|
41.39 | ||
Cancelled |
(249,575 |
) |
|
25.72 | ||
Exercised |
(493,736 |
) |
|
10.71 | ||
|
|
|
| |||
Outstanding May 31, 2000 (671,391 shares exercisable) |
5,938,691 |
|
|
20.74 | ||
Granted |
691,500 |
|
|
42.88 | ||
Cancelled |
(241,175 |
) |
|
30.87 | ||
Exercised |
(662,823 |
) |
|
11.03 | ||
|
|
|
| |||
Outstanding May 31, 2001 (555,544 shares exercisable) |
5,726,193 |
|
$ |
24.11 | ||
|
|
|
|
Outstanding Options |
Exercisable Options | |||||||||||
Range of Exercise Price |
Number Outstanding |
Average Remaining Option Life |
Weighted Average Exercise Price |
Number Exercisable |
Weighted Average Exercise Price | |||||||
$ 7.13$12.79 |
999,524 |
2.44 |
$ |
9.76 |
397,094 |
$ |
9.34 | |||||
12.92 18.58 |
1,561,560 |
4.75 |
|
15.23 |
125,340 |
|
13.92 | |||||
19.25 34.17 |
1,761,409 |
6.45 |
|
25.70 |
27,109 |
|
26.07 | |||||
34.31 53.19 |
1,403,700 |
8.64 |
|
42.23 |
6,001 |
|
36.32 | |||||
|
|
|
|
|
|
|
| |||||
$ 7.13$53.19 |
5,726,193 |
5.82 |
$ |
24.11 |
555,544 |
$ |
11.48 | |||||
|
|
|
|
|
|
|
|
2001 |
2000 |
1999 |
|||||||
Risk free interest rate |
5.50 |
% |
6.25 |
% |
5.50 |
% | |||
Dividend yield |
0.50 |
% |
0.50 |
% |
0.32 |
% | |||
Expected volatility of Cintas common stock |
34 |
% |
32 |
% |
27 |
% | |||
Expected life of the option in years |
9 |
|
9 |
|
9 |
|
2001 |
2000 |
1999 | |||||||
Net income: |
|||||||||
As reported |
$ |
222,451 |
$ |
193,387 |
$ |
138,939 | |||
Pro forma for SFAS 123 |
$ |
218,665 |
$ |
190,386 |
$ |
136,796 | |||
Earnings per share: |
|||||||||
Pro forma basic earnings per share for SFAS 123 |
$ |
1.30 |
$ |
1.14 |
$ |
.83 | |||
Pro forma diluted earnings per share for SFAS 123 |
$ |
1.27 |
$ |
1.12 |
$ |
.81 |
Special Charge |
1999 Activity |
Accrual at May 31, 1999 |
2000 Activity |
Accrual at May 31, 2000 | |||||||||||||
Severance |
$ |
15,820 |
$ |
(9,772 |
) |
$ |
6,048 |
$ |
(6,048 |
) |
$ |
| |||||
Asset write downs |
|
12,609 |
|
(12,609 |
) |
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
$ |
28,429 |
$ |
(22,381 |
) |
$ |
6,048 |
$ |
(6,048 |
) |
$ |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
Rentals |
Other Services |
Corporate |
Total |
|||||||||||
May 31, 2001 |
||||||||||||||
Revenue |
$ |
1,610,606 |
$ |
550,094 |
$ |
|
|
$ |
2,160,700 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Gross margin |
$ |
714,067 |
$ |
182,200 |
$ |
|
|
$ |
896,267 |
| ||||
Selling and administrative expenses |
|
390,992 |
|
137,362 |
|
|
|
|
528,354 |
| ||||
Acquisition-related expenses |
|
|
|
|
|
709 |
|
|
709 |
| ||||
Interest income |
|
|
|
|
|
(4,369 |
) |
|
(4,369 |
) | ||||
Interest expense |
|
|
|
|
|
15,119 |
|
|
15,119 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Income before income taxes |
$ |
323,075 |
$ |
44,838 |
$ |
(11,459 |
) |
$ |
356,454 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Depreciation and amortization |
$ |
95,957 |
$ |
16,132 |
$ |
|
|
$ |
112,089 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Capital expenditures |
$ |
133,786 |
$ |
13,658 |
$ |
|
|
$ |
147,444 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Total assets |
$ |
1,362,298 |
$ |
279,697 |
$ |
110,229 |
|
$ |
1,752,224 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
May 31, 2000 |
||||||||||||||
Revenue |
$ |
1,424,892 |
$ |
477,099 |
$ |
|
|
$ |
1,901,991 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Gross margin |
$ |
617,591 |
$ |
161,961 |
$ |
|
|
$ |
779,552 |
| ||||
Selling and administrative expenses |
|
338,887 |
|
116,907 |
|
|
|
|
455,794 |
| ||||
Acquisition-related expenses |
|
|
|
|
|
834 |
|
|
834 |
| ||||
Interest income |
|
|
|
|
|
(4,742 |
) |
|
(4,742 |
) | ||||
Interest expense |
|
|
|
|
|
15,907 |
|
|
15,907 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Income before income taxes |
$ |
278,704 |
$ |
45,054 |
$ |
(11,999 |
) |
$ |
311,759 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Depreciation and amortization |
$ |
86,270 |
$ |
13,243 |
$ |
|
|
$ |
99,513 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Capital expenditures |
$ |
129,838 |
$ |
31,594 |
$ |
|
|
$ |
161,432 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Total assets |
$ |
1,214,318 |
$ |
257,202 |
$ |
109,822 |
|
$ |
1,581,342 |
| ||||
|
|
|
|
|
|
|
|
|
|
Rentals |
Other Services |
Corporate |
Total |
|||||||||||
May 31, 1999 |
||||||||||||||
Revenue |
$ |
1,297,248 |
$ |
454,320 |
$ |
|
|
$ |
1,751,568 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Gross margin |
$ |
552,106 |
$ |
148,663 |
$ |
|
|
$ |
700,769 |
| ||||
Selling and administrative expenses |
|
314,127 |
|
105,360 |
|
|
|
|
419,487 |
| ||||
Acquisition-related expenses |
|
|
|
|
|
12,088 |
|
|
12,088 |
| ||||
Special charge |
|
|
|
|
|
28,429 |
|
|
28,429 |
| ||||
Environmental charge |
|
|
|
|
|
5,000 |
|
|
5,000 |
| ||||
Interest income |
|
|
|
|
|
(4,671 |
) |
|
(4,671 |
) | ||||
Interest expense |
|
|
|
|
|
16,442 |
|
|
16,442 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Income before income taxes |
$ |
237,979 |
$ |
43,303 |
$ |
(57,288 |
) |
$ |
223,994 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Depreciation and amortization |
$ |
80,550 |
$ |
9,678 |
$ |
|
|
$ |
90,228 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Capital expenditures |
$ |
150,007 |
$ |
21,241 |
$ |
|
|
$ |
171,248 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Total assets |
$ |
1,080,194 |
$ |
239,506 |
$ |
88,118 |
|
$ |
1,407,818 |
| ||||
|
|
|
|
|
|
|
|
|
|
May 31, 2001 |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter | ||||||||
Revenue |
$ |
521,959 |
$ |
539,052 |
$ |
536,723 |
$ |
562,966 | ||||
Gross margin |
$ |
217,265 |
$ |
223,377 |
$ |
219,916 |
$ |
235,709 | ||||
Net income |
$ |
50,849 |
$ |
56,533 |
$ |
54,910 |
$ |
60,159 | ||||
Basic earnings per share |
$ |
.30 |
$ |
.34 |
$ |
.32 |
$ |
.36 | ||||
Diluted earnings per share |
$ |
.30 |
$ |
.33 |
$ |
.32 |
$ |
.35 | ||||
Weighted average number of shares outstanding (000s) |
|
168,366 |
|
168,660 |
|
168,890 |
|
169,206 | ||||
May 31, 2000 |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter | ||||||||
Revenue |
$ |
457,375 |
$ |
465,849 |
$ |
473,929 |
$ |
504,838 | ||||
Gross margin |
$ |
184,289 |
$ |
190,166 |
$ |
194,575 |
$ |
210,522 | ||||
Net income |
$ |
43,165 |
$ |
48,335 |
$ |
49,062 |
$ |
52,825 | ||||
Basic earnings per share |
$ |
.26 |
$ |
.29 |
$ |
.29 |
$ |
.32 | ||||
Diluted earnings per share |
$ |
.25 |
$ |
.29 |
$ |
.29 |
$ |
.31 | ||||
Weighted average number of shares outstanding (000s) |
|
166,502 |
|
166,898 |
|
167,368 |
|
167,498 |
Cintas Corporation |
Corp. 2 |
Subsidiary Guarantors |
Non-Guarantors |
Eliminations |
Cintas Corporation Consolidated |
||||||||||||||||||
Revenue: |
|||||||||||||||||||||||
Rentals |
$ |
|
$ |
1,188,257 |
|
$ |
356,184 |
|
$ |
66,308 |
|
$ |
(143 |
) |
$ |
1,610,606 |
| ||||||
Other services |
|
|
|
961,260 |
|
|
172,736 |
|
|
8,997 |
|
|
(592,899 |
) |
|
550,094 |
| ||||||
Equity in net income of affiliates |
|
222,451 |
|
|
|
|
|
|
|
|
|
|
(222,451 |
) |
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
222,451 |
|
2,149,517 |
|
|
528,920 |
|
|
75,305 |
|
|
(815,493 |
) |
|
2,160,700 |
| |||||||
Costs and expenses (income): |
|||||||||||||||||||||||
Cost of rentals |
|
|
|
751,096 |
|
|
217,907 |
|
|
40,288 |
|
|
(112,752 |
) |
|
896,539 |
| ||||||
Cost of other services |
|
|
|
718,262 |
|
|
120,694 |
|
|
5,693 |
|
|
(476,755 |
) |
|
367,894 |
| ||||||
Selling and administrative expenses |
|
|
|
588,237 |
|
|
(71,751 |
) |
|
20,360 |
|
|
(8,492 |
) |
|
528,354 |
| ||||||
Acquisition related expenses |
|
|
|
|
|
|
600 |
|
|
109 |
|
|
|
|
|
709 |
| ||||||
Special charge |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Environmental charge |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest income |
|
|
|
(3,619 |
) |
|
(2,585 |
) |
|
(337 |
) |
|
2,172 |
|
|
(4,369 |
) | ||||||
Interest expense |
|
|
|
15,211 |
|
|
(505 |
) |
|
413 |
|
|
|
|
|
15,119 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
2,069,187 |
|
|
264,360 |
|
|
66,526 |
|
|
(595,827 |
) |
|
1,804,246 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income before income taxes |
|
222,451 |
|
80,330 |
|
|
264,560 |
|
|
8,779 |
|
|
(219,666 |
) |
|
356,454 |
| ||||||
Income taxes |
|
|
|
30,760 |
|
|
100,532 |
|
|
2,711 |
|
|
|
|
|
134,003 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net income |
$ |
222,451 |
$ |
49,570 |
|
$ |
164,028 |
|
$ |
6,068 |
|
$ |
(219,666 |
) |
$ |
222,451 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cintas Corporation |
Corp. 2 |
Subsidiary Guarantors |
Non-Guarantors |
Eliminations |
Cintas Corporation Consolidated |
|||||||||||||||||
Revenue: |
||||||||||||||||||||||
Rentals |
$ |
|
$ |
|
$ |
1,366,660 |
|
$ |
58,261 |
|
$ |
(29 |
) |
$ |
1,424,892 |
| ||||||
Other services |
|
|
|
|
|
986,699 |
|
|
4,387 |
|
|
(513,987 |
) |
|
477,099 |
| ||||||
Equity in net income of affiliates |
|
193,387 |
|
|
|
|
|
|
|
|
|
(193,387 |
) |
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
193,387 |
|
|
|
2,353,359 |
|
|
62,648 |
|
|
(707,403 |
) |
|
1,901,991 |
| |||||||
Costs and expenses (income): |
||||||||||||||||||||||
Cost of rentals |
|
|
|
|
|
869,879 |
|
|
36,453 |
|
|
(99,031 |
) |
|
807,301 |
| ||||||
Cost of other services |
|
|
|
|
|
717,390 |
|
|
2,047 |
|
|
(404,299 |
) |
|
315,138 |
| ||||||
Selling and administrative expenses |
|
|
|
|
|
442,844 |
|
|
22,862 |
|
|
(9,912 |
) |
|
455,794 |
| ||||||
Acquisition-related expenses |
|
|
|
|
|
813 |
|
|
21 |
|
|
|
|
|
834 |
| ||||||
Special charge |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Environmental charge |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest income |
|
|
|
|
|
(6,689 |
) |
|
(283 |
) |
|
2,230 |
|
|
(4,742 |
) | ||||||
Interest expense |
|
|
|
|
|
15,032 |
|
|
876 |
|
|
(1 |
) |
|
15,907 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
2,039,269 |
|
|
61,976 |
|
|
(511,013 |
) |
|
1,590,232 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income before income taxes |
|
193,387 |
|
|
|
314,090 |
|
|
672 |
|
|
(196,390 |
) |
|
311,759 |
| ||||||
Income taxes |
|
|
|
|
|
116,007 |
|
|
2,365 |
|
|
|
|
|
118,372 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net income |
$ |
193,387 |
$ |
|
$ |
198,083 |
|
$ |
(1,693 |
) |
$ |
(196,390 |
) |
$ |
193,387 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cintas Corporation |
Corp. 2 |
Subsidiary Guarantors |
Non-Guarantors |
Eliminations |
Cintas Corporation Consolidated |
|||||||||||||||||
Revenue: |
||||||||||||||||||||||
Rentals |
$ |
|
$ |
|
$ |
1,250,480 |
|
$ |
46,781 |
|
$ |
(13 |
) |
$ |
1,297,248 |
| ||||||
Other services |
|
|
|
|
|
864,560 |
|
|
2,245 |
|
|
(412,485 |
) |
|
454,320 |
| ||||||
Equity in net income of affiliates |
|
138,939 |
|
|
|
|
|
|
|
|
|
(138,939 |
) |
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
138,939 |
|
|
|
2,115,040 |
|
|
49,026 |
|
|
(551,437 |
) |
|
1,751,568 |
| |||||||
Costs and expenses (income): |
||||||||||||||||||||||
Cost of rentals |
|
|
|
|
|
788,790 |
|
|
26,625 |
|
|
(70,273 |
) |
|
745,142 |
| ||||||
Cost of other services |
|
|
|
|
|
636,906 |
|
|
1,758 |
|
|
(333,007 |
) |
|
305,657 |
| ||||||
Selling and administrative expenses |
|
|
|
|
|
411,244 |
|
|
13,101 |
|
|
(4,858 |
) |
|
419,487 |
| ||||||
Acquisition-related expenses |
|
|
|
|
|
11,998 |
|
|
90 |
|
|
|
|
|
12,088 |
| ||||||
Special charge |
|
|
|
|
|
28,429 |
|
|
|
|
|
|
|
|
28,429 |
| ||||||
Environmental charge |
|
|
|
|
|
5,000 |
|
|
|
|
|
|
|
|
5,000 |
| ||||||
Interest income |
|
|
|
|
|
(6,472 |
) |
|
(258 |
) |
|
2,059 |
|
|
(4,671 |
) | ||||||
Interest expense |
|
|
|
|
|
15,240 |
|
|
1,202 |
|
|
|
|
|
16,442 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
1,891,135 |
|
|
42,518 |
|
|
(406,079 |
) |
|
1,527,574 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income before income taxes |
|
138,939 |
|
|
|
223,905 |
|
|
6,508 |
|
|
(145,358 |
) |
|
223,994 |
| ||||||
Income taxes |
|
|
|
|
|
82,903 |
|
|
2,152 |
|
|
|
|
|
85,055 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net income |
$ |
138,939 |
$ |
|
$ |
141,002 |
|
$ |
4,356 |
|
$ |
(145,358 |
) |
$ |
138,939 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cintas Corporation |
Corp. 2 |
Subsidiary Guarantors |
Non-Guarantors |
Eliminations |
Cintas Corporation Consolidated | |||||||||||||||
Assets |
||||||||||||||||||||
Current assets: |
||||||||||||||||||||
Cash and cash equivalents |
$ |
|
$ |
57,629 |
$ |
8,792 |
|
$ |
7,303 |
$ |
|
|
$ |
73,724 | ||||||
Marketable securities |
|
|
|
35,055 |
|
|
|
|
1,450 |
|
|
|
|
36,505 | ||||||
Accounts receivable, net |
|
|
|
157,895 |
|
89,082 |
|
|
10,343 |
|
(12,870 |
) |
|
244,450 | ||||||
Inventories |
|
|
|
202,773 |
|
14,564 |
|
|
3,088 |
|
(6,076 |
) |
|
214,349 | ||||||
Uniforms and other rental items in service |
|
|
|
189,026 |
|
57,800 |
|
|
10,168 |
|
(14,822 |
) |
|
242,172 | ||||||
Prepaid expenses |
|
|
|
6,170 |
|
1,827 |
|
|
476 |
|
(3 |
) |
|
8,470 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total current assets |
|
|
|
648,548 |
|
172,065 |
|
|
32,828 |
|
(33,771 |
) |
|
819,670 | ||||||
Property and equipment, at cost, net |
|
|
|
546,578 |
|
127,148 |
|
|
28,406 |
|
|
|
|
702,132 | ||||||
Goodwill |
|
|
|
71,913 |
|
51,550 |
|
|
290 |
|
|
|
|
123,753 | ||||||
Other assets |
|
1,427,562 |
|
245,980 |
|
713,033 |
|
|
39,492 |
|
(2,319,398 |
) |
|
106,669 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
$ |
1,427,562 |
$ |
1,513,019 |
$ |
1,063,796 |
|
$ |
101,016 |
$ |
(2,353,169 |
) |
$ |
1,752,224 | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Liabilities and Shareholders Equity |
||||||||||||||||||||
Current liabilities: |
||||||||||||||||||||
Accounts payable |
$ |
190,823 |
$ |
89,451 |
$ |
(294,324 |
) |
$ |
17,296 |
$ |
39,249 |
|
$ |
42,495 | ||||||
Accrued compensation and related liabilities |
|
|
|
27,055 |
|
6,907 |
|
|
1,178 |
|
|
|
|
35,140 | ||||||
Accrued liabilities |
|
|
|
129,144 |
|
(35,578 |
) |
|
2,694 |
|
(1,300 |
) |
|
94,960 | ||||||
Deferred income taxes |
|
|
|
50,748 |
|
5,350 |
|
|
1,605 |
|
|
|
|
57,703 | ||||||
Long-term debt due within one year |
|
|
|
17,328 |
|
3,450 |
|
|
1 |
|
(174 |
) |
|
20,605 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total current liabilities |
|
190,823 |
|
313,726 |
|
(314,195 |
) |
|
22,774 |
|
37,775 |
|
|
250,903 | ||||||
Long-term debt due after one year |
|
|
|
227,231 |
|
5,733 |
|
|
20,286 |
|
(32,310 |
) |
|
220,940 | ||||||
Deferred income taxes |
|
|
|
41,444 |
|
6,714 |
|
|
908 |
|
|
|
|
49,066 | ||||||
Total shareholders equity |
|
1,236,739 |
|
930,618 |
|
1,365,544 |
|
|
57,048 |
|
(2,358,634 |
) |
|
1,231,315 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
$ |
1,427,562 |
$ |
1,513,019 |
$ |
1,063,796 |
|
$ |
101,016 |
$ |
(2,353,169 |
) |
$ |
1,752,224 | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cintas Corporation |
Corp. 2 |
Subsidiary Guarantors |
Non-Guarantors |
Eliminations |
Cintas Corporation Consolidated | |||||||||||||||
Assets |
||||||||||||||||||||
Current assets: |
||||||||||||||||||||
Cash and cash equivalents |
$ |
|
|
$ |
|
$ |
46,278 |
$ |
5,904 |
$ |
|
|
$ |
52,182 | ||||||
Marketable securities |
|
|
|
|
|
|
55,285 |
|
2,355 |
|
|
|
|
57,640 | ||||||
Accounts receivable, net |
|
|
|
|
|
|
238,789 |
|
2,482 |
|
(15,536 |
) |
|
225,735 | ||||||
Inventories |
|
|
|
|
|
|
171,160 |
|
|
|
(6,254 |
) |
|
164,906 | ||||||
Uniforms and other rental items in service |
|
|
|
|
|
|
223,592 |
|
9,778 |
|
(19,600 |
) |
|
213,770 | ||||||
Prepaid expenses |
|
|
|
|
|
|
6,841 |
|
399 |
|
(3 |
) |
|
7,237 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total current assets |
|
|
|
|
|
|
741,945 |
|
20,918 |
|
(41,393 |
) |
|
721,470 | ||||||
Property and equipment, at cost, net |
|
|
|
|
|
|
617,945 |
|
24,562 |
|
|
|
|
642,507 | ||||||
Goodwill |
|
|
|
116,147 |
|
4,340 |
|
|
|
|
120,487 | |||||||||
Other assets |
|
828,108 |
|
|
|
|
46,199 |
|
43,034 |
|
(820,463 |
) |
|
96,878 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
$ |
828,108 |
|
$ |
|
$ |
1,522,236 |
$ |
92,854 |
$ |
(861,856 |
) |
$ |
1,581,342 | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Liabilities and Shareholders Equity |
||||||||||||||||||||
Current liabilities: |
||||||||||||||||||||
Accounts payable |
$ |
(219,080 |
) |
$ |
|
$ |
244,591 |
$ |
1,185 |
$ |
24,280 |
|
$ |
50,976 | ||||||
Accrued compensation and related liabilities |
|
|
|
|
|
|
27,372 |
|
768 |
|
|
|
|
28,140 | ||||||
Accrued liabilities |
|
|
|
|
|
|
86,926 |
|
3,561 |
|
(429 |
) |
|
90,058 | ||||||
Deferred income taxes |
|
|
|
|
|
|
48,065 |
|
1,549 |
|
|
|
|
49,614 | ||||||
Long-term debt due within one year |
|
|
|
|
|
|
16,677 |
|
|
|
(73 |
) |
|
16,604 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total current liabilities |
|
(219,080 |
) |
|
|
|
423,631 |
|
7,063 |
|
23,778 |
|
|
235,392 | ||||||
Long-term debt due after one year |
|
|
|
|
|
|
243,143 |
|
32,760 |
|
(21,525 |
) |
|
254,378 | ||||||
Deferred income taxes |
|
|
|
|
|
|
48,361 |
|
335 |
|
|
|
|
48,696 | ||||||
Total shareholders equity |
|
1,047,188 |
|
|
|
|
807,101 |
|
52,696 |
|
(864,109 |
) |
|
1,042,876 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
$ |
828,108 |
|
$ |
|
$ |
1,522,236 |
$ |
92,854 |
$ |
(861,856 |
) |
$ |
1,581,342 | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cintas Corporation |
Corp. 2 |
Subsidiary Guarantors |
Non-Guarantors |
Eliminations |
Cintas Corporation Consolidated |
|||||||||||||||||||
Cash flows from operating activities: |
||||||||||||||||||||||||
Net income |
$ |
222,451 |
|
$ |
49,570 |
|
$ |
164,028 |
|
$ |
6,068 |
|
$ |
(219,666 |
) |
$ |
222,451 |
| ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
||||||||||||||||||||||||
Depreciation |
|
|
|
|
71,082 |
|
|
15,832 |
|
|
3,325 |
|
|
|
|
|
90,239 |
| ||||||
Amortization of deferred charges |
|
|
|
|
12,528 |
|
|
3,152 |
|
|
6,170 |
|
|
|
|
|
21,850 |
| ||||||
Write down of assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Deferred income taxes |
|
|
|
|
92,192 |
|
|
(84,362 |
) |
|
629 |
|
|
|
|
|
8,459 |
| ||||||
Changes in current assets and liabilities, net of acquisitions of businesses: |
||||||||||||||||||||||||
Accounts receivable |
|
|
|
|
(156,917 |
) |
|
150,343 |
|
|
(7,246 |
) |
|
(2,666 |
) |
|
(16,486 |
) | ||||||
Inventories |
|
|
|
|
(202,704 |
) |
|
156,790 |
|
|
(2,601 |
) |
|
(178 |
) |
|
(48,693 |
) | ||||||
Uniforms and other rental items in service |
|
|
|
|
(189,095 |
) |
|
165,792 |
|
|
(390 |
) |
|
(4,778 |
) |
|
(28,471 |
) | ||||||
Prepaid expenses |
|
|
|
|
(6,173 |
) |
|
5,055 |
|
|
(42 |
) |
|
|
|
|
(1,160 |
) | ||||||
Accounts payable |
|
409,903 |
|
|
88,845 |
|
|
(539,607 |
) |
|
15,783 |
|
|
14,969 |
|
|
(10,107 |
) | ||||||
Accrued compensation and related liabilities |
|
|
|
|
26,765 |
|
|
(20,503 |
) |
|
404 |
|
|
|
|
|
6,666 |
| ||||||
Accrued liabilities |
|
|
|
|
128,231 |
|
|
(123,212 |
) |
|
(1,938 |
) |
|
(871 |
) |
|
2,210 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net cash provided by (used in) operating activities |
|
632,354 |
|
|
(85,676 |
) |
|
(106,692 |
) |
|
20,162 |
|
|
(213,190 |
) |
|
246,958 |
| ||||||
Cash flows from investing activities: |
||||||||||||||||||||||||
Capital expenditures |
|
|
|
|
(616,834 |
) |
|
475,467 |
|
|
(6,077 |
) |
|
|
|
|
(147,444 |
) | ||||||
Proceeds from sale or redemption of marketable securities |
|
|
|
|
59,021 |
|
|
|
|
|
2,588 |
|
|
|
|
|
61,609 |
| ||||||
Purchase of marketable securities |
|
|
|
|
(94,076 |
) |
|
55,285 |
|
|
(1,683 |
) |
|
|
|
|
(40,474 |
) | ||||||
Acquisitions of businesses, net of cash acquired |
|
|
|
|
(18,709 |
) |
|
(11,348 |
) |
|
(478 |
) |
|
|
|
|
(30,535 |
) | ||||||
Proceeds from divestiture of certain facilities |
|
|
|
|
1,400 |
|
|
|
|
|
|
|
|
|
|
|
1,400 |
| ||||||
Other |
|
(601,751 |
) |
|
608,550 |
|
|
(236,609 |
) |
|
(231 |
) |
|
224,076 |
|
|
(5,965 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net cash (used in) provided by investing activities |
|
(601,751 |
) |
|
(60,648 |
) |
|
282,795 |
|
|
(5,881 |
) |
|
224,076 |
|
|
(161,409 |
) | ||||||
Cash flows from financing activities: |
||||||||||||||||||||||||
Proceeds from issuance of long-term debt |
|
|
|
|
257,982 |
|
|
(247,032 |
) |
|
786 |
|
|
(11,506 |
) |
|
230 |
| ||||||
Repayment of long-term debt |
|
|
|
|
(14,029 |
) |
|
(6,557 |
) |
|
(13,668 |
) |
|
620 |
|
|
(33,634 |
) | ||||||
Stock options exercised |
|
5,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,992 |
| ||||||
Dividends paid |
|
(37,173 |
) |
|
(40,000 |
) |
|
40,000 |
|
|
|
|
|
|
|
|
(37,173 |
) | ||||||
Other |
|
578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
578 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net cash (used in) provided by financing activities |
|
(30,603 |
) |
|
203,953 |
|
|
(213,589 |
) |
|
(12,882 |
) |
|
(10,886 |
) |
|
(64,007 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net increase (decrease) in cash and cash equivalents |
|
|
|
|
57,629 |
|
|
(37,486 |
) |
|
1,399 |
|
|
|
|
|
21,542 |
| ||||||
Cash and cash equivalents at beginning of period |
|
|
|
|
|
|
|
46,278 |
|
|
5,904 |
|
|
|
|
|
52,182 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Cash and cash equivalents at end of period |
$ |
|
|
$ |
57,629 |
|
$ |
8,792 |
|
$ |
7,303 |
|
$ |
|
|
$ |
73,724 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cintas Corporation |
Corp. 2 |
Subsidiary Guarantors |
Non-Guarantors |
Eliminations |
Cintas Corporation Consolidated |
||||||||||||||||||
Cash flows from operating activities: |
|||||||||||||||||||||||
Net income |
$ |
193,387 |
|
$ |
|
$ |
198,083 |
|
$ |
(1,693 |
) |
$ |
(196,390 |
) |
$ |
193,387 |
| ||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |
|||||||||||||||||||||||
Depreciation |
|
|
|
|
|
|
76,302 |
|
|
2,214 |
|
|
|
|
|
78,516 |
| ||||||
Amortization of deferred charges |
|
|
|
|
|
|
13,031 |
|
|
7,966 |
|
|
|
|
|
20,997 |
| ||||||
Write down of assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Deferred income taxes |
|
|
|
|
|
|
17,831 |
|
|
(452 |
) |
|
|
|
|
17,379 |
| ||||||
Changes in current assets and liabilities, net of acquisitions of businesses: |
|||||||||||||||||||||||
Accounts receivable |
|
|
|
|
|
|
(25,172 |
) |
|
5,188 |
|
|
725 |
|
|
(19,259 |
) | ||||||
Inventories |
|
|
|
|
|
|
(25,436 |
) |
|
3 |
|
|
2,457 |
|
|
(22,976 |
) | ||||||
Uniforms and other rental items in service |
|
|
|
|
|
|
(13,325 |
) |
|
585 |
|
|
(1,685 |
) |
|
(14,425 |
) | ||||||
Prepaid expenses |
|
|
|
|
|
|
(951 |
) |
|
10 |
|
|
3 |
|
|
(938 |
) | ||||||
Accounts payable |
|
(409,903 |
) |
|
|
|
404,862 |
|
|
4,784 |
|
|
(343 |
) |
|
(600 |
) | ||||||
Accrued compensation and related liabilities |
|
|
|
|
|
|
2,113 |
|
|
157 |
|
|
|
|
|
2,270 |
| ||||||
Accrued liabilities |
|
|
|
|
|
|
3,577 |
|
|
207 |
|
|
(103 |
) |
|
3,681 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net cash (used in) provided by operating activities |
|
(216,516 |
) |
|
|
|
650,915 |
|
|
18,969 |
|
|
(195,336 |
) |
|
258,032 |
| ||||||
Cash flows from investing activities: |
|||||||||||||||||||||||
Capital expenditures |
|
|
|
|
|
|
(153,180 |
) |
|
(8,252 |
) |
|
|
|
|
(161,432 |
) | ||||||
Proceeds from sale or redemption of marketable securities |
|
|
|
|
|
|
100,558 |
|
|
12,350 |
|
|
|
|
|
112,908 |
| ||||||
Purchase of marketable securities |
|
|
|
|
|
|
(88,260 |
) |
|
(9,973 |
) |
|
|
|
|
(98,233 |
) | ||||||
Acquisitions of businesses, net of cash acquired |
|
|
|
|
|
|
(24,561 |
) |
|
(421 |
) |
|
|
|
|
(24,982 |
) | ||||||
Proceeds from divestiture of certain facilities |
|
|
|
|
|
|
25,722 |
|
|
|
|
|
|
|
|
25,722 |
| ||||||
Other |
|
244,319 |
|
|
|
|
(451,665 |
) |
|
684 |
|
|
195,741 |
|
|
(10,921 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net cash provided by (used in) investing activities |
|
244,319 |
|
|
|
|
(591,386 |
) |
|
(5,612 |
) |
|
195,741 |
|
|
(156,938 |
) | ||||||
Cash flows from financing activities: |
|||||||||||||||||||||||
Proceeds from issuance of long-term debt |
|
|
|
|
|
|
147,946 |
|
|
(6,428 |
) |
|
(779 |
) |
|
140,739 |
| ||||||
Repayment of long-term debt |
|
|
|
|
|
|
(171,708 |
) |
|
(6,317 |
) |
|
374 |
|
|
(177,651 |
) | ||||||
Stock options exercised |
|
3,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,399 |
| ||||||
Dividends paid |
|
(31,249 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(31,249 |
) | ||||||
Other |
|
47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
47 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net cash (used in) financing activities |
|
(27,803 |
) |
|
|
|
(23,762 |
) |
|
(12,745 |
) |
|
(405 |
) |
|
(64,715 |
) | ||||||
Net increase in cash and cash equivalents |
|
|
|
|
|
|
35,767 |
|
|
612 |
|
|
|
|
|
36,379 |
| ||||||
Cash and cash equivalents at beginning of period |
|
|
|
|
|
|
10,511 |
|
|
5,292 |
|
|
|
|
|
15,803 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Cash and cash equivalents at end of period |
$ |
|
|
$ |
|
$ |
46,278 |
|
$ |
5,904 |
|
$ |
|
|
$ |
52,182 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cintas Corporation |
Corp. 2 |
Subsidiary Guarantors |
Non-Guarantors |
Eliminations |
Cintas Corporation Consolidated |
||||||||||||||||||
Cash flows from operating activities: |
|||||||||||||||||||||||
Net income |
$ |
138,939 |
|
$ |
|
$ |
141,002 |
|
$ |
4,356 |
|
$ |
(145,358 |
) |
$ |
138,939 |
| ||||||
Adjustment to conform net income to Unitog Companys fiscal year |
|
|
|
|
|
|
689 |
|
|
|
|
|
|
|
|
689 |
| ||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||||||||||||||||
Depreciation |
|
|
|
|
|
|
67,182 |
|
|
1,597 |
|
|
|
|
|
68,779 |
| ||||||
Amortization of deferred charges |
|
|
|
|
|
|
18,604 |
|
|
2,845 |
|
|
|
|
|
21,449 |
| ||||||
Write down of assets |
|
|
|
|
|
|
12,609 |
|
|
|
|
|
|
|
|
12,609 |
| ||||||
Deferred income taxes |
|
|
|
|
|
|
(2,102 |
) |
|
746 |
|
|
|
|
|
(1,356 |
) | ||||||
Changes in current assets and liabilities, net of acquisitions of businesses: |
|||||||||||||||||||||||
Accounts receivable |
|
|
|
|
|
|
(25,619 |
) |
|
(409 |
) |
|
11,544 |
|
|
(14,484 |
) | ||||||
Inventories |
|
|
|
|
|
|
(5,540 |
) |
|
|
|
|
(357 |
) |
|
(5,897 |
) | ||||||
Uniforms and other rental items in service |
|
|
|
|
|
|
(19,905 |
) |
|
(3,954 |
) |
|
5,961 |
|
|
(17,898 |
) | ||||||
Prepaid expenses |
|
|
|
|
|
|
(279 |
) |
|
(258 |
) |
|
|
|
|
(537 |
) | ||||||
Accounts payable |
|
|
|
|
|
|
(21,966 |
) |
|
6,611 |
|
|
266 |
|
|
(15,089 |
) | ||||||
Accrued compensation and related liabilities |
|
|
|
|
|
|
2,948 |
|
|
611 |
|
|
|
|
|
3,559 |
| ||||||
Accrued liabilities |
|
|
|
|
|
|
11,649 |
|
|
(1,417 |
) |
|
2,067 |
|
|
12,299 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net cash provided by (used in) operating activities |