Originally published at www.seclive.com
Filing in Focus: Cintas 8-K, March 19, 2014
Cintas Corporation (NASDAQ:CTAS) announced its financial results for the third quarter of fiscal year 2014, reporting a climb in revenue and earnings. The uniform and corporate services company posted a 5.1% revenue increase from a year-ago to $1.13B, or a 3.5% improvement when equalizing the number of work days between quarters. Operating income improved 12.9% from $133.0M to $150.2M while net income rose from $74.7M and $0.60 per share last year to $84.6M and $0.69 per share. Cintas also announced an agreement with Shred-it International, through which each business will contribute to a document shredding partnership, with 42% owned by Cintas and the remainder owned by Shred-it shareholders. Cintas expects to receive around $180M cash when the transaction closes, sometime before May 31. Regarding company performance, CEO Scott Farmer commented that even with poor weather and a weak Canadian dollar the company produced double-digit earnings growth.
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