G&K Services Inc. Announces Executive Changes
Aug 25 14
G&K Services Inc. announced that Douglas A. Milroy, the company's Chief Executive Officer, has also been appointed Chairman of its Board of Directors, effective immediately. Mr. Milroy has served as a member of the Board since 2009. Mr. Milroy will succeed M. Lenny Pippin, who has served as Chairman since 2009. Mr. Pippin will become the Board's independent Lead Director. In addition to these changes, the Board also appointed Ernest J. Mrozek to the Board's Governance Committee. Mr. Mrozek has served on G&K's Board since 2005 and is also a member of the Audit Committee.
G&K Services Inc. Declares Quarterly Dividend, Payable on September 26, 2014
Aug 22 14
G&K Services Inc. announced that its Board of Directors has declared a quarterly dividend of $0.31 per share, an increase of 15% from its previous quarterly dividend rate of $0.27 per share. The dividend will be payable on September 26, 2014 to shareholders of record at the close of business on September 11, 2014.
G&K Services, Inc. Introduces New Line of Vented Flame Resistant Uniforms and FR Knit Garments
Aug 19 14
G&K Services Inc. has introduced a new line of vented flame resistant (FR) uniforms, as well as FR knit garments, providing cooler, more comfortable options for companies to outfit their workforce in flame resistant clothing. G&K's new vented FR uniforms also feature enhanced visibility striping, offering added protection and safety for employees operating in limited light conditions. G&K's FR vented enhanced visibility coveralls and work shirts are made with lightweight 4.5 ounce GlenGuard(R) FR fabric. They feature two flame resistant mesh vents on the back, along with under arm vents for improved air flow. The new FR knit garments are manufactured with a moisture wicking fabric which provides more breathability for the wearer. These new products are available now for G&K's customers in the United States.
G&K Services Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Fiscal Year Ended June 28, 2014; Provides Earnings Guidance for the Fiscal Year of 2015
Aug 14 14
G&K Services Inc. reported unaudited consolidated earnings results for the fourth quarter and fiscal year ended June 28, 2014. For the quarter, the company reported total revenues of $229,681,000 against $219,411,000 a year ago. Income from continuing operations was $26,776,000 against $21,440,000 a year ago. Income from continuing operations before income taxes was $25,163,000 against $19,850,000 a year ago. Net income from continuing operation available to common stockholders was $15,721,000 or $0.78 per diluted share against $12,529,000 or $0.63 per diluted share a year ago. Net income available to common stockholders $15,721,000 or $0.78 per diluted share against $8,023,000 or $0.40 per diluted share a year ago. Adjusted operating income was $25,986,000 against $22,996,000 a year ago. Adjusted net income was $15,222,000 or $0.76 per diluted share against $13,543,000 or $0.68 per diluted share a year ago.
For the year, the company reported total revenues of $900,869,000 against $866,018,000 a year ago. Income from continuing operations was $96,115,000 against $84,005,000 a year ago. Income from continuing operations before income taxes was $89,795,000 against $79,152,000 a year ago. Net income from continuing operation available to common stockholders was $56,065,000 or $2.78 per diluted share against $50,506,000 or $2.58 per diluted share a year ago. Net income available to common stockholders $47,672,000 or $2.36 per diluted share against $46,720,000 or $2.38 per diluted share a year ago. Net cash provided by operating activities was $74,636,000 against $112,099,000 a year ago. Capital expenditure was $32,776,000 against $35,524,000 a year ago. Adjusted operating income was $99,833,000 against $85,561,000 a year ago. Adjusted net income was $58,349,000 or $2.90 per diluted share against $51,520,000 or $2.63 per diluted share a year ago.
The company expects to drive continued performance gains in fiscal year 2015, with revenue in the range of $930 million to $950 million and earnings per diluted share between $3.10 and $3.25. Effective tax rate should be similar to 2014, which is around 38%, and the company expected full year diluted share count of approximately 20.1 million shares.