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Mac-Gray Corporation Announces Fourth-Quarter And Year-End 2009 Financial Results

WALTHAM, Mass., March 11 /PRNewswire-FirstCall/ -- Mac-Gray Corporation (NYSE: TUC), the nation's premier provider of laundry facilities management services to multi-unit housing locations, today announced its financial results for the quarter and year ended December 31, 2009.

On February 8, 2010, Mac-Gray announced the sale of its MicroFridge business line to Danby Products.  As a result of that transaction, all of the MicroFridge financial results for all prior periods, including those discussed in this release, have been classified as discontinued operations.

Mac-Gray reported fourth-quarter revenue from continuing operations of $81.4 million, compared with $87.0 million in the fourth quarter of 2008.  Net income from continuing operations for the fourth quarter of 2009 was $895,000, or $0.06 per diluted share, compared with a net loss from continuing operations of $1.5 million, or $0.11 per share, for the fourth quarter of 2008.  Fourth-quarter 2009 net income from continuing operations includes an unrealized gain of $335,000 related to derivative instruments.  Fourth-quarter 2008 net loss from continuing operations included an unrealized loss of $1.6 million related to derivative instruments.  Excluding these items from both periods, adjusted net income from continuing operations for the fourth quarter of 2009 was $758,000, or $0.05 per diluted share, compared with an adjusted net loss from continuing operations of $314,000, or $0.02 per share, for the same period of 2008.

Please refer to Table 1, included at the end of this news release, for a reconciliation of net income and net loss from continuing operations, as reported, to net income and net loss from continuing operations, as adjusted.

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