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Cintas Corporation Announces Fiscal 2013 Third Quarter Results

Cintas Corporation (Nasdaq:CTAS) today reported results for its third quarter ended February 28, 2013. Revenue for the third quarter was $1.08 billion, representing a 6.3% increase compared to last year’s third quarter. Adjusting for one less workday in this year’s third quarter compared to last year’s quarter, revenue grew 7.9% over last year’s third quarter. Organic growth, which adjusts for the impact of acquisitions and the impact of one less workday compared to last year’s third quarter, was 6.9%. Organic growth rates in each of the Company’s four operating segments increased from second quarter levels.

Scott D. Farmer, Chief Executive Officer, stated, “We are pleased to report record quarterly revenue led by very strong Uniform Direct Sales performance. We are also encouraged to see organic growth rates improve in each of our operating segments, reflecting the great execution by our dedicated team of employees, who we call partners.”

The Company’s operating income of $133.0 million and net income of $74.7 million decreased compared to last year’s third quarter by 3.3% and 1.7%, respectively. These decreases were due in part to the effect of one less workday compared to last year’s third quarter. In addition, continuing solid new business sales have resulted in higher material cost amortization and the need for additional route capacity in our route based businesses.

Earnings per diluted share (EPS) for the third quarter were $0.60, a 3.4% increase over the $0.58 EPS in last year’s third quarter. EPS increased despite the decrease in net income as a result of the positive impact of the Company’s share buyback program in fiscal 2012 and 2013.

The Company’s balance sheet and cash flow remain very strong. Cash and marketable securities totaled $245.7 million at February 28, 2013. Cash flow from operations in the first three quarters of fiscal 2013 improved to $368.3 million, a 19.7% increase over the same period of last fiscal year. As of February 28, 2013, the Company’s current ratio was 3.0 to one, and its debt to EBITDA was 1.9 to one.

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