Cintas Corporation (CTAS) F4Q10 (Qtr End 05/31/10) Earnings Call Transcript July 20, 2010 5:00 pm ET Executives Bill Gale – SVP and CFO Mike Hansen – VP and Treasurer Analysts John Healy – Northcoast Research Gary Bisbee – Barclays Capital Scott Schneeberger – Oppenheimer Phil Stiller – Citigroup Vance Edelson – Morgan Stanley Chris McGinnis – Sidoti & Company Vishnu Lekraj – Morningstar PresentationOperator
Good day. And welcome to the Cintas quarterly earnings results conference call. Today’s call is being recorded. At this time, I would like to turn the call over to Mr. Bill Gale, Senior Vice President of Finance and Chief Financial Officer. Please go ahead, sir. Bill Gale Good evening and thank you for joining us to discuss the fourth quarter of fiscal 2010. With me this evening is Cintas’ Vice President and Treasurer, Mike Hansen. Mike Hansen was recently promoted to this position from Corporate Controller to replace Mike Thompson, who has assumed a role in a rental organization as Senior Vice President, Facility Services. We are pleased to report that revenues increased 3.5% from last year’s fourth quarter. Internal growth, adjusting for acquisitions and the one additional workday in this year’s fourth quarter, compared to last year was also positive at 1.9%. After the very difficult economic conditions experienced since the beginning of the recession, this marks our first positive growth period in revenue since our quarter ending August 31, 2008. Our fourth quarter revenue of $909 million was above our previously released guidance of $870 to $890 million. Earnings per share for the quarter were $0.36, compared to last year’s $0.03 per share. Prior year numbers included restructuring and impairment charges of approximately $49 million before tax or $0.35 per share. Current year earnings per share were positively impacted by approximately $0.01 due to the reversal of certain restructuring charges.