Press release
Cintas Corporation Announces Fiscal 2020 Fourth Quarter and Full Year Results
CINCINNATI--(BUSINESS WIRE)-- Cintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2020 fourth quarter ended May 31, 2020. Revenue for the
About this update from Cintas Corporation
[{"type":"text","content":" CINCINNATI--(BUSINESS WIRE)--\nCintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2020 fourth quarter ended May 31, 2020. Revenue for the fourth quarter of fiscal 2020 was $1.62 billion, a decrease of 9.7% over last year’s fourth quarter. Earnings per diluted share (EPS) from continuing operations were $1.35 in the fourth quarter of fiscal 2020, a decrease of 34.5% over last year's fourth quarter EPS. Net cash provided by operating activities for the fourth quarter of fiscal 2020 was $356.9 million. Free cash flow, which is defined as net cash provided by operating activities less capital expenditures, in the fourth quarter was the highest of fiscal 2020, totaling $316.0 million.\n\n\nOrganic revenue for the fiscal 2020 fourth quarter ended May 31, 2020, which is adjusted for acquisitions, foreign currency exchange rate fluctuations, and differences in the number of workdays, declined 8.4%. from last year's fourth quarter. Organic revenue for the Uniform Rental and Facility Services operating segment declined 9.6%. Organic revenue for the First Aid and Safety Services operating segment increased 21.9%.\n\n\nScott D. Farmer, Cintas' Chairman and Chief Executive Officer, stated, \"The COVID-19 coronavirus (COVID-19) pandemic was a significant disruption to the economy as well as to our business in our fiscal 2020 fourth quarter. The government-required closure of many businesses certainly had an impact on our fiscal 2020 fourth quarter financial results. Our priorities have been to keep our employees, whom we call \"partners\", healthy and safe and to remain committed to serving our customers in any way possible.\"\n\n\nGross margin for the fourth quarter of fiscal 2020 of $707.8 million decreased 14.1% from last year’s fourth quarter. Gross margin as a percentage of revenue was 43.7% for the fourth quarter of fiscal 2020 compared to 45.9% in the fourth quarter of fiscal 2019.\n\n\nOperating income for the fourth quarter of fiscal 2020 of $207.4 million decreased 34.0% from last year’s fourth quarter operating income of $314.4 million. Operating income as a percentage of revenue was 12.8% in the fourth quarter of fiscal 2020 compared to 17.5% in the fourth quarter of fiscal 2019. Fourth quarter of fiscal 2020 operating income was affected by many items caused by the COVID-19 pandemic, including additional res...