Press release
Cintas Corporation Announces Webcast for COVID-19 Coronavirus Update
CINCINNATI--(BUSINESS WIRE)-- Cintas Corporation (Nasdaq: CTAS) is an essential business and continues to provide necessary products and services to
About this update from Cintas Corporation
[{"type":"text","content":" CINCINNATI--(BUSINESS WIRE)--\nCintas Corporation (Nasdaq: CTAS) is an essential business and continues to provide necessary products and services to businesses to ensure they are READY™ to operate in this challenging environment during the COVID-19 pandemic. Specifically, we are providing our customers with clean garments, healthcare scrubs, microfiber towels and mops, disinfectant and sanitizer spray services, restroom supplies, personal protective equipment and numerous other products and services to help businesses keep their facilities clean and safe.\n\n\nScott D. Farmer, Cintas Chairman and Chief Executive Officer stated, “Our customers who have remained open need us now more than ever, and our employee-partners are working tirelessly to support them. The many letters from our customers to our employee-partners thanking them for service are additional proof of our customers’ appreciation of Cintas’ support during this difficult time.”\n\n\nMr. Farmer continued, “Many of our customers, however, have been closed or are operating in very limited ways. We look forward to them resuming operations and working with them so they can reopen their doors with confidence knowing their facilities are clean, safe and READY™ to serve their customers.”\n\n\nThe mandatory closure, and hopefully temporary, of many businesses has had an impact on our performance, and we have actively managed the business while being careful not to overreact. In early March, we eliminated discretionary spending and instituted a hiring freeze. Since that time, we have reduced executive officer compensation, implemented a wage freeze and have adjusted our workforce with a combination of reductions and furloughs.\n\n\nCintas’ consolidated balance sheet remains strong, with significant availability on our credit facility and no debt maturities in the next 12 months. Cintas is a strong cash flow business and has a track-record of cash generation in downturns, including the Great Recession.\n\n\nMr. Farmer concluded, “Cintas originated in the Great Depression, when our founders gathered discarded used rags, washed them and returned them to businesses. Cintas was founded on innovation, determination and care for our customers and employees. While the COVID-19 pandemic has been a shock to all of us, we are resilient and will get through this. Our track record suppo...