MIAMI, Fla. — DryClean USA’s 2007 yearly earnings have increased 10% as the company reports record revenue for its fiscal year ended June 30, 2007.
Revenues for fiscal 2007 increased to a record $22,748,527, an increase of 11.4% over last year’s record revenues of $20,414,890. Net earnings increased to $880,990, or $.13 per diluted share for fiscal 2007 from $803,981 or $.11 per diluted share in fiscal 2006, an increase of 9.6%.
Dryclean USA also announced that its board of directors has declared a $.04 per share semiannual dividend, payable on Nov. 1 to shareholders of record on Oct. 12, 2007.
“We are pleased with the company’s performance during fiscal 2007, having reached record revenues and increased earnings, maintained a strong cash position and continued to declare semiannual dividends,” says Venerando J. Indelicato, chief financial officer. “Although the rate of economic growth in the United States is expected to slow and the delivery of certain laundry equipment will tighten in fiscal 2008, we believe the company will experience another successful year given its current backlog and the level of business activity.”
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