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G&K Services announces quarterly results

August 07, 2009
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MINNETONKA, MN — Uniform and mat supplier G&K Services Inc. recently released their fiscal fourth-quarter results, including revenue of $218 million, down slightly from the $252.2 million in the year-ago quarter, according to Trading Markets.
According to the story, deterioration in customer employment levels and the impact from the reduced value of the Canadian dollar affected overall revenue.
Quarterly net earnings were 16 cents per share, which included a previously communicated charge of 11 cents per share related to the departure of the company''s former chairman and chief executive officer (CEO), the story stated.
Douglas Milroy, G&K''s recently appointed CEO, said: "Our fourth-quarter results mark the end of a challenging and disappointing fiscal year. As such, we''re moving quickly to reshape the business with a sharpened focus on profitability. Going forward, G&K will operate with a more intense focus on the details of great execution and a more lean cost structure, while driving even higher levels of customer satisfaction. For example, during the fourth quarter, we idled manufacturing capacity, further scaled our workforce and divested a small non-core operation. We''ll continue to take such actions, streamlining our business to maximize profitability in this difficult environment."
As of June 27, 2009, the company had total borrowings of $232.5 million and a debt to capitalization ratio of 34.7 percent, the story added.
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