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Last $67.61 USD
Change Today -0.06 / -0.09%
Volume 109.7K
GK On Other Exchanges
As of 8:10 PM 08/27/15 All times are local (Market data is delayed by at least 15 minutes).

g & k services inc -cl a (GK) Key Developments

G&K Services Reports Earnings Results for the Fourth Quarter and Year Ended June 27, 2015; Provides Earnings Guidance for the Fiscal Year of 2016

G&K Services reported earnings results for the fourth quarter ended June 27, 2015. For the quarter, the company's adjusted earnings rose to $0.83 per diluted share from $0.76 a year ago. Revenue rose 3% to $236.6 million. Reported net income fell to $14.1 million or $0.71 per diluted share from $15.7 million or $0.78 a year ago. For the full year, the company's adjusted earnings grew 13% to $3.28. Cash from operations was $94 million, which was up 24% compared to fiscal 2014. This was primarily driven by higher net income, along with better working capital management. And the company had improvements in both days receivable outstanding and days payable outstanding. The company increased capital expenditures to $56 million from $33 million last year. In addition to the company's normal maintenance capex, this year, the company also invested in new plant and equipment to enable growth, and in several information technology projects, aimed at enhancing the company's ability to serve customers and improve productivity across the company’s business. For the fiscal year 2016, the company announced that it expects revenue in the range of $970 million to $1 billion and diluted earnings per share between $3.50 and $3.70. The company said the guidance includes one extra week of operations compared to fiscal 2015 due to the timing of its fiscal calendar. The company forecasts slightly higher interest expense due to the debt refinancing the company completed earlier 2015. The company is expecting tax rate closer to 38% compared to 36.4% in fiscal 2016. The company expects a comparable level of capital expenditures in fiscal 2016.

G&K Services Inc. Announces Regular Quarterly Dividend for the Period Ended June 27, 2015, Payable on September 25, 2015

G&K Services Inc. announced a 19% increase in its regular quarterly dividend, to $0.37 per share for the period ended June 27, 2015. Payable on September 25, 2015 to shareholder of record on September 10, 2015.

G&K Services Seeks Acquisitions

G&K Services Inc. (NasdaqGS:GK) is seeking acquisitions. Doug Milroy, Chairman and Chief Executive Officer, said, "We will continue to make good capital investments. We've invested smartly in technology that's added capability and improved our operations and because of our growth, there have been places where it's been necessary to expand capacity. And on a selective basis, we will continue to do that. And the last growth driver, all our hopes and dreams haven't yet been met through an aggressive acquisition campaign, but it's not for a lack of focus and energy around it and we'll maintain that. We still believe that there's opportunities there. They are few and far between right now, but we will remain focused on that. So I think a handful of key drivers of growth will add nicely to the story." Tracy Jokinen, Chief Financial Officer, said, "We expect a comparable level of capital expenditures in fiscal 2016. Our second priority is smart acquisitions and as Doug mentioned, we continue to look for attractive opportunities."

G&K Services Inc. to Report Q4, 2015 Results on Aug 13, 2015

G&K Services Inc. announced that they will report Q4, 2015 results at 10:00 AM, Central Standard Time on Aug 13, 2015

G&K Services Inc., Q4 2015 Earnings Call, Aug 13, 2015

G&K Services Inc., Q4 2015 Earnings Call, Aug 13, 2015


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