Revenues and Earnings Increase for the First Six Months
Total revenues increased for the first six months of fiscal 2003 to $7,281,638 compared to $7,009,688 for the same period of last year. Net earnings for the first six months of fiscal 2003 were $228,130 or $.03 per diluted share compared to $134,426 or $.02 per diluted share for the six months ended December 31, 2001.
Total revenues for the second quarter of fiscal year 2003 were $3,469,965 compared to $3,477,525 for the same period of last year. Net earnings for the second quarter of fiscal 2003 were $44,742 or $.01 per diluted share compared to $184,326 or $.03 per diluted share for the three months ended December 31, 2001.
DRYCLEAN USA, Inc. is one of the largest franchise and license operations in the dry cleaning industry, currently consisting of over 400 franchised and licensed stores in the United States, the Caribbean and Latin America. Founded in 1960, its dry cleaning and laundry machinery division is also one of the nation's leading distributors of industrial laundry, dry cleaning machines and steam boilers.
This press release contains certain information that is subject to a number of known and unknown risks and uncertainties that may cause actual results and trends to differ materially from those expressed or implied by the forward-looking statements. Information concerning such factors are discussed in Company reports filed with the Securities and Exchange Commission.