Exhibit 99.01 From: DRYCLEAN USA, Inc. 290 NE 68th Street Miami, FL 33138 Michael Steiner (305) 754-4551 Venerando Indelicato (813) 814-0722 RELEASE IMMEDIATELY DRYCLEAN USA, INC. REPORTS THIRD QUARTER RESULTS ------------------------------------------------ Miami, FL - May 14, 2003 - DRYCLEAN USA, Inc. (AMEX:DCU), today reported operating results for the nine and three month periods ended March 31, 2003. Revenues from continuing operations for the nine months ended March 31, 2003 were $10,474,795 compared to $10,552,380 for the same period of last year. Net income increased to $305,757, or $.04 per diluted share, in the nine month period of fiscal 2003 from $262,604, or $.04 per diluted share, for the same period of fiscal 2002. For the third quarter of fiscal 2003 revenues from continuing operations decreased 9.9% to $3,193,157 from $3,542,692 from the same period of last year. Net income for the three month period decreased to $77,627, or $.01 per diluted share, in fiscal 2003 from $128,178, or $.02 per diluted share, in the same fiscal 2002 period. "Revenues have been negatively impacted by the current sluggish economy in the United States, Latin America and the Caribbean," said Venerando Indelicato, Chief Financial Officer of DRYCLEAN USA, Inc. Mr. Indelicato also noted that the Company recently hired a national sales manager to concentrate on expanding sales of the Company's Green-Jet(R) dry-wetcleaning machine(TM). "This hiring should enable us to better position our products to take full advantage of the opportunities we foresee as the economy improves," indicated Mr. Indelicato. On May 7, 2003, the Company prepaid the remaining $533,000 balance of its term loan in full, becoming debt free. Mr. Indelicato indicated that the Company prepaid the loan, which had been payable in monthly installments through December, 2004, since management was confident that its revolving credit line and cash on hand would be sufficient to meet current operational needs. 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. DRYCLEAN USA, Inc. (AMEX:DCU) Consolidated Statements of Operations
Nine months ended Three months ended March 31, March 31, 2003 2002 2003 2002 Revenues $10,474,795 $10,552,380 $3,193,157 $3,542,692 Earnings before income taxes 442,969 562,218 129,379 318,486 Provision for income taxes 177,188 224,886 51,752 127,394 Net earnings from continuing operations 265,781 337,332 77,627 191,092 Net loss from discontinued operations (74,728) (62,914) Net gain on settlement of liabilities associated with discontinued operations 39,976 Net earnings $305,757 $262,604 $77,627 $128,178 Basic and diluted earnings per share: Continuing operations $ .04 $ .05 $ .01 $ .03 Discontinued operations $ (.01) $ (.01) ----------- ------------- ---------- ----------- Net earnings per share $ .04 $ .04 $ .01 $ .02 Weighted average shares outstanding basic and diluted 6,996,450 6,333,334 6,996,450 6,996,450
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