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From: |
DRYCLEAN USA. Inc. |
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290 NE 68 Street |
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Miami, FL 33138 |
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Michael Steiner (305) 754-4551 |
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Venerando Indelicato (813) 814-0722 |
FOR RELEASE at 11:30AM, Friday November 13, 2009
DRYCLEAN USA, Inc. To Change Its Name To EnviroStar, Inc. And
Announces First Quarter Results
Miami, FL – November 13, 2009 – DRYCLEAN USA, Inc. (NYSE Amex:DCU) today announced that its shareholders approved a proposal to change the name of the Company to EnviroStar, Inc. The new name will be effective and the Company’s common stock will begin trading under the new symbol “EVI” on December 1, 2009.
The Company also reported operating results for the three month period ended September 30, 2009.
For the first three months of fiscal 2010, revenues decreased 45.7% to $3,663,272 from $6,750,817 for the same period of last year, causing a loss of $70,898, or $.01 per share, for the quarter compared to net earnings of $209,001, or $.03 per share, for the first quarter of fiscal 2009.
Venerando J. Indelicato, Chief Financial Officer of DRYCLEAN USA Inc., reported: “The loss in the first quarter was disappointing but understandable given the state of the current economy. However, the Company is financially strong and is well positioned to withstand temporary adverse conditions.”
Mr. Indelicato noted that the Company is changing its name to EnviroStar Inc. to emphasize the Company’s green environmentally safe products.
DRYCLEAN USA, Inc. through its subsidiaries is one of the nation’s leading distributors of industrial laundry and dry cleaning machines and steam boilers. Its subsidiary, DRYCLEAN USA License Corp, is one of the largest franchise and license operations in the dry cleaning industry in the United States, the Caribbean and Latin America.
This press release contains certain information that is subject to a number of known and unknown risks and uncertainties that may cause actual results and trends to differ materially from those expressed or implied by the forward-looking statements. Information concerning these factors are discussed in Company reports filed with the
Securities and Exchange Commission.
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DRYCLEAN USA, Inc. (NYSE Amex: DCU) |
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Summary of Consolidated Statements of Operations |
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Three months ended September 30, |
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2009 |
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2008 |
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(Unaudited) |
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(Unaudited) |
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Revenues |
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$ |
3,663,272 |
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$ |
6,750,817 |
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(Loss) earnings before income taxes |
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(113,433 |
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329,986 |
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(Benefit) provision for income taxes |
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(42,535 |
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120,985 |
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Net (loss) earnings |
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$ |
(70,898 |
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$ |
209,001 |
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Basis and diluted earnings per share |
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$ |
(0.01 |
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$ |
0.03 |
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Weighted average shares outstanding: |
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Basic and diluted |
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7,033,732 |
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7,033,875 |
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