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Quarterly Financial Data (Unaudited)
 12 Months Ended
May 31, 2014
Quarterly Financial Data [Abstract]  
Quarterly Financial Data
Quarterly Financial Data (Unaudited)
The following is a summary of the results of operation for each of the quarters within the fiscal years ended May 31, 2014 and 2013:
May 31, 2014 (in thousands) (1)
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
 
 
 
 
 
 
 
Revenue
$
1,120,343

 
$
1,143,753

 
$
1,130,237

 
$
1,157,479

Gross margin
$
465,980

 
$
476,919

 
$
479,125

 
$
492,362

Net income
$
77,754

 
$
84,862

 
$
84,602

 
$
127,224

Basic earnings per share
$
0.63

 
$
0.71

 
$
0.70

 
$
1.04

Diluted earnings per share
$
0.63

 
$
0.70

 
$
0.69

 
$
1.03

Weighted average number of shares outstanding
122,130

 
119,907

 
119,913

 
119,541


May 31, 2013 (in thousands)
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
 
 
 
 
 
 
 
Revenue
$
1,051,325

 
$
1,060,386

 
$
1,075,674

 
$
1,129,086

Gross margin
$
445,875

 
$
432,036

 
$
441,941

 
$
467,215

Net income
$
76,733

 
$
78,027

 
$
74,705

 
$
85,977

Basic earnings per share
$
0.61

 
$
0.63

 
$
0.60

 
$
0.69

Diluted earnings per share
$
0.60

 
$
0.63

 
$
0.60

 
$
0.69

Weighted average number of shares outstanding
126,110

 
124,185

 
123,120

 
122,392


(1) On April 30, 2014, Cintas completed its previously announced partnership transaction with the shareholders of Shred-it to combine Cintas’ document destruction business with Shred-it’s document destruction business. Under the agreement, Cintas and Shred-it each contributed its document destruction business to a newly formed partnership owned 42% by Cintas and 58% by the shareholders of Shred-it. The deconsolidation of the document destruction business negatively impacted fiscal 2014 fourth quarter revenue. In the fourth quarter of fiscal 2014, the Company realized a $106.4 million gain on deconsolidation of the shredding business. In addition, as a result of the shredding transaction, the Company recorded an asset impairment charge of $16.1 million in the fourth quarter of fiscal 2014. The Company also recorded transaction costs of $28.5 million, of which $2.2 million was recorded in the third quarter and $26.3 million was recorded in the fourth quarter. Please see Note 9 entitled Acquisitions and Deconsolidation for additional information on the transaction.