-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VLE5Qc7kZ34a1W/IMiGUUiPQ/FKrpPPqPFCA/s3V4J8LkZL1Bn4qt6OGbEfLpAt+ mMWyW7Xf81Sx+c31uMM16Q== 0000892251-98-000162.txt : 19980602 0000892251-98-000162.hdr.sgml : 19980602 ACCESSION NUMBER: 0000892251-98-000162 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980408 ITEM INFORMATION: FILED AS OF DATE: 19980601 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CINTAS CORP CENTRAL INDEX KEY: 0000723254 STANDARD INDUSTRIAL CLASSIFICATION: MEN'S & BOYS' FURNISHINGS, WORK CLOTHING, AND ALLIED GARMENTS [2320] IRS NUMBER: 311188630 STATE OF INCORPORATION: WA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 000-11399 FILM NUMBER: 98640126 BUSINESS ADDRESS: STREET 1: 6800 CINTAS BLVD STREET 2: P O BOX 625737 CITY: CINCINNATI STATE: OH ZIP: 45262 BUSINESS PHONE: 5134591200 MAIL ADDRESS: STREET 1: 6800 CINTAS BOULEVARD STREET 2: P O BOX 625737 CITY: CINCINNATI STATE: OH ZIP: 45262 8-K/A 1 FORM 8-K/A FOR CINTAS CORPORATION SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) April 8, 1998 CINTAS CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Washington 0-11399 31-1188630 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 6800 Cintas Boulevard, P.O. Box 625737, Cincinnati, Ohio 45262-5737 - -------------------------------------------------------------------------------- (Address of principal executive offices) Zip Code Registrant's telephone number, including area code (513) 459-1200 - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report.) This Form 8-K/A is filed solely to amend Item 2 of Form 8-K. Item 2. Acquisition or Disposition of Assets. Cintas Corporation (the "Company") filed an 8-K with the Securities and Exchange Commission dated April 8, 1998, announcing the completion of the acquisition of Uniforms to You and Company and certain of its affiliates ("UTY"), headquartered in Chicago, Illinois. Cintas paid an adjusted purchase price of $168,699,000 in the acquisition which was paid with 3,959,262 shares of Cintas Corporation common stock. The value of the Cintas common stock was determined based upon the average closing price of Cintas common stock over an agreed upon ten (10) day measurement period as set forth in an Agreement and Plan of Merger and Reorganization dated as of January 12, 1998, as amended. UTY designs, manufactures and provides uniforms to over twenty-five thousand customers in the food and hospitality, transportation and entertainment industries. The transaction has been accounted for as a pooling of interests, and accordingly, the Company's historical financial results have been restated to include the accounts of UTY as if the two companies had always been one entity. A summary of the restated, unaudited financial results is set forth below. Since UTY was an S Corporation and elected to have the corporation's income taxed at the personal level, UTY did not have a Federal and State Income Tax Provision. The financial information below is presented in two ways: (1) the combined financial results of Cintas Corporation along with UTY's accounts as an S Corporation; and (2) the combined financial results of Cintas Corporation and UTY's accounts on a proforma basis as if UTY had been a C Corporation:
(unaudited) Nine Months Ended Twelve Months Ended -------------------- --------------------------------- 2/28/98 2/28/97 5/31/97 5/31/96 5/31/95 ------- ------- ------- ------- ------- Revenues: Net Rentals $633,941 $541,830 $739,207 $648,616 $545,267 Other Service Revenues 234,450 187,355 256,000 227,217 190,603 -------- -------- -------- -------- -------- $868,391 $729,185 $995,207 $875,833 $735,870 Costs and Expenses (Income): Cost of Rentals 353,977 305,976 416,597 369,386 312,313 Cost of Sales 161,052 130,565 177,058 159,189 132,519 Selling & Administrative Exp. 210,606 172,158 234,034 204,882 171,692 Interest Income (3,560) (3,153) (4,328) (2,658) (2,577) Interest Expense 6,474 7,571 10,080 10,243 8,776 --------- --------- -------- -------- --------- 728,549 613,117 833,441 741,042 622,723
- 2 -
Nine Months Ended Twelve Months Ended -------------------- --------------------------------- 2/28/98 2/28/97 5/31/97 5/31/96 5/31/95 ------- ------- ------- ------- ------- Income before Income Taxes 139,842 116,068 161,766 134,791 113,147 Income Taxes - Recurring 48,560 39,759 55,778 47,047 38,218 ------- ------- ------- ------- ------- Net Income 91,282 76,309 105,988 87,744 74,929 Basic Earnings Per Share $.90 $.77 $1.07 $.89 $.77 Diluted Earnings Per Share $.89 $.76 $1.05 $.88 $.75 Weighted Average Number of Shares: Basic 101,345 98,805 99,221 98,157 97,742 Diluted 103,088 100,394 100,725 99,661 99,287 Net Income for Cintas Corporation and UTY on a proforma basis, as if UTY had been a C corporation and paid Federal and State Income Taxes, is as follows: Proforma Income Taxes $52,987 $44,142 $ 61,572 $51,852 $42,879 Proforma Net Income $86,855 $71,926 $100,194 $82,939 $70,268 Proforma Basic EPS $.86 $.73 $1.01 $.84 $.72 Proforma Diluted EPS $.84 $.72 $ .99 $.83 $.71
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CINTAS CORPORATION Date: June 1, 1998 By: /s/ William C. Gale ------------------------------ William C. Gale, Vice President - Finance and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----