Cintas Corporation Achieves 34^th Consecutive Year of Growth in Sales and Profits
•Annual Revenue of $2.69 billion , up 18 percent
•Profits Increase 6 percent
•Earnings Per Share of $1.45, up 7 percent
•Balance Sheet strengthens

CINCINNATI, July 15, 2003 — Cintas Corporation (Nasdaq:CTAS) today reported record revenue for fiscal 2003 of $2.69 billion, an 18 percent increase from fiscal 2002‘s revenue of $2.27 billion. The company also reported a 6 percent increase in net income of $249 million compared to $234 million last year. Earnings per diluted share of $1.45 increased 7 percent from last year’s $1.36 per diluted share. This is Cintas’ 34^th consecutive year of growth in sales and profits. Cintas is one of only three public companies with such a prolonged track record of increasing sales and profits; the other two are ADP and Wal-Mart.

Scott D.Farmer, Chief Executive Officer of Cintas, stated, “On behalf of my Cintas partners, I am proud to report that our Company achieved another successful year on many fronts. Our sales and profits continued to increase, giving us the ability to extend our services to 13 new cities and build six new, state-of-the-art uniform rental facilities. During the year, we integrated the largest acquisition in the Company’s history, Omni Services. In addition, our balance sheet strengthened as we paid down a substantial portion of the debt incurred to buy Omni. Cintas has grown through all economic cycles, even in today’s tough environment. We attribute this success to our people, who share a common set of values and beliefs—things like honesty, integrity, competitive urgency and positive discontent. We are always trying to make our Company better.”

Mr. Farmer continued, “The sluggish economy has continued to put pressure on our customers’ businesses and, as a result, our business has been negatively impacted. Many of our customers have cut the size of their workforce and closed operations altogether. However, Cintas continues to have a great opportunity to grow in North America where our market share is about 9 percent of the total potential market. Our biggest opportunity is to convince companies without uniforms that they need a uniform service. Each year, including fiscal 2003 that just ended, the majority of our new customers are companies who never had a uniform program before. We continue to see opportunities to expand our customer base, leveraging our vast geographic coverage and nationwide sales and distribution network while creating new innovative products and exciting job opportunities for our partners.”

Strong Margins / Strong Balance Sheet

Net income margins of 9.3 percent were strong in spite of higher energy and employee benefit costs, and the expected costs of integrating the Omni operations into Cintas. Omni is now fully integrated, giving Cintas the ability to focus on increasing Omni’s profit margins to Cintas’ historical levels.

The Company’s balance sheet is strong and the company has reduced its long-term debt to total capitalization from 33 percent at May 31, 2002, to 25 percent at May 31, 2003. To date, the company has reduced the amount of its commercial paper outstanding by paying down $190 million, or 83%, of the peak level borrowed in early May 2002. Shareholders’ equity reached $1.6 billion, up from $1.4 billion last year.

Record Fourth Quarter Results

For the quarter ended May 31, 2003, Cintas reported record revenue of $676 million, an increase of 12 percent over the fourth quarter of last year. The company noted that there was one less workday in this year’s fourth quarter versus last year. On a comparable workday basis, total revenue rose 13.7 percent. For the fourth quarter, rental revenue increased organically by 4 percent, on a comparable workday basis, while total revenue grew 3 percent, organically. Strong net income margins were achieved at 9.6 percent of revenues for the fourth quarter.

Outlook

Mr. Farmer commented, “Our customers continue to pare back their employment levels, which reflects the sluggishness they see in their business and the overall economy. The uncertainty about the future direction of the economy results in the following guidance for fiscal 2004. Our forecast is for revenue to be in a range of $2.75 to $2.95 billion compared to fiscal 2003‘s revenue of $2.69 billion. Our guidance for earnings per share is $1.52 to $1.64 compared to $1.45 for fiscal 2003. Capital expenditures for fiscal 2004 will be approximately $150 million. “

About Cintas

Headquartered in Cincinnati, Cintas Corporation is the leader in the corporate identity uniform industry providing uniforms to a wide variety of industries nationwide. The Company also provides a range of outsourcing services including entrance mats, hygiene supplies, cleanroom services and first aid and safety products and services. Cintas is a publicly held company traded over the Nasdaq National Market under the symbol CTAS, and is a Nasdaq-100 company and component of the Standard & Poor’s 500 Index. The Company has achieved 34 consecutive years of growth in sales and earnings, to date.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made. These statements are subject to various risks, uncertainties and other factors that could cause actual results to differ from those set forth in this news release. Factors that might cause such a difference include the possibility of greater than anticipated operating costs, lower sales volumes, the performance and costs of integration of acquisitions, fluctuations in costs of materials and labor, costs and possible effects of union organizing activities, outcome of pending environmental matters, the initiation or outcome of litigation, higher assumed sourcing or distribution costs of products and the reactions of competitors in terms of price and service. Forward-looking statements speak only as of the date made. Cintas undertakes no obligation to update any forward-looking statements to reflect the events or circumstances arising after the date on which they are made.

For additional information, contact:

William C. Gale, Senior Vice President-Finance and Chief Financial Officer--513-573-4211

Karen L. Carnahan, Vice President and Treasurer--513-573-4013

Cintas Corporation
Consolidated Condensed Statements of Income
(Unaudited)
(In thousands except per share data)

	Three Months Ended									Twelve Months Ended
	May 31, 2003			May 31, 2002			% Chng.			May 31, 2003			May 31, 2002			% Chng.
Revenue:
Rentals	$	528,623		$	462,292			14.3		$	2,101,785		$	1,753,368			19.9
Other services		147,521			141,521			4.2			584,800			517,684			13.0
Total revenue	$	676,144		$	603,813			12.0		$	2,686,585		$	2,271,052			18.3
Costs and expenses (income):
Cost of rentals	$	297,637		$	250,187			19.0		$	1,173,666		$	953,352			23.1
Cost of other services		99,551			98,071			1.5			393,711			360,330			9.3
Selling and admin. expenses		168,567			152,801			10.3			695,437			580,469			19.8
Interest income		(729	)		(1,568	)		(53.5	)		(2,905	)		(5,636	)		(48.5	)
Interest expense		7,447			2,756			170.2			30,917			10,952			182.3
Total costs and expenses	$	572,473		$	502,247			14.0		$	2,290,826		$	1,899,467			20.6
Income before income taxes		103,671			101,566			2.1			395,759			371,585			6.5
Income taxes		38,460			37,424			2.8			146,506			137,334			6.7
Net income	$	65,211		$	64,142			1.7		$	249,253		$	234,251			6.4
Per share data:
Basic earnings per share	$	.38		$	.38			0.0		$	1.46		$	1.38			5.8
Diluted earnings per share	$	.38		$	.37			2.7		$	1.45		$	1.36			6.6
Basic shares outstanding		170,516			169,876						170,262			169,713
Diluted shares outstanding		171,795			172,503						172,037			172,244

CINTAS CORPORATION SUPPLEMENTAL DATA

	Three Months Ended						Twelve Months Ended
	May 31, 2003		May 31, 2002		% Chng.		May 31, 2003		May 31, 2002		% Chng.
EBIT	$	110,389	$	102,754		7.4	$	423,771	$	376,901		12.4
EBIT/revenue		16.3%		17.0%		15.8%		16.6%
EBITDA	$	144,456	$	133,423		8.3	$	566,832	$	496,926		14.1
EBITDA/revenue		21.4%		22.1%		21.1%		21.9%
Rental gross margin		43.7%		45.9%		44.2%		45.6%
Other services gross margin		32.5%		30.7%		32.7%		30.4%
Total gross margin		41.3%		42.3%		41.7%		42.2%
Net margin		9.6%		10.6%		9.3%		10.3%
Depreciation and amortization	$	34,067	$	30,669		11.1	$	143,061	$	120,025		19.2
Capital expenditures	$	34,572	$	22,307		55.0	$	115,019	$	107,284		7.2
Debt to Total Capitalization		25.5%		33.6%		25.5%		33.6%

Cintas Corporation
Consolidated Condensed Balance Sheets
(Unaudited)
(In thousands except share data)

	May 31, 2003			May 31, 2002
ASSETS
Current assets:
Cash and cash equivalents	$	32,239		$	40,628
Marketable securities		25,420			44,458
Accounts receivable, net		278,147			283,234
Inventories		228,410			193,821
Uniforms and other rental items in service		305,721			280,936
Prepaid expenses		7,607			10,173
Total current assets		877,544			853,250
Property, plant and equipment, at cost, net		777,432			778,402
Goodwill		721,855			678,598
Service Contracts		144,899			158,529
Other assets		61,216			50,455
	$	2,582,946		$	2,519,234
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	53,909		$	60,393
Accrued liabilities		153,134			160,709
Income Taxes:
Current		16,527			11,791
Deferred		53,018			61,372
Long-term debt due within one year		28,251			18,369
Total current liabilities		304,839			312,634
Long-term debt due after one year		534,763			703,250
Deferred income taxes		97,012			79,591
Shareholders' equity:
Preferred stock, no par value,
100,000 shares authorized, none
outstanding		--
Common stock, no par value, 425,000,000 shares
authorized, 170,599,993, shares issued and
outstanding (169,930,290 at May 31, 2002)		76,124			66,508
Retained earnings		1,568,071			1,365,136
Other accumulated comprehensive loss:
Foreign currency translation		4,427			(4,863	)
Unrealized loss on derivatives		(2,290	)		(3,022	)
Total shareholders' equity		1,646,332			1,423,759
	$	2,582,946		$	2,519,234

Cintas Corporation
Consolidated Condensed Statements of Cash Flows
(Unaudited)
(In thousands)

	Twelve Months Ended
	May 31, 2003			May 31, 2002
Cash flows from operating activities:
Net income	$	249,253		$	234,251
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation		115,320			101,215
Amortization of deferred charges		27,741			18,810
Deferred income taxes		7,648			20,629
Change in current assets and liabilities,
net of acquisitions of businesses:
Accounts receivable		4,044			3,162
Inventories		(35,638	)		31,731
Uniforms and other rental items in service		(24,781	)		(27,257	)
Prepaid expenses		2,597			1,330
Accounts payable		(6,648	)		3,345
Accrued compensation and related liabilities		(3,734	)		(12,696	)
Accrued liabilities		(9,851	)		4,534
Income taxes payable		4,736			(1,621	)
Net cash provided by operating activities		330,687			377,433
Cash flows from investing activities:
Capital expenditures		(115,019	)		(107,284	)
Proceeds from sale or redemption of marketable securities		23,790			157,419
Purchase of marketable securities		(4,752	)		(165,372	)
Acquisitions of businesses, net of cash acquired		(37,173	)		(732,227	)
Other		(3,068	)		(1,882	)
Net cash used in investing activities		(136,222	)		(849,346	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		0			640,245
Repayment of long-term debt		(172,891	)		(160,612	)
Stock options exercised		5,699			3,247
Dividends paid		(46,003	)		(42,454	)
Other		10,341			(1,609	)
Net cash (used in) provided by financing activities		(202,854	)		438,817
Net (decrease) in cash and cash equivalents		(8,389	)		(33,096	)
Cash and cash equivalents at beginning of period		40,628			73,724
Cash and cash equivalents at end of period	$	32,239		$	40,628