Item 6. Selected Financial Data

3K characters. Original on sec.gov · Markdown

Item 6. Selected Financial Data

Five-Year Financial Summary



(In thousands except per share and percentage data)
Fiscal Years Ended May 31,	2010		2011		2012		2013		2014(1)		Compound Annual Growth (2010-2014)

Revenue	3,547,339		3,810,384		4,102,000		4,316,471		4,551,812		6.4	%
Net Income	215,620		246,989		297,637		315,442		374,442		14.8	%
Basic EPS	1.40		1.68		2.27		2.53		3.08		21.8	%
Diluted EPS	1.40		1.68		2.27		2.52		3.05		21.5	%
Dividends Per Share	0.48		0.49		0.54		0.64		0.77		12.5	%
Total Assets	3,969,736		4,351,940		4,165,706		4,345,632		4,462,452		3.0	%
Shareholders' Equity	2,534,029		2,302,649		2,139,135		2,201,492		2,192,858		(3.6	)%
Return on Average Equity (2)	8.8	%	10.2	%	13.4	%	14.5	%	17.0	%
Long-Term Debt	785,444		1,284,790		1,059,166		1,300,979		1,300,477


(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. In addition to its 42% ownership of the partnership, Cintas received $180.0 million in cash at the closing of the transaction. The Company realized a $106.4 million gain on deconsolidation of the document destruction business. In addition, as a result of the transaction, the Company recorded an asset impairment charge of $16.1 million and other transaction costs of $28.5 million. Please see Note 9 entitled Acquisitions and Deconsolidation of "Notes to Consolidated Financial Statements" for additional information.

(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. In addition to its 42% ownership of the partnership, Cintas received $180.0 million in cash at the closing of the transaction. The Company realized a $106.4 million gain on deconsolidation of the document destruction business. In addition, as a result of the transaction, the Company recorded an asset impairment charge of $16.1 million and other transaction costs of $28.5 million. Please see Note 9 entitled Acquisitions and Deconsolidation of "Notes to Consolidated Financial Statements" for additional information.


(2)	Return on average equity is computed as net income divided by the average of shareholders' equity. We believe that this calculation gives management and shareholders a good indication of Cintas' historical performance.

Previous: Item 5. Market for Registrant's Common Equity, · Next: Item 7. Management's Discussion and Analysis