Item 6. Selected Financial Data

4K 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,	2011(1)		2012(1)		2013(1)		2014(1)(2)		2015(1)		Compound Annual Growth (2011-2015)

Revenue	3,748,957		4,032,464		4,245,964		4,469,565		4,476,886		4.5	%
Net Income, Continuing Operations	249,536		300,468		316,586		374,285		408,077		13.1	%
Net (Loss) Income, Discontinued Operations	(2,547	)	(2,831	)	(1,144	)	157		22,541		72.5	%
Net Income	246,989		297,637		315,442		374,442		430,618		14.9	%
Basic Earnings (Loss) Per Share:
Continuing Operations	1.69		2.29		2.54		3.08		3.49		19.9	%
Discontinued Operations	(0.01	)	(0.02	)	(0.01	)	0.00		0.19		108.8	%
Basic Earnings per Share	1.68		2.27		2.53		3.08		3.68		21.7	%
Diluted Earnings (Loss) Per Share:
Continuing Operations	1.69		2.29		2.53		3.05		3.44		19.4	%
Discontinued Operations	(0.01	)	(0.02	)	(0.01	)	0.00		0.19		108.8	%
Diluted Earnings (Loss) Per Share	1.68		2.27		2.52		3.05		3.63		21.2	%
Dividends Per Share	0.49		0.54		0.64		0.77		1.70		36.5	%
Total Assets	4,351,940		4,165,706		4,345,632		4,462,452		4,192,460		(0.9	)%
Shareholders' Equity	2,302,649		2,139,135		2,201,492		2,192,858		1,932,455		(4.3	)%
Return on Average Equity (3)	10.3	%	13.5	%	14.6	%	17.0	%	19.8	%
Long-Term Debt	1,284,790		1,059,166		1,300,979		1,300,477		1,300,000


(1)	Effective August 31, 2014, the Storage business was classified as discontinued operations. In accordance with the applicable accounting guidance for the disposal of long-lived assets, the results of Storage have been excluded from continuing operations for all periods presented. Please see Note 17 entitled Discontinued Operations of "Notes to Consolidated Financial Statements" for additional information.

(1)

Effective August 31, 2014, the Storage business was classified as discontinued operations. In accordance with the applicable accounting guidance for the disposal of long-lived assets, the results of Storage have been excluded from continuing operations for all periods presented. Please see Note 17 entitled Discontinued Operations of "Notes to Consolidated Financial Statements" for additional information.


(2)	On April 30, 2014, the Shredding Transaction was completed with the shareholders of Shred-it to combine Cintas’ Shredding with Shred-it’s shredding business. Under the agreement, Cintas and Shred-it each contributed its shredding 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 Shred-it Partnership, Cintas received $180.0 million in cash at the closing of the Shredding Transaction. The Company realized a $106.4 million gain on deconsolidation of Shredding. In addition, as a result of the Shredding 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 Deconsolidations of "Notes to Consolidated Financial Statements" for additional information.

(2)

On April 30, 2014, the Shredding Transaction was completed with the shareholders of Shred-it to combine Cintas’ Shredding with Shred-it’s shredding business. Under the agreement, Cintas and Shred-it each contributed its shredding 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 Shred-it Partnership, Cintas received $180.0 million in cash at the closing of the Shredding Transaction. The Company realized a $106.4 million gain on deconsolidation of Shredding. In addition, as a result of the Shredding 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 Deconsolidations of "Notes to Consolidated Financial Statements" for additional information.


(3)	Return on average equity is computed as net income from continuing operations 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