Key Developments For Cintas Corporation
Cintas Corporation (CTAS.O) (Nasdaq)
Cintas Corporation Announces Retirement Of Chairman
Cintas Corporation announced that Company founder Richard T. Farmer has retired as Chairman, assuming the role of Chairman Emeritus, and will remain on the Board of Directors. Vice Chairman Robert J. Kohlhepp has been elected to the position of Chairman of the Board.
Cintas Corporation to Pay Over $22.75 Million in Class Action Lawsuit
Cintas Corporation was notified a $22.75 million settlement agreement had been reached in the class action overtime lawsuit, Veliz v. Cintas Corporation. The suit, filed in 2003, alleged Cintas misclassified thousands of their route drivers as exempt employees in order to avoid paying overtime required by state and federal laws.
Cintas Corporation Issues Q4 2009 Outlook Below Analysts' Estimates
Cintas Corporation announced that for fourth quarter of 2009, it expects revenue to be between $870-$885 million, earnings per diluted share (EPS), prior to the restructuring charge, are expected to be between $0.34-$0.37 and after restructuring charge of approximately $50 million after tax, EPS is expected to be between $0.01-$0.04. According to Reuters Estimates, analysts were expecting the Company to report revenue of $923 million and EPS of $0.47 for the same period.
Cintas Corporation Announces Annual Dividend
Cintas Corporation announced that its Board of Directors approved a $0.47 per share annual dividend, an increase over last year's annual dividend of $0.46 per share. The dividend was approved at the Company's Board of Directors meeting held today. The dividend is payable on March 11, 2009, to shareholders of record as of February 4, 2009.
Cintas Corporation Removes FY 2009 Outlook
Cintas Corporation announced that for fiscal 2009, it has removed their revenue and earnings per share outlook. The Company cited significant uncertainties that are widespread throughout the marketplace as the primary reason for this outlook.
