Cintas Corporation Reports Second Quarter Fiscal Results
Cintas Corporation, Cincinnati, reported results for its second quarter of fiscal year 2016 ended Nov. 30, 2015.
Revenue for the second quarter of fiscal year 2016 was $1.22 billion, an increase of 8.5 percent over the prior year period. Organic growth, which adjusts for the impacts of acquisitions and foreign currency exchange rate fluctuations, was 6.5 percent.
Operating income for the second quarter of fiscal year 2016 of $200.3 million increased 10.3 percent from the prior year period. Operating income margin improved to 16.4 percent from 16.2 percent of revenue in last year’s second quarter.
Net income from continuing operations for the second quarter of fiscal year 2016 was $115.5 million compared to $103.7 million in the prior year period, and earnings per diluted share (EPS) from continuing operations for the second quarter of fiscal year 2016 were $1.03 compared to $0.86 for the prior year period.
Second quarter of fiscal 2016 net income and EPS from continuing operations increased 11.3 percent and 19.8 percent, respectively, compared to the prior year period. Net income from continuing operations as a percent of revenue improved to 9.5 percent from 9.2 percent in last fiscal year’s second quarter.
On Dec. 4, 2015, Cintas Corporation paid an annual dividend of $1.05 per share, totaling $115.5 million. The dividend per share was 23.5 percent more than last year’s annual dividend of $0.85 per share and was the 32nd consecutive year it had been increased. Additionally, since the beginning of fiscal year 2016, Cintas Corporation repurchased about 4.5 million shares under its buyback program at an aggregate cost of $382.9 million, including $180.4 million of repurchases in the second quarter. At the end of the second quarter, Cintas Corporation still has $380.0 million available under the current board of directors stock repurchase authorization.
“The dividend and share buyback program further demonstrate our commitment to increasing shareholder value," said SCott D. Farmer, CEO of Cintas Corporation. “Our solid start to fiscal year 2016 was followed by a second quarter of excellent financial results. We are pleased to again report strong increases in organic revenue, operating income, and EPS. I thank our employees, whom we call partners, for continuously striving to exceed expectations."
For more information on Cintas Corporation, visit www.cintas.com.