MIAMI — Dryclean USA Inc. reported improved operating results for the first quarter of fiscal 2009, ended Sept. 30, 2008.
Revenues increased 42.5% to $6.8 million during the first three months of the year, up from $4.7 million for the same period in fiscal 2008. Net earnings increased 84.9% to $209,001, or $.03 per diluted share, up from $113,044, or $.02 per diluted share in first-quarter 2008.
“We are pleased with the company’s performance during the first quarter of fiscal 2009, having attained near-record revenues and earnings,” says Venerando Indelicato, chief financial officer of Dryclean USA. “Although we operated on lower gross profit margins due to larger contracts, our overall profitability improved due to higher revenues. The company will continue its efforts to aggressively increase its market share during these recessionary times, even though existing projects have become more competitive.”