Cintas Corporation Announces 18% Increase in Annual Dividend
CINCINNATI, January 16, 2008 – Cintas Corporation (Nasdaq: CTAS) announced today that its board of directors approved an 18 percent increase in the company's annual dividend to 46 cents per share from 39 cents per share. The dividend was approved at the company's board of directors meeting held yesterday, January 15, 2008. The dividend is payable on March 12, 2008, to shareholders of record as of February 6, 2008.
Chairman and founder of Cintas Richard T. Farmer said, "We are pleased to announce this annual dividend for our shareholders. Since going public in 1983, Cintas has paid a dividend each year and dividends have increased at a compound annual rate of over 20 percent over that timeframe. We understand and appreciate the investment our shareholders have made in Cintas. Our increasing dividend, along with our consistent growth in sales and profits, demonstrates our continued commitment to increasing shareholder value."
The company has long been recognized as a leader in enhancing shareholder value, honored regularly as a "Dividend Achiever" by Mergent Inc. To qualify for this list, companies must have ten or more consecutive years of dividend growth. The company has also achieved 38 consecutive years of growth in sales and earnings.
Headquartered in Cincinnati, Cintas Corporation provides highly specialized services to businesses of all types predominantly in the United States and Canada. Cintas designs, manufactures and implements corporate identity uniform programs and provides entrance mats, restroom supplies, promotional products, first aid and safety products, fire protection services and document management services for approximately 800,000 businesses. Cintas is a publicly held company traded over the Nasdaq Global Select Market under the symbol CTAS, and is a Nasdaq-100 company and component of Standard & Poor's 500 Index.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. Forward-looking statements may be identified by words such as "estimates", "anticipates", "predicts", "projects", "plans", "expects", "intends", "target", "forecast", "believes", "seeks", "could", "should", "may" and "will" or the negative versions thereof and similar expressions and by the context in which they are used. Such statements are based upon current expectations of Cintas and speak only as of the date made. We cannot guarantee that any forward-looking statement will be realized. These statements are subject to various risks, uncertainties and other factors that could cause actual results to differ from those set forth in or implied by this news release. Factors that might cause such a difference include, but are not limited to, the possibility of greater than anticipated operating costs including energy costs, lower sales volumes, loss of customers due to outsourcing trends, the performance and costs of integration of acquisitions, fluctuations in costs of materials and labor including increased medical costs, costs and possible effects of union organizing activities, failure to comply with government regulations concerning employment discrimination, employee pay and benefits and employee health and safety, uncertainties regarding any existing or newly-discovered expenses and liabilities related to environmental compliance and remediation, the cost, results and ongoing assessment of internal controls for financial reporting required by the Sarbanes-Oxley Act of 2002, the initiation or outcome of litigation, higher assumed sourcing or distribution costs of products, the disruption of operations from catastrophic events, changes in federal and state tax laws and the reactions of competitors in terms of price and service. Cintas undertakes no obligation to update any forward-looking statements whether as a result of new information or to reflect events or circumstances arising after the date on which they are made. You are advised, however, to consult any further disclosures we make on related subjects in our Form 10-Q, 8K and 10-K reports to the SEC.
For additional information, contact:
William C. Gale
Senior Vice President-Finance and Chief Financial Officer
Michael L. Thompson
Vice President and Treasurer