From: DRYCLEAN USA. Inc. 290 NE 68 Street Miami, FL 33138 Michael Steiner (305) 754-4551 Venerando Indelicato (813) 814-0722 FOR IMMEDIATE RELEASE DRYCLEAN USA, Inc. Announces Year End Results Board of Directors Increases the Annual Dividend Miami, FL - September 28, 2004 - DRYCLEAN USA, Inc. (AMEX:DCU) today reported results of operations for the Company's fiscal year ended June 30, 2004. Net earnings from continuing operations for fiscal 2004 were $536,217 or $.08 per diluted share, on revenues of $14,672,265, compared to net earnings from continuing operations of $546,134 or $.08 per diluted share, on revenues of $14,517,467 for fiscal 2003. The Company also announced that the Board of Directors declared a $.06 per share annual dividend, an increase of 20% over the fiscal 2003 dividend, payable on November 1, 2004 to shareholders of record on October 15, 2004. Venerando J. Indelicato, Chief Financial Officer of DRYCLEAN USA, Inc. stated: "Although earnings in fiscal 2004 were essentially flat, cash flow continued to increase showing the Company's continued financial strength. On this confidence, the Board increased its annual dividend to its shareholders." DRYCLEAN USA, Inc., through its subsidiaries is one of the nation's leading distributors of industrial laundry, dry cleaning machines and steam boilers. Its subsidiary, DRYCLEAN USA License Corp, is one of the largest franchise and license operations in the dry cleaning industry, currently consisting of over 400 franchised and license stores in the United States, the Caribbean and Latin America. This press release contains certain information that is subject to a number of known and unknown risks and uncertainties that may cause actual results and trends to differ materially from those expressed or implied by the forward-looking statements. Information concerning such factors are discussed in Company reports filed with the Securities and Exchange Commission. ================================================================================ DRYCLEAN USA, Inc. DRYCLEAN USA, Inc. (AMEX:DCU)
Summary Consolidated Statements of Operations For the year ended For the year ended June 30, 2004 June 30, 2003 ----------- ----------- Revenues $14,672,265 $14,517,467 Earnings from continuing operations 853,627 880,223 Provision for income taxes 317,410 334,089 ----------- ----------- Net earnings from continuing operations 536,217 546,134 Net earnings from disposal of discontinued operations 57,659 ----------- ----------- Net earnings $ 536,217 $ 603,793 Basic and diluted earnings per share: Continuing operations $ .08 $ .08 Discontinued operations .01 Net earnings $ .08 $ .09 Weighted average shares outstanding Basic 7,009,188 6,996,450 Diluted 7,032,060 6,996,450