Cintas Earnings Call Nuggets: Share Count and Operating Margins
Cintas Corporation (NASDAQ:CTAS) recently reported its first quarter earnings and discussed the following topics in its earnings conference call.
Sara Gubins – Bank of America-Merrill Lynch: One just quick housekeeping question. Could you give us your share count at the quarter-end and maybe today, given the late nature of the repurchases?
William C. Gale – SVP and CFO: The share count at the end of the quarter was 120,778,000. For the year we’re modeling about 122.5 million shares.
Sara Gubins – Bank of America-Merrill Lynch: You saw a nice acceleration in Uniform Rental and in your prepared remarks, you mentioned seeing some improvement in national accounts. Could you give us anymore color on perhaps what type of national accounts and if you would expect that acceleration to continue?
J. Michael Hansen – VP and Treasurer: Sure. As you know, Sara, we have quite a few facilities, services, offerings and we saw some real nice penetration into our national accounts, in, particularly in our cleaning area, our floor cleaning, our emergency floor cleaning businesses, restroom cleaning. As far as, do we expect that to continue, it’s a little bit hard to say, but we certainly believe that our national account customers see the value of those products and services, but I would say it’s a little too early to tell whether we’ll see that throughout the rest of the year.
Sara Gubins – Bank of America-Merrill Lynch: Then just last question. On the fourth quarter call you mentioned that you’d be adding route capacity during fiscal ’14, although not as much in fiscal ’13. Any change to those plans?