U.S. Dry Cleaning posts improved revenues

摘要

U.S. Dry Cleaning Corp. (USDC) reported a 38% increase in revenues for the fiscal 2007. The company reported revenues of $8.4 million, compared to revenues of approximately $6.1 million in 2006, The improved revenues offset $9.8 million in costs for the company. USDC reported high non-cash charges of $4.95 million related to acquisitions against its balance sheet, as well as administrative costs in connection with its initial public offering. One-time cash charges for the year represented an additional $3.73 million. "I am confident that as we move forward in 2008, we will see continued strength in our revenue and a significant reduction in our loss," says Robert Y. Lee, CEO. "We are seeing an increase in same-store sales in stores we have owned for 12 months or more. Same-store revenue rose 3.4% in calendar year 2007 over the same period in 2006. We believe that the very nature of the drycleaning business protects us from economic fluctuations better than other industries."