SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 17, 2004
G&K Services, Inc.
(Exact name of registrant as specified in its charter)
Minnesota 0-4063 41-0449530
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
5995 Opus Parkway, Suite 500, Minnetonka, Minnesota 55343
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (952) 912-5500
NOT APPLICABLE
(Former name or former address, if changed since last report)
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press Release dated August 17, 2004.
Item 12. Disclosure of Results of Operations and Financial Condition
The information in this Item is furnished to, but not filed with, the Securities
and Exchange Commission (the "Commission") solely under Item 12 of Form 8-K,
"Results of Operations and Financial Condition."
On August 17, 2004, G&K Services, Inc. issued a press release announcing its
financial results for the fiscal quarter ended July 3, 2004. A copy of the press
release is furnished as Exhibit 99.1 to this report and is incorporated herein
by reference. The press release contains certain non-GAAP financial measures,
including the organic industrial rental growth rate and free cash flow. The
organic industrial rental growth rate is calculated using industrial rental
revenue adjusted for foreign currency exchange rate differences, revenue from
newly acquired locations and the extra week recorded in the current quarter
compared to prior-period results. Management believes that by eliminating the
impact of the U.S.-Canadian exchange rate, the effects of the Company's
recent business acquisitions and the impact of the extra week recorded in the
current quarter, the organic industrial rental growth rate better reflects the
growth of our existing industrial business and is therefore useful in analyzing
the financial condition of the Company and the results of its operations. Free
cash flow is cash provided by operating activities less capital expenditures.
Management believes that this is an important financial measure because it
indicates the Company's ability to expand, acquire additional business, pursue
debt reduction and pay dividends.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
G&K SERVICES, INC.
(Registrant)
Date: August 17, 2004 By: /s/ Jeffrey L. Wright
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Name: Jeffrey L. Wright
Title: Senior Vice President and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release dated August 17, 2004