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): January 27, 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 January 27, 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 January 27, 2004, G&K Services, Inc. issued a press release announcing its
financial results for the fiscal quarter ended December 27, 2003. 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 and
revenue from newly acquired locations compared to prior-period results.
Management believes that by eliminating the impact of the U.S.-Canadian exchange
rate and the effects of the Company's recent business acquisitions, 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.
-2-
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: January 27, 2004 By: /s/ Jeffrey L. Wright
-------------------------------------------
Name: Jeffrey L. Wright
Title: Chief Financial Officer and Secretary
-3-
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
99.1 Press Release dated January 27, 2004
-4-