DRYCLEAN USA (DCU) Announces Proposed Name Change to EnviroStar; Reports Q1 Earnings
DRYCLEAN USA, Inc. (NYSE Amex: DCU) announced that its shareholders approved a proposal to change the name of the Company to EnviroStar, Inc. The new name will be effective and the Company's common stock will begin trading under the new symbol "EVI" on December 1, 2009.
For the first three months of fiscal 2010, revenues decreased 45.7% to $3,663,272 from $6,750,817 for the same period of last year, causing a loss of $70,898, or $.01 per share, for the quarter compared to net earnings of $209,001, or $.03 per share, for the first quarter of fiscal 2009.
Venerando J. Indelicato, Chief Financial Officer of DRYCLEAN USA Inc., reported: "The loss in the first quarter was disappointing but understandable given the state of the current economy. However, the Company is financially strong and is well positioned to withstand temporary adverse conditions."
Mr. Indelicato noted that the Company is changing its name to EnviroStar Inc. to emphasize the Company's green environmentally safe products.
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