CINTAS CORP Annual Report, Year Ended May 31, 2009

Cintas Corporation's 2009 10-K filing reflects a company navigating a challenging economic environment, with total revenue declining 4.1% to $3.77 billion for the fiscal year ended May 31, 2009, compared to the prior year. This downturn was primarily attributed to the severe economic turmoil that began in the latter half of fiscal year 2009, leading customers to significantly reduce spending. The company proactively responded by implementing cost-reduction measures, including facility closures, hiring freezes, and workforce reductions, resulting in significant restructuring charges. Despite the revenue decline and the impact of restructuring, Cintas demonstrated resilience by generating strong operating cash flow and paying an increased dividend for the 26th consecutive year. The company's core business, Rental Uniforms and Ancillary Products, experienced a 2.8% revenue decrease, while other segments like Uniform Direct Sales and First Aid, Safety, and Fire Protection Services saw larger declines. The Document Management Services segment, however, showed strong growth, increasing revenue by 17.0%, driven by acquisitions and internal growth. Cintas' balance sheet remained solid, with a decrease in long-term debt and a strong liquidity position, as evidenced by no outstanding commercial paper borrowings at year-end.