UNITED STATES
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): May 3, 2005
G&K Services, Inc.
(Exact name of registrant as specified in its charter)
Minnesota 0-4063 41-0449530
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
5995 Opus Parkway, 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)
Check the appropriate box below if the Form 8-K is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
___ Written communications pursuant to Rule 425 under Securities Act (17 CFR
230.425)
___ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
___ Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
___ Pre-commencement communications pursuant to Rule 13d-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 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 2.02 of Form 8-K,
"Results of Operations and Financial Condition."
On May 3, 2005, G&K Services, Inc. issued a press release announcing its
financial results for the fiscal quarter ended April 2, 2005. 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, organic direct
sale growth rate and free cash flow. The organic growth rates are calculated
using industrial rental and direct sale revenues, respectively, adjusted for
foreign currency exchange rate differences and revenues from newly acquired
locations. 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 growth rates better reflect the growth of our existing
industrial rental and direct sale business and are 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.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press Release dated May 3, 2005.
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: May 3, 2005 By: /s/ Jeffrey L. Wright
-------------------------------
Name: Jeffrey L. Wright
Title: Senior Vice President and
Chief Financial Officer
3
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
99.1 Press Release dated May 3, 2005.
4