Cleaning & Restoration Breaking News

Minuteman Reports Second Quarter Results

Results reflect economy

ADDISON, Ill. -- Minuteman International, Inc. (Nasdaq:MMAN) reported its operating results for the second quarter of 2001 mirrored the weakness prevalent throughout the economy in general and its peers in the floor-care industry in particular.

For the quarter ended June 30, 2001, net income was $712,000, or 20-cents per share, compared with $976,000, or 28-cents per share for the same period in 2000, as restated. Sales were $19.9 million compared to $21.7 million for the second quarter of 2000, as restated.

For the first six months of 2001, net income was down 42 cents a share to $1.5 million, down from $1.9 million, or 55-cents per share, for the first half of 2000, as restated. Sales were down 6.4 percent for the year to date, at $41.5 million, compared with last year's $44.4 million, as restated.

Minuteman said it has instituted an asset conservation program aimed at protecting its financial condition and preserving the company's position as the frontrunner in its industry. Gregory J. Rau, president and CEO, believes the expense-control program will enhance future results because the return to full production will be orchestrated gradually, carefully keeping pace with any rebound in industrial activity.

Minuteman's response to the reduced demand from its commercial and industrial customers is characterized by a reduction in employment equal to about 5 percent of its workforce; a freeze on wages and new hires; and selective plant shutdowns for temporary periods. The effect of these measures will be monitored closely in coming weeks.

Minuteman International, Inc., manufactures Minuteman and PowerBoss commercial and industrial vacuums, floor and carpet-care equipment, and chemical products for cleaning and coating. For more information, visit the company's Web site at www.minutemanintl.com.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

Podcasts

Beginning April 21, Google will start judging websites based on their mobile friendliness. What exactly does this mean to you cleaning website? Find out in the latest edition of The Hitman Advertising Show, which will also cover tips and suggestions on getting mobile compliant.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2015 April

The April ICS issue features content on concrete polishing, green cleaning, air duct cleaning, injection sprayers and new products.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive

THE ICS STORE

FinalCover.gif
The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.png

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view