Coinmach (AMEX:DRY)
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From Dec 2019 to Dec 2024
Coinmach Service Corp. (Amex: "DRY"):
-- Q1 Fiscal 2006 EBITDA improved to $40.4 million versus $40.0
million in Q1 Fiscal 2005
-- Q1 Fiscal 2006 Net Cash Generated improved to $7.5 million
versus $7.4 million in Q1 Fiscal 2005
Coinmach Service Corp. (Amex: "DRY") (the "Company"), a leading
supplier of outsourced laundry equipment services for multi-family
housing properties in North America, today reported its financial
results for the first quarter 2006.
This quarter is in line with our expectations and demonstrates our
continued ability to produce stable and predictable results. In
addition, the Company will make a distribution payment of $0.375 per
IDS unit. This distribution will consist of a declared dividend of
approximately $0.206 per share of Class A common stock (or
approximately $3.9 million in the aggregate) and an interest payment
of approximately $0.169 per note underlying the IDS unit (or
approximately $3.2 million in the aggregate). The dividend will be
paid on September 1, 2005 to holders of record as of the close of
business on August 25, 2005. This dividend represents the Company's
third dividend payment consistent with that anticipated by the Company
as part of its successful IDS offering consummated in November 2004.
This interest and dividend payment covers the period from April 1,
2005 through June 30, 2005. Based on the closing IDS unit price of
$13.59 at the end of trading on Tuesday, August 9, 2005, the total
payment of approximately $0.375 per IDS unit (which includes both
dividends and interest) represents an annualized yield of
approximately 11.0%. The next anticipated dividend and interest
payment date for the IDS unit is scheduled for December 1, 2005. We
have distributed approximately $0.91 per IDS unit (including this
distribution), consisting of dividends of approximately $0.50 per
share and interest payments of approximately $0.41 per IDS unit. These
distributions have been consistent with our anticipated annual
distribution of $1.50 per IDS unit, which constitutes an 11% yield on
the original price of $13.64. The Company has adopted a dividend
policy pursuant to which it plans to make annual payments to IDS
holders aggregating $1.50 per unit, representing approximately $0.67
per unit of interest payments and approximately $0.83 per unit of
dividend payments.
Net Cash Generated was $7.5 million for the 1st quarter of Fiscal
2006 as compared to $7.4 million for the 1st quarter of Fiscal 2005.
Each of the Company's business segments reported improved operating
results. Driving these results was continued strong performance from
the Company's core business (the "route" business) and the equipment
rental business.
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*T
Net Cash Generated (after capital and interest payments)
The following table reflects the computation of Net Cash Generated*
(in millions):
Quarter ended
June 30,
------------------------
2005 2004
------------ ---------
Consolidated EBITDA: $40.4 $40.0
less:
Interest Expense:
Third party notes and other 12.0 14.2
IDS notes 3.3 -
Capital Expenditures (1) 17.6 18.4
------------------------
Net Cash Generated $7.5 $7.4
========================
* For information regarding the Company's use of Net Cash
Generated (after capital and interest payments) and EBITDA and for
reconciliations of such non-GAAP measures to net loss and cash flow
from operating activities refer to "Presentation of Non-GAAP Financial
Information" below, including the tables attached hereto.
(1) Represents cash used in investing activities excluding
acquisition of net assets for the periods presented
*T
First Quarter 2006 Results
The following discussion of operating results focuses on revenue
and EBITDA for each of our operating segments. For information
regarding the Company's use of EBITDA and for reconciliations to net
loss and cash flow from operating activities refer to "Presentation of
Non-GAAP Financial Information" below, including the tables attached
hereto.
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*T
Quarter ended
June 30,
-------------------
2005 2004
--------- ---------
Revenue: Route business $119.8 $118.3
--------
Rental business 8.6 8.3
Distribution business 5.4 6.9
--------- ---------
Total 133.8 133.5
--------- ---------
EBITDA:
-------
Route business $39.4 $39.2
Rental business 3.5 3.3
Distribution business - (0.1)
Corporate (2.5) (2.4)
--------- ---------
Total 40.4 40.0
--------- ---------
Capital
Expenditures: (1)
-----------------
Route business $15.1 $16.7
Rental business 0.9 0.8
Distribution business 0.1 0.1
Corporate (2) 1.5 0.8
--------- ---------
Total 17.6 18.4
--------- ---------
(1) Represents cash used in investing activities excluding
acquisition of net assets for the periods presented.
(2) Includes capital expenditures attributable to our current
technology upgrade project, which relates primarily to
upgrading programs for our field service management and
collection systems for the periods presented.
*T
Route Business
The Route business consists of leasing laundry rooms from building
owners and property management companies, installing and servicing
laundry equipment, collecting revenues generated from laundry machines
and operating retail laundromats located throughout Texas and Arizona.
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*T
Quarter ended June 30,
---------------------------
2005 2004
------------- -------------
Revenue $119.8 $118.3
-------------------------------------------------------
EBITDA $39.4 $39.2
-------------------------------------------------------
Capital Expenditures $15.1 $16.7
*T
Revenue grew principally due to the net result of an increase in
third party service income and price increases, offset slightly by
decreased revenue primarily in the Southeast area caused by higher
vacancy rates during the 2005 Fiscal Year. Capital expenditures
decreased due to increased emphasis on returns on invested capital as
well as the change in the mix of equipment installed.
Equipment Rental Business
The Equipment Rental business consists of Appliance Warehouse of
America, Inc.
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*T
Quarter ended June 30,
---------------------------
2005 2004
-------------- ------------
Revenue $8.6 $8.3
-------------------------------------------------------
EBITDA $3.5 $3.3
-------------------------------------------------------
Capital Expenditures $0.9 $0.8
*T
Revenue and EBITDA increased primarily due to internal growth of
the machine base in existing areas of operations.
Equipment Distribution Business
The Equipment Distribution business consists of Super Laundry
Equipment Corp.
-0-
*T
Quarter ended June 30,
-------------------------
2005 2004
----------- -------------
Revenue $5.4 $6.9
--------------------------------------------------------
EBITDA $- $(0.1)
--------------------------------------------------------
Capital Expenditures $0.1 $0.1
*T
Revenue decreased primarily due to a decrease in sales from the
Northeast and Midwest operations. EBITDA decreased due to the decrease
in revenue offset by a reduction in operating expenses as a result of
the closing of California operations in the distribution business.
Revenue and EBITDA generated from the distribution business unit are
sensitive to general market and economic conditions.
Corporate
-0-
*T
Quarter ended June 30,
------------------------
2005 2004
----------- ------------
General and
Administrative $(2.5) $(2.4)
--------------------------------------------------------
Capital Expenditures $1.5 $0.8
*T
The increase in general and administrative expenses was primarily
due to incremental ongoing expenses associated with being a public
company. Corporate capital expenditures are attributable to our
current technology upgrade project, which relates primarily to
upgrading programs for our field service management and collection
systems.
Earnings Conference Call
The Company has scheduled a conference call for Wednesday, August
10, 2005 at 10:00 a.m. Eastern Standard Time to discuss its first
quarter fiscal 2006 financial results. Hosting the call will be
Stephen R. Kerrigan, the Company's Chairman and Chief Executive
Officer and Robert M. Doyle, the Company's Chief Financial Officer.
Interested parties may participate by accessing the teleconference via
a webcast on the Company's Investor Relations page,
www.coinmachservicecorp.com, or by dialing 866-314-4483
(1-617-213-8049 for international callers) and using the pass code
35017939 approximately 5 minutes before the start of the call. The
call will be open to the public with a question and answer session at
the end of the call. A replay of the conference call will be available
for 7 days on the Company's Investor Relations page or by dialing
888-286-8010 (1-617-801-6888 for international callers) and using the
pass code 370767760.
About Coinmach Service Corp.
Coinmach Service Corp., through its operating subsidiaries, is a
leading supplier of outsourced laundry equipment services for
multi-family housing properties in North America. The Company's core
business involves leasing laundry rooms from building owners and
property management companies, installing and servicing laundry
equipment and collecting revenues generated from laundry machines.
Presentation of Non-GAAP Financial Information
Certain disclosures in this press release include "non-GAAP
financial measures." A non-GAAP financial measure is a numerical
measure of financial performance that excludes or includes amounts so
as to be different than the most directly comparable measure
calculated and presented in accordance with GAAP (U.S. generally
accepted accounting principles). Net Cash Generated (after capital and
interest) is defined as EBITDA less capital expenditures (including
property, plant and equipment) and interest expense. Management
believes Net Cash Generated (after capital and interest) is a useful
measure of the Company's ability, subject to restrictions contained in
its debt agreements and those of its subsidiaries and applicable law,
to pay dividends on its common stock. EBITDA represents earnings from
continuing operations before deductions for interest, income taxes and
depreciation and amortization. Management believes that EBITDA is
useful as a means to evaluate its ability to service existing debt, to
sustain potential future increases in debt and to satisfy capital
requirements. EBITDA is also used by the Company as a measure of
evaluating the performance of its three operating segments. Management
further believes that EBITDA is useful to investors as a measure of
comparative operating performance as it is less susceptible to
variances in actual performance resulting from depreciation,
amortization and other non-cash charges and more reflective of changes
in pricing decisions, cost controls and other factors that affect
operating performance. The Company uses EBITDA to develop compensation
plans, to measure sales force performance and to allocate capital
assets. Additionally, because the Company has historically provided
EBITDA to investors, Management believes that presenting this non-GAAP
financial measure provides consistency in its financial reporting. The
Company's use of Net Cash Generated (after capital and interest) and
EBITDA, however, is not intended to represent cash flows for the
period, nor has it been presented as an alternative to either (a)
operating income (as determined by GAAP) as an indicator of operating
performance or (b) cash flows from operating, investing and financing
activities (as determined by GAAP) as a measure of liquidity. Given
that Net Cash Generated (after capital and interest) and EBITDA are
not measurements determined in accordance with GAAP and are thus
susceptible to varying calculations, such measures may not be
comparable to other similarly titled measures of other companies.
Reconciliations of EBITDA to Net Cash Generated (after capital and
interest) and EBITDA to net loss and cash flow provided from operating
activities are included in the attached tables.
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements."
Such forward-looking statements involve known and unknown risks,
uncertainties and other unknown factors that could cause the actual
results of the Company to be materially different from the historical
results or from any future results expressed or implied by such
forward-looking statements. In addition to statements which explicitly
describe such risks and uncertainties, readers are urged to consider
statements labeled with the terms "believes," "belief," "expects,"
"intends," "anticipates", "plans" or similar terms to be uncertain and
forward-looking. The forward-looking statements contained herein are
also subject generally to other risks and uncertainties that are
described from time to time in the Company's filings with the
Securities and Exchange Commission.
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*T
COINMACH SERVICE CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Quarter ended June 30,
----------------------
2005 2004
----------- ----------
Revenues $133,830 $133,499
Operating, general and administrative expense 93,438 93,529
Depreciation and amortization 18,932 19,029
Amortization of advance location payments 4,135 4,926
Amortization of intangibles 3,485 3,680
----------- ----------
119,990 121,164
Operating income 13,840 12,335
Interest expense 15,331 14,227
Interest expense-non cash preferred stock
dividends (1) - 6,560
------------ ---------
Loss before income taxes (1,491) (8,452)
Benefit for income taxes (516) (672)
------------ ---------
Net loss $(975) $(7,780)
============ =========
Weighted average common shares outstanding:
Class A common stock (2) 18,911,532 18,911,532
Class B common stock 24,980,445 24,980,445
---------- -----------
Total weighted average
shares outstanding 43,891,977 43,891,977
========== ===========
Pro-forma basic and diluted net income (loss)
per Class A common stock (3) $0.10 $(0.18)
========== ===========
*T
(1) Represents accrued dividends on Coinmach Laundry Corp.'s
preferred stock previously held, that was retired in November and
December 2004, as the result of the IDS transaction.
(2) Assumes that the Class A common stock was outstanding at the
beginning of each respective period.
(3) Represents net loss per Class A common stock assuming that the
Class A common stock was outstanding at the beginning of each
respective period.
Supplemental Disclosure
Set forth below is supplemental disclosure that adjusts the Loss
before Income Taxes for the periods presented by adding back interest
expense - non cash preferred stock, in order to exclude these
expenses.
-0-
*T
Quarter ended June 30,
----------------------
2005 2004
------------ ---------
Loss before income taxes $(1,491) $(8,452)
Add back:
Interest expense-non cash
preferred stock dividends - 6,560
------------ ---------
Loss before income taxes-adjusted $(1,491) $(1,892)
============ =========
Loss before income taxes-adjusted per Class A
common stock $(0.08) $(0.10)
============ =========
COINMACH SERVICE CORP.
RECONCILIATION OF NET LOSS TO EBITDA
(in thousands)
Quarter ended June
30,
-------------------
2005 2004
-------- --------
Net loss $(975) $(7,780)
Depreciation and amortization 26,552 27,635
Benefit for income taxes (516) (672)
Interest expense 15,331 14,227
Interest expense-non cash preferred
stock dividends - 6,560
-------- --------
EBITDA (1) $40,392 $39,970
======== ========
RECONCILIATION OF CASH FLOW PROVIDED BY
OPERATING ACTIVITIES TO EBITDA
(in thousands)
Quarter ended June 30,
-----------------------
2005 2004
------------ ---------
Cash flow provided by operating activities $33,520 $35,555
Benefit for income taxes (516) (672)
Interest expense 15,331 14,227
Gain on sale of equipment 112 29
Stock based compensation (12) (18)
Deferred income taxes 516 687
Amortization of deferred issue costs (531) (603)
Changes in assets and liabilities,
net of effects of business combination (8,028) (9,235)
-----------------------
EBITDA (1) $40,392 $39,970
=======================
(1) EBITDA represents earnings from continuing operations before
deductions for interest, income taxes and depreciation and
amortization. Management believes that EBITDA is useful as a
means to evaluate the Company's ability to service existing
debt, to sustain potential future increases in debt and to
satisfy capital requirements. EBITDA is also used by
management as a measure of evaluating the performance of the
Company's three operating segments. Management further
believes that EBITDA is useful to investors as a measure of
comparative operating performance as it is less susceptible to
variances in actual performance resulting from depreciation,
amortization and other non-cash charges and more reflective of
changes in pricing decisions, cost controls and other factors
that affect operating performance. Management uses EBITDA to
develop compensation plans, to measure sales force performance
and to allocate capital assets. Additionally, because the
Company has historically provided EBITDA to investors,
management believes that presenting this non-GAAP financial
measure provides consistency in our financial reporting.
Management's use of EBITDA, however, is not intended to
represent cash flows for the period, nor has it been presented
as an alternative to either (a) operating income (as
determined by U.S. generally accepted accounting principles)
as an indicator of operating performance or (b) cash flows
from operating, investing and financing activities (as
determined by U.S. generally accepted accounting principles)
as a measure of liquidity. Given that EBITDA is not a
measurement determined in accordance with U.S. generally
accepted accounting principles and is thus susceptible to
varying calculations, EBITDA may not be comparable to other
similarly titled measures of other companies.
COINMACH SERVICE CORP.
SELECTED CONSOLIDATED CASH FLOW DATA
(in thousands)
Quarter ended June
30,
------------------
2005 2004
-------- --------
OPERATING ACTIVITIES:
Net loss $(975) $(7,780)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 18,932 19,029
Amortization of advance location payments 4,135 4,926
Amortization of intangibles 3,485 3,680
Amortization of deferred issue costs 531 603
Deferred income taxes (516) (687)
Interest expense-non cash preferred stock dividends - 6,560
Stock based compensation 12 18
Gain on sale of equipment (112) (29)
Changes in assets and liabilities 8,028 9,235
-------- --------
Net cash provided by operating activities 33,520 35,555
-------- --------
INVESTING ACTIVITIES:
Additions to property and equipment (15,008) (13,645)
Advance location payments to location owners (2,904) (4,968)
Acquisition of net assets related to acquisition of
businesses - (366)
Proceeds from sale of property and equipment 299 156
-------- --------
Net cash used in investing activities (17,613) (18,823)
-------- --------
FINANCING ACTIVITIES:
Repayments under credit facility (1,240) (2,153)
Principal payments on capitalized lease obligations (1,438) (964)
(Repayments) borrowings from bank and other
borrowings (60) 279
Cash dividends paid (3,898) -
Receivables from shareholders - (5)
-------- --------
Net cash used in financing activities (6,636) (2,843)
-------- --------
INCREASE IN CASH AND CASH EQUIVALENTS 9,271 13,889
CASH AND CASH EQUIVALENTS:
Beginning of period 57,271 31,620
-------- --------
End of period $66,542 $45,509
======== ========
COINMACH SERVICE CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data)
June 30, March 31,
2005 2005(1)
--------- ---------
ASSETS:
Current assets:
Cash and cash equivalents $66,542 $57,271
Receivables, net 6,191 6,486
Inventories 12,186 12,432
Assets held for sale 2,103 2,475
Prepaid expenses 4,759 4,994
Interest rate swap asset 775 832
Other current assets 3,141 2,625
--------- ---------
Total current assets 95,697 87,115
Advance location payments 70,991 72,222
Property, equipment and leasehold improvements,
net 262,817 264,264
Contract rights, net 306,318 309,698
Goodwill 204,780 204,780
Other assets 19,138 18,597
--------- ---------
TOTAL ASSETS $959,741 $956,676
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT):
Current liabilities:
Accounts payable and accrued expenses $31,891 $33,983
Accrued rental payments 33,600 30,029
Accrued interest 16,606 9,512
Current portion of long-term debt 15,935 17,704
--------- ---------
Total current liabilities 98,032 91,228
Deferred income taxes 65,006 65,546
Long-term debt, less current portion 692,382 690,687
--------- ---------
Total liabilities 855,420 847,461
Stockholders' Equity:
Class A common stock, par value $0.01, authorized
100,000,000 shares;
issued and outstanding 18,911,532 shares 189 189
Class B common stock, par value $0.01, authorized
100,000,000 shares; issued and outstanding
24,980,445 shares 250 250
Additional paid-in capital 319,038 319,038
Carryover basis adjustment (7,988) (7,988)
Accumulated other comprehensive income, net of
tax 459 492
Accumulated deficit (207,627) (202,754)
Deferred compensation - (12)
--------- ---------
Total stockholders' equity 104,321 109,215
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $959,741 $956,676
========= =========
(1) The March 31, 2005 balance sheet has been derived from the
audited consolidated financial statements of Coinmach Services
Corp. as of that date.
*T
Set forth below are the consolidated financial statements of
Coinmach Corporation. Coinmach Corporation is a wholly owned
subsidiary of Coinmach Laundry Corporation, which in turn is a wholly
owned subsidiary of the Company. Also set forth below is a
reconciliation of net income (loss) to EBITDA and a reconciliation of
the Company's EBITDA to that of Coinmach Corporation.
-0-
*T
COINMACH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
Quarter ended June
30,
--------------------
2005 2004
--------- ---------
Revenues $133,830 $133,499
Operating, general and administrative expense 93,037 93,405
Depreciation and amortization 18,932 19,029
Amortization of advance location payments 4,135 4,926
Amortization of intangibles 3,485 3,680
--------- ---------
119,589 121,040
Operating income 14,241 12,459
Interest expense 13,690 14,227
--------- ---------
Income (loss) before income taxes 551 (1,768)
Provision (benefit) for income taxes 256 (680)
--------- ---------
Net income (loss) $295 $(1,088)
========= =========
COINMACH CORPORATION
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA
(in thousands)
Quarter ended June
30,
------------------
2005 2004
-------- --------
Net income (loss) $295 $(1,088)
Depreciation and amortization 26,552 27,635
Provision (benefit) for income taxes 256 (680)
Interest expense 13,690 14,227
-------- --------
EBITDA $40,793 $40,094
======== ========
RECONCILIATION OF EBITDA FROM COINMACH SERVICE CORP.
TO COINMACH CORPORATION
(in thousands)
Quarter ended June
30,
------------------
2005 2004
-------- --------
EBITDA for Coinmach Service Corp. $40,392 $39,970
General and administrative expense 401 124
-------- --------
EBITDA for Coinmach Corp. $40,793 $40,094
======== ========
RECONCILIATION OF CASH FLOW PROVIDED BY
OPERATING ACTIVITIES TO EBITDA
(in thousands)
Quarter ended June
30,
------------------
2005 2004
-------- --------
Cash flow provided by operating activities $35,419 $35,780
Provision (benefit) for income taxes 256 (680)
Interest expense 13,690 14,227
Gain on sale of equipment 112 29
Deferred income taxes (256) 699
Amortization of deferred issue costs (397) (603)
Changes in assets and liabilities, net of effects of
business combination (8,031) (9,358)
-------- --------
EBITDA $40,793 $40,094
======== ========
COINMACH CORPORATION
SELECTED CONSOLIDATED CASH FLOW DATA
(in thousands)
Quarter ended June
30,
------------------
OPERATING ACTIVITIES: 2005 2004
-------- --------
Net income (loss) $295 $(1,088)
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation and amortization 18,932 19,029
Amortization of advance location payments 4,135 4,926
Amortization of intangibles 3,485 3,680
Gain on sale of equipment (112) (29)
Deferred income taxes 256 (699)
Amortization of deferred issue costs 397 603
Changes in assets and liabilities 8,031 9,358
-------- --------
Net cash provided by operating activities 35,419 35,780
-------- --------
INVESTING ACTIVITIES:
Additions to property and equipment (15,008) (13,645)
Advance location payments to location owners (2,904) (4,968)
Acquisition of net assets related to acquisition
of businesses - (366)
Proceeds from sale of property and equipment 299 156
-------- --------
Net cash used in investing activities (17,613) (18,823)
-------- --------
FINANCING ACTIVITIES:
Net repayments to Parent (392) (230)
Dividends to Parent (5,405) -
Repayments under credit facility (1,240) (2,153)
Principal payments on capitalized lease
obligations (1,438) (964)
(Repayments) borrowings from bank and other
borrowings (60) 279
-------- --------
Net cash used in financing activities (8,535) (3,068)
-------- --------
INCREASE IN CASH AND CASH EQUIVALENTS 9,271 13,889
CASH AND CASH EQUIVALENTS:
Beginning of period 56,840 31,620
-------- --------
End of period $66,111 $45,509
======== ========
COINMACH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(Dollars in thousands)
June 30, March 31,
2005 2005(1)
--------- ---------
ASSETS:
Current assets:
Cash and cash equivalents $66,111 $56,840
Receivables, net 6,191 6,486
Inventories 12,186 12,432
Assets held for sale 2,103 2,475
Prepaid expenses 4,801 5,031
Interest rate swap asset 775 832
Other current assets 3,129 2,582
--------- ---------
Total current assets 95,296 86,678
Advance location payments 70,991 72,222
Property, equipment and leasehold improvements,
net 262,817 264,264
Contract rights, net 306,318 309,698
Goodwill 204,780 204,780
Other assets 8,295 7,619
--------- ---------
TOTAL ASSETS $948,497 $945,261
========= =========
LIABILITIES AND STOCKHOLDER'S EQUITY:
Current liabilities:
Accounts payable and accrued expenses $31,077 $33,129
Accrued rental payments 33,600 30,029
Accrued interest 15,081 7,987
Current portion of long-term debt 15,935 17,704
--------- ---------
Total current liabilities 95,693 88,849
Deferred income taxes 69,172 68,940
Long-term debt, less current portion 556,265 554,570
Loan payable to Parent 81,670 81,670
Due to Parent 51,142 51,534
--------- ---------
Total liabilities 853,942 845,563
Stockholder's Equity:
Common stock and additional paid-in capital 286,629 286,629
Accumulated other comprehensive income, net of
tax 459 492
Accumulated deficit (192,533) (187,423)
--------- ---------
Total stockholder's equity 94,555 99,698
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $948,497 $945,261
========= =========
(1) The March 31, 2005 balance sheet has been derived from the
audited consolidated financial statements of Coinmach Corp. as
of that date.
*T