{"id":22378,"date":"2012-03-08T12:41:00","date_gmt":"2012-03-08T12:41:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/mac-gray-corporation-fifth-consecutive-quarter-of-yoy-revenue-growth-tuc\/22377\/"},"modified":"2012-03-08T12:41:00","modified_gmt":"2012-03-08T12:41:00","slug":"mac-gray-corporation-fifth-consecutive-quarter-of-yoy-revenue-growth-tuc","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/mac-gray-corporation-fifth-consecutive-quarter-of-yoy-revenue-growth-tuc\/22378\/","title":{"rendered":"Mac-Gray Corporation &#8211; Fifth consecutive quarter of YOY revenue growth &#8211; TUC"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><strong>Mac-Gray Corporation (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=TUC\">NYSE: TUC<\/a>)<\/strong>, the nation&#8217;s premier provider of laundry facilities management services to multi-family housing, today announced its financial results for the quarter and year ended December 31, 2011.<\/p>\n<p>TUC reported fourth quarter of 2011 revenue from continuing operations of $82.7 million, compared with $81.7 million in the fourth quarter of 2010. TUC\u00a0Net income from continuing operations for the fourth quarter of 2011 was $102,000, or $0.01 per diluted share, compared with a net loss from continuing operations of $698,000, or $0.05 per share, for the fourth quarter of 2010. TUC\u00a0Fourth-quarter 2011 net income from continuing operations includes a pre-tax unrealized gain of $177,000 related to interest rate derivative instruments, a pre-tax unrealized gain of $99,000 related to fuel commodity derivatives and a loss of $1.9 million related to the early extinguishment of debt. TUC Fourth-quarter 2010 net income from continuing operations included a pre-tax unrealized loss of $1.4 million related to interest rate derivative instruments.<\/p>\n<p>Excluding these items from both periods, adjusted net income from continuing operations for the fourth quarter of 2011 was $1.1 million, or $0.07 per diluted share, compared with adjusted net income from continuing operations of $112,000, or $0.01 per diluted share, for the same period of 2010.<\/p>\n<p><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p><strong>Comments on the Fourth Quarter \u00a0<\/strong><\/p>\n<p>&#8220;We concluded 2011 with our fifth consecutive quarter of year-over-year revenue growth,&#8221; said Stewart G. MacDonald, Mac-Gray&#8217;s chief executive officer. \u00a0&#8221;Our results were driven by our sales and marketing efforts, successful vend management, proprietary technologies that continue to be well-received, and the ongoing improvement in apartment occupancy rates in certain markets. \u00a0During the quarter, our multi-housing same-location revenue grew by 1%. \u00a0Our strategy remains to target organic growth through both new contracts and renewals. \u00a0We are focused on increasing margins in markets where occupancy trends are strongest, such as the Northeast.<\/p>\n<p>&#8220;As demonstrated in our bottom-line performance, we also improved our margins and profitability in the quarter. \u00a0Our gross profit margin increased to 17.7% of revenue from 15.9% a year ago. \u00a0Operating income from continuing operations increased as a percentage of revenue in the quarter to 6.5%, compared with 4.8% a year ago.<\/p>\n<p>&#8220;Our business model generates stable cash flow and consistent results. \u00a0Net cash flow provided by our operating activities in the fourth quarter was $17.4 million. \u00a0At the same time, we further reduced our funded debt in the quarter by $10.4 million, while lowering our year-over-year interest expense by 3%, before derivatives and amortization. We recently announced a new and expanded five-year credit agreement with our lenders that has enabled us to redeem the remaining $100 million of our 7.625% senior notes at substantially lower rates, using our revolving credit facility. \u00a0We expect the annualized interest expense savings attributable to this transaction to be approximately $5 million, presuming that rates remain near current levels. The expanded facility and lower rates will enable us to pursue our long-term growth strategy on a more effective cost basis.&#8221;<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-rebound-3\/22476\"><br \/>\nGold and Silver Prices Rebound<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-headed-for-a-third-straight-higher-finish-3\/22474\"><br \/>\nStocks Headed for a Third Straight Higher Finish<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/novavax-past-year-has-been-transformational-for-the-company-nvax\/22471\"><br \/>\nNovavax &#8211; Past year has been transformational for the company &#8211; NVAX<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/osiris-therapeutics-pleased-with-the-commercial-performance-of-grafix-and-ovation-osir\/22469\"><br \/>\nOsiris Therapeutics &#8211; Pleased with the commercial performance of Grafix and Ovation &#8211; OSIR<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/freddie-mac-q4-and-fy11-financial-results-fmcc\/22468\"><br \/>\nFreddie Mac &#8211; Q4 And FY11 Financial Results &#8211; FMCC<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/coffee-holding-reports-a-strong-quarter-in-both-revenues-and-earnings-jva\/22467\"><br \/>\nCoffee Holding  &#8211; Reports a strong quarter in both revenues and earnings &#8211; JVA<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/hertz-global-holdings-acquired-arpielle-equipment-co-htz\/22463\"><br \/>\nHertz Global Holdings &#8211; Acquired Arpielle Equipment Co. &#8211; HTZ<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mac-Gray Corporation (NYSE: TUC), the nation&#8217;s premier provider of laundry facilities management services to multi-family housing, today announced its financial [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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