MINNEAPOLIS (AP) -- G&K Services Inc., a provider of work uniforms, reported a 47 percent increase in its fiscal fourth-quarter net income on Thursday as it benefited from lower interest expense. Revenue climbed, driven by growth in its rental operations.
The company earned $11.2 million, or 59 cents per share, in the quarter. That's up from $7.6 million, or 41 cents per share, in the prior-year period.
The results beat the 55 cents per share analysts predicted, according to a FactSet survey.
Interest expense declined to $1.3 million from $2.2 million mostly because of a lower interest rate.
Revenue for the three months ended June 30 increased 5 percent to $224.3 million from $214 million, topping Wall Street's $222 million.
Revenue from rental operations climbed to $204.1 million from $194 million.
For the year, G&K Services Inc. earned $24.1 million, or $1.29 per share. That compares with $33.2 million, or $1.79 per share, in the previous year.
Adjusted earnings rose to $2.06 per share from $1.67 per share.
Annual revenue increased to $869.9 million from $828.9 million, climbing 5 percent.
Going forward, G&K anticipates fiscal 2013 earnings of $2.20 to $2.40 per share on revenue between $890 million and $910 million.
Analysts forecast earnings of $2.34 per share on revenue of $904.1 million.
Shares of G&K rose 35 cents to $32.38 in afternoon trading.
