G&K Services Reports Fiscal 2011 First Quarter EPS of $.49

G&K Services, Inc. GKSR, today reported first quarter fiscal 2011 revenue of $200.4 million, which compares to revenue of $208.1 million in the prior-year period. The company reported first quarter net earnings of $0.49 per diluted share. This compares to prior-year period earnings of $0.18 per diluted share. The company's current year first quarter included $0.14 per diluted share related to the accounting change. The prior-year period included a charge of approximately $0.04 per diluted share for cost reduction activities. Current year adjusted earnings of $0.35 per diluted share increased 59 percent compared to adjusted earnings of $0.22 per diluted share in the prior-year period