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Mac-Gray Corporation Announces First-Quarter 2008 Financial Results
Date:5/8/2008

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Cost of facilities management revenue 39,155 44,226

Depreciation and amortization 9,044 9,791

Cost of products sold 8,452 8,114

Total cost of revenue 56,651 62,131

Gross margin 14,823 15,511

Operating expenses:

Selling, general and administration expenses 9,415 9,604

Gain on sale or disposal of assets, net (112) (56)

Total operating expenses 9,303 9,548

Income from operations 5,520 5,963

Interest expense, net 3,136 3,798

Loss related to derivative instruments 264 1,202

Income before provision for income taxes 2,120 963

Provision for income taxes 866 201

Net income $1,254 $762

Net income per common share - basic $0.10 $0.06

Net income per common share - diluted $0.09 $0.06

Weighted average common shares

outstanding - basic 13,132 13,300

Weighted average common shares

outstanding - diluted 13,557 13,670

MAC-GRAY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share data)

December 31, March 31,

2007 2008

Assets

Current assets:

Cash and cash equivalents $13,325 $16,036

Trade receivables, net of all
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SOURCE Mac-Gray Corporation
Copyright©2008 PR Newswire.
All rights reserved

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