December 19, 2002

Cintas Reports Record Second Quarter 2003 Sales and Profits

· Sales Increase 22 percent
· Profits Increase 9 percent
· Earnings Per Share of $.37, up 9 percent
· Margins remain strong
· Balance Sheet strengthens

CINCINNATI, December 19, 2002 -- Cintas Corporation (Nasdaq:CTAS) today reported that total revenue for its fiscal second quarter ended November 30, 2002, increased 22 percent to $681 million from $557 million a year ago. Net income of $63 million for the second quarter increased 9 percent from $58 million reported in last year's second quarter. Earnings per share advanced to 37 cents per share (diluted) from 34 cents.

For the quarter, rental revenue grew 22 percent while other services revenue, which includes uniform sales, was up 24 percent. In May 2002, Cintas completed the acquisition of Omni Services, Inc. The Omni acquisition contributed approximately $70 million in revenue in the second quarter. After adjusting for acquisitions, total revenue of $681 million grew organically by 6 percent.

"This again illustrates Cintas' ability to grow even in the sluggish economic environment that we are in today," noted Robert J. Kohlhepp, Chief Executive Officer of Cintas. "Our uniform rental customers continue to cut the size of their work force, which negatively impacts our business. In spite of this, we continue to add new customers at a record pace. Our success in adding new customers for all our business services, including uniform rental, uniform sales, facility services and first aid and safety services enables us to show growth in a tough economy."

Strong Margins / Strong Balance Sheet
Gross margins of 41.7 percent were comparable to the prior year. In order to realize the synergies from Omni, the Company accelerated the integration of the acquisition. To date, Cintas has consolidated more than one-half of Omni’s rental facilities. In addition, all of the customer service systems, including ordering, billing and collection, for the new customers obtained through the acquisition have been converted to Cintas’ computer systems. And, Omni’s payroll systems will be converted to Cintas’ platform on January 1, 2003, after which the Omni headquarters operation will be closed.

In spite of increased expenses incurred for the Omni integration and higher sales expenses, operating margins were a healthy 15.9 percent while net margins were 9.3 percent. The Company’s balance sheet is strong and the company has reduced its long-term debt to total capitalization from 33 percent at May 31, 2002, to 28 percent today. To date, the company has reduced the amount of its commercial paper outstanding by paying down $125 million, or 55%, of the peak level borrowed in early May 2002.

Kohlhepp added, "We are well positioned, both operationally and financially, to emerge from this sluggish business environment as a stronger company. We have the operations and the financial wherewithal to achieve our growth targets through organic growth and by making acquisitions."

At November 30, 2002, total assets were $2.6 billion. Shareholders' equity reached $1.6 billion, up from $1.3 billion last year.

Six Months Results
For the first six months of fiscal 2003, total revenue advanced 20 percent to $1.35 billion from $1.12 billion in the comparable prior period. Net income increased 9 percent to $125 million, or 73 cents per share (diluted) versus $114.5 million, or 67 cents, last year.

"Cintas has reported 33 consecutive years of uninterrupted growth in sales and profits, and we are confident that fiscal 2003 will continue that record," Kohlhepp said.

Mr. Kohlhepp continued, "Cintas has one of the largest distribution systems in North America and our service sales representatives are in regular contact with more than 500,000 business customers who need our services to run their businesses every day. Our route delivered services are available in 302 of the 326 largest markets in the United States and Canada, which enables us to reach approximately 93 percent of the population. We are one source, one company and one answer for our customers’ uniforms and other business services needs."

Outlook
Mr. Kohlhepp commented, "With 6 months remaining in the fiscal year, we are reiterating our previous guidance for fiscal 2003 with total revenue to be in a range of $2.7 to $2.8 billion, representing a 19 to 23 percent increase, and diluted earnings per share to be in a range of $1.55 to $1.62, representing an increase of 14 to 19 percent over the previous fiscal year."

Recent Announcements
The Company recently announced that it will brand its entire hygiene line as "Sanis by Cintas". Cintas acquired Sanis from Omni Services with the acquisition in May 2002. The decision to utilize the Sanis name was made to leverage the equity already in place in markets from Texas to New York. Mr. Kohlhepp commented, "The Sanis name has been synonymous with high quality hygiene services for 16 years. The combination of our two names, results in an even stronger brand identity than before."

About Cintas
Headquartered in Cincinnati, Cintas Corporation is the leader in the corporate identity uniform industry providing uniforms to a wide variety of industries nationwide. The Company also provides a range of outsourcing services including entrance mats, sanitation supplies, cleanroom services and first aid and safety products and services. Cintas is a publicly held company traded over the Nasdaq National Market under the symbol CTAS, and is a Nasdaq-100 company and component of the Standard & Poor’s 500 Index. The Company has achieved 33 consecutive years of growth in sales and earnings, to date.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. This news release contains forward-looking statements that reflect the Company's current views as to future events and financial performance with respect to its operations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in this news release. Factors that might cause such a difference include the possibility of greater than anticipated operating costs, lower sales volumes, the performance and costs of integration of acquisitions, including, without limitation, the recent acquisitions of Omni Services, Inc., and certain assets of Angelica Corporation, fluctuations in costs of materials and labor, the outcome of pending environmental matters, the initiation or outcome of litigation, higher assumed sourcing or distribution costs of products and the reactions of competitors in terms of price and service. Forward-looking statements speak only as of the date made. Cintas undertakes no obligation to update any forward-looking statements to reflect the events or circumstances arising after the date on which they are made.

For additional information, contact:

William C. Gale
Vice President-Finance and CFO
(513)573-4211

Karen L. Carnahan
Vice President and Treasurer
(513)573-4013

Cintas Corporation Consolidated Condensed Statements of Income (Unaudited) (In thousands except per share data)
	Three Months Ended			Six Months Ended
	Nov 30, 2002	Nov 30, 2001	% Chng.	Nov 30, 2002	Nov 30, 2001	% Chng.
Revenue:
Rentals	$526,311	$432,628	21.7	$1,049,967	$865,780	21.3
Other services	154,647	124,520	24.2	296,717	255,968	15.9
Total revenue	$680,958	$557,148	22.2	$1,346,684	$1,121,748	20.1

Costs and expenses (income):
Cost of rentals	$295,140	$234,618	25.8	$582,091	$472,538	23.2
Cost of other services	101,995	88,375	15.4	198,757	179,033	11.0
Selling and admin. expenses	175,846	140,619	25.1	352,678	285,107	23.7
Interest income	(612)	(1,290)	-52.6	(1,351)	(2,541)	-46.8
Interest expense	8,012	2,721	194.5	16,036	5,807	176.1
Total costs and expenses	$580,381	$465,043	24.8	$1,148,211	$939,944	22.2

Income before income taxes	100,577	92,105	9.2	198,473	181,804	9.2
Income taxes	37,237	34,120	9.1	73,486	67,279	9.2
Net income	$63,340	$57,985	9.2	$124,987	$114,525	9.1

Per share data:
Basic earnings per share	$.37	$.34	8.8	$.73	$.68	7.4
Diluted earnings per share	$.37	$.34	8.8	$.73	$.67	9.0

Basic shares outstanding	170,189	169,726		170,112	169,620
Diluted shares outstanding	172,350	171,916		172,254	172,029

CINTAS CORPORATION SUPPLEMENTAL DATA
	Three Months Ended			Six Months Ended
	Nov 30, 2002	Nov 30, 2001	% Chng.	Nov 30, 2002	Nov 30, 2001	% Chng.
EBIT	$107,977	$93,536	15.4	$213,158	$185,070	15.2
EBIT/revenue	15.9%	16.8%		15.8%	16.5%
EBITDA	$143,223	$123,159	16.3	$286,470	$244,098	17.4
EBITDA/revenue	21.0%	22.1%		21.3%	21.8%
Rental gross margin	43.9%	45.8%		44.6%	45.4%
Other services gross margin	34.0%	29.0%		33.0%	30.1%
Total gross margin	41.7%	42.0%		42.0%	41.9%
Net margin	9.3%	10.4%		9.3%	10.2%

Depreciation and amortization	$35,246	$29,623	19.0	$73,312	$59,028	24.2
Capital expenditures	$29,735	$28,309	5.0	$51,382	$61,040	-15.8

Long-Term Debt to Capitalization	28.3%	13.5%		28.3%	13.5%

Cintas Corporation Consolidated Condensed Balance Sheets (Unaudited) (In thousands except share data)
	Nov 30, 2002	Nov 30, 2001

ASSETS
Current assets:
Cash and cash equivalents	$50,909	$101,279
Marketable securities	38,315	101,653
Accounts receivable, net	287,476	252,487
Inventories	219,964	200,065
Uniforms and other rental items in service	299,989	254,698
Prepaid expenses	9,823	10,211
Total current assets	906,476	920,393

Property and equipment, at cost, net	772,014	713,751

Goodwill	699,586	139,579
Service contracts	150,181	54,278
Other assets	56,584	47,198
	$2,584,841	$1,875,199

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$65,357	$46,336
Accrued liabilities	134,489	87,029
Income taxes:
Current	58,168	48,056
Deferred	63,205	64,314
Long-term debt due within one year	17,355	21,068
Total current liabilities	338,574	266,803

Long-term debt due after one year	610,894	209,031
Deferred income taxes	84,774	54,219
Shareholders’ equity:
Preferred stock, no par value, 100,000 shares authorized, none outstanding	-	-
Common stock, no par value, 425,000,000 shares authorized, 170,241,970 shares issued and outstanding (169,734,781 at November 30, 2001)	70,542	64,563
Retained earnings	1,490,123	1,288,030
Other accumulated comprehensive loss:
Foreign currency translation	(7,034)	(6,465)
Unrealized loss on derivatives	(3,032)	(982)
Total shareholders' equity	1,550,599	1,345,146

	$2,584,841	$1,875,199

Cintas Corporation Consolidated Condensed Statements of Cash Flows (unaudited) (In thousands)
	Six Months Ended
	November 30, 2002	November 30, 2001
Cash flows from operating activities:

Net income	$124,987	$114,525

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	58,692	49,578
Amortization of deferred charges	14,620	9,450
Deferred income taxes	7,016	11,764
Change in current assets and liabilities, net of acquisitions of businesses:
Accounts receivable	(3,351)	(6,398)
Inventories	(26,045)	15,131
Uniforms and other rental items in service	(19,049)	(12,112)
Prepaid expenses	367	(1,726)
Accounts payable	4,891	2,636
Accrued compensation and related liabilities	(2,361)	(15,069)
Accrued liabilities	(23,996)	(21,661)
Income taxes payable	46,377	34,644
Net cash provided by operating activities	182,148	180,762

Cash flows from investing activities:

Capital expenditures	(51,382)	(61,040)
Proceeds from sale or redemption of marketable securities	10,422	4,332
Purchase of marketable securities	(4,279)	(69,480)
Acquisitions of businesses, net of cash acquired	(16,967)	(15,685)
Other	(9,642)	(19)
Net cash used in investing activities	(71,848)	(141,892)

Cash flows from financing activities:

Repayment of long-term debt	(101,872)	(11,446)
Stock options exercised	3,226	1,640
Other	(1,373)	(1,509)
Net cash used in financing activities	(100,019)	(11,315)

Net increase in cash and cash equivalents	10,281	27,555

Cash and cash equivalents at beginning of period	40,628	73,724
Cash and cash equivalents at end of period	$50,909	$101,279

For further information
William C. Gale,
Vice President - Finance and CFO, 513-573-4211, or
Karen L. Carnahan,
Vice President and Treasurer, 513-573-4013,
both of Cintas Corporation
Web site: http://www.cintas.com/