March 14, 2002

Cintas Reports Record Third Quarter 2002 Sales and Net Income

· Sales and Net Income Increase
· Achieved Earnings Per Share of $.32
· Margins remain strong
· Balance Sheet strengthens

CINCINNATI, March 14, 2002 -- Cintas Corporation (Nasdaq: CTAS) today reported that total revenue for its fiscal third quarter ended February 28, 2002, increased 2 percent to $545 million from $537 million a year ago. Net income of $55.6 million for the third quarter increased 1 percent from $55 million reported in last year's third quarter. Earnings per share of $.32 was comparable to the prior year.

"Our results again illustrate Cintas' ability to grow despite the sluggish economic environment that we are in today," noted Robert J. Kohlhepp, Chief Executive Officer of Cintas. "Our uniform business has been negatively impacted by the reduction in employment. Many customers continue to reduce headcount and cut back on discretionary purchases wherever possible. Moreover, customers shut down operations entirely during the most recent holiday period, which exacerbated the typical holiday slowdown. On the positive side, we continue to add new customers at a record rate. Our new business is increasing at a mid-teens rate ahead of last year. We also have a very strong balance sheet and healthy cash flow. We believe this financial strength, as well as our strong management team, will enable us to weather this economic storm and emerge as a stronger force in our industry."

Cintas' rental revenue was up 6 percent from last year's third quarter. Other services revenue, which includes the sale of uniforms as well as the sale of other products and services, declined 12 percent from a year ago. Mr. Kohlhepp explained, "Since the tragic events of September 11th, our uniform sales customers which include hotels, airlines, auto rental and entertainment businesses have delayed their uniform purchases because of weakness in their business. Although we are disappointed in the sale-side of our uniform business, we believe there is a pent-up demand for new uniforms, which we will benefit from as the economy gains strength."

Strong Margins / Strong Balance Sheet
At February 28, 2002, total assets were $1.9 billion. Shareholders' equity reached $1.4 billion, up from $1.2 billion last year. The Company's balance sheet continued to strengthen with $239 million in cash and marketable securities and debt to total capitalization of 13.1 percent.

Despite increases in sales and marketing costs to propel future growth, productivity improvements and cost control efforts have allowed Cintas to continue to deliver excellent operating performance. Gross margins of 42.0 percent increased from last year's 41.0 percent. Mr. Kohlhepp commented, "In this slower growth environment, we have controlled our costs and improved efficiencies throughout our Company. Operating margins were also a healthy 16.3 percent while net margins were 10.2 percent."

Nine Months Results
For the first nine months of fiscal 2002, total revenue advanced 4 percent to $1.67 billion from $1.60 billion in the comparable prior period. Net income increased 5 percent to $170 million, or 99 cents per share versus $162 million, or 95 cents per share last year.

Acquisitions
Last week, Cintas announced it is in negotiations to purchase the non-healthcare portion of Angelica Corporation's Image Apparel Division. The assets being purchased include the contracts with customers who purchase image apparel from Angelica, as well as the associated accounts receivable and inventory pertaining to those customers. Cintas would service these new customers from its Chicago-based National Account Sales Division. Mr. Kohlhepp commented, "We are pleased to have the opportunity to provide uniform services to some of the world's most well-respected companies. Cintas has the capacity and financial resources to, efficiently and effectively, service these new customers."

Outlook Remains Positive
"Cintas has reported 32 consecutive years of uninterrupted growth in sales and profits, and we are confident that fiscal 2002 will continue that record, " Kohlhepp said. "We anticipate total revenue growth for fiscal 2002 of 3 percent to 5 percent and growth in earnings per share of 5 percent to 7 percent. We have a solid customer base, a strong balance sheet and the financial flexibility to maximize the long-term value of Cintas for our shareholders and working partners by exceeding our customers' expectations."

Recognition
During the third quarter, Cintas was recognized as one of America's Most Admired Companies by Fortune magazine. Cintas also announced the extension of its partnership with the National Association for Stock Car Auto Racing (NASCAR) through 2004. Cintas is the Preferred Uniform of NASCAR, as well as the Preferred First Aid Supplier through its Xpect First Aid division. During the quarter, Cintas also announced a 14 percent increase in the Company's annual dividend, which will be paid on April 8, 2002. Cintas is recognized as a "Mergent Dividend Achiever" and a leader in enhancing shareholder value.

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 32 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, fluctuations in costs of materials and labor, the outcome of pending environmental matters, 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			Nine Months Ended
	Feb 28, 2002	Feb 28, 2001	% Chng.	Feb 28, 2002	Feb 28, 2001	% Chng.
Revenue:
Rentals	$425,296	$399,957	6.3	$1,291,076	$1,188,513	8.6
Other services	120,195	136,766	-12.1	376,163	409,221	-8.1
Total revenue	$545,491	$536,723	1.6	$1,667,239	$1,597,734	4.4
Costs and expenses (income):
Cost of rentals	$230,627	$223,945	3.0	$703,165	$665,763	5.6
Cost of other services	85,524	92,862	-7.9	262,259	271,414	-3.4
Selling and admin. expenses	140,263	129,348	8.4	427,668	392,203	9.0
Interest income	(1,527)	(924)	65.3	(4,068)	(3,311)	22.9
Interest expense	2,389	3,749	-36.3	8,196	11,719	-30.1
Total costs and expenses	$457,276	$448,980	1.8	$1,397,220	$1,337,788	4.4

Income before income taxes	88,215	87,743	0.5	270,019	259,946	3.9
Income taxes	32,631	32,833	-0.6	99,910	97,653	2.3
Net income	$55,584	$54,910	1.2	$170,109	$162,293	4.8

Per share data:
Basic earnings per share	$.33	$.32	3.1	$1.00	$.96	4.2
Diluted earnings per share	$.32	$.32	0.0	$.99	$.95	4.2

Basic shares outstanding	169,786	168,890		169,675	168,637
Diluted shares outstanding	172,293	171,758		172,119	171,542

CINTAS CORPORATION SUPPLEMENTAL DATA
	Three Months Ended			Nine Months Ended
	Feb 28, 2002	Feb 28, 2001	% Chng.	Feb 28, 2002	Feb 28, 2001	% Chng.
EBIT	$89,077	$90,568	-1.7	$274,147	$268,354	2.2
EBIT/revenue	16.3%	16.9%		16.4%	16.8%
EBITDA	$119,405	$119,178	.2	$363,503	$351,301	3.5
EBITDA/revenue	21.9%	22.2%		21.8%	22.0%
Rental gross margin	45.8%	44.0%		45.5%	44.0%
Other services gross margin	28.9%	32.1%		30.3%	33.7%
Total gross margin	42.0%	41.0%		42.1%	41.3%
Net margin	10.2%	10.2%		10.2%	10.2%

Depreciation and amortization	$30,328	$28,610	6.0	$89,356	$82,947	7.7
Capital expenditures	$23,937	$35,768	-33.1	$84,977	$113,809	-25.3

Debt to Total Capitalization	13.1%	17.1%		13.1%	17.1%

Cintas Corporation Consolidated Condensed Balance Sheets (Unaudited) (In thousands except share data)
	Feb 28, 2002	Feb 28, 2001

ASSETS
Current assets:
Cash and cash equivalents	$86,257	$39,179
Marketable securities	152,885	28,483
Accounts receivable, net	237,694	246,669
Inventories	194,360	223,330
Uniforms and other rental items in service	255,853	232,682
Prepaid expenses	9,755	8,215
Total current assets	936,804	778,558

Property, plant and equipment, at cost, net	712,688	690,886

Goodwill	145,845	124,446
Other assets	103,025	131,061
	$1,898,362	$1,724,951

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$38,205	$49,244
Accrued liabilities	153,577	100,375
Current income taxes	28,074	5,759
Deferred income taxes	60,380	58,698
Long-term debt due within one year	18,139	15,609
Total current liabilities	298,375	229,685

Long-term debt due after one year	186,143	232,621
Deferred income taxes	55,549	55,741
Shareholders’ equity:
Preferred stock, no par value, 100,000 shares authorized, none outstanding	-	-
Common stock, no par value, 425,000,000 shares authorized, 169,825,861 shares issued and outstanding (168,984,960 at February 28, 2001)	65,365	60,745
Retained earnings	1,301,179	1,151,285
Foreign currency translation adjustment	(8,249)	(5,126)
Total shareholders' equity	1,358,295	1,206,904

	$1,898,362	$1,724,951

Cintas Corporation Consolidated Condensed Statements of Cash Flows (unaudited) (In thousands)
	Nine Months Ended
	February 28, 2002	February 28, 2001
Cash flows from operating activities:

Net income	$170,109	$162,293

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	75,146	66,758
Amortization of deferred charges	14,210	16,189
Deferred income taxes	9,160	16,129
Change in current assets and liabilities, net of acquisitions of businesses:
Accounts receivable	9,214	(19,369)
Inventories	20,936	(58,344)
Uniforms and other rental items in service	(12,942)	(18,981)
Prepaid expenses	(1,233)	(965)
Accounts payable	(6,676)	(2,952)
Accrued compensation and related liabilities	(2,662)	2,018
Accrued liabilities	(9,133)	(13,794)
Income taxes payable	14,662	(1,432)
Net cash provided by operating activities	280,791	147,550

Cash flows from investing activities:

Proceeds from divestiture of certain facilities	0	1,400
Capital expenditures	(84,977)	(113,809)
Proceeds from sale or redemption of marketable securities	47,486	44,603
Purchase of marketable securities	(163,866)	(15,446)
Acquisitions of businesses, net of cash acquired	(30,349)	(34,236)
Other	580	(21,948)
Net cash used in investing activities	(231,126)	(139,436)

Cash flows from financing activities;

Proceeds from issuance of long-term debt	0	16
Repayment of long-term debt	(37,263)	(26,327)
Stock options exercised	2,442	4,600
Other	(2,311)	594
Net cash used in financing activities	(37,132)	(21,117)

Net increase (decrease) in cash and cash equivalents	12,533	(13,003)

Cash and cash equivalents at beginning of period	73,724	52,182
Cash and cash equivalents at end of period	$86,257	$39,179

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