Cintas Reports Record Third Quarter 2001 Sales and Profits

Results strong despite slowing economy
Revenue up 13% to $537 million * Named to the S&P 500 Index

CINCINNATI, MARCH 15, 2001 - Cintas Corporation (Nasdaq: CTAS) today reported that total revenue for its fiscal third quarter ended February 28, 2001, rose 13 percent to $537 million from $474 million a year ago. Net income of $54.9 million for the third quarter was 12 percent above last year's $49.1 million. Earnings per share (diluted) rose 10 percent to $.32, up from $.29 in the third quarter of 2000.

Rental Business Growth in Target Range

For the third quarter, rental revenue rose over 12 percent while other services revenue - including direct sales of uniforms - was up 16 percent from a year ago. The Company noted that there was one less workday in this year's third quarter versus last year. On a comparable basis, rental revenue rose over 14 percent and total revenue rose 15 percent over the third quarter a year ago.

For the first nine months of fiscal 2001, total revenue rose 14 percent to $1.6 billion from $1.4 billion a year ago. Net income of $162.3 million was up 16 percent from $140.6 million in the first nine months of fiscal 2000. Earnings per share (diluted) gained 15 percent to $.95 from $.83 last year.

Chairman and Founder, Richard T. Farmer said that Cintas, a leader in corporate identity apparel, is on track to extend its record of 31 consecutive years of growth in sales and profits. "That track record has distinguished Cintas and demonstrates the value Cintas delivers to customers and shareholders," Farmer noted.

Results Indicate Business Strength

"We are optimistic about our business and our future," said Cintas Chief Executive Officer, Robert J. Kohlhepp. "Our focus on service - from sales to delivery to ongoing customer care - has built strong relationships with more than 400,000 business customers. Every day more than 4 million people go to work in a Cintas uniform. Our service has enabled us to sustain those relationships and to build new ones quickly and economically."

Kohlhepp noted, "In the most recent year reported by the government, the uniform supply industry grew at a healthy 7 percent rate, twice the GDP for the same period. Cintas continues to develop this growth market. The majority of our new business comes from companies that have never before had a uniform program in place. Additionally, Cintas continues to leverage existing relationships with business customers to provide additional revenue-enhancing opportunities."

Profitability Remains Strong with Net Margin at 10.2 percent

Cintas demonstrated strong operating performance in the third quarter despite the multiple challenges of a slowing economy, rising fuel costs, distribution center start-up expenses, and weather-related factors.

Kohlhepp added, "A number of factors are contributing to Cintas' ability to sustain margins in the 10+ percent range. First, we are better leveraging our operating structure following the completion of our consolidation of the Unitog operations. Second, we are seeing continued growth in our highly specialized business areas, such as cleanroom services and First Aid and Safety. Finally, we remain focused on productivity enhancements and cost control efforts throughout our entire organization."

"As we look out to the fourth quarter, we anticipate these factors will allow us to continue to invest in sales and marketing programs to propel future growth, while maintaining the net margin in our target range of 10 to 11 percent," Kohlhepp said.

Outlook Remains Positive

"We anticipate that growth will continue through the fourth quarter in all areas of our business," Kohlhepp said. "As discussed in our press release of February 27, we remain comfortable with expectations for sales for the full year 2001 in the range of $2.15 billion to $2.18 billion, with full year earnings per share (diluted) in the range of $1.30 to $1.32."

"Cintas is committed to a future marked by exceeding expectations," Farmer said. "Such a commitment maximizes our business, maximizes our profitability and maximizes the value of Cintas for our shareholders and working partners."

Recent Developments

On February 27, 2001, Cintas was named to the Standard & Poor's 500 Index. "This is a significant achievement for our Company," Farmer said. The S&P 500 is widely regarded as the standard for measuring large cap U.S. stock market performance. The index includes a representative sample of top companies in leading industries, and is used by 97 percent of U.S. money managers and pension plan sponsors as a guide for investment criteria. More than $1 trillion in investors' assets are indexed to the S&P 500.

Cintas consistently is recognized as a leader in customer service and enhancing shareholder value. In its February 19 issue, Fortune Magazine's recent survey of America's Most Admired Companies ranked Cintas Number 1 in the Outsourcing Services Category. Cintas won best-in-class rankings on quality of management, products and services; innovation; investment value and other criteria.

Last week, Cintas announced that Robert J. Herbold has become a member of the Cintas Board of Directors. Mr. Herbold is the recently retired Executive Vice President and Chief Operating Officer of Microsoft. During his six-year tenure, Microsoft revenues increased fivefold, while profits increased 900 percent. Farmer added, "Bob's experience will be a great addition to our strategic planning efforts."

About the Company

Headquartered in Cincinnati, Ohio, Cintas Corporation is a leader in the corporate identity uniform industry and also provides a wide range of ancillary services, including entrance mats, sanitation supplies, cleanroom services, and first aid products and services. Cintas is a publicly held company traded over the Nasdaq National Market under the symbol CTAS. Cintas' stock is a component of the Standard & Poor's 500 Index.

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 which could cause actual results to differ materially from those set forth in this press 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 than 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 of 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, 2001	Feb 29, 2000	% Chng.	Feb 28, 2001	Feb 29, 2000	% Chng.
Revenue:
Rentals	$399,957	$355,739	12.4	$1,188,513	$1,049,982	13.2
Other services	136,766	118,190	15.7	409,221	347,171	17.9
Total revenue	$536,723	$473,929	13.2	$1,597,734	$1,397,153	14.4
Costs and expenses (income):
Cost of rentals	$223,945	$202,323	10.7	$665,763	$599,894	11.0
Cost of other services	92,862	77,031	20.6	271,414	228,229	18.9
Selling and admin. expenses	129,348	112,701	14.8	392,203	333,422	17.6
Interest income	(924)	(1,259)	-26.6	(3,311)	(3,475)	-4.7
Interest expense	3,749	3,998	-6.2	11,719	12,015	-2.5
Total costs and expenses	$448,980	$394,794	13.7	$1,337,788	$1,170,085	14.3

Income before income taxes	87,743	79,135	10.9	259,946	227,068	14.5
Income taxes	32,833	30,073	9.2	97,653	86,506	12.9
Net income	$54,910	$49,062	11.9	$162,293	$140,562	15.5

Per share data:
Basic earnings per share	$.32	$.29	10.3	$.96	$.84	14.3
Diluted earnings per share	$.32	$.29	10.3	$.95	$.83	14.5

Basic shares outstanding	168,890	167,368		168,637	166,921
Diluted shares outstanding	171,758	169,316		171,542	169,770

CINTAS CORPORATION SUPPLEMENTAL DATA
	Three Months Ended			Nine Months Ended
	Feb 28, 2001	Feb 29, 2000	% Chng.	Feb 28, 2001	Feb 29, 2000	% Chng.
EBIT	$90,568	$81,874	10.6	$268,354	$235,608	13.9
EBIT/revenue	16.9%	17.3%		16.8%	16.9%
EBITDA	$119,178	$106,022	12.4	$351,301	$309,312	13.6
EBITDA/revenue	22.2%	22.4%		22.0%	22.1%
Rental gross margin	44.0%	43.1%		44.0%	42.9%
Other services gross margin	32.1%	34.8%		33.7%	34.3%
Total gross margin	41.0%	41.1%		41.3%	40.7%
Net margin	10.2%	10.4%		10.2%	10.1%

Depreciation and amortization	$28,610	$24,148	18.5	$82,947	$73,704	12.5
Capital expenditures	$35,768	$42,320	(15.5)	$113,809	$124,234	(8.4)

Debt to Equity	17.1%	21.0%		17.1%	21.0%

Cintas Corporation Consolidated Condensed Balance Sheets (Unaudited) (In thousands except share data)
	Feb 28, 2001	Feb 29, 2000

ASSETS
Current assets:
Cash and cash equivalents	$39,179	$40,812
Marketable securities	28,483	74,065
Accounts receivable, net	246,669	231,510
Inventories	223,330	153,466
Uniforms and other rental items in service	232,682	207,051
Prepaid expenses	8,215	9,880
Total current assets	778,558	716,784

Property, plant and equipment, at cost, net	690,886	617,856
Other assets	255,507	209,244
	$1,724,951	$1,543,884

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$49,244	$52,406
Accrued liabilities	106,134	100,883
Deferred income taxes	58,698	53,728
Long-term debt due within one year	15,609	16,035
Total current liabilities	229,685	223,052

Long-term debt due after one year	232,621	255,390
Deferred income taxes	55,741	45,289
Shareholders� equity:
Preferred stock, no par value, 100,000 shares authorized, none outstanding	-	-
Common stock, no par value, 425,000,000 shares authorized, 168,984,960 shares issued and outstanding (167,445,644 at February 29, 2000)	60,745	53,961
Retained earnings	1,151,285	969,296
Foreign currency translation adjustment	(5,126)	(3,104)
Total shareholders' equity	1,206,904	1,020,153

	$1,724,951	$1,543,884

Cintas Corporation Consolidated Condensed Statements of Cash Flows (unaudited) (In thousands)
	Nine Months Ended
	February 28,2001	February 29, 2000
Cash flows from operating activities:

Net income	$162,293	$140,562

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	66,758	58,465
Amortization of deferred charges	16,189	15,239
Deferred income taxes	16,129	18,086
Change in current assets and liabilities, net of acquisitions of businesses:
Accounts receivable	(19,369)	(23,016)
Inventories	(58,344)	(13,181)
Uniforms and other rental items in service	(18,981)	(8,914)
Prepaid expenses	(965)	(3,628)
Accounts payable	(2,952)	2,635
Accrued compensation and related liabilities	2,018	(701)
Accrued liabilities	(15,226)	(9,203)
Net cash provided by operating activities	147,550	176,344

Cash flows from investing activities:

Proceeds from divestiture of certain facilities	1,400	21,578
Capital expenditures	(113, 809)	(124,234)
Proceeds from sale or redemption of marketable securities	44,603	75,680
Purchase of marketable securities	(15,446)	(77,430)
Acquisitions of businesses, net of cash acquired	(34,236)	(21,754)
Other	(21,948)	(713)
Net cash used in investing activities	(139,436)	(126,873)

Cash flows from financing activities;

Proceeds from issuance of long-term debt	16	140,000
Repayment of long-term debt	(26,327)	(168,549)
Stock options exercised	4,600	2,986
Other	594	1,101
Net cash used in financing activities	(21,117)	(24,462)

Net decrease/increase in cash and cash equivalents	(13,003)	25,009

Cash and cash equivalents at beginning of period	52,182	15,803
Cash and cash equivalents at end of period	$39,179	$40,812

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