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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 10-Q
 
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934


 
For The Quarter Ended
  
Commission File
  
 
October 30, 2004
  
Number 1-5674
  

ANGELICA CORPORATION
(Exact name of Registrant as specified in its charter)
 

 
MISSOURI
  43-0905260
 
 
(State or other jurisdiction of
  (I.R.S. Employer Identification No.)
 
incorporation or organization)
    
       
       
 
424 South Woods Mill Road
    
 
CHESTERFIELD, MISSOURI
  63017
 
 
(Address of principal executive offices)
  (Zip Code)
 
       

(314) 854-3800
(Registrant’s telephone number, including area code)

Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).  Yes X  No __


Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes X  No__

The number of shares outstanding of Registrant’s Common Stock, par value $1.00 per share, at December 1, 2004 was 9,024,484 shares.
 

 
     

ANGELICA CORPORATION AND SUBSIDIARIES
 
INDEX TO
 
OCTOBER 30, 2004 FORM 10-Q QUARTERLY REPORT




           
     
Page Number
   
     
Reference
    
           
           
         
           
         
           
   
2
    
           
   

 3

    
           
   
4
    
           
   
5-11
    
           
   
12-15
    
           
   
16
    
           
   
16-17
    
           
         
           
   
18
    
           
   
19
 
  
 
          
   
20
    
 
 

 
   
 
PART I. FINANCIAL INFORMATION
Item 1. Condensed Financial Statements
 

CONSOLIDATED STATEMENTS OF INCOME
          
Angelica Corporation and Subsidiaries
                   
Unaudited (Dollars in thousands, except per share amounts)
              
                    
                    
                    
                    
   
 Third Quarter Ended
  
Nine Months Ended
  
   
 October 30,
  
October 25,
  
October 30,
  
October 25,
  
   
 2004
  
2003
  
2004
  
2003
  
Continuing Operations:
                          
Textile service revenues
  
$
78,737
  
$
70,576
  
$
234,331
  
$
212,922
  
Cost of textile services
    
(65,616
)
  
(57,699
)
  
(196,533
)
  
(172,589
)
Gross profit
    
13,121
   
12,877
   
37,798
   
40,333
 
Selling, general and administrative expenses
    
(9,766
)
  
(9,737
)
  
(30,041
)
  
(30,082
)
Other operating (expense) income, net
    
(213
)
  
(105
)
  
849
   
(234
)
Income from operations
    
3,142
   
3,035
   
8,606
   
10,017
 
Interest expense
    
(244
)
  
(106
)
  
(825
)
  
(473
)
Non-operating income, net (Note 4)
    
364
   
23
   
2,466
   
1,938
 
Income from continuing operations before taxes
    
3,262
   
2,952
   
10,247
   
11,482
 
Provision for income taxes (Note 5)
    
(587
)
  
(757
)
  
(2,278
)
  
(3,452
)
Income from continuing operations
    
2,675
   
2,195
   
7,969
   
8,030
 
                           
Discontinued Operations (Note 6):
                          
Loss from operations of discontinued segment
    
(770
)
  
(17
)
  
(1,732
)
  
(762
)
Income tax benefit
    
262
   
6
   
589
   
236
 
Loss from operations of discontinued segment,
                          
net of tax
    
(508
)
  
(11
)
  
(1,143
)
  
(526
)
Loss on disposal of discontinued segment,
                          
net of tax
    
(561
)
  
—
    
(3,569
)
  
—
  
Loss from discontinued operations
    
(1,069
)
  
(11
)
  
(4,712
)
  
(526
)
Net income
  
$
1,606
  
$
2,184
  
$
3,257
  
$
7,504
  
                           
Basic earnings per share (Note 8):
                          
Income from continuing operations
  
$
0.30
  
$
0.25
  
$
0.90
  
$
0.91
  
Loss from discontinued operations
    
(0.12
)
  
(0.00
)
  
(0.53
)
 &nb