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CINTAS CORP - Quarter Report: 2003 November (Form 10-Q)

FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

  (X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended November 30, 2003

OR

  (   ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to __________

  Commission file number   0-11399

CINTAS CORPORATION
(Exact name of registrant as specified in its charter)


WASHINGTON 31-1188630
(State or other jurisdiction of
 incorporation or organization)
(I.R.S. Employer
Identification No.)


6800 CINTAS BOULEVARD
       P.O. BOX 625737
CINCINNATI, OHIO 45262-5737
(Address of principal executive offices)
(Zip Code)


(513) 459-1200
(Registrant's telephone number, including area code)

        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  [   ]

        Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12 b-2 of the Exchange Act).     Yes  [X]       No  [   ]

        Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

                    Class                    Outstanding December 31, 2003
Common Stock, no par value 171,052,166

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CINTAS CORPORATION

INDEX

Part I. Financial Information

        Item 1. Financial Statements.

                      Consolidated Condensed Statements of Income -
                         Three Months and Six Months Ended November 30, 2003 and 2002

                      Consolidated Condensed Balance Sheets -
                         November 30, 2003 and May 31, 2003

                      Consolidated Condensed Statements of Cash Flows -
                         Six Months Ended November 30, 2003 and 2002

                      Notes to Consolidated Condensed Financial Statements

        Item 2. Management's Discussion and Analysis of Financial
                      Condition and Results of Operations.

        Item 3. Quantitative and Qualitative Disclosures About
                      Market Risk.

        Item 4. Controls and Procedures.


Part II. Other Information

Signatures

Certifications
Page No.




   3


   4


   5

   6


  20


  23

  23


  25

  27

  28

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CINTAS CORPORATION
ITEM 1. FINANCIAL STATEMENTS.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
(In thousands except per share data)


Three Months Ended
November 30,

Six Months Ended
November 30,

2003
2002
2003
2002
Revenue:                    
   Rentals   $ 548,456   $ 526,311   $ 1,086,860   $ 1,049,967  
   Other Services    152,853    154,647    292,105    296,717  




     701,309    680,958    1,378,965    1,346,684  
Costs and expenses (income):  
   Cost of rentals    305,335    295,140    603,480    582,091  
   Cost of other services    102,537    101,995    194,600    198,757  
   Selling and admin. expenses    176,954    175,846    353,084    352,678  
   Interest income    (560 )  (612 )  (973 )  (1,351 )
   Interest expense    6,468    8,012    13,348    16,036  
   Write off of loan receivable    --    --    4,343    --  




     590,734    580,381    1,167,882    1,148,211  




Income before income taxes    110,575    100,577    211,083    198,473  
 
Income taxes    40,918    37,237    78,099    73,486  




Net income   $ 69,657   $ 63,340   $ 132,984   $ 124,987  




Basic earnings per share   $ .41   $ .37   $ .78   $ .73  




Diluted earnings per share   $ .40   $ .37   $ .77   $ .73  




See accompanying notes.

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CINTAS CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(In thousands except share data)

November 30,
2003

May 31,
2003

(Unaudited)
ASSETS            
Current assets:  
   Cash and cash equivalents   $ 98,596   $ 32,239  
   Marketable securities    97,519    25,420  
   Accounts receivable, net    279,588    278,147  
   Inventories    212,910    228,410  
   Uniforms and other rental items in service    301,869    305,721  
   Prepaid expenses    6,975    7,607  


     Total current assets    997,457    877,544  
 
Property and equipment, at cost, net    776,814    777,432  
Goodwill    730,850    721,855  
Service contracts    137,501    144,899  
Other assets    52,321    61,216  


    $ 2,694,943   $ 2,582,946  


LIABILITIES AND SHAREHOLDERS' EQUITY  
Current liabilities:  
   Accounts payable   $ 56,271   $ 53,909  
   Accrued compensation and related liabilities    23,965    25,252  
   Accrued liabilities    92,874    127,882  
   Income taxes:  
     Current    68,724    16,527  
     Deferred    56,925    53,018  
   Long-term debt due within one year    23,492    28,251  


     Total current liabilities    322,251    304,839  
 
Long-term debt due after one year    482,850    534,763  
 
Deferred income taxes    101,424    97,012  
 
Shareholders' equity:  
   Preferred stock, no par value,  
     100,000 shares authorized, none outstanding    --    --  
   Common stock, no par value,  
     425,000,000 shares authorized,  
     170,890,747 shares issued and outstanding  
     (170,599,993 at May 31, 2003)    79,178    76,124  
   Retained earnings    1,701,055    1,568,071  
   Other accumulated comprehensive income (loss):  
     Foreign currency translation    9,951    4,427  
     Unrealized loss on derivatives    (1,766 )  (2,290 )


     Total shareholders' equity    1,788,418    1,646,332  


    $ 2,694,943   $ 2,582,946  


See accompanying notes.

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CINTAS CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

Six Months Ended
November 30,

2003
2002
Cash flows from operating activities:            
   Net income   $ 132,984   $ 124,987  
   Adjustments to reconcile net income to net cash provided  
   by operating activities:  
     Depreciation    58,460    58,692  
     Amortization of deferred charges    12,874    14,620  
     Deferred income taxes    8,319    7,016  
     Change in current assets and liabilities, net of  
       acquisitions of businesses:  
          Accounts receivable    (978 )  (3,351 )
          Inventories    16,128    (26,045 )
          Uniforms and other rental items in service    3,852    (19,049 )
          Prepaid expenses    632    367  
          Accounts payable    2,357    4,891  
          Accrued compensation and related liabilities    (1,287 )  (2,361 )
          Accrued liabilities    (36,008 )  (23,996 )
          Income taxes payable    52,197    46,377  


Net cash provided by operating activities    249,530    182,148  
 
Cash flows from investing activities:  
 
   Capital expenditures    (57,021 )  (51,382 )
   Proceeds from sale or redemption of marketable securities    12,838    10,422  
   Purchase of marketable securities    (84,937 )  (4,279 )
   Acquisitions of businesses, net of cash acquired    (13,595 )  (16,967 )
   Other    1,713    (9,642 )


Net cash used in investing activities    (141,002 )  (71,848 )
 
Cash flows from financing activities:  
 
   Repayment of long-term debt    (51,273 )  (101,872 )
   Issuance of common stock    3,054    3,226  
   Other    6,048    (1,373 )


Net cash used in financing activities    (42,171 )  (100,019 )


Net increase in cash and cash equivalents    66,357    10,281  
 
Cash and cash equivalents at beginning of period    32,239    40,628  


Cash and cash equivalents at end of period   $ 98,596   $ 50,909  


See accompanying notes.

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CINTAS CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
(Amounts in thousands except per share data)


1.    Basis of Presentation

The consolidated condensed financial statements of Cintas Corporation included herein have been prepared by Cintas, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. While we believe that the disclosures are adequately presented, it is suggested that these consolidated condensed financial statements be read in conjunction with the financial statements and notes included in our most recent annual report for the fiscal year ended May 31, 2003. A summary of our significant accounting policies is presented on page 36 of our most recent annual report. There have been no material changes in the accounting policies followed by Cintas during the fiscal year.

Interim results are subject to variations and are not necessarily indicative of the results of operations for a full fiscal year. In the opinion of management, adjustments (which include only normal recurring adjustments) necessary for a fair statement of the results of the interim periods shown have been made.

Certain prior year amounts have been reclassified to conform with current year presentation.

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CINTAS CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
(In thousands except per share data)

2.    Earnings per Share

The following table represents a reconciliation of the shares used to calculate basic and diluted earnings per share for the respective years:

Three Months Ended
November 30,

Six Months Ended
November 30,

2003
2002
2003
2002
Numerator:                          
Net income   $ 69,657  $ 63,340  $ 132,984  $ 124,987  




Denominator:  
Denominator for basic earnings per  
  share-weighted average shares     170,804    170,189    170,727    170,112  




Effect of dilutive securities-employee  
  stock options     1,408    2,161    1,294     2,142  




Denominator for diluted earnings per  
  share-adjusted weighted average  
  shares and assumed conversions     172,212     172,350    172,021   172,254  




Basic earnings per share   $ .41  $ .37  $ .78  $ .73  




Diluted earnings per share   $ .40  $ .37  $ .77  $ .73  




3.    Goodwill and Intangible Assets

Changes in the carrying amount of goodwill for the six months ended November 30, 2003, by operating segment, are as follows:

“Acquired Intangible Assets”

Rentals
Other
Services

Total
Balance as of June 1, 2003     $ 671,955   $ 49,900   $ 721,855  
Goodwill acquired during the period    559    8,551    9,110  
Foreign currency translation    (115 )  --    (115 )



Balance as of November 30, 2003   $ 672,399   $ 58,451   $ 730,850  



-7-


CINTAS CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
(In thousands except per share data)

Information regarding Cintas’ service contracts and other assets follows:

As of November 30, 2003
Carrying
Amount

Accumulated
Amortization

Net
Service contracts     $ 234,955   $ 97,454   $ 137,501  



Noncompete and  
   consulting agreements   $ 54,760   $ 39,743   $ 15,017  
Other    39,493    2,189    37,304  



Total   $ 94,253   $ 41,932   $ 52,321  




As of May 31, 2003
Carrying
Amount

Accumulated
Amortization

Net
Service contracts     $ 232,826   $ 87,927   $ 144,899  



Noncompete and  
   consulting agreements   $ 55,456   $ 38,990   $ 16,466  
Other    46,401    1,651    44,750  



Total   $ 101,857   $ 40,641   $ 61,216  



Amortization expense was $12,874 and $14,620 for the six months ended November 30, 2003 and 2002, respectively. Estimated amortization expense, excluding any future acquisitions, for each of the next five years is $25,179, $23,204, $21,442, $19,367 and $17,221, respectively.

4.    Derivatives and Hedging Activities

Cintas formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. Cintas’ hedging activities are transacted only with highly-rated institutions, reducing the exposure to credit risk in the event of nonperformance.

Cintas uses derivatives for both cash flow hedging and fair value hedging purposes. For derivative instruments that hedge the exposure of variability in short-term interest rates, designated as cash flow hedges, the effective portion of the net gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. For the ineffective portion of the hedge, gains or losses are charged to earnings in the current period. For derivative instruments that hedge the exposure to changes in the fair value of certain fixed rate debt, designated as fair value hedges, the effective portion of the net gain or loss on the derivative instrument, as well as the offsetting gain or loss on the fixed rate debt attributable to the hedged risk, are recorded in current period earnings.

-8-


CINTAS CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
(In thousands except per share data)

Cintas periodically uses interest rate swap and lock agreements as hedges against variability in short-term interest rates. These agreements effectively convert a portion of the floating rate debt to a fixed rate basis, or lock in a fixed interest rate, thus reducing the impact of interest rate changes on future interest expense. Cintas uses the Hypothetical Derivative Method for assessing the effectiveness of these swaps. The effectiveness of these swaps is reviewed at least every fiscal quarter. Cintas will also periodically use reverse interest rate swap agreements to convert a portion of fixed rate debt to a floating rate basis, thus hedging for changes in the fair value of the fixed rate debt being hedged. Cintas has determined that the current interest rate swap agreement, designated as a fair value hedge, qualifies for treatment under the short-cut method of measuring effectiveness. Under the provisions of SFAS 133, this hedge is determined to be perfectly effective and there is no requirement to periodically evaluate effectiveness.

The change in fair value of the cash flow hedge, pertaining to interest rate swap and lock agreements, during the second quarter of fiscal year 2004 resulted in a credit of $163 to other comprehensive income. The reverse interest rate swap agreement is a fair value hedge that converts $125 million of fixed rate debt to a floating rate. This agreement expires in 2007, and allows Cintas to receive an effective interest rate of 5.13% and pay an interest rate based on LIBOR. Because this fair value hedge is 100% effective, the $1 million favorable change in the fair value of this hedge, which occurred in the second quarter, was directly offset by an increase in the fair value of the debt.

5.    Stock-Based Compensation

During the third quarter of fiscal 2003, Cintas adopted the disclosure requirements of FASB Statement No. 148, Accounting for Stock-Based Compensation — Transition and Disclosure, but will continue to apply Accounting Principles Board Opinion No. 25 as the method used to account for stock-based employee compensation arrangements. The following table illustrates the effect on net income and earnings per share as if the fair value based method had been applied to all outstanding and unvested awards in each period.

Three Months Ended
November 30,

Six Months Ended
November 30,

2003
2002
2003
2002
Net income, as reported     $ 69,657   $ 63,340   $ 132,984   $ 124,987  
 
Deduct: Total stock-based  
employee compensation expense  
determined under fair value based  
method for all awards, net of  
related tax effects     1,634    1,460     3,269   2,880  




Pro forma net income   $ 68,023  $ 61,880  $ 129,715  $ 122,107  




Earnings per share:  
   Basic - as reported   $ .41  $ .37  $ .78  $ .73  




   Basic - pro forma   $ .40  $ .36  $ .76  $ .71  




   Diluted - as reported   $ .40  $ .37  $ .77  $ .73  




   Diluted - pro forma   $ .39  $ .36  $ .75  $ .71  




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CINTAS CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
(In thousands except per share data)

6.    Comprehensive Income

Total comprehensive income represents the net change in shareholders’ equity during a period from sources other than transactions with shareholders and, as such, includes net earnings. For Cintas, the only components of total comprehensive income are the change in cumulative foreign currency translation adjustments and the change in the fair value forecasted cash flows associated with a derivative accounted for as a cash flow hedge. The components of comprehensive income for the three and six month periods ended November 30, 2003 and 2002 are as follows:

Three Months Ended
November 30,

Six Months Ended
November 30,

2003
2002
2003
2002
Net income     $ 69,657   $ 63,340   $ 132,984   $ 124,987  
Other comprehensive income:  
   Foreign currency translation  
     adjustment    6,972    (631 )  5,524    (2,171 )
   Net unrealized income (loss) on  
     cash flow hedges    163    254    524    (10 )




Comprehensive income   $ 76,792   $ 62,963   $ 139,032   $ 122,806  




7.    Segment Information

Cintas classifies its businesses into two operating segments: Rentals and Other Services. The Rentals operating segment designs and manufactures corporate identity uniforms which it rents, along with other items, to its customers. The Other Services operating segment involves the design, manufacture and direct sale of uniforms to its customers, as well as the sale of ancillary services including first aid products and services and cleanroom supplies. Substantially all of these services are provided throughout the United States and Canada to businesses of all types — from small service and manufacturing companies to major corporations that employ thousands of people. Information about our different business segments is set forth based on the distribution of products and services offered. Cintas evaluates performance based on several factors, of which the primary financial measures are business segment revenue and income before income taxes.

The $4,343 write-off of the loan receivable in the first quarter of fiscal 2004 has been included in the Corporate segment.

-10-


CINTAS CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
(In thousands except per share data)

Rentals
Other
Services

Corporate
Total
For the three months                      
   ended November 30, 2003  
Revenue   $ 548,456   $ 152,853   $ --  $ 701,309  




Income before income taxes   $ 102,834   $ 13,649   $ (5,908 ) $ 110,575  




For the three months  
   ended November 30, 2002  
Revenue   $ 526,311   $ 154,647   $ --  $ 680,958  




Income before income taxes   $ 90,266   $ 17,711   $ (7,400 ) $ 100,577  




As of and for the six months  
   ended November 30, 2003  
Revenue   $ 1,086,860   $ 292,105   $ --  $ 1,378,965  




Income before income taxes   $ 203,651   $ 24,150   $ (16,718 ) $ 211,083  




Total assets   $ 2,188,328   $ 310,500   $ 196,115  $ 2,694,943  




As of and for the six months  
   ended November 30, 2002  
Revenue   $ 1,049,967   $ 296,717   $ --  $ 1,346,684  




Income before income taxes   $ 185,016   $ 28,142   $ (14,685 ) $ 198,473  




Total assets   $ 2,199,763   $ 295,854   $ 89,224  $ 2,584,841  




8.    Supplemental Guarantor Information

On May 13, 2002, Cintas completed the acquisition of Omni Services, Inc. (Omni) for $656,071. The purchase price for Omni was funded with $450,000 in long-term notes, $100,000 of borrowings under a commercial paper program and $106,071 in cash. The $450,000 in long-term notes consists of $225,000 with five-year maturities at an interest rate of 5.125% and $225,000 with ten-year maturities at an interest rate of 6%. An additional working capital payment of $3,055 was made during the second quarter of fiscal year 2003, bringing the total purchase price to $659,126.

Effective June 1, 2000, Cintas reorganized its legal structure and created Cintas Corporation No. 2 (Corp. 2) as its indirectly, wholly-owned principal operating subsidiary. Cintas and its wholly-owned, direct and indirect domestic subsidiaries, other than Corp. 2, unconditionally guaranteed, jointly and severally, debt of Corp. 2. As allowed by SEC rules, the following condensed consolidating financial statements are provided as an alternative to filing separate financial statements of the guarantors. Each of the subsidiaries presented in the condensed consolidating financial statements has been fully consolidated in Cintas’ financial statements. The condensed consolidating financial statements should be read in conjunction with the financial statements of Cintas and notes thereto of which this note is an integral part.

Condensed consolidating financial statements for Cintas, Corp. 2, and subsidiary guarantors and non-guarantors are presented below:

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CONDENSED CONSOLIDATED INCOME STATEMENT
THREE MONTHS ENDED NOVEMBER 30, 2003

Cintas
Corporation

Corp. 2
Subsidiary
Guarantors

Non-Guarantors
Eliminations
Cintas
Corporation
Consolidated

Revenue:                            
   Rentals   $ --   $ 409,675   $ 110,421   $ 28,402   $ (42 ) $ 548,456  
   Other services    --    269,667    56,533    7,842    (181,189 )  152,853  
   Equity in net income of affiliates    69,657    --    --    --    (69,657 )  --  






     69,657    679,342    166,954    36,244    (250,888 )  701,309  
Costs and expenses (income):  
   Cost of rentals    --    258,951    66,707    17,769    (38,092 )  305,335  
   Cost of other services    --    199,812    39,146    4,627    (141,048 )  102,537  
   Selling and administrative expenses    --    176,403    (6,911 )  7,504    (42 )  176,954  
   Interest income    --    (376 )  (36 )  (148 )  --    (560 )
   Interest expense    --    6,425    (1,018 )  1,061    --    6,468  






     --    641,215    97,888    30,813    (179,182 )  590,734  






Income before income taxes    69,657    38,127    69,066    5,431    (71,706 )  110,575  
Income taxes    --    5,925    33,834    1,159    --    40,918  






Net income   $ 69,657   $ 32,202   $ 35,232   $ 4,272   $ (71,706 ) $ 69,657  






-12-


CONDENSED CONSOLIDATED INCOME STATEMENT
THREE MONTHS ENDED NOVEMBER 30, 2002

Cintas
Corporation

Corp. 2
Subsidiary
Guarantors

Non-Guarantors
Eliminations
Cintas
Corporation
Consolidated

Revenue:                            
   Rentals   $ --   $ 397,640   $ 105,928   $ 22,780   $ (37 ) $ 526,311  
   Other services    --    319,954    49,384    9,036    (223,727 )  154,647  
   Equity in net income of affiliates    63,340    --    --    --    (63,340 )  --  






     63,340    717,594    155,312    31,816    (287,104 )  680,958  
Costs and expenses (income):  
   Cost of rentals    --    260,706    55,542    14,207    (35,315 )  295,140  
   Cost of other services    --    238,431    36,134    6,183    (178,753 )  101,995  
   Selling and administrative expenses    --    182,754    (13,544 )  7,570    (934 )  175,846  
   Interest income    --    (500 )  (48 )  (64 )  --    (612 )
   Interest expense    --    15,405    (8,178 )  785    --    8,012  






     --    696,796    69,906    28,681    (215,002 )  580,381  






Income before income taxes    63,340    20,798    85,406    3,135    (72,102 )  100,577  
Income taxes    --    5,535    30,687    1,015    --    37,237  






Net income   $ 63,340   $ 15,263   $ 54,719   $ 2,120   $ (72,102 ) $ 63,340  






-13-


CONDENSED CONSOLIDATED INCOME STATEMENT
SIX MONTHS ENDED NOVEMBER 30, 2003

Cintas
Corporation

Corp. 2
Subsidiary
Guarantors

Non-Guarantors
Eliminations
Cintas
Corporation
Consolidated

Revenue:                            
   Rentals   $ --   $ 812,071   $ 219,437   $ 55,447   $ (95 ) $ 1,086,860  
   Other services    --    525,594    110,719    15,529    (359,737 )  292,105  
   Equity in net income of affiliates    132,984    --    --    --    (132,984 )  --  






     132,984    1,337,665    330,156    70,976    (492,816 )  1,378,965  
Costs and expenses (income):  
   Cost of rentals    --    516,544    128,555    34,475    (76,094 )  603,480  
   Cost of other services    --    389,046    78,496    9,430    (282,372 )  194,600  
   Selling and administrative expenses    --    353,130    (15,622 )  15,649    (73 )  353,084  
   Interest income    --    (718 )  (57 )  (198 )  --    (973 )
   Interest expense    --    13,231    (1,963 )  2,080    --    13,348  
   Write off of loan receivable    --    --    4,343    --    --    4,343  






     --    1,271,233    193,752    61,436    (358,539 )  1,167,882  






Income before income taxes    132,984    66,432    136,404    9,540    (134,277 )  211,083  
Income taxes    --    11,311    63,672    3,116    --    78,099  






Net income   $ 132,984   $ 55,121   $ 72,732   $ 6,424   $ (134,277 ) $ 132,984  






-14-


CONDENSED CONSOLIDATED INCOME STATEMENT
SIX MONTHS ENDED NOVEMBER 30, 2002

Cintas
Corporation

Corp. 2
Subsidiary
Guarantors

Non-Guarantors
Eliminations
Cintas
Corporation
Consolidated

Revenue:                            
   Rentals   $ --   $ 793,868   $ 210,410   $ 45,761   $ (72 ) $ 1,049,967  
   Other services    --    595,959    98,530    17,392    (415,164 )  296,717  
   Equity in net income of affiliates    124,987    --    --    --    (124,987 )  --  






     124,987    1,389,827    308,940    63,153    (540,223 )  1,346,684  
Costs and expenses (income):  
   Cost of rentals    --    512,745    109,845    29,099    (69,598 )  582,091  
   Cost of other services    --    448,241    72,575    10,548    (332,607 )  198,757  
   Selling and administrative expenses    --    360,956    (23,204 )  15,809    (883 )  352,678  
   Interest income    --    (1,171 )  (96 )  (84 )  --    (1,351 )
   Interest expense    --    15,493    (1,026 )  1,569    --    16,036  






     --    1,336,264    158,094    56,941    (403,088 )  1,148,211  






Income before income taxes    124,987    53,563    150,846    6,212    (137,135 )  198,473  
Income taxes    --    11,060    60,102    2,324    --    73,486  






Net income   $ 124,987   $ 42,503   $ 90,744   $ 3,888   $ (137,135 ) $ 124,987  






-15-


CONDENSED CONSOLIDATED BALANCE SHEET
AS OF NOVEMBER 30, 2003

Cintas
Corporation

Corp. 2
Subsidiary
Guarantors

Non-Guarantors
Eliminations
Cintas
Corporation
Consolidated

Assets                            
Current assets:  
   Cash and cash equivalents   $ --   $ 74,911   $ 5,524   $ 18,161   $ --   $ 98,596  
   Marketable securities    --    90,280    1,000    6,239    --    97,519  
   Accounts receivable, net    --    208,641    72,565    10,013    (11,631 )  279,588  
   Inventories    --    202,467    16,272    6,421    (12,250 )  212,910  
   Uniforms and other rental items in service    --    248,874    71,198    16,883    (35,086 )  301,869  
   Prepaid expenses    --    4,019    2,349    607    --    6,975  






Total current assets    --    829,192    168,908    58,324    (58,967 )  997,457  
 
Property and equipment, at cost, net    --    597,375    136,457    42,982    --    776,814  
 
Goodwill    --    113,766    603,036    14,048    --    730,850  
Service contracts    --    26,430    101,001    10,070    --    137,501  
Other assets    1,314,986    33,431    775,096    152,675    (2,223,867 )  52,321  






    $ 1,314,986   $ 1,600,194   $ 1,784,498   $ 278,099   $ (2,282,834 ) $ 2,694,943  






Liabilities and Shareholders' Equity  
Current liabilities:  
   Accounts payable   $ (465,247 ) $118,261   $357,989   $ 7,255   $ 38,013   $ 56,271  
   Accrued compensation and related liabilities    --    18,020    4,499    1,446    --    23,965  
   Accrued liabilities    --    176,698    (87,178 )  3,399    (45 )  92,874  
   Income taxes:  
     Current    --    (29,009 )  99,173    (1,411 )  (29 )  68,724  
     Deferred    --    221    54,804    1,900    --    56,925  
   Long-term debt due within one year    --    23,006    588    56    (158 )  23,492  






Total current liabilities    (465,247 )  307,197    429,875    12,645    37,781    322,251  
 
Long-term debt due after one year    --    490,789    (52,165 )  76,483    (32,257 )  482,850  
Deferred income taxes    --    9,621    86,434    5,369    --    101,424
Total shareholders' equity    1,780,233    792,587    1,320,354    183,602    (2,288,358 )  1,788,418  






    $ 1,314,986   $ 1,600,194   $ 1,784,498   $ 278,099   $ (2,282,834 ) $ 2,694,943  






-16-


CONDENSED CONSOLIDATED BALANCE SHEET
AS OF MAY 31, 2003

Cintas
Corporation

Corp. 2
Subsidiary
Guarantors

Non-Guarantors
Eliminations
Cintas
Corporation
Consolidated

Assets                            
Current assets:  
   Cash and cash equivalents   $ --   $ 16,592   $ 5,166   $ 9,329   $ 1,152   $ 32,239  
   Marketable securities    --    23,934    --    1,486    --    25,420  
   Accounts receivable, net    --    203,438    80,537    8,107    (13,935 )  278,147  
   Inventories    --    218,304    15,845    6,813    (12,552 )  228,410  
   Uniforms and other rental items in service    --    251,118    71,413    16,680    (33,490 )  305,721  
   Prepaid expenses    --    4,865    1,812    930    --    7,607  






Total current assets    --    718,251    174,773    43,345    (58,825 )  877,544  
 
Property and equipment, at cost, net    --    598,558    136,896    41,978    --    777,432  
 
Goodwill    --    113,334    594,419    14,102    --    721,855  
Service contracts    --    29,175    105,178    10,546    --    144,899  
Other assets    1,178,948    40,124    780,073    141,282    (2,079,211 )  61,216  






    $ 1,178,948   $ 1,499,442   $ 1,791,339   $ 251,253   $ (2,138,036 ) $ 2,582,946  






Liabilities and Shareholders' Equity  
Current liabilities:  
   Accounts payable   $ (465,247 ) $ 11,084   $ 467,211   $ 2,848   $ 38,013   $ 53,909  
   Accrued compensation and related liabilities    --    19,451    4,368    1,433    --    25,252  
   Accrued liabilities    --    178,538    (54,321 )  4,657    (992 )  127,882  
   Income taxes:  
     Current    --    (33,053 )  50,841    (1,232 )  (29 )  16,527  
     Deferred    --    386    50,828    1,804    --    53,018  
   Long-term debt due within one year    --    27,798    604    53    (204 )  28,251  






Total current liabilities    (465,247 )  204,204    519,531    9,563    36,788    304,839  
 
Long-term debt due after one year    --    542,572    (49,078 )  72,630    (31,361 )  534,763  
Deferred income taxes    --    9,245    82,795    4,972    --    97,012  
Total shareholders' equity    1,644,195    743,421    1,238,091    164,088    (2,143,463 )  1,646,332  






    $ 1,178,948   $ 1,499,422   $ 1,791,339   $ 251,253   $ (2,138,036 ) $ 2,582,946  






-17-


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
SIX MONTHS ENDED NOVEMBER 30, 2003

Cintas
Corporation

Corp. 2
Subsidiary
Guarantors

Non-
Guarantors

Eliminations
Cintas
Corporation
Consolidated

Cash flows from operating activities:                            
   Net income   $ 132,984   $ 55,121   $ 72,732   $ 6,424   $ (134,277 ) $ 132,984  
   Adjustments to reconcile net income to net  
   cash provided by (used in) operating activities:  
     Depreciation    --    37,399    18,251    2,810    --    58,460  
     Amortization of deferred charges    --    4,221    7,552    1,101    --    12,874  
     Deferred income taxes    --    211    7,615    493    --    8,319  
     Changes in current assets and liabilities,  
       net of acquisitions of businesses:  
          Accounts receivable    --    (5,203 )  8,435    (1,906 )  (2,304 )  (978 )
          Inventories    --    15,837    201    392    (302 )  16,128  
          Uniforms and other rental items in service    --    2,244    215    (203 )  1,596    3,852  
          Prepaid expenses    --    846    (537 )  323    --    632  
          Accounts payable    --    107,177    (109,227 )  4,407    --    2,357  
          Accrued compensation and related liabilities    --    (1,431 )  131    13    --    (1,287 )
          Accrued liabilities    --    (1,840 )  (33,857 )  (1,258 )  947    (36,008 )
          Income taxes payable    --    4,044    48,332    (179 )  --    52,197  






Net cash provided by (used in) operating activities    132,984    218,626    19,843    12,417    (134,340 )  249,530  
 
Cash flows from investing activities:  
   Capital expenditures    --    (36,240 )  (16,934 )  (3,847 )  --    (57,021 )
   Proceeds from sale or redemption of marketable securities    --    12,838    --    --    --    12,838  
   Purchase of marketable securities    --    (79,184 )  (1,000 )  (4,753 )  --    (84,937 )
   Acquisitions of businesses, net of cash acquired    --    (1,215 )  (12,380 )  --    --    (13,595 )
   Other    (136,038 )  (5,854 )  13,932    (4,365 )  134,038    1,713  






Net cash (used in) provided by investing activities    (136,038 )  (109,655 )  (16,382 )  (12,965 )  134,038    (141,002 )
 
Cash flows from financing activities:  
   Repayment of long-term debt    --    (51,176 )  (3,103 )  3,856    (850 )  (51,273 )
   Issuance of common stock    3,054    --    --    --    --    3,054  
   Other    --    524    --    5,524    --    6,048  






Net cash provided by (used in) financing activities    3,054    (50,652 )  (3,103 )  9,380    (850 )  (42,171 )






Net increase (decrease) in cash and cash equivalents    --    58,319    358    8,832    (1,152 )  66,357  
Cash and cash equivalents at beginning of period    --    16,592    5,166    9,329    1,152    32,239  






Cash and cash equivalents at end of period   $ --   $ 74,911   $ 5,524   $ 18,161   $ --   $ 98,596  






-18-


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
SIX MONTHS ENDED NOVEMBER 30, 2002

Cintas
Corporation

Corp. 2
Subsidiary
Guarantors

Non-
Guarantors

Eliminations
Cintas
Corporation
Consolidated

Cash flows from operating activities:                            
   Net income   $ 124,987   $ 42,503   $ 90,744   $ 3,888   $ (137,135 ) $ 124,987  
   Adjustments to reconcile net income to net  
   cash provided by (used in) operating activities:  
     Depreciation    --    37,735    18,423    2,534    --    58,692  
     Amortization of deferred charges    --    5,423    8,217    980    --    14,620  
     Deferred income taxes    --    1,305    5,566    145    --    7,016  
     Changes in current assets and liabilities,  
       net of acquisitions of businesses:  
          Accounts receivable    --    97    (5,414 )  3,251    (1,285 )  (3,351 )
          Inventories    --    (26,404 )  (256 )  (1,100 )  1,715    (26,045 )
          Uniforms and other rental items in service    --    (31,061 )  2,298    (718 )  10,432    (19,049 )
          Prepaid expenses    --    1,989    (1,238 )  (384 )  --    367  
          Accounts payable    --    93,605    (77,610 )  (11,106 )  2    4,891  
          Accrued compensation and related liabilities    --    (3,977 )  1,598    18    --    (2,361 )
          Accrued liabilities    --    6,076    (30,227 )  (807 )  962    (23,996 )
          Income taxes payable    --    4,176    43,897    (1,696 )  --    46,377  






Net cash provided by (used in) operating activities    124,987    131,467    55,998    (4,995 )  (125,309 )  182,148  
 
Cash flows from investing activities:  
   Capital expenditures    --    (5,737 )  (41,352 )  (4,293 )  --    (51,382 )
   Proceeds from sale or redemption of marketable securities    --    9,763    --    659    --    10,422  
   Purchase of marketable securities    --    (446 )  1    (3,834 )  --    (4,279 )
   Acquisitions of businesses, net of cash acquired    --    (8,369 )  (2,970 )  (5,628 )  --    (16,967 )
   Other    (126,850 )  (17,198 )  9,836    1,968    122,602    (9,642 )






Net cash (used in) provided by investing activities    (126,850 )  (21,987 )  (34,485 )  (11,128 )  122,602    (71,848 )
 
Cash flows from financing activities:  
   Repayment of long-term debt    --    (99,733 )  (20,662 )  15,816    2,707    (101,872 )
   Issuance of common stock    3,226    --    --    --    --    3,226  
   Other    (1,363 )  (10 )  --    --    --    (1,373 )






Net cash provided by (used in) financing activities    1,863    (99,743 )  (20,662 )  15,816    2,707    (100,019 )






Net increase (decrease) in cash and cash equivalents    --    9,737    851    (307 )  --    10,281  
Cash and cash equivalents at beginning of period    --    22,440    5,011    13,177    --    40,628  






Cash and cash equivalents at end of period   $ --   $ 32,177   $ 5,862   $ 12,870   $ --   $ 50,909  






-19-


CINTAS CORPORATION
ITEM 2.   MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Three Months Ended November 2003 Compared to Three Months Ended November 2002

Total revenue increased 3% for the three months ended November 30, 2003, over the same period in fiscal 2003. While the economy has shown some preliminary signs of recovery, employment numbers continue to be weak. This continued weakness in employment has caused our internal growth rate to be lower than our stated objective. However, we have continued to grow organically in this environment mainly through the continued sale of new rental programs.

Rentals operating segment revenues consist primarily of revenues derived from the rental of corporate identity uniforms, mats, shop towels and other items. Net Rentals revenue increased 4% for three months ended November 30, 2003, over the same period in the prior fiscal year, primarily due to the sale of new rental programs. Rental revenue growth was negatively impacted by increased lost business and reductions in existing business attributable to the current sluggish economy.

Other Services operating segment revenues are derived from the design, manufacture and direct sale of uniforms to our customers, as well as ancillary services including hygiene supplies, first aid products and services and cleanroom supplies. Revenue from the sale of uniforms and other direct sale items decreased 1% for the three months ended November 30, 2003, over the same period in the prior year, due to continued pressure on the hotel, gaming, airline and electronics industries.

Cost of rentals consists primarily of production expenses, delivery expenses and amortization of in service uniforms and other rental items. Cost of rentals increased 4% for the three months ended November 30, 2003, as compared to the three months ended November 30, 2002, as a result of increased Rentals revenues and increased energy and labor-related costs. These increases were partially offset by continued productivity improvement in many of our rental operations, especially those operations that absorbed business from the Omni acquisition.

Cost of other services consists primarily of cost of goods sold (predominantly uniforms and first aid products), delivery expenses and distribution expenses. Cost of other services increased 1% for the three months ended November 30, 2003, as compared to the three months ended November 30, 2002. Cost of Other Services for the three months ending November 30, 2002, was positively impacted by additional sales of higher margin business. Other Services business sold during the three months ended November 30, 2003, is more in line with our traditional mix.

Selling and administrative expenses increased 1% for the three months ended November 30, 2003, as compared to the three months ended November 30, 2002. Increased efficiencies, including savings achieved from the consolidation of Omni headquarters’ operations, and cost containment initiatives enabled selling and administrative expenses to remain stable despite an increase in total revenues and the continued rise in medical benefit costs.

Net interest expense (interest expense less interest income) was $6 million for the three months ended November 30, 2003, compared to $7 million for the same period in the prior fiscal year. This decrease was primarily a result of lower outstanding debt levels as compared to the prior year. Cintas’ effective tax rate was 37.0% for both the three months ended November 30, 2003 and November 30, 2002.

-20 -


Net income increased 10% for the three months ended November 30, 2003, over the same period in fiscal 2003, primarily due to increased efficiencies from revenue growth and cost containment initiatives. Diluted earnings per share increased 8% for the three months ended November 30, 2003, over the same period in the prior fiscal year.

Six Months Ended November 2003 Compared to Six Months Ended November 2002

Total revenue increased 2% for the six months ended November 30, 2003, over the same period in fiscal 2003. The difficult economic environment and the continued weakness in employment numbers have caused our internal growth rate to be lower than our stated objective. However, we have continued to grow organically in this environment mainly through the continued sale of new rental programs.

Rentals operating segment revenues consist primarily of revenues derived from the rental of corporate identity uniforms, mats, shop towels and other items. Net Rentals revenue increased 4% for the six months ended November 30, 2003, over the same period in the prior fiscal year, primarily due to the sale of new rental programs. Rental revenue growth was negatively impacted by increased lost business and reductions in existing business attributable to the current sluggish economy.

Other Services operating segment revenues are derived from the design, manufacture and direct sale of uniforms to our customers, as well as ancillary services including hygiene supplies, first aid products and services and cleanroom supplies. Revenue from the sale of uniforms and other direct sale items decreased 2% for the six months ended November 30, 2003, over the same period in the prior year, due to continued pressure on the hotel, gaming, airline and electronics industries.

Cost of rentals consists primarily of production expenses, delivery expenses and amortization of in service uniforms and other rental items. Cost of rentals increased 4% for the six months ended November 30, 2003, as compared to the six months ended November 30, 2002, as a result of increased Rentals revenues and increased energy and labor-related costs.

Cost of other services consists primarily of cost of goods sold (predominantly uniforms and first aid products), delivery expenses and distribution expenses. Cost of other services decreased 2% for the six months ended November 30, 2003, as compared to the six months ended November 30, 2002. This reduction is primarily due to a combination of lower Other Services revenue, improved efficiencies in distribution and lower sourcing costs.

Selling and administrative expenses were essentially flat for the six months ended November 30, 2003, as compared to the six months ended November 30, 2002. Increased efficiencies and cost containment initiatives enabled selling and administrative expenses to remain constant despite an increase in total revenues and the continued rise in medical benefit costs.

Net interest expense (interest expense less interest income) was $12 million for the six months ended November 30, 2003, compared to $15 million for the same period in the prior fiscal year. This decrease was primarily a result of lower outstanding debt levels as compared to the prior year. Cintas’ effective tax rate was 37.0% for both the six months ended November 30, 2003 and November 30, 2002.

Included in net income is a pre-tax charge of $4.3 million from a write-off of a receivable from a garment manufacturer. Based on recent developments concerning the supplier’s viability to remain as a going concern, the collectibility of the receivable became doubtful. As such, the receivable was completely written off during the first quarter of fiscal 2004.

-21-


Net income after the charge increased 6% for the six months ended November 30, 2003, over the same period in fiscal 2003, primarily due to increased efficiencies from revenue growth and cost containment initiatives. Diluted earnings per share increased 6% for the six months ended November 30, 2003, over the same period in the prior fiscal year.

Financial Condition

At November 30, 2003, there was $196,115 million in cash, cash equivalents and marketable securities, an increase of $138,456 million from May 31, 2003, primarily due to additional cash generation from cost containment initiatives and the absence of any significant acquisitions. The cash, cash equivalents and marketable securities will be used to finance future growth, capital expenditures, repayment of debt and dividends. We believe that our current cash position, funds generated from operations and the strength of our banking relationships are sufficient to meet our anticipated operational and capital requirements.

Net property and equipment decreased by $1 million from May 31, 2003 to November 30, 2003, as certain capital expenditures were curtailed or postponed due to the weak economy. At the end of the second quarter of fiscal 2004, Cintas had eleven uniform rental facilities in various stages of construction.

Following is information regarding Cintas’ long-term contractual obligations and other commitments outstanding as of November 30, 2003:

(In thousands)
Payments Due by Period
Long-term contractual obligations
Total
One year
or less

Two to
three
years

Four to
five years

After five
years

Long-term debt (1)     $ 502,577   $ 22,986   $ 13,449   $ 237,497   $ 228,645  
Capital lease obligations (2)    3,765    506    1,139    1,239    881  
Operating leases (3)    50,819    13,502    19,501    12,065    5,751  
Unconditional purchase obligations    --    --    --    --    --  





Total contractual cash obligations   $ 557,161   $ 36,994   $ 34,089   $ 250,801   $ 235,277  






(1) Long-term debt primarily consists of commercial paper and $450,000 in long-term notes.
(2) Capital lease obligations are classified as long-term debt on the balance sheet.
(3) Operating leases consist primarily of building leases and synthetic leases on the two corporate jets.

(In thousands)
Amount of Commitment Expiration Per Period
Other commercial commitments
Total
One year
or less

Two to
three
years

Four to
five years

After five
Years

Lines of credit (1)     $ 300,000   $ --   $ 300,000   $ --   $ --  
Standby letter of credit (2)    33,362    33,362    --     --    -- 
Guarantees    --    --    --     --    -- 
Standby repurchase obligations    --    --    --     --    -- 
Other commercial commitments    --    --    --     --    -- 





Total commercial commitments   $ 333,362   $ 33,362   $ 300,000   $ --  $ -- 





(1) Back-up facility for the commercial paper program.
(2) Support certain outstanding debt and self-insured workers’ compensation and general liability insurance programs.

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Litigation and Other Contingencies

Cintas is party to litigation in the normal course of business, none of which is expected to have a material impact on operating results. In addition, a class action suit was filed in Federal Court in the Northern District of California alleging that Cintas violated certain federal and state wage and hour laws applicable to its service sales representatives, whom Cintas considers exempt employees, and asserting additional related ERISA claims. Cintas believes it has properly classified its service sales representatives as exempt employees and will vigorously defend these allegations. The estimated liability, if any, relating to these lawsuits has not been determined, but is not expected to have a material adverse effect on the financial statements.

Cintas is currently the target of a corporate unionization campaign by the Union of Needletrades, Industrial and Textile Employees and Teamsters. These unions are attempting to pressure Cintas into surrendering our employees’ rights to a government-supervised election and unilaterally accept union representation. This is unacceptable. Cintas’ philosophy in regard to unions is straightforward: We believe that employees have the right to say yes to union representation and the freedom to say no. This campaign could be disruptive to our business and could adversely affect results of operations. We will continue to vigorously oppose this campaign and to defend our employees’ rights. Cintas considers its relationships with its employees to be satisfactory.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

In our normal operations, Cintas has market risk exposure to interest rates. There has been no significant change in our exposure to these risks, which has been previously disclosed on page 61 of our most recent annual report.

ITEM 4.

CONTROLS AND PROCEDURES.

An evaluation was completed under the supervision and with the participation of Cintas’ management, including Cintas’ President and Chief Executive Officer, Chief Financial Officer, General Counsel and Controllers, of the effectiveness of the design and operation of Cintas’ disclosure controls and procedures as of November 30, 2003. Based on these evaluations, Cintas’ management, including the President and Chief Executive Officer, Chief Financial Officer, General Counsel and Controllers, concluded that Cintas’ disclosure controls and procedures were effective as of November 30, 2003. There has been no change to Cintas’ internal control over financial reporting that occurred during the second quarter of fiscal 2004 that has materially affected, or is reasonably likely to materially affect, Cintas’ internal control over financial reporting.

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Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of Cintas and speak only as of the date made. These statements are subject to various risks, uncertainties and other factors that could cause actual results to differ from those set forth in this report. 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, costs and possible effects of union organizing activities, 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. 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.

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CINTAS CORPORATION

Part II. Other Information

Item 4.    Submission of matters to a vote of security holders

  Cintas’ Annual Shareholders’ meeting was held on October 14, 2003, at which the following issues were voted upon by shareholders:

                Issue No. 1
                Authority to establish the number of Directors to be elected at the Meeting at eight.

                FOR    152,433,108        AGAINST   499,056        ABSTAIN   770,483        BROKER NON-VOTES   0

                Issue No. 2
                Authority to elect eight Directors.

Name
Shares For
Shares -
Withheld Authority

                Richard T. Farmer   119,063,203   34,639,444  
                Robert J. Kohlhepp  146,401,915   7,300,732  
                Scott D. Farmer  144,971,052   8,731,595  
                Paul R. Carter  120,254,741   33,447,906  
                Gerald V. Dirvin  120,406,122   33,296,525  
                Robert J. Herbold  120,178,699   33,523,948  
                Roger L. Howe  119,223,591   34,479,056  
                David C. Phillips  123,546,814   30,155,833  

                Issue No. 3
                Approval of Directors’ stock option plan.

                FOR    130,860,523       AGAINST   3,282,803        ABSTAIN   832,709        BROKER NON-VOTES   18,726,612

                Issue No. 4
                Proposal to adopt a policy of expensing the cost of stock options in Cintas’ income statement.

                 FOR   43,793,756       AGAINST   86,007,295        ABSTAIN   5,174,731        BROKER NON-VOTES  18,726,865

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                 Issue No. 5
                Proposal to establish a nominating committee composed of independent members as defined in the proposal.

                FOR   48,589,901       AGAINST    80,524,551       ABSTAIN    5,856,166       BROKER NON-VOTES  18,732,029

                Issue No. 6
                Proposal to adopt a policy of nominating independent directors who, if elected, would constitute two-thirds of the Board.

                FOR   44,178,332        AGAINST   84,693,961       ABSTAIN   6,098,318       BROKER NON-VOTES  18,732,037

                Issue No. 7
                Proposal to issue a report on Cintas’ code of conduct for vendors and other workplace policies.

                FOR  10,245,513       AGAINST  112,095,432       ABSTAIN  12,634,842        BROKER NON-VOTES  18,726,860

Item 6.    Exhibits and Reports on Form 8-K

  (a.) Exhibits

  31.1    Certification of Principal Executive Officer required by Rule 13a-14(a)

  31.2    Certification of Principal Financial Officer required by Rule 13a-14(a)

  32.1    Section 1350 Certification of Chief Executive Officer

  32.2    Section 1350 Certification of Chief Financial Officer

  (b.)        Reports on Form 8-K

  None.

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Signatures

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

    Date:    January 14, 2004 CINTAS CORPORATION
(Registrant)


BY: /s/William C. Gale
——————————————
William C. Gale
Senior Vice President and Chief Financial Officer
(Chief Accounting Officer)

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