Aramark net income up for latest quarter

20140406-Aramark
Aramark is one of three companies to join the Philly50 list since Jan. 5. The other two are Lannett Co. and Essent Group Ltd.

Aramark Holdings Corp.'s net income improved to $13 million in the quarter ended March 28, compared to a loss of $40 million in the comparable period a year ago, the Philadelphia company said Thursday.

After adjusting for what the company called unusual expenses, net income was $75.24 million this year, up from $53.61 million a year ago.

The year-ago quarter included, for example, $76.69 million in severance and other charges, the company said.

Included in the most recent quarter, the second quarter of its fiscal year, were $7 million in severance costs expenses related to Aramark's start-up of a business service center in Nashville.

Aramark, which provides food, uniform, and other services, said its revenue in the second quarter was $3.5 billion, up 2.9 percent from $3.4 billion a year ago. - Harold Brubaker

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