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 endedAugust 31,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)


WASHINGTON31-1188630
(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 September 30,December 31, 2003
Common Stock, no par value170,774,995171,052,166

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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 August 31,November 30, 2003 and 2002

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

                      Consolidated Condensed Statements of Cash Flows -
                         ThreeSix Months Ended August 31,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


  18


  20

20


  21

  2123

  23


  25

  27

  28

-2-

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



Three Months Ended August 31,
Three Months Ended
November 30,
Six Months Ended
November 30,
2003
2002
2003
2002
2003
2002
Revenue:                
Rentals $538,404 $523,656  $548,456 $526,311 $1,086,860 $1,049,967 
Other services  139,252  142,070 
Other Services  152,853  154,647  292,105  296,717 
  677,656  665,726   701,309  680,958  1,378,965  1,346,684 
Costs and expenses (income):  
Cost of rentals  298,145  286,951   305,335  295,140  603,480  582,091 
Cost of other services  92,063  96,762   102,537  101,995  194,600  198,757 
Selling and administrative expenses  176,130  176,832 
Selling and admin. expenses  176,954  175,846  353,084  352,678 
Interest income  (413) (739)  (560) (612) (973) (1,351)
Interest expense  6,880  8,024   6,468  8,012  13,348  16,036 
Write off of loan receivable  4,343  0   --  --  4,343  -- 
  577,148  567,830   590,734  580,381  1,167,882  1,148,211 
Income before income taxes  100,508  97,896   110,575  100,577  211,083  198,473 
Income taxes  37,181  36,249   40,918  37,237  78,099  73,486 
Net income $63,327 $61,647  $69,657 $63,340 $132,984 $124,987 
Basic earnings per share $.37 $.36  $.41 $.37 $.78 $.73 
Diluted earnings per share $.37 $.36  $.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

August 31,
2003
-----------------
(Unaudited)		May 31,
2003
-----------------

(Unaudited)
ASSETS            
Current assets:  
Cash and cash equivalents $54,914 $32,239  $98,596 $32,239 
Marketable securities  37,371  25,420   97,519  25,420 
Accounts receivable, net  271,766  278,147   279,588  278,147 
Inventories  224,845  228,410   212,910  228,410 
Uniforms and other rental items in service  299,726  305,721   301,869  305,721 
Prepaid expenses  8,759  7,607   6,975  7,607 
Total current assets  897,381  877,544   997,457  877,544 
     
Property and equipment, at cost, net  779,552  777,432   776,814  777,432 
     
Goodwill  726,334  721,855   730,850  721,855 
Service contracts  140,606  144,899   137,501  144,899 
Other assets  52,253  61,216   52,321  61,216 
 $2,596,126 $2,582,946  $2,694,943 $2,582,946 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Current liabilities:  
Accounts payable $48,839 $53,909  $56,271 $53,909 
Accrued compensation and related liabilities  21,451  25,252   23,965  25,252 
Accrued liabilities  64,453  127,882   92,874  127,882 
Income taxes:  
Current  31,415  16,527   68,724  16,527 
Deferred  66,484  53,018   56,925  53,018 
Long-term debt due within one year  26,653  28,251   23,492  28,251 
Total current liabilities  259,295  304,839   322,251  304,839 
     
Long-term debt due after one year  527,714  534,763   482,850  534,763 
     
Deferred income taxes  99,139  97,012   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,  
170,731,456 shares issued and outstanding 
170,890,747 shares issued and outstanding 
(170,599,993 at May 31, 2003)  77,530  76,124   79,178  76,124 
Retained earnings  1,631,398  1,568,071   1,701,055  1,568,071 
Other accumulated comprehensive income (loss):  
Foreign currency translation  2,979  4,427   9,951  4,427 
Unrealized loss on derivatives  (1,929) (2,290)  (1,766) (2,290)
Total shareholders' equity  1,709,978  1,646,332   1,788,418  1,646,332 
 $2,596,126 $2,582,946  $2,694,943 $2,582,946 

See accompanying notes.

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


Three Months Ended
August 31,
Six Months Ended
November 30,
2003
2002
2003
2002
Cash flows from operating activities:            
Net income $63,327 $61,647  $132,984 $124,987 
Adjustments to reconcile net income to net cash provided  
by operating activities:  
Depreciation  29,017  30,428   58,460  58,692 
Amortization of deferred charges  6,418  7,638   12,874  14,620 
Deferred income taxes  15,593  16,570   8,319  7,016 
Change in current assets and liabilities, net of  
acquisitions of businesses:  
Accounts receivable  6,844  1,739   (978) (3,351)
Inventories  4,055  (15,641)  16,128  (26,045)
Uniforms and other rental items in service  5,995  (11,121)  3,852  (19,049)
Prepaid expenses  (1,152) (773)  632  367 
Accounts payable  (5,075) 10,388   2,357  4,891 
Accrued compensation and related liabilities  (3,801) (3,776)  (1,287) (2,361)
Accrued liabilities  (64,051) (41,562)  (36,008) (23,996)
Income taxes payable  14,888  14,442   52,197  46,377 
Net cash provided by operating activities  72,058  69,979   249,530  182,148 
     
Cash flows from investing activities:  
Capital expenditures  (31,007) (21,647)  (57,021) (51,382)
Proceeds from sale or redemption of marketable securities  2,137  8,686   12,838  10,422 
Purchase of marketable securities  (14,088) 19   (84,937) (4,279)
Acquisitions of businesses, net of cash acquired  (6,480) (15,931)  (13,595) (16,967)
Other  1,533  204   1,713  (9,642)
Net cash used in investing activities  (47,905) (28,669)  (141,002) (71,848)
     
Cash flows from financing activities:  
Repayment of long-term debt  (1,797) (48,798)  (51,273) (101,872)
Issuance of common stock  1,406  2,071   3,054  3,226 
Other  (1,087) (1,804)  6,048  (1,373)
Net cash used in financing activities  (1,478) (48,531)  (42,171) (100,019)
Net increase / (decrease) in cash and cash equivalents  22,675  (7,221)
Net increase in cash and cash equivalents  66,357  10,281 
Cash and cash equivalents at beginning of period  32,239  40,628   32,239  40,628 
Cash and cash equivalents at end of period $54,914 $33,407  $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.

2.       New Accounting Standard

In January 2003, the Financial Accounting Standards Board (FASB) issued Interpretation No. 46, Consolidation of Variable Interest Entities, an Interpretation of Accounting Research Bulletin No. 51. The Interpretation requires the consolidation of entities in which an enterprise absorbs a majority of the entity’s expected losses, receives a majority of the entity’s expected residual returns, or both, as a result of ownership, contractual or other financial interests in the entity. Currently, entities are generally consolidated by an enterprise when it has a controlling financial interest through ownership of a majority voting interest in the entity. Cintas adopted this Interpretation on July 1, 2003. The adoption of this Interpretation did not have a material effect on the financial statements.

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


3.2.    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,
August 31,
     2003     		August 31,
     2002     		2003
2002
2003
2002
Numerator:              
Net income $ 63,327 $ 61,647  $69,657 $63,340 $132,984 $124,987 
Denominator:  
Denominator for basic earnings per share- 
weighted average shares 170,652 170,036 
Denominator for basic earnings per 
share-weighted average shares 170,804 170,189 170,727 170,112 
Effect of dilutive securities-employee  
stock options   1,270   2,163  1,408 2,161 1,294 2,142 
Denominator for diluted earnings per  
share-adjusted weighted average  
shares and assumed conversions 171,922 172,199  172,212 172,350 172,021 172,254 
Basic earnings per share $       .37 $      .36  $.41 $.37 $.78 $.73 
Diluted earnings per share $       .37 $       .36  $.40 $.37 $.77 $.73 

4.3.    Goodwill and Intangible Assets

Changes in the carrying amount of goodwill for the quartersix months ended August 31,November 30, 2003, by operating segment, are as follows:

"“Acquired Intangible Assets"Assets”

RentalsOther ServicesTotal
Rentals
Other
Services
Total
Balance as of June 1, 2003 $ 671,955 $49,900 $ 721,855   $671,955 $49,900 $721,855 
Goodwill acquired during the period -- 4,629 4,629   559  8,551  9,110 
Foreign currency translation (150)-- (150)  (115) --  (115)
Balance as of August 31, 2003 $ 671,805 $54,529 $ 726,334 
Balance as of November 30, 2003 $672,399 $58,451 $730,850 

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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 August 31, 2003
As of November 30, 2003
Carrying
 Amount 
 		Accumulated
Amortization
 		    Net     
 		Carrying
Amount
Accumulated
Amortization
Net
Service contracts $232,231 $91,625 $140,606   $234,955 $97,454 $137,501 
Noncompete and $  53,822 $38,506 $  15,316  
consulting agreements  $54,760 $39,743 $15,017 
Other 38,858 1,921 36,937   39,493  2,189  37,304 
Total $  92,680 $40,427 $  52,253  $94,253 $41,932 $52,321 


As of May 31, 2003
As of May 31, 2003
Carrying
 Amount 
 		Accumulated
Amortization
 		    Net     
 		Carrying
Amount
Accumulated
Amortization
Net
Service contracts $232,826 $87,927 $144,899   $232,826 $87,927 $144,899 
Noncompete and $ 55,456 $38,990 $ 16,466  
consulting agreements  $55,456 $38,990 $16,466 
Other 46,401 1,651 44,750   46,401  1,651  44,750 
Total $101,857 $40,641 $  61,216  $101,857 $40,641 $61,216 

Amortization expense was $6,418$12,874 and $7,638$14,620 for the threesix months ended August 31,November 30, 2003 and 2002, respectively. Estimated amortization expense, excluding any future acquisitions, for each of the next five years is $24,949, $22,868, $21,106, $19,057$25,179, $23,204, $21,442, $19,367 and $16,937,$17,221, respectively.

5.4.    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.

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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.

Approximately 83%, or $40 million, of outstanding floating rate debt was designated as the hedged items covered by interest-rate swap agreements at August 31, 2003. The change in fair value of thesethe cash flow hedgeshedge, pertaining to interest rate swap and lock agreements, during the firstsecond quarter of fiscal year 2004 resulted in a credit of $361$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 $7.0$1 million unfavorablefavorable change in the fair value of this hedge, which occurred in the second quarter, was directly offset by a decreasean increase in the fair value of the debt.

6.5.    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.

 August 31,
     2003     
August 31,
     2002     
Net income, as reported    
  $63,327 $61,647 
Deduct: Total stock-based employee 
compensation expense determined under 
fair value based method for all awards, 
net of related tax effects   1,635   1,420 
Pro forma net income 
  $61,692 $60,227 
Earnings per share: 
  
    Basic--as reported $     .37 $     .36 
    Basic--pro forma $     .36 $     .35 
    Diluted--as reported $     .37 $     .36 
    Diluted--pro forma $     .36 $     .35 
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)


7.6.    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 other components of total comprehensive income are the change in cumulative foreign currency translation adjustments and the change in the fair value of 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 August 31,November 30, 2003 and 2002 are as follows:

August 31, 2003
August 31, 2002
Three Months Ended
November 30,
Six Months Ended
November 30,
2003
2002
2003
2002
Net income $63,327 $61,647   $69,657 $63,340 $132,984 $124,987 
     
Other comprehensive income:  
Foreign currency translation adjustment (1,448)(1,540)
Net unrealized income (loss) on cash flow 
hedges 361 (264)
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 $62,240 $59,843  $76,792 $62,963 $139,032 $122,806 

8.7.    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.

 Rentals Other
Services		CorporateTotal
As of and for the three months      
   ended August 31, 2003 
Revenue $   538,404 $139,252 $           -- $   677,656 
Income before income taxes $   100,817 $  10,501 $(10,810) $   100,508 
Total assets $2,193,221 $310,620 $  92,285 $2,596,126 
As of and for the three months 
   ended August 31, 2002 
Revenue $   523,656 $142,070 $          -- $   665,726 
Income before income taxes $     94,225 $  10,956 $ (7,285) $     97,896 
Total assets $2,180,157 $286,635 $ 69,160 $2,535,952 

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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 

9.8.    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, theand subsidiary guarantors and non-guarantors are presented below:

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CONDENSED CONSOLIDATED INCOME STATEMENT
THREE MONTHS ENDED AUGUST 31,NOVEMBER 30, 2003

Cintas
Corporation
Corp. 2
Subsidiary
Guarantors
Non-Guarantors
Eliminations
Cintas
Corporation
Consolidated
Revenue:              
   Rentals  $-- $402,396 $109,016 $27,045 $(53)$538,404 
   Other services   --  255,927  54,186  7,687  (178,548) 139,252 
   Equity in net income of affiliates   63,327  --  --  --  (63,327) -- 
    63,327  658,323  163,202  34,732  (241,928) 677,656 
Costs and expenses (income):  
   Cost of rentals   --  257,593  61,848  16,706  (38,002) 298,145 
   Cost of other services   --  189,234  39,350  4,803  (141,324) 92,063 
   Selling and administrative expenses   --  176,727  (8,711) 8,145  (31) 176,130 
   Interest income   --  (342) (21) (50) --  (413)
   Interest expense   --  6,806  (945) 1,019  --  6,880 
   Write off of loan receivable   --  --  4,343  --  --  4,343 
    --  630,018  95,864  30,623  (179,357) 577,148 
Income before income taxes   63,327  28,305  67,338  4,109  (62,571) 100,508 
Income taxes   --  5,386  29,838  1,957  --  37,181 
Net income  $63,327 $22,919 $37,500 $2,152 $(62,571)$63,327 

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 

12-12-

CONDENSED CONSOLIDATED INCOME STATEMENT
THREE MONTHS ENDED AUGUST 31,NOVEMBER 30, 2002

Cintas
Corporation
Corp. 2
Subsidiary
Guarantors
Non-Guarantors
Eliminations
Cintas
Corporation
Consolidated
Revenue:              
   Rentals  $-- $396,228 $104,482 $22,981 $(35)$523,656 
   Other services   --  276,005  49,146  8,356  (191,437) 142,070 
   Equity in net income of affiliates   61,647  --  --  --  (61,647) -- 
    61,647  672,233  153,628  31,337  (253,119) 665,726 
Costs and expenses (income):  
   Cost of rentals   --  252,039  54,303  14,892  (34,283) 286,951 
   Cost of other services   --  209,810  36,441  4,365  (153,854) 96,762 
   Selling and administrative expenses   --  178,202  (9,660) 8,239  51  176,832 
   Interest income   --  (671) (48) (20) --  (739)
   Interest expense   --  88  7,152  784  --  8,024 
    --  639,468  88,188  28,260  (188,086) 567,830 
Income before income taxes   61,647  32,765  65,440  3,077  (65,033) 97,896 
Income taxes   --  5,525  29,415  1,309  --  36,249 
Net income  $61,647 $27,240 $36,025 $1,768 $(65,033)$61,647 

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 

13-13-

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 AUGUST 31,NOVEMBER 30, 2003

Cintas
Corporation
Corp. 2
Subsidiary
Guarantors
Non-Guarantors
Eliminations
Cintas
Corporation
Consolidated
Assets              
Current assets:  
   Cash and cash equivalents  $-- $35,968 $5,415 $13,531 $-- $54,914 
   Marketable securities   --  33,719  --  3,652  --  37,371 
   Accounts receivable, net   --  199,687  76,158  7,552  (11,631) 271,766 
   Inventories   --  211,464  16,775  6,927  (10,321) 224,845 
   Uniforms and other rental items in service   --  248,350  70,558  15,783  (34,965) 299,726 
   Prepaid expenses   --  6,346  1,942  471  --  8,759 
Total current assets   --  735,534  170,848  47,916  (56,917) 897,381 
                   
Property and equipment, at cost, net   --  601,432  137,348  40,772  --  779,552 
Goodwill   --  113,334  599,063  13,937  --  726,334 
Service contracts   --  27,709  103,001  9,896  --  140,606 
Other assets   1,243,681  32,026  779,928  138,559  (2,141,941) 52,253 
   $1,243,681 $1,510,035 $1,790,188 $251,080 $(2,198,858)$2,596,126 
Liabilities and Shareholders' Equity  
Current liabilities:  
   Accounts payable  $(465,247)$17,108 $453,847 $5,118 $38,013  48,839 
   Accrued compensation and related liabilities   --  16,040  4,282  1,129  --  21,451 
   Accrued liabilities   --  173,871  (113,474) 4,101  (45) 64,453 
   Income taxes:  
      Current   --  (28,522) 60,559  (593) (29) 31,415 
      Deferred   --  --  64,703  1,781  --  66,484 
   Long-term debt due within one year   --  26,144  615  52  (158) 26,653 
Total current liabilities   (465,247) 204,641  470,532  11,588  37,781  259,295 
                   
Long-term debt due after one year   --  535,543  (48,587) 71,716  (30,958) 527,714 
Deferred income taxes   --  9,631  84,766  4,742  --  99,139 
Total shareholders' equity   1,708,928  760,220  1,283,477  163,034  (2,205,681) 1,709,978 
   $1,243,681 $1,510,035 $1,790,188 $251,080 $(2,198,858)$2,596,126 

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 

14-16-

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

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 

15-17-

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
THREESIX MONTHS ENDED AUGUST 31,NOVEMBER 30, 2003

Cintas
Corporation
Corp. 2
Subsidiary
Guarantors
Non-Guarantors
Eliminations
Cintas
Corporation
Consolidated
Cintas
Corporation
Corp. 2
Subsidiary
Guarantors
Non-
Guarantors
Eliminations
Cintas
Corporation
Consolidated
Cash flows from operating activities:                          
Net income $63,327 $22,919 $37,500 $2,152 $(62,571)$63,327  $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  --  18,666  9,008  1,343  --  29,017   --  37,399  18,251  2,810  --  58,460 
Amortization of deferred charges  --  2,374  3,500  544  --  6,418   --  4,221  7,552  1,101  --  12,874 
Deferred income taxes  --  --  15,846  (253) --  15,593   --  211  7,615  493  --  8,319 
Changes in current assets and liabilities,  
net of acquisitions of businesses:  
Accounts receivable  --  3,751  4,842  555  (2,304) 6,844   --  (5,203) 8,435  (1,906) (2,304) (978)
Inventories  --  6,840  (440) (114) (2,231) 4,055   --  15,837  201  392  (302) 16,128 
Uniforms and other rental items in service  --  2,768  855  897  1,475  5,995   --  2,244  215  (203) 1,596  3,852 
Prepaid expenses  --  (1,481) (130) 459  --  (1,152)  --  846  (537) 323  --  632 
Accounts payable  --  6,024  (13,369) 2,270  --  (5,075)  --  107,177  (109,227) 4,407  --  2,357 
Accrued compensation and related liabilities  --  (3,411) (86) (304) --  (3,801)  --  (1,431) 131  13  --  (1,287)
Accrued liabilities  --  (4,667) (59,775) (556) 947  (64,051)  --  (1,840) (33,857) (1,258) 947  (36,008)
Income taxes payable  --  4,531  9,718  639  --  14,888   --  4,044  48,332  (179) --  52,197 
Net cash provided by (used in) operating activities  63,327  58,314  7,469  7,632  (64,684) 72,058   132,984  218,626  19,843  12,417  (134,340) 249,530 
Cash flows from investing activities:  
Capital expenditures  --  (21,538) (9,299) (170) --  (31,007)  --  (36,240) (16,934) (3,847) --  (57,021)
Proceeds from sale or redemption of marketable securities  --  2,137  --  --  --  2,137   --  12,838  --  --  --  12,838 
Purchase of marketable securities  --  (11,922) --  (2,166) --  (14,088)  --  (79,184) (1,000) (4,753) --  (84,937)
Acquisitions of businesses, net of cash acquired  --  --  (6,480) --  --  (6,480)  --  (1,215) (12,380) --  --  (13,595)
Other  (64,733) (6,143) 8,057  1,269  63,083  1,533   (136,038) (5,854) 13,932  (4,365) 134,038  1,713 
Net cash (used in) provided by investing activities  (64,733) (37,466) (7,722) (1,067) 63,083  (47,905)  (136,038) (109,655) (16,382) (12,965) 134,038  (141,002)
Cash flows from financing activities:  
Repayment of long-term debt  --  (1,833) 502  (915) 449  (1,797)  --  (51,176) (3,103) 3,856  (850) (51,273)
Issuance of common stock  1,406  --  --  --  --  1,406   3,054  --  --  --  --  3,054 
Other  --  361  --  (1,448) --  (1,087)  --  524  --  5,524  --  6,048 
Net cash provided by (used in) financing activities  1,406  (1,472) 502  (2,363) 449  (1,478)  3,054  (50,652) (3,103) 9,380  (850) (42,171)
Net increase (decrease) in cash and cash equivalents  --  19,376  249  4,202  (1,152) 22,675   --  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   --  16,592  5,166  9,329  1,152  32,239 
Cash and cash equivalents at end of period $-- $35,968 $5,415 $13,531 $-- $54,914  $-- $74,911 $5,524 $18,161 $-- $98,596 

16-18-

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
THREESIX MONTHS ENDED AUGUST 31,NOVEMBER 30, 2002

Cintas
Corporation
Corp. 2
Subsidiary
Guarantors
Non-Guarantors
Eliminations
Cintas
Corporation
Consolidated
Cash flows from operating activities:              
Net income  $61,647 $27,240 $36,025 $1,768 $(65,033)$61,647 
Adjustments to reconcile net income to net  
cash provided by (used in) operating activities:  
   Depreciation   --  19,228  9,942  1,258  --  30,428 
   Amortization of deferred charges   --  2,625  4,498  515  --  7,638 
   Deferred income taxes   --  954  15,598  18  --  16,570 
   Changes in current assets and liabilities,  
    net of acquisitions of businesses:  
       Accounts receivable   --  25,977  (8,217) (14,807) (1,214) 1,739 
       Inventories   --  (12,137) (1,639) (943) (922) (15,641)
       Uniforms and other rental items in service   --  (16,194) 864  (99) 4,308  (11,121)
       Prepaid expenses   --  989  (1,682) (80) --  (773)
       Accounts payable   --  (7,702) 16,967  1,127  (4) 10,388 
       Accrued compensation and related liabilities   --  (7,922) 4,206  (60) --  (3,776)
       Accrued liabilities   --  1,603  (43,445) (682) 962  (41,562)
       Income taxes payable   --  3,816  10,105  521  --  14,442 
Net cash provided by (used in) operating activities   61,647  38,477  43,222  (11,464) (61,903) 69,979 
 
Cash flows from investing activities:  
   Capital expenditures   --  13,899  (33,245) (2,301) --  (21,647)
   Proceeds from sale or redemption of marketable securities   --  8,027  --  659  --  8,686 
   Purchase of marketable securities   --  --  --  19  --  19 
   Acquisitions of businesses, net of cash acquired   --  (8,283) (2,020) (5,628) --  (15,931)
   Other   (62,178) (13,893) 14,661  2,280  59,334  204 
Net cash (used in) provided by investing activities   (62,178) (250) (20,604) (4,971) 59,334  (28,669)
 
Cash flows from financing activities:  
   Repayment of long-term debt   --  (46,866) (20,667) 16,166  2,569  (48,798)
   Issuance of common stock   2,071  --  --  --  --  2,071 
   Other   (1,540) (264) --  --  --  (1,804)
Net cash provided by (used in) financing activities   531  (47,130) (20,667) 16,166  2,569  (48,531)
Net (decrease) increase in cash and cash equivalents   --  (8,903) 1,951  (269) --  (7,221)
Cash and cash equivalents at beginning of period   --  22,440  5,011  13,177  --  40,628 
Cash and cash equivalents at end of period  $-- $13,537 $6,962 $12,908 $-- $33,407 

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 

17-19-

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 threesix months ended August 31,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 predominantlyprimarily of revenues derived from the rental of corporate identity uniforms, mats, shop towels and other items. Net Rentals revenue increased 3%4% for the threesix months ended August 31,November 30, 2003, over the same period in the prior fiscal year, primarily due to the sale of new rental programs. RentalsRental 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 threesix months ended August 31,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 threesix months ended August 31,November 30, 2003, as compared to the threesix months ended August 31,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 5%2% for the threesix months ended August 31,November 30, 2003, as compared to the threesix months ended August 31,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 threesix months ended August 31,November 30, 2003, as compared to the threesix months ended August 31,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 benefitsbenefit costs.

Net interest expense (interest expense less interest income) was $6$12 million for the threesix months ended August 31,November 30, 2003, compared to $7$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 threesix months ended August 31,November 30, 2003 and August 31,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 has beenwas completely written off.off during the first quarter of fiscal 2004.

18-21-

Net income after the charge increased 3%6% for the threesix months ended August 31,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 3%6% for the threesix months ended August 31,November 30, 2003, over the same period in the prior fiscal year.

Financial Condition

At August 31,November 30, 2003, there was $92$196,115 million in cash, cash equivalents and marketable securities, an increase of $35$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 increaseddecreased by $2$1 million from May 31, 2003 to August 31,November 30, 2003, as certain capital expenditures were curtailed or postponed due to continued investment in rental facilities and equipment.the weak economy. At the end of the firstsecond 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 August 31,November 30, 2003:

(In thousands)
(In thousands)
Payments Due by Period
(In thousands)
Payments Due by Period
Long-term contractual obligations
Long-term contractual obligations
Total
One year or
less
Two to three
years
Four to five
years
After five
years
Long-term contractual obligations
Total
One year
or less
Two to
three
years
Four to
five years
After five
years
Long-term debt (1)  $550,525 $26,176 $56,986 $238,750 $228,613   $502,577 $22,986 $13,449 $237,497 $228,645 
Capital lease obligations (2)  3,842  477  1,127  1,226  1,012   3,765  506  1,139  1,239  881 
Operating leases (3)  54,672  14,310  20,695  12,516  7,151   50,819  13,502  19,501  12,065  5,751 
Unconditional purchase obligations  --  --  --  --  --   --  --  --  --  -- 
Total contractual cash obligations $609,039 $40,963 $78,808 $252,492 $236,776  $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 $150,000 $150,000 $---  $---  
Standby letters of credit (2)   47,362  47,362  -- --  --  
Guarantees   --  --  -- --  --  
Standby repurchase obligations   --  --  -- --  --  
Other commercial commitments   --  --  -- --  --  
Total commercial commitments  $347,362 $197,362 $150,000 $---  $---  

19

(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.

-22-

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 August 31,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 August 31,November 30, 2003. There has been no change to Cintas’ internal control over financial reporting that occurred during the firstsecond quarter of fiscal 2004 that has materially affected, or is reasonably likely to materially affect, Cintas’ internal control over financial reporting.

20-23-

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.

21-24-

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

-25-

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

 Item 6.Exhibits and Reports on Form 8-K

(a)(a.)Exhibits

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

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

 32.1Section 1350 Certification of Chief Executive Officer

 32.2Section 1350 Certification of Chief Financial Officer

 (b)(b.)        Reports on Form 8-K

 On July 17, 2003, Cintas filed a report on Form 8-K reporting under Item 7 and; for Item 12, under Item 9.None.

-26-

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:    October 15, 2003January 14, 2004		CINTAS COROPORATIONCORPORATION
(Registrant)



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

-27-