UniFirst Corporation (NYSE:UNF) today announced results for its
fourth quarter and full year ended August 26, 2017. Revenues
for the quarter were $403.6 million, up 10.9% from $363.8 million
in the same year ago period and full year revenues were $1.591
billion, up 8.4% from $1.468 billion in fiscal 2016.
Net loss in the quarter was $4.9 million
($(0.24) per diluted share), compared to net income of $35.5
million ($1.74 per diluted share) in the fourth quarter of fiscal
2016. Net income for the full year was $70.2 million ($3.44
per diluted share) compared to $125.0 million ($6.17 per diluted
share) in the prior year. The results reported today include
the negative effect of the previously announced asset impairment
charge which is discussed below.
Adjusted net income for the quarter was $29.2
million ($1.44 per diluted share) up 13.4% compared to adjusted net
income for the fourth quarter of fiscal 2016 which was $25.8
million ($1.27 per diluted share). Adjusted net income for
the full year was $107.7 million ($5.28 per diluted share) down
6.6% from adjusted net income of $115.3 million ($5.69 per diluted
share) in fiscal 2016. See table for reconciliation to adjusted
results.
Adjusted net income for the fiscal 2017 fourth
quarter and annual period exclude a $55.8 million ($34.1 million
after-tax) impairment charge related to the Company's ongoing
Customer Relationship Management (CRM) systems project. The
Company announced in September 2017 that it had determined it was
no longer probable that the current version of the CRM system being
developed would be completed and placed into service and as a
result an impairment of capitalized costs would be required.
Adjusted results from the prior year fourth quarter and full year
exclude the impact of a gain recognized in that period related to a
settlement of environmental litigation.
Steven S. Sintros, UniFirst President and Chief
Executive Officer said, “We are pleased with the overall results of
our fourth quarter. With our Core Laundry Operations leading
the way, all of our operating segments contributed to the positive
results.”
The Core Laundry Operations produced fourth
quarter revenues of $364.8 million, up 10.0% from those in the
prior year. Adjusting for the estimated effect of
acquisitions, primarily those from the September 2016 purchase of
Arrow Uniform, Core Laundry revenues grew 4.6%. Core Laundry
adjusted operating income was $41.9 million during the quarter, a
9.4% increase from the prior year adjusted total (see
reconciliation for details). The Core Laundry adjusted operating
margin in the fourth quarter of 2017 was 11.5%, down slightly from
the adjusted operating margin of 11.6% in the year ago
period. The comparison of adjusted operating income and
operating margins was positively impacted by lower expense due to a
$3.5 million charge taken in the prior year to increase the
Company's environmental reserves. In addition, the margins
also benefited from lower stock compensation expense as well as
lower merchandise costs as a percentage of revenues. These
positive comparisons were offset by higher levels of claims for
healthcare, workers' compensation and auto liability as well as the
impact of the Arrow Uniform acquisition.
Revenues in the fourth quarter of 2017 for our
Specialty Garments segment, which consists of nuclear
decontamination and cleanroom operations, were $24.0 million, up
20.4% in the quarter compared to the same period a year ago.
Operating income was $1.6 million compared to $1.2 million in the
prior year fourth quarter. The year to year improvement was due to
increased outages and project-based activity in the US and Canada.
This segment’s results can vary significantly due to seasonality
and the timing of reactor outages and projects.
Revenues in the fourth quarter of 2017 for our
First Aid segment were $14.7 million, an increase of 22.2% compared
to the same period in fiscal 2016, and operating income was $1.9
million compared to $1.4 million from the fourth quarter of fiscal
2016. The improvement in the results was due to a strong
performance from this segment's wholesale distribution business and
a small acquisition completed in the third quarter of fiscal
2017.
Our fourth quarter profit comparison to the
prior year also benefited from Other Income which was $2.2 million
higher than same quarter a year ago, primarily the result of higher
interest income and foreign exchange gains.
UniFirst continues to maintain a strong balance
sheet with no long-term debt and significant cash
balances. Excluding the $118.7 million cash purchase price
paid for the Arrow acquisition, cash, cash equivalents and
short-term investments increased $104.7 million during fiscal 2017,
and our cash, cash equivalents and short-term investments were
$349.8 million at the end of fiscal 2017.
OutlookMr. Sintros continued, “At this time, we
expect that our fiscal 2018 revenues will be between $1.625 billion
and $1.645 billion and full year diluted earnings per share will be
between $5.00 and $5.30. As we move through fiscal 2018, we expect
to continue to make investments in our people, processes and
technology which will help us achieve our primary objective of
being recognized as the top service provider in our industry."
Conference Call InformationUniFirst will hold a
conference call today at 10:00 a.m. (ET) to discuss its quarterly
financial results, business highlights and outlook. A simultaneous
live webcast of the call will be available over the Internet and
can be accessed at www.unifirst.com.
About UniFirst CorporationHeadquartered in
Wilmington, Mass., UniFirst Corporation (NYSE:UNF) is a North
American leader in the supply and servicing of uniform and workwear
programs, as well as the delivery of facility service programs.
Together with its subsidiaries, the company also provides first aid
and safety products, and manages specialized garment programs for
the cleanroom and nuclear industries. UniFirst manufactures its own
branded workwear, protective clothing, and floorcare products, and
with 250 service locations, over 300,000 customer locations, and
14,000 employee Team Partners, the company outfits nearly 2 million
workers each business day. UniFirst is a publicly held company
traded on the New York Stock Exchange under the symbol UNF and is a
component of the Standard & Poor's 600 Small Cap Index.
For more information, contact UniFirst at 800.455.7654 or visit
www.unifirst.com.
Forward Looking StatementsThis public
announcement contains forward looking statements that reflect the
Company’s current views with respect to future events and financial
performance, including projected revenues and earnings per share.
Forward looking statements contained in this public announcement
are subject to the safe harbor created by the Private Securities
Litigation Reform Act of 1995 and may be identified by words such
as “estimates,” “anticipates,” “projects,” “plans,” “expects,”
“intends,” “believes,” “seeks,” “could,” “should,” “may,” “will,”
or the negative versions thereof, and similar expressions and by
the context in which they are used. Such forward looking statements
are based upon our current expectations and speak only as of the
date made. Such statements are highly dependent upon a variety of
risks, uncertainties and other important factors that could cause
actual results to differ materially from those reflected in such
forward looking statements. Such factors include, but are not
limited to, the performance and success of our new Chief Executive
Officer, our ability to efficiently design, construct, and
implement a new customer relationship management (“CRM”) computer
system, our ability to maintain and grow Arrow’s customer base and
enhance its operating margins, our ability to compete successfully
without any significant degradation in our margin rates,
uncertainties caused by adverse worldwide economic conditions and
their impact on our customers’ businesses and workforce levels,
uncertainties regarding any existing or newly-discovered expenses
and liabilities related to environmental compliance and
remediation, any adverse outcome of pending or future contingencies
or claims, uncertainties regarding our ability to consummate and
successfully integrate acquired businesses, our ability to preserve
positive labor relationships and avoid becoming the target of
corporate labor unionization campaigns that could disrupt our
business, the continuing increase in domestic healthcare costs,
including the ultimate impact of the Affordable Care Act, our
retention of customers and renewal of customer contracts,
uncertainties regarding the price levels of natural gas,
electricity, fuel and labor, the negative effect on our business
from sharply depressed oil prices, fluctuation on our revenue and
net income from our specialty garments segment, the effect of
currency fluctuations on our results of operations and financial
condition, rampant criminal activity and instability in Mexico
where our principal garment manufacturing plants are located, the
impact on our goodwill and intangibles that might result from
adverse financial and economic changes, interruptions or failures
of our information technology systems, including as a result of
cyber-attacks, failure to comply with other state and federal
regulations that might result in penalties or costs, seasonal and
quarterly fluctuations in business levels, any loss of key
management or other personnel, our dependence on third parties to
supply us with raw materials, increased costs as a result of any
future changes in federal or state laws, rules and regulations or
governmental interpretation of such laws, rules and regulations,
demand and prices for our products and services, economic and other
developments associated with the war on terrorism and its impact on
the economy, general economic conditions and other factors
described under “Item 1A. Risk Factors” in our Annual Report on
Form 10-K for the year ended August 27, 2016 and in our other
filings with the Securities and Exchange Commission. We undertake
no obligation to update any forward looking statements to reflect
events or circumstances arising after the date on which such
statements are made.
UniFirst Corporation and
SubsidiariesConsolidated Statements of
Income(Unaudited)
(In thousands, except per share data) |
|
Thirteen weeks ended August 26,
2017 |
|
|
Thirteen weeks ended August 27,
2016 |
|
|
Fifty-two weeks ended August 26,
2017 |
|
|
Fifty-two weeks ended August 27,
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
403,589 |
|
|
$ |
363,766 |
|
|
$ |
1,590,958 |
|
|
$ |
1,468,046 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Cost of
revenues (1) |
|
249,720 |
|
|
223,220 |
|
|
993,589 |
|
|
900,427 |
|
|
Selling
and administrative expenses (1) |
|
85,023 |
|
|
62,134 |
|
|
342,407 |
|
|
284,847 |
|
|
Impairment charge |
|
55,800 |
|
|
— |
|
|
55,800 |
|
|
— |
|
|
Depreciation and amortization |
|
23,437 |
|
|
21,656 |
|
|
88,879 |
|
|
81,612 |
|
|
Total
operating expenses |
|
413,980 |
|
|
307,010 |
|
|
1,480,675 |
|
|
1,266,886 |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
operations |
|
(10,391 |
) |
|
56,756 |
|
|
110,283 |
|
|
201,160 |
|
|
|
|
|
|
|
|
|
|
|
|
Other (income)
expense: |
|
|
|
|
|
|
|
|
|
Interest
income, net |
|
(1,539 |
) |
|
(635 |
) |
|
(4,269 |
) |
|
(2,543 |
) |
|
Other
(income) expense, net |
|
(1,175 |
) |
|
76 |
|
|
(571 |
) |
|
332 |
|
|
Total
other income, net |
|
(2,714 |
) |
|
(559 |
) |
|
(4,840 |
) |
|
(2,211 |
) |
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before
income taxes |
|
(7,677 |
) |
|
57,315 |
|
|
115,123 |
|
|
203,371 |
|
|
(Benefit) provision for
income taxes |
|
(2,781 |
) |
|
21,821 |
|
|
44,927 |
|
|
78,345 |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(4,896 |
) |
|
$ |
35,494 |
|
|
$ |
70,196 |
|
|
$ |
125,026 |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income
per share – Basic: |
|
|
|
|
|
|
|
|
|
Common
Stock |
|
$ |
(0.25 |
) |
|
$ |
1.84 |
|
|
$ |
3.63 |
|
|
$ |
6.51 |
|
|
Class B
Common Stock |
|
$ |
(0.20 |
) |
|
$ |
1.47 |
|
|
$ |
2.91 |
|
|
$ |
5.21 |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income
per share – Diluted: |
|
|
|
|
|
|
|
|
|
Common
Stock |
|
$ |
(0.24 |
) |
|
$ |
1.74 |
|
|
$ |
3.44 |
|
|
$ |
6.17 |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income
allocated to – Basic: |
|
|
|
|
|
|
|
|
|
Common
Stock |
|
$ |
(3,908 |
) |
|
$ |
28,097 |
|
|
$ |
55,903 |
|
|
$ |
99,282 |
|
|
Class B
Common Stock |
|
$ |
(978 |
) |
|
$ |
7,139 |
|
|
$ |
13,915 |
|
|
$ |
25,093 |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income
allocated to – Diluted: |
|
|
|
|
|
|
|
|
|
Common
Stock |
|
$ |
(4,886 |
) |
|
$ |
35,250 |
|
|
$ |
69,837 |
|
|
$ |
124,409 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares outstanding – Basic: |
|
|
|
|
|
|
|
|
|
Common
Stock |
|
15,402 |
|
|
15,268 |
|
|
15,382 |
|
|
15,245 |
|
|
Class B
Common Stock |
|
4,818 |
|
|
4,850 |
|
|
4,786 |
|
|
4,816 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares outstanding – Diluted: |
|
|
|
|
|
|
|
|
|
Common
Stock |
|
20,220 |
|
|
20,223 |
|
|
20,276 |
|
|
20,154 |
|
|
(1) Exclusive of depreciation on the Company’s property,
plant and equipment and amortization on its intangible assets.
UniFirst Corporation and
SubsidiariesCondensed Consolidated Balance
Sheets(Unaudited)
(In thousands) |
|
August 26, 2017 |
|
August 27, 2016 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash,
cash equivalents and short-term investments |
|
$ |
349,752 |
|
|
$ |
363,795 |
|
Receivables, net |
|
187,174 |
|
|
156,578 |
|
Inventories |
|
79,068 |
|
|
78,887 |
|
Rental
merchandise in service |
|
151,340 |
|
|
138,105 |
|
Prepaid
taxes |
|
29,968 |
|
|
10,418 |
|
Prepaid
expenses and other current assets |
|
16,924 |
|
|
29,831 |
|
|
|
|
|
|
Total
current assets |
|
814,226 |
|
|
777,614 |
|
|
|
|
|
|
Property, plant and
equipment, net |
|
525,115 |
|
|
539,818 |
|
Goodwill |
|
376,110 |
|
|
320,641 |
|
Customer contracts and
other intangible assets, net |
|
71,744 |
|
|
38,664 |
|
Deferred income
taxes |
|
394 |
|
|
97 |
|
Other assets |
|
31,539 |
|
|
25,173 |
|
|
|
|
|
|
|
|
$ |
1,819,128 |
|
|
$ |
1,702,007 |
|
|
|
|
|
|
Liabilities and
shareholders’ equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
64,691 |
|
|
$ |
50,884 |
|
Accrued
liabilities |
|
112,236 |
|
|
100,782 |
|
Accrued
taxes |
|
921 |
|
|
969 |
|
|
|
|
|
|
Total
current liabilities |
|
177,848 |
|
|
152,635 |
|
|
|
|
|
|
Long-term
liabilities: |
|
|
|
|
Accrued
liabilities |
|
106,736 |
|
|
104,921 |
|
Accrued
and deferred income taxes |
|
81,352 |
|
|
79,670 |
|
|
|
|
|
|
Total
long-term liabilities |
|
188,088 |
|
|
184,591 |
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
|
Common
Stock |
|
1,545 |
|
|
1,542 |
|
Class B
Common Stock |
|
482 |
|
|
485 |
|
Capital
surplus |
|
86,245 |
|
|
72,561 |
|
Retained
earnings |
|
1,386,438 |
|
|
1,319,142 |
|
Accumulated other comprehensive loss |
|
(21,518 |
) |
|
(28,949 |
) |
|
|
|
|
|
Total
shareholders’ equity |
|
1,453,192 |
|
|
1,364,781 |
|
|
|
|
|
|
|
|
$ |
1,819,128 |
|
|
$ |
1,702,007 |
|
|
|
|
|
|
|
|
|
|
UniFirst Corporation and
SubsidiariesDetail of Operating
Results(Unaudited)
Revenues
(In thousands, except percentages) |
|
Thirteen weeks ended August 26,
2017 |
|
Thirteen weeks ended August 27,
2016 |
|
Dollar Change |
|
Percent Change |
|
|
|
|
|
|
|
|
|
Core
Laundry Operations |
|
$ |
364,827 |
|
|
$ |
331,749 |
|
|
$ |
33,078 |
|
|
10.0 |
% |
Specialty
Garments |
|
24,020 |
|
|
19,955 |
|
|
4,065 |
|
|
20.4 |
% |
First
Aid |
|
14,742 |
|
|
12,062 |
|
|
2,680 |
|
|
22.2 |
% |
Consolidated total |
|
$ |
403,589 |
|
|
$ |
363,766 |
|
|
$ |
39,823 |
|
|
10.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except percentages) |
|
Fifty-two weeks ended August 26,
2017 |
|
Fifty-two weeks ended August 27,
2016 |
|
Dollar Change |
|
Percent Change |
|
|
|
|
|
|
|
|
|
Core
Laundry Operations |
|
$ |
1,442,149 |
|
|
$ |
1,329,375 |
|
|
$ |
112,774 |
|
|
8.5 |
% |
Specialty
Garments |
|
98,024 |
|
|
91,257 |
|
|
6,767 |
|
|
7.4 |
% |
First
Aid |
|
50,785 |
|
|
47,414 |
|
|
3,371 |
|
|
7.1 |
% |
Consolidated total |
|
$ |
1,590,958 |
|
|
$ |
1,468,046 |
|
|
$ |
122,912 |
|
|
8.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from Operations
(In thousands, except percentages) |
|
Thirteen weeks ended August 26,
2017 |
|
Thirteen weeks ended August 27,
2016 |
|
DollarChange |
|
PercentChange |
|
|
|
|
|
|
|
|
|
Core
Laundry Operations |
|
$ |
(13,887 |
) |
|
$ |
54,189 |
|
|
$ |
(68,076 |
) |
|
(125.6 |
)% |
Specialty
Garments |
|
1,591 |
|
|
1,213 |
|
|
378 |
|
|
31.1 |
% |
First
Aid |
|
1,905 |
|
|
1,354 |
|
|
551 |
|
|
40.7 |
% |
Consolidated total |
|
$ |
(10,391 |
) |
|
$ |
56,756 |
|
|
$ |
(67,147 |
) |
|
(118.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except percentages) |
|
Fifty-two weeks ended August 26,
2017 |
|
Fifty-two weeks ended August 27,
2016 |
|
DollarChange |
|
PercentChange |
|
|
|
|
|
|
|
|
|
Core
Laundry Operations |
|
$ |
96,307 |
|
|
$ |
186,074 |
|
|
$ |
(89,767 |
) |
|
(48.2 |
)% |
Specialty
Garments |
|
9,018 |
|
|
10,204 |
|
|
(1,186 |
) |
|
(11.6 |
)% |
First
Aid |
|
4,958 |
|
|
4,882 |
|
|
76 |
|
|
1.6 |
% |
Consolidated total |
|
$ |
110,283 |
|
|
$ |
201,160 |
|
|
$ |
(90,877 |
) |
|
(45.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UniFirst Corporation and
SubsidiariesConsolidated Statements of Cash
Flows(Unaudited)
(In thousands) |
|
Fifty-two weeks ended August 26,
2017 |
|
Fifty-two weeks ended August 27,
2016 |
Cash flows from
operating activities: |
|
|
|
|
Net income |
|
$ |
70,196 |
|
|
$ |
125,026 |
|
Adjustments to
reconcile net income to cash provided by operating activities: |
|
|
|
|
Depreciation |
|
76,073 |
|
|
72,983 |
|
Amortization of
intangible assets |
|
12,806 |
|
|
8,629 |
|
Amortization of
deferred financing costs |
|
112 |
|
|
184 |
|
Gain on sale of
assets |
|
(567 |
) |
|
— |
|
Share-based
compensation |
|
12,462 |
|
|
5,628 |
|
Accretion on
environmental contingencies |
|
600 |
|
|
669 |
|
Accretion on asset
retirement obligations |
|
853 |
|
|
826 |
|
Impairment charge |
|
55,800 |
|
|
— |
|
Deferred income
taxes |
|
955 |
|
|
9,899 |
|
Changes in assets and
liabilities, net of acquisitions: |
|
|
|
|
Receivables, less reserves |
|
(22,232 |
) |
|
(3,949 |
) |
Inventories |
|
1,865 |
|
|
1,467 |
|
Rental
merchandise in service |
|
(5,384 |
) |
|
3,945 |
|
Prepaid
expenses and other current assets and Other assets |
|
12,903 |
|
|
(38,443 |
) |
Accounts
payable |
|
9,594 |
|
|
49 |
|
Accrued
liabilities |
|
11,728 |
|
|
31,954 |
|
Prepaid
and accrued income taxes |
|
(19,490 |
) |
|
(11,231 |
) |
Net cash provided by
operating activities |
|
218,274 |
|
|
207,636 |
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
Acquisition of
businesses, net of cash acquired |
|
(125,457 |
) |
|
(16,583 |
) |
Capital
expenditures |
|
(108,554 |
) |
|
(98,235 |
) |
Proceeds from sale of
assets |
|
876 |
|
|
— |
|
Other |
|
98 |
|
|
149 |
|
Net cash used in
investing activities |
|
(233,037 |
) |
|
(114,669 |
) |
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
Payments on loans
payable and long-term debt |
|
— |
|
|
(1,301 |
) |
Payment of deferred
financing costs |
|
— |
|
|
(813 |
) |
Proceeds from exercise
of share-based awards, including excess tax benefits |
|
3,102 |
|
|
5,313 |
|
Taxes withheld and paid
related to net share settlement of equity awards |
|
(2,386 |
) |
|
(5,965 |
) |
Payment of cash
dividends |
|
(2,898 |
) |
|
(2,878 |
) |
Net cash used in
financing activities |
|
(2,182 |
) |
|
(5,644 |
) |
|
|
|
|
|
Effect of exchange rate
changes |
|
2,902 |
|
|
(81 |
) |
|
|
|
|
|
Net (decrease) increase
in cash, cash equivalents and short-term investments |
|
(14,043 |
) |
|
87,242 |
|
Cash, cash equivalents
and short-term investments at beginning of period |
|
363,795 |
|
|
276,553 |
|
|
|
|
|
|
Cash, cash equivalents
and short-term investments at end of period |
|
$ |
349,752 |
|
|
$ |
363,795 |
|
|
|
|
|
|
|
|
|
|
UniFirst Corporation and
Subsidiaries Reconciliation of GAAP to
Non-GAAP Financial Measures
The Company reports its consolidated financial
results in accordance with generally accepted accounting principles
(“GAAP”). To supplement these consolidated financial results,
management believes that certain non-GAAP operating results provide
a more meaningful measure on which to compare the Company’s results
of operations for the periods presented. The Company believes these
non-GAAP results provide useful supplemental information regarding
the Company’s performance to both management and investors by
excluding certain non-recurring amounts that impact the
comparability of the results. Supplemental reconciliations of
consolidated operating (loss) income, net (loss) income and
earnings per diluted share on a GAAP basis to adjusted operating
income, net income and earnings per diluted share on a non-GAAP
basis are presented in the following tables. In addition, Core
Laundry Operations operating (loss) income and operating margin on
a GAAP basis to adjusted operating income and adjusted operating
margin on a non-GAAP basis are presented in the following tables.
Investors are encouraged to review the reconciliation of these
non-GAAP measures to their most directly comparable GAAP financial
measures, which are provided below.
|
|
Thirteen weeks ended August 26,
2017 |
|
|
Consolidated |
|
Core Laundry Operations |
(In thousands, except percentages) |
|
Revenue |
|
Operating(Loss)
Income |
|
Net (Loss)Income |
|
DilutedEPS |
|
Revenue |
|
Operating
(Loss)Income |
|
OperatingMargin |
As reported |
|
$ |
403,589 |
|
|
$ |
(10,391 |
) |
|
$ |
(4,896 |
) |
|
$ |
(0.24 |
) |
|
$ |
364,827 |
|
|
$ |
(13,887 |
) |
|
(3.8 |
)% |
Impairment charge |
|
— |
|
|
55,800 |
|
|
34,144 |
|
|
1.68 |
|
|
— |
|
|
55,800 |
|
|
15.3 |
% |
As adjusted |
|
$ |
403,589 |
|
|
$ |
45,409 |
|
|
$ |
29,248 |
|
|
$ |
1.44 |
|
|
$ |
364,827 |
|
|
$ |
41,913 |
|
|
11.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended August 27,
2016 |
|
|
Consolidated |
|
Core Laundry Operations |
(In thousands, except percentages) |
|
Revenue |
|
Operating Income |
|
Net Income |
|
DilutedEPS |
|
Revenue |
|
Operating Income |
|
OperatingMargin |
As reported |
|
$ |
363,766 |
|
|
$ |
56,756 |
|
|
$ |
35,494 |
|
|
$ |
1.74 |
|
|
$ |
331,749 |
|
|
$ |
54,189 |
|
|
16.3 |
% |
Settlement of
environmental litigation |
|
— |
|
|
(15,861 |
) |
|
(9,691 |
) |
|
(0.48 |
) |
|
— |
|
|
(15,861 |
) |
|
(4.8 |
)% |
As adjusted |
|
$ |
363,766 |
|
|
$ |
40,895 |
|
|
$ |
25,803 |
|
|
$ |
1.27 |
|
|
$ |
331,749 |
|
|
$ |
38,328 |
|
|
11.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fifty-two weeks ended August 26,
2017 |
|
|
Consolidated |
|
Core Laundry Operations |
(In thousands, except percentages) |
|
Revenue |
|
OperatingIncome |
|
NetIncome |
|
DilutedEPS |
|
Revenue |
|
OperatingIncome |
|
OperatingMargin |
As reported |
|
$ |
1,590,958 |
|
|
$ |
110,283 |
|
|
$ |
70,196 |
|
|
$ |
3.44 |
|
|
$ |
1,442,149 |
|
|
$ |
96,307 |
|
|
6.7 |
% |
Accelerated stock
compensation expense |
|
— |
|
|
5,398 |
|
|
3,341 |
|
|
0.16 |
|
|
— |
|
|
5,398 |
|
|
0.4 |
% |
Impairment charge |
|
— |
|
|
55,800 |
|
|
34,144 |
|
|
1.68 |
|
|
— |
|
|
55,800 |
|
|
3.9 |
% |
As adjusted |
|
$ |
1,590,958 |
|
|
$ |
171,481 |
|
|
$ |
107,681 |
|
|
$ |
5.28 |
|
|
$ |
1,442,149 |
|
|
$ |
157,505 |
|
|
10.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fifty-two weeks ended August 27,
2016 |
|
|
Consolidated |
|
Core Laundry Operations |
(In thousands, except percentages) |
|
Revenue |
|
Operating Income |
|
Net Income |
|
DilutedEPS |
|
Revenue |
|
Operating Income |
|
OperatingMargin |
As reported |
|
$ |
1,468,046 |
|
|
$ |
201,160 |
|
|
$ |
125,026 |
|
|
$ |
6.17 |
|
|
$ |
1,329,375 |
|
|
$ |
186,074 |
|
|
14.0 |
% |
Settlement of
environmental litigation |
|
— |
|
|
(15,861 |
) |
|
(9,691 |
) |
|
(0.48 |
) |
|
— |
|
|
(15,861 |
) |
|
(1.2 |
)% |
As adjusted |
|
$ |
1,468,046 |
|
|
$ |
185,299 |
|
|
$ |
115,335 |
|
|
$ |
5.69 |
|
|
$ |
1,329,375 |
|
|
$ |
170,213 |
|
|
12.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
These non-GAAP measures are not in accordance
with, or an alternative for measures prepared in accordance with,
GAAP and may be different from non-GAAP measures used by other
companies. Investors should consider non-GAAP measures in addition
to, and not as a substitute for, or superior to, financial
performance measures prepared in accordance with GAAP.
CONTACT: Steven S. Sintros, President & CEO
UniFirst Corporation
68 Jonspin Road
Wilmington, MA 01887
Phone: 978- 658-8888
Fax: 978-988-0659
Email: ssintros@UniFirst.com
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