UniFirst Corporation (NYSE: UNF) (the “Company,” “UniFirst” or
“we”) today reported results for its first quarter ended November
25, 2023 as compared to the corresponding period in the prior
fiscal year:
Q1 2024 Financial
Highlights
- Consolidated revenues for the first
quarter increased 9.5% to $593.5 million.
- Operating income was $53.1 million,
an increase of 22.4%.
- The quarterly tax rate decreased to
23.4% compared to 25.2% in the prior year.
- Net income increased to $42.3
million from $34.0 million in the prior year, or 24.6%.
- Diluted earnings per share
increased to $2.26 from $1.81 in the prior year, or 24.9%.
- EBITDA increased to $86.2 million
compared to $69.7 million in the prior year, or 23.7%.
The Company's financial results for the first
quarter of fiscal 2024 and 2023 included approximately $2.9 million
and $10.0 million, respectively, of costs directly attributable to
its customer relationship management (“CRM”) computer system,
enterprise resource planning (“ERP”) system and branding
initiatives (the "Key Initiatives"). Investments in the branding
initiatives concluded in fiscal 2023. The effect of the Key
Initiatives on the first quarter of fiscal 2024 and 2023 combined
to decrease:
- Both operating income and EBITDA by
$2.9 million and $10.0 million, respectively.
- Net income by $2.4 million and $7.6
million, respectively.
- Diluted earnings per share by $0.12
and $0.40, respectively.
Steven Sintros, UniFirst President and Chief
Executive Officer, said, “We are pleased with the results from our
first quarter, which represent a solid start to our new fiscal
year. I want to sincerely thank all of our Team Partners who
continue to Always Deliver for each other and our
customers as we strive towards our vision of being universally
recognized as the best service provider in the industry. …all while
living our Mission of Serving the People Who do the Hard
Work.”
Segment Reporting
Highlights
Core Laundry Operations
- Revenues for the quarter increased
9.8% to $524.0 million.
- Organic growth, which excludes the
effect of acquisitions and fluctuations in the Canadian dollar, was
5.2%.
- Operating margin increased to 8.0%
from 7.1%.
- Core Laundry Operations' EBITDA
margin increased to 14.0% from 12.2%.
The costs incurred related to the Key
Initiatives, discussed above, were recorded to the Core Laundry
Operations' segment, and decreased both the Core Laundry
Operations' operating and EBITDA margin for the first quarters of
fiscal 2024 and 2023 by 0.6% and 2.1%, respectively.
The segment's operating and EBITDA margin
comparisons were also impacted by investments in our corporate
capabilities that we have made over the last year and higher
merchandise costs, which were partially offset by lower energy
costs as a percentage of revenues. The purchase accounting for the
Company's March 2023 acquisition of Clean Uniform further impacted
the segment’s operating margin, most notably in the form of
elevated non-cash acquisition-related intangibles amortization.
Specialty Garments
- Revenues for the quarter were $44.7
million, an increase of 1.3%, which was driven by growth in the
segment's cleanroom operations.
- Operating margin increased to 27.1%
from 23.1% a year ago, primarily as a result of the strong top line
performance.
- Specialty Garments consists of
nuclear decontamination and cleanroom operations, and its results
can vary significantly due to seasonality and the timing of reactor
outages and projects.
Balance Sheet and Capital
Allocation
- Cash, cash equivalents and
Short-term investments totaled $88.8 million as of November 25,
2023.
- The Company had no long-term debt
outstanding as of November 25, 2023.
- On October 24, 2023, our Board of
Directors authorized a new share repurchase program to repurchase
from time to time up to $100.0 million of our outstanding shares of
Common Stock, inclusive of the amount which remained available
under the share repurchase program previously authorized on October
18, 2021. Under the new share repurchase program, the Company
repurchased 1,500 shares of Common Stock for $0.3 million in the
first quarter of fiscal 2024. As of November 25, 2023, the Company
had $99.7 million remaining under its new share repurchase
program.
- Weighted average shares outstanding
– Diluted for both the first quarter of fiscal 2024 and fiscal 2023
were 18.8 million.
Financial Outlook
Mr. Sintros continued, "At this time, we
continue to expect our revenues for fiscal 2024 to be between
$2.415 billion and $2.435 billion, however, due to recent trends in
our Core Laundry Operations in the latter half of the quarter we
anticipate that the lower half of the range is more likely. We
continue to expect diluted earnings per share to be between $6.52
and $7.16.” As a reminder, our guidance for fiscal 2024 includes
one extra week of operations compared to fiscal 2023 due to the
timing of our fiscal calendar.
Conference Call Information
UniFirst Corporation will hold a conference call
today at 9:00 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 Corporation
Headquartered in Wilmington, Mass., UniFirst
Corporation (NYSE: UNF) is a North American leader in the supply
and servicing of uniform and workwear programs, facility service
products, as well as first aid and safety supplies and services.
Together with its subsidiaries, the Company also manages
specialized garment programs for the cleanroom and nuclear
industries. In addition to partnering with leading brands, UniFirst
manufactures its own branded workwear, protective clothing, and
floorcare products at its five company-owned ISO-9001-certified
manufacturing facilities. With more than 270 service locations,
over 300,000 customer locations, and 16,000-plus employee Team
Partners, the Company outfits more than 2 million workers every
day. For more information, contact UniFirst at 888.296.2740 or
visit UniFirst.com.
Forward-Looking Statements
Disclosure
This public announcement contains
forward-looking statements within the meaning of the federal
securities laws that reflect the Company's current views with
respect to future events and financial performance, including
projected revenues, operating margin 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 “guidance,” “outlook,” “estimates,” “anticipates,” “projects,”
“plans,” “expects,” “intends,” “believes,” “seeks,” “could,”
“should,” “may,” “will,” “strategy,” “objective,” “assume,”
“strive,” “design,” “assumption,” “vision” 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, uncertainties caused by an economic recession or other
adverse economic conditions, including, without limitation, as a
result of continued high inflation rates or further increases in
inflation or interest rates or extraordinary events or
circumstances such as geopolitical conflicts like the conflict
between Russia and Ukraine, disruption in the Middle East or the
COVID-19 pandemic, and their impact on our customers' businesses
and workforce levels, disruptions of our business and operations,
including limitations on, or closures of, our facilities, or the
business and operations of our customers or suppliers in connection
with extraordinary events or circumstances such as the COVID-19
pandemic, uncertainties regarding our ability to consummate
acquisitions and successfully integrate acquired businesses,
including Clean Uniform, and the performance of such businesses,
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, our ability to compete successfully without any
significant degradation in our margin rates, seasonal and quarterly
fluctuations in business levels, our ability to preserve positive
labor relationships and avoid becoming the target of corporate
labor unionization campaigns that could disrupt our business, the
effect of currency fluctuations on our results of operations and
financial condition, our dependence on third parties to supply us
with raw materials, which such supply could be severely disrupted
as a result of extraordinary events or circumstances such as the
conflict between Russia and Ukraine, any loss of key management or
other personnel, increased costs as a result of any changes in
federal, state, international or other laws, rules and regulations
or governmental interpretation of such laws, rules and regulations,
uncertainties regarding, or adverse impacts from continued high
price levels of natural gas, electricity, fuel and labor or
increases in such costs, the negative effect on our business from
sharply depressed oil and natural gas prices, the continuing
increase in domestic healthcare costs, increased workers'
compensation claim costs, increased healthcare claim costs, our
ability to retain and grow our customer base, demand and prices for
our products and services, fluctuations in our Specialty Garments
business, political or other instability, supply chain disruption
or infection among our employees in Mexico and Nicaragua where our
principal garment manufacturing plants are located, our ability to
properly and efficiently design, construct, implement and operate a
new customer relationship management computer system, interruptions
or failures of our information technology systems, including as a
result of cyber-attacks, additional professional and internal costs
necessary for compliance with any changes in or additional
Securities and Exchange Commission (the “SEC”), New York Stock
Exchange and accounting or other rules, including, without
limitation, recent rules proposed by the SEC regarding
climate-related and cybersecurity-related disclosures, strikes and
unemployment levels, our efforts to evaluate and potentially reduce
internal costs, economic and other developments associated with the
war on terrorism and its impact on the economy, the impact of
foreign trade policies and tariffs or other impositions on imported
goods on our business, results of operations and financial
condition, general economic conditions, our ability to successfully
implement our business strategies and processes, including our
capital allocation strategies, our ability to successfully
remediate the material weakness in internal control over financial
reporting disclosed in our Annual Report on Form 10-K for the year
ended August 26, 2023 and the other factors described under Part I,
Item 1A. “Risk Factors” and elsewhere in our Annual Report on Form
10-K for the year ended August 26, 2023, Part II, Item 1A. “Risk
Factors” and elsewhere in our subsequent Quarterly Reports on Form
10-Q and in our other filings with the SEC. We undertake no
obligation to update any forward-looking statements to reflect
events or circumstances arising after the date on which they are
made.
Consolidated Statements of
Income(Unaudited)
|
|
Thirteen Weeks Ended |
|
(In thousands, except per share data) |
|
November 25, 2023 |
|
|
November 26, 2022 |
|
Revenues |
|
$ |
593,525 |
|
|
$ |
541,798 |
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
Cost of revenues (1) |
|
|
383,796 |
|
|
|
353,972 |
|
Selling and administrative expenses (1) |
|
|
122,859 |
|
|
|
117,363 |
|
Depreciation and amortization |
|
|
33,733 |
|
|
|
27,045 |
|
Total operating expenses |
|
|
540,388 |
|
|
|
498,380 |
|
|
|
|
|
|
|
|
Operating income |
|
|
53,137 |
|
|
|
43,418 |
|
|
|
|
|
|
|
|
Other (income)
expense: |
|
|
|
|
|
|
Interest income, net |
|
|
(2,834 |
) |
|
|
(2,769 |
) |
Other expense, net |
|
|
716 |
|
|
|
791 |
|
Total other income, net |
|
|
(2,118 |
) |
|
|
(1,978 |
) |
|
|
|
|
|
|
|
Income before income taxes |
|
|
55,255 |
|
|
|
45,396 |
|
Provision for income taxes |
|
|
12,930 |
|
|
|
11,439 |
|
|
|
|
|
|
|
|
Net income |
|
$ |
42,325 |
|
|
$ |
33,957 |
|
|
|
|
|
|
|
|
Income per share –
Basic: |
|
|
|
|
|
|
Common Stock |
|
$ |
2.35 |
|
|
$ |
1.89 |
|
Class B Common Stock |
|
$ |
1.88 |
|
|
$ |
1.51 |
|
|
|
|
|
|
|
|
Income per share –
Diluted: |
|
|
|
|
|
|
Common Stock |
|
$ |
2.26 |
|
|
$ |
1.81 |
|
|
|
|
|
|
|
|
Income allocated to –
Basic: |
|
|
|
|
|
|
Common Stock |
|
$ |
35,566 |
|
|
$ |
28,525 |
|
Class B Common Stock |
|
$ |
6,759 |
|
|
$ |
5,432 |
|
|
|
|
|
|
|
|
Income allocated to –
Diluted: |
|
|
|
|
|
|
Common Stock |
|
$ |
42,325 |
|
|
$ |
33,957 |
|
|
|
|
|
|
|
|
Weighted average shares
outstanding – Basic: |
|
|
|
|
|
|
Common Stock |
|
|
15,111 |
|
|
|
15,082 |
|
Class B Common Stock |
|
|
3,590 |
|
|
|
3,590 |
|
|
|
|
|
|
|
|
Weighted average shares
outstanding – Diluted: |
|
|
|
|
|
|
Common Stock |
|
|
18,769 |
|
|
|
18,754 |
|
|
|
|
|
|
|
|
|
|
(1) Exclusive of
depreciation on the Company's property, plant and equipment and
amortization on its intangible assets.
Condensed Consolidated Balance
Sheets(Unaudited)
(In thousands) |
|
November 25, 2023 |
|
|
August 26, 2023 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
77,380 |
|
|
$ |
79,443 |
|
Short-term investments |
|
|
11,394 |
|
|
|
10,157 |
|
Receivables, net |
|
|
299,494 |
|
|
|
279,078 |
|
Inventories |
|
|
148,513 |
|
|
|
148,334 |
|
Rental merchandise in service |
|
|
249,611 |
|
|
|
248,323 |
|
Prepaid taxes |
|
|
10,284 |
|
|
|
20,907 |
|
Prepaid expenses and other current assets |
|
|
62,262 |
|
|
|
53,876 |
|
Total current assets |
|
|
858,938 |
|
|
|
840,118 |
|
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
|
766,532 |
|
|
|
756,540 |
|
Goodwill |
|
|
648,797 |
|
|
|
647,900 |
|
Customer contracts and other
intangible assets, net |
|
|
138,468 |
|
|
|
145,618 |
|
Deferred income taxes |
|
|
615 |
|
|
|
567 |
|
Operating lease right-of-use
assets, net |
|
|
65,389 |
|
|
|
62,565 |
|
Other assets |
|
|
123,313 |
|
|
|
116,667 |
|
Total assets |
|
$ |
2,602,052 |
|
|
$ |
2,569,975 |
|
|
|
|
|
|
|
|
Liabilities and
shareholders’ equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
86,315 |
|
|
$ |
92,730 |
|
Accrued liabilities |
|
|
155,419 |
|
|
|
156,408 |
|
Accrued taxes |
|
|
— |
|
|
|
352 |
|
Operating lease liabilities, current |
|
|
17,051 |
|
|
|
17,739 |
|
Total current liabilities |
|
|
258,785 |
|
|
|
267,229 |
|
Long-term liabilities: |
|
|
|
|
|
|
Accrued liabilities |
|
|
121,720 |
|
|
|
121,682 |
|
Accrued and deferred income
taxes |
|
|
131,040 |
|
|
|
130,084 |
|
Operating lease liabilities |
|
|
50,334 |
|
|
|
47,020 |
|
Total liabilities |
|
|
561,879 |
|
|
|
566,015 |
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
Common Stock |
|
|
1,513 |
|
|
|
1,510 |
|
Class B Common Stock |
|
|
359 |
|
|
|
359 |
|
Capital surplus |
|
|
99,537 |
|
|
|
99,303 |
|
Retained earnings |
|
|
1,962,688 |
|
|
|
1,926,549 |
|
Accumulated other comprehensive
loss |
|
|
(23,924 |
) |
|
|
(23,761 |
) |
Total shareholders’
equity |
|
|
2,040,173 |
|
|
|
2,003,960 |
|
Total
liabilities and shareholders’ equity |
|
$ |
2,602,052 |
|
|
$ |
2,569,975 |
|
|
Detail of Operating
Results(Unaudited)
|
|
Thirteen Weeks Ended November 25, 2023 |
|
|
Thirteen Weeks Ended November 26, 2022 |
|
|
|
Core
Laundry |
|
Specialty |
|
First |
|
|
|
|
Core
Laundry |
|
Specialty |
|
First |
|
|
|
|
|
Operations |
|
Garments |
|
Aid |
|
Total |
|
|
Operations |
|
Garments |
|
Aid |
|
Total |
|
Revenues |
|
$ |
523,989 |
|
$ |
44,669 |
|
$ |
24,867 |
|
$ |
593,525 |
|
|
$ |
477,398 |
|
$ |
44,079 |
|
$ |
20,321 |
|
$ |
541,798 |
|
Revenue Growth % |
|
|
9.8 |
% |
|
1.3 |
% |
|
22.4 |
% |
|
9.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) (1),
(2) |
|
$ |
42,091 |
|
$ |
12,117 |
|
$ |
(1,071 |
) |
$ |
53,137 |
|
|
$ |
33,831 |
|
$ |
10,183 |
|
$ |
(596 |
) |
$ |
43,418 |
|
Operating Margin |
|
|
8.0 |
% |
|
27.1 |
% |
|
-4.3 |
% |
|
9.0 |
% |
|
|
7.1 |
% |
|
23.1 |
% |
|
-2.9 |
% |
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA (1), (2) |
|
$ |
73,320 |
|
$ |
13,148 |
|
$ |
(314 |
) |
$ |
86,154 |
|
|
$ |
58,435 |
|
$ |
11,171 |
|
$ |
66 |
|
$ |
69,672 |
|
EBITDA Margin |
|
|
14.0 |
% |
|
29.4 |
% |
|
-1.3 |
% |
|
14.5 |
% |
|
|
12.2 |
% |
|
25.3 |
% |
|
0.3 |
% |
|
12.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Company's financial
results for the first quarter of fiscal 2024 and 2023 included
approximately $2.9 million and $10.0 million, respectively, of
costs directly attributable to its Key Initiatives.(2)
The Key Initiatives' costs resulted in a decrease in both
Core Laundry Operations' operating margin and EBITDA margin for the
first quarter of fiscal 2024 and 2023 of 0.6% and 2.1%,
respectively.
Consolidated Statements of Cash
Flows(Unaudited)
(In thousands) |
|
November 25, 2023 |
|
|
November 26, 2022 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
Net income |
|
$ |
42,325 |
|
|
$ |
33,957 |
|
Adjustments to reconcile net
income to cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization
(1) |
|
|
33,733 |
|
|
|
27,045 |
|
Share-based compensation |
|
|
2,534 |
|
|
|
1,461 |
|
Accretion on environmental
contingencies |
|
|
316 |
|
|
|
259 |
|
Accretion on asset retirement
obligations |
|
|
233 |
|
|
|
227 |
|
Deferred income taxes |
|
|
640 |
|
|
|
765 |
|
Other |
|
|
79 |
|
|
|
(42 |
) |
Changes in assets and
liabilities, net of acquisitions: |
|
|
|
|
|
|
Receivables, less reserves |
|
|
(20,413 |
) |
|
|
(23,675 |
) |
Inventories |
|
|
(138 |
) |
|
|
8,154 |
|
Rental merchandise in
service |
|
|
(1,330 |
) |
|
|
(12,961 |
) |
Prepaid expenses and other
current assets and Other assets |
|
|
(9,692 |
) |
|
|
(9,076 |
) |
Accounts payable |
|
|
(6,663 |
) |
|
|
399 |
|
Accrued liabilities |
|
|
(6,172 |
) |
|
|
(6,655 |
) |
Prepaid and accrued income
taxes |
|
|
10,218 |
|
|
|
7,840 |
|
Net cash provided by operating
activities |
|
|
45,670 |
|
|
|
27,698 |
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
Acquisition of businesses, net of
cash acquired |
|
|
— |
|
|
|
(6,556 |
) |
Capital expenditures, including
capitalization of software costs |
|
|
(39,050 |
) |
|
|
(39,044 |
) |
Purchases of investments |
|
|
(11,394 |
) |
|
|
(107,000 |
) |
Maturities of investments |
|
|
10,217 |
|
|
|
— |
|
Proceeds from sale of assets |
|
|
606 |
|
|
|
240 |
|
Net cash used in investing
activities |
|
|
(39,621 |
) |
|
|
(152,360 |
) |
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
Proceeds from exercise of
share-based awards |
|
|
2 |
|
|
|
2 |
|
Taxes withheld and paid related
to net share settlement of equity awards |
|
|
(2,290 |
) |
|
|
(2,028 |
) |
Repurchase of Common Stock |
|
|
(255 |
) |
|
|
— |
|
Payment of cash dividends |
|
|
(5,573 |
) |
|
|
(5,570 |
) |
Net cash used in financing
activities |
|
|
(8,116 |
) |
|
|
(7,596 |
) |
|
|
|
|
|
|
|
Effect of exchange rate
changes |
|
|
4 |
|
|
|
33 |
|
|
|
|
|
|
|
|
Net decrease in cash and cash
equivalents |
|
|
(2,063 |
) |
|
|
(132,225 |
) |
Cash and cash equivalents at
beginning of period |
|
|
79,443 |
|
|
|
376,399 |
|
Cash and cash equivalents at end
of period |
|
$ |
77,380 |
|
|
$ |
244,174 |
|
|
(1) Depreciation and
amortization for the first quarter of fiscal 2024 and 2023 included
approximately $4.6 million and $2.6 million, respectively, of
non-cash amortization expense recognized on acquisition-related
intangible assets.
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 the Company's consolidated financial
results in this press release, the Company also presents EBITDA and
EBITDA margin, which are non-GAAP financial measures. The Company
defines EBITDA as net income before interest, income taxes,
depreciation and amortization. EBITDA margin is defined as EBITDA
for a period divided by revenue for the same period.
The Company believes these non-GAAP financial
measures provide useful supplemental information regarding the
performance of the Company and its segments to both management and
investors. These non-GAAP financial measures exclude certain items
that may impact the comparability of the Company's results. In
addition, by excluding certain items, these non-GAAP financial
measures enable management and investors to further evaluate the
underlying operating performance of the Company.
Supplemental reconciliations of the Company's
consolidated net income on a GAAP basis to EBITDA and EBITDA
margin, which are non-GAAP financial measures, are presented in the
following tables. Investors are encouraged to review the
reconciliations of the non-GAAP financial measures to their most
directly comparable GAAP financial measures, which are provided
below. EBITDA and EBITDA margin should be considered in addition
to, and not as substitutes for, or in isolation from, measures
prepared in accordance with GAAP.
The Company does not allocate its provision for
income taxes to its business segments and as a result, presents it
in a separate column in the following tables.
|
Thirteen Weeks Ended November 25, 2023 |
|
|
|
Core Laundry |
|
|
Specialty |
|
|
First |
|
|
|
|
|
|
|
(In thousands, except percentages) |
|
Operations |
|
|
Garments |
|
|
Aid |
|
|
Other |
|
|
Total |
|
Revenue |
|
$ |
523,989 |
|
|
$ |
44,669 |
|
|
$ |
24,867 |
|
|
$ |
— |
|
|
$ |
593,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
44,209 |
|
|
$ |
12,117 |
|
|
$ |
(1,071 |
) |
|
$ |
(12,930 |
) |
|
$ |
42,325 |
|
Provision for income
taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,930 |
|
|
|
12,930 |
|
Interest income, net |
|
|
(2,834 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,834 |
) |
Depreciation and
amortization |
|
|
31,945 |
|
|
|
1,031 |
|
|
|
757 |
|
|
|
— |
|
|
|
33,733 |
|
EBITDA |
|
$ |
73,320 |
|
|
$ |
13,148 |
|
|
$ |
(314 |
) |
|
$ |
— |
|
|
$ |
86,154 |
|
EBITDA Margin |
|
|
14.0 |
% |
|
|
29.4 |
% |
|
|
-1.3 |
% |
|
|
|
|
|
14.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended November 26, 2022 |
|
|
|
Core Laundry |
|
|
Specialty |
|
|
First |
|
|
|
|
|
|
|
(In thousands, except percentages) |
|
Operations |
|
|
Garments |
|
|
Aid |
|
|
Other |
|
|
Total |
|
Revenue |
|
$ |
477,398 |
|
|
$ |
44,079 |
|
|
$ |
20,321 |
|
|
$ |
— |
|
|
$ |
541,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
35,809 |
|
|
$ |
10,183 |
|
|
$ |
(596 |
) |
|
$ |
(11,439 |
) |
|
$ |
33,957 |
|
Provision for income
taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,439 |
|
|
|
11,439 |
|
Interest income, net |
|
|
(2,769 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,769 |
) |
Depreciation and
amortization |
|
|
25,395 |
|
|
|
988 |
|
|
|
662 |
|
|
|
— |
|
|
|
27,045 |
|
EBITDA |
|
$ |
58,435 |
|
|
$ |
11,171 |
|
|
$ |
66 |
|
|
$ |
— |
|
|
$ |
69,672 |
|
EBITDA Margin |
|
|
12.2 |
% |
|
|
25.3 |
% |
|
|
0.3 |
% |
|
|
|
|
|
12.9 |
% |
Investor Relations ContactShane O'Connor,
Executive Vice President & CFOUniFirst
Corporation
978-658-8888shane_oconnor@unifirst.com
UniFirst (NYSE:UNF)
過去 株価チャート
から 4 2024 まで 5 2024
UniFirst (NYSE:UNF)
過去 株価チャート
から 5 2023 まで 5 2024