1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended Commission File February 27, 1999 Number 1-8504 UNIFIRST CORPORATION (Exact name of registrant as specified in its charter) Massachusetts 04-2103460 (State of Incorporation) (IRS Employer ID Number) 68 Jonspin Road Wilmington, Massachusetts 01887 (Address of principal executive offices) Registrant's telephone number: (978) 658-8888 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 [ ] The number of outstanding shares of the registrant's Common Stock and Class B Common Stock as of March 31, 1999 were 10,050,934 and 10,269,744 respectively.
2 PART 1 - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS FORM 10-Q UNIFIRST CORPORATION AND SUBSIDIARIES CONDENSED BALANCE SHEETS (unaudited) February 27, August 29, February 28, 1999 1998* 1998 - ---------------------------------------------------------------------------------------------------------------------------- Assets Current assets: Cash $ 6,932,000 $ 5,330,000 $ 7,177,000 Receivables 48,242,000 42,127,000 41,718,000 Inventories 29,024,000 24,152,000 20,671,000 Rental merchandise in service 52,372,000 42,971,000 40,518,000 Prepaid expenses 259,000 188,000 147,000 - ---------------------------------------------------------------------------------------------------------------------------- Total current assets 136,829,000 114,768,000 110,231,000 - ---------------------------------------------------------------------------------------------------------------------------- Property and equipment: Land, buildings and leasehold improvements 165,287,000 150,853,000 145,361,000 Machinery and equipment 179,351,000 165,762,000 155,583,000 Motor vehicles 45,254,000 41,608,000 38,523,000 - ---------------------------------------------------------------------------------------------------------------------------- 389,892,000 358,223,000 339,467,000 Less - accumulated depreciation 161,476,000 147,261,000 137,595,000 - ---------------------------------------------------------------------------------------------------------------------------- 228,416,000 210,962,000 201,872,000 - ---------------------------------------------------------------------------------------------------------------------------- Other assets 80,452,000 50,400,000 48,336,000 - ---------------------------------------------------------------------------------------------------------------------------- $445,697,000 $376,130,000 $360,439,000 ============================================================================================================================ Liabilities and Shareholders' Equity Current liabilities: Current maturities of long-term obligations $ 523,000 $ 1,194,000 $ 1,050,000 Notes payable 2,488,000 2,511,000 2,543,000 Accounts payable 18,572,000 14,109,000 14,054,000 Accrued liabilities 50,698,000 45,101,000 49,160,000 Accrued and deferred income taxes 3,865,000 2,540,000 2,189,000 - ---------------------------------------------------------------------------------------------------------------------------- Total current liabilities 76,146,000 65,455,000 68,996,000 - ---------------------------------------------------------------------------------------------------------------------------- Long-term obligations, net of current maturities 88,602,000 45,955,000 43,005,000 Deferred income taxes 19,219,000 18,346,000 17,687,000 - ---------------------------------------------------------------------------------------------------------------------------- Shareholders' equity: Preferred stock, $1.00 par value; 2,000,000 shares authorized; none issued -- -- -- Common stock, $.10 par value; 30,000,000 shares authorized; issued 10,216,234, 10,216,864 and 7,903,864 shares 1,022,000 1,022,000 790,000 Class B Common stock, $.10 par value; 20,000,000 shares authorized; issued 10,283,744, 10,293,744 and 12,606,744 shares 1,028,000 1,029,000 1,261,000 Treasury stock, 255,400 shares, at cost (5,631,000) -- -- Capital surplus 12,464,000 7,078,000 7,078,000 Retained earnings 254,981,000 239,952,000 222,954,000 Accumulated other comprehensive income (2,134,000) (2,707,000) (1,332,000) - ---------------------------------------------------------------------------------------------------------------------------- Total shareholders' equity 261,730,000 246,374,000 230,751,000 - ---------------------------------------------------------------------------------------------------------------------------- $445,697,000 $376,130,000 $360,439,000 ============================================================================================================================ * Condensed from audited financial statements The accompanying notes are an integral part of these condensed financial statements.
3 FORM 10-Q UNIFIRST CORPORATION AND SUBSIDIARIES CONDENSED STATEMENTS OF INCOME (unaudited) Twenty-six Twenty-six Thirteen Thirteen weeks ended weeks ended weeks ended weeks ended February 27, February 28, February 27, February 28, 1999 1998 1999 1998 - ------------------------------------------------------------------------------------------------------------------------------ Revenues $236,401,000 $221,746,000 $120,066,000 $109,344,000 - ------------------------------------------------------------------------------------------------------------------------------ Costs and expenses: Operating costs 140,808,000 135,262,000 74,320,000 68,937,000 Selling and administrative expenses 52,853,000 49,147,000 25,864,000 23,750,000 Depreciation and amortization 15,015,000 12,601,000 7,757,000 6,293,000 - ------------------------------------------------------------------------------------------------------------------------------ 208,676,000 197,010,000 107,941,000 98,980,000 - ------------------------------------------------------------------------------------------------------------------------------ Income from operations 27,725,000 24,736,000 12,125,000 10,364,000 - ------------------------------------------------------------------------------------------------------------------------------ Interest expense (income): Interest expense 1,978,000 1,299,000 1,266,000 648,000 Interest income (86,000) (133,000) (28,000) (63,000) - ------------------------------------------------------------------------------------------------------------------------------ 1,892,000 1,166,000 1,238,000 585,000 - ------------------------------------------------------------------------------------------------------------------------------ Income before income taxes 25,833,000 23,570,000 10,887,000 9,779,000 Provision for income taxes 9,558,000 8,485,000 4,028,000 3,520,000 - ------------------------------------------------------------------------------------------------------------------------------ Net income $ 16,275,000 $ 15,085,000 $ 6,859,000 $ 6,259,000 ============================================================================================================================== Weighted average number of shares outstanding - basic & diluted 20,653,305 20,510,608 20,691,018 20,510,608 ============================================================================================================================== Net income per share - basic & diluted $ 0.79 $ 0.74 $ 0.33 $ 0.31 ============================================================================================================================== The accompanying notes are an integral part of these condensed financial statements.
4 FORM 10-Q UNIFIRST CORPORATION AND SUBSIDIARIES CONDENSED STATEMENTS OF CASH FLOWS (unaudited) Twenty-six Twenty-six weeks ended weeks ended February 27, February 28, 1999 1998 - ------------------------------------------------------------------------------------------------------ Cash flows from operating activities: Net Income $16,275,000 $15,085,000 Adjustments, net of acquisitions: Depreciation 12,321,000 10,470,000 Amortization of other assets 2,694,000 2,131,000 Receivables (3,068,000) (2,356,000) Inventories 1,446,000 (1,209,000) Rental merchandise in service (5,382,000) (566,000) Prepaid expenses (19,000) 1,000 Accounts payable 3,920,000 942,000 Accrued liabilities 5,363,000 3,553,000 Accrued and deferred income taxes 1,237,000 (343,000) Deferred income taxes 854,000 594,000 - ------------------------------------------------------------------------------------------------------ Net cash provided by operating activities 35,641,000 28,302,000 - ------------------------------------------------------------------------------------------------------ Cash flows from investing activities: Acquisition of businesses, net of cash acquired (42,924,000) - Capital expenditures (19,003,000) (24,335,000) Other assets, net (6,422,000) (2,332,000) - ------------------------------------------------------------------------------------------------------ Net cash used in investing activities (68,349,000) (26,667,000) - ------------------------------------------------------------------------------------------------------ Cash flows from financing activities: Increase in debt 42,275,000 4,121,000 Reduction of debt (1,088,000) (1,553,000) Repurchase of common stock (5,631,000) - Cash dividends paid or payable (1,246,000) (1,080,000) - ------------------------------------------------------------------------------------------------------ Net cash provided by financing activities 34,310,000 1,488,000 - ------------------------------------------------------------------------------------------------------ Net increase in cash 1,602,000 3,123,000 Cash at beginning of period 5,330,000 4,054,000 - ------------------------------------------------------------------------------------------------------ Cash at end of period $ 6,932,000 $ 7,177,000 ====================================================================================================== Supplemental disclosure of cash flow information: Interest paid $ 1,391,000 $ 1,321,000 Income taxes paid 7,360,000 8,271,000 ====================================================================================================== The accompanying notes are an integral part of these condensed financial statements.
5 FORM 10-Q UNIFIRST CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE TWENTY-SIX WEEKS ENDED FEBRUARY 27, 1999 1. These condensed financial statements have been prepared by the Company 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 generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the information furnished reflects all adjustments which are, in the opinion of management, necessary to a fair statement of results for the interim period. It is suggested that these condensed financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company's latest annual report on Form 10-K. Results for an interim period are not indicative of any future interim periods or for an entire fiscal year. 2. From time to time, the Company is subject to legal proceedings and claims arising from the conduct of its business operations, including legal proceedings and claims relating to personal injury, customer contract, employment and environmental matters. In the opinion of management, such proceedings and claims are not likely to result in losses which would have a material adverse effect upon the financial position or results of operations of the Company. 3. In the first quarter of fiscal 1999, the Company adopted Statement of Financial Accounting Standards (SFAS) No. 130, "Reporting Comprehensive Income". SFAS 130 established new rules for the reporting and display of comprehensive income and its components. The adoption of SFAS 130 had no impact on the Company's net income or shareholders' equity, but it requires the Company's foreign currency translation adjustment, which prior to adoption was reported separately in shareholders' equity, to be included in accumulated other comprehensive income. The components of comprehensive income for the thirteen and twenty-six week periods ended February 27, 1999 and February 28, 1998 were as follows: Twenty-six Twenty-six Thirteen Thirteen weeks ended weeks ended weeks ended weeks ended February 27, February 28, February 27, February 28, 1999 1998 1999 1998 - ------------------------------------------------------------------------------------------------------------------------------ Net income $16,275,000 $15,085,000 $6,859,000 $6,259,000 Other comprehensive income: Foreign currency translation adjustments 573,000 (446,000) 281,000 (118,000) --------------------------------------------------------------------------- Comprehensive income $16,848,000 $14,639,000 $7,140,000 $6,141,000 =========================================================================== 4. The Company has completed four acquisitions in fiscal 1999 to date. The purchase price for these acquisitions was allocated in accordance with Accounting Principles Board Opinion No. 16, "Business Combinations."
6 FORM 10-Q UNIFIRST CORPORATION AND SUBSIDIARIES ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION FOR THE TWENTY-SIX WEEKS ENDED FEBRUARY 27, 1999 RESULTS OF OPERATIONS - --------------------- Twenty-Six Weeks of Fiscal 1999 Compared with Twenty-Six Weeks of Fiscal 1998 - ----------------------------------------------------------------------------- REVENUES. Revenues for the first twenty-six weeks of fiscal 1999 increased $14.7 million or 6.6% to $236.4 million as compared with $221.7 million for the first twenty-six weeks of fiscal 1998. This increase can be attributed to growth from existing operations (2.5%), acquisitions (3.1%) and price increases (1.0%). Growth from existing operations was from the conventional uniform rental business (2.6%), offset by slightly lower revenue from the nuclear garment services business (-0.1%). The increase in revenues from acquisitions resulted from two acquisitions made in fiscal 1998 (one in California in March 1998, and one in Alabama in June 1998) and four acquisitions made in fiscal 1999 (one in Wisconsin and one in Mississippi, both in October 1998, one in New England and North Carolina in December 1998 and one in Nevada in January 1999). OPERATING COSTS. Operating costs increased to $140.8 million for the first half of fiscal 1999 as compared with $135.3 million for the same period of fiscal 1998 as a result of costs associated with increased revenues, but declined to 59.6% from 61.0% as a percentage of revenues for these periods. In July 1998, the Company changed the estimated service lives and related amortization periods for rental merchandise in service, from primarily 12 months to primarily 15 months. This was the primary reason for the improvement in operating costs as a percentage of revenues. This improvement was offset by the additional costs of consolidating the Company's regional distribution facilities into its centralized distribution center in Owensboro, KY. SELLING AND ADMINISTRATIVE EXPENSES. The Company's selling and administrative expenses increased to $52.9 million, or 22.4% of revenues, for the first twenty-six weeks of fiscal 1999 as compared with $49.1 million, or 22.2% of revenues, for the same period in fiscal 1998. This increase was due primarily to increased sales personnel and other costs to support the Company's increased revenues, costs incurred to upgrade its information systems and increased costs for employee health insurance. DEPRECIATION AND AMORTIZATION. The Company's depreciation and amortization expense increased to $15.0 million, or 6.3% of revenues, for the first half of fiscal 1999 as compared with $12.6 million, or 5.7% of revenues, for the same period in fiscal 1998. This increase was due primarily to increased capital expenditures for the Company's new distribution center in Owensboro, KY and information systems hardware and software to upgrade certain Company-wide systems. NET INTEREST EXPENSE. Net interest expense was $1.9 million, or 0.8% of revenues, for the first twenty-six weeks of fiscal 1999 as compared to $1.2 million, or 0.5% of revenues, for the same period in fiscal 1998. The increase is primarily attributable to higher debt levels in the first half of fiscal 1999. INCOME TAXES. The Company's effective income tax rate was 37.0% for the first half of fiscal 1999 and 36.0% for the same period in fiscal 1998. The increase is due primarily to reduced benefits from a corporate-owned life insurance program.
7 FORM 10-Q UNIFIRST CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION (continued) FOR THE TWENTY-SIX WEEKS ENDED FEBRUARY 27, 1999 RESULTS OF OPERATIONS (continued) - --------------------------------- Thirteen Weeks ended February 27,1999 Compared to Thirteen Weeks of February 28, - -------------------------------------------------------------------------------- 1998 - ---- REVENUES. Fiscal 1999 second quarter revenues increased $10.7 million or 9.8% to $120.1 million as compared with $109.3 million for the fiscal 1998 second quarter. This increase can be attributed to growth from existing operations (3.4%), acquisitions (5.4%) and price increases (1.0%). Growth from existing operations was primarily from the conventional uniform rental business (2.9%) and from the nuclear garment services business (0.5%). The increase in revenues from acquisitions resulted from two acquisitions made in fiscal 1998 (one in California in March 1998, and one in Alabama in June 1998) and four acquisitions made in fiscal 1999 (one in Wisconsin and one in Mississippi, both in October 1998, one in New England and North Carolina in December 1998 and one in Nevada in January 1999). OPERATING COSTS. Operating costs increased to $74.3 million for the second quarter of fiscal 1999 as compared with $68.9 million for the same period of fiscal 1998 as a result of costs associated with increased revenues, but declined to 61.9% from 63.0% as a percentage of revenues for these periods. In July 1998, the Company changed the estimated service lives and related amortization periods for rental merchandise in service, from primarily 12 months to primarily 15 months. This was the primary reason for the improvement in operating costs as a percentage of revenues. This improvement was offset by the additional costs of consolidating the Company's regional distribution facilities into its centralized distribution center in Owensboro, KY. SELLING AND ADMINISTRATIVE EXPENSES. The Company's selling and administrative expenses increased to $25.9 million, or 21.5% of revenues, for the second quarter of fiscal 1999 as compared with $23.8 million, or 21.7% of revenues for the same period in fiscal 1998. This increase was due primarily to increased sales personnel and other costs to support the Company's increased revenues, costs incurred to upgrade its information systems and increased costs for employee health insurance. DEPRECIATION AND AMORTIZATION. The Company's depreciation and amortization expense increased to $7.7 million, or 6.4% of revenues, for the second quarter of fiscal 1999 as compared with $6.3 million, or 5.8% of revenues, for the same period in fiscal 1998. This increase was due primarily to increased capital expenditures for the Company's new distribution center in Owensboro, KY and information systems hardware and software to upgrade certain Company-wide systems. NET INTEREST EXPENSE. Net interest expense was $1.2 million, or 1.0% of revenues, for the second quarter of fiscal 1999 as compared with $0.6 million, or 0.5% of revenues, for the same period in fiscal 1998. The increase is primarily attributable to higher debt levels in the fiscal 1999 quarter. INCOME TAXES. The Company's effective income tax rate was 37.0% for the second quarter of fiscal 1999 and 36.0% for the same period in fiscal 1998. The increase is due primarily to reduced benefits from a corporate-owned life insurance program.
8 FORM 10-Q UNIFIRST CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION (continued) FOR THE TWENTY-SIX WEEKS ENDED FEBRUARY 27, 1999 LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- Shareholders' equity at February 27, 1999 was $261.7 million, or 74.6% of total capitalization. During the twenty-six weeks ended February 27, 1999 net cash provided by operating activities ($35.6 million) and additional borrowings ($42.3 million) was primarily used for the acquisition of four businesses ($42.9 million), capital expenditures ($19.0 million), repurchase of common stock ($5.6 million), dividends ($1.2 million) and debt repayment ($1.1 million). The Company had $6.9 million in cash and $37.5 million available on its $120 million unsecured line of credit with three banks as of February 27, 1999. The Company believes its generated cash from operations and the Company's borrowing capacity will adequately cover its foreseeable capital requirements. SEASONALITY - ----------- Historically, the Company's revenues and operating results have varied from quarter to quarter and are expected to continue to fluctuate in the future. These fluctuations have been due to a number of factors, including: general economic conditions in the Company's markets; the timing of acquisitions and of commencing start-up operations and related costs; the effectiveness of integrating acquired businesses and start-up operations; the timing of nuclear plant outages; capital expenditures; seasonal rental and purchasing patterns of the Company's customers; and price changes in response to competitive factors. In addition, the Company's operating results historically have been lower during the second and fourth fiscal quarters than during the other quarters of the fiscal year. The operating results for any historical quarter are not necessarily indicative of the results to be expected for an entire fiscal year or any other interim periods. INFORMATION SYSTEMS; YEAR 2000 - ------------------------------ The statements in this section include "Year 2000 readiness disclosures" within the meaning of S2392 RS, Year 2000 Information and Readiness Disclosure Act (September 17, 1998). The Company has made a substantial investment in its information systems and intends to spend significant amounts on its information systems in the future. The Company has evaluated Year 2000 (Y2K) issues concerning the ability of systems to properly recognize date sensitive information when the year changes to 2000. Systems that do not properly recognize such information could generate erroneous data or cause complete system failures. Based on an assessment conducted in early 1998, a Year 2000 Project leader was appointed on April 15, 1998. Utilizing internal resources and consultants, the Project leader manages the projects and reports weekly to the IS director and Y2K project team.
9 FORM 10-Q UNIFIRST CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION (continued) FOR THE TWENTY-SIX WEEKS ENDED FEBRUARY 27, 1999 INFORMATION SYSTEMS; YEAR 2000 (continued) - ------------------------------------------ STATE OF READINESS: The Company regularly reviews the status of their active Year 2000 projects. The Company believes that its recently developed account management system, which is used primarily for customer billing, accounts receivable and sales taxes, and the materials management and catalog sales systems which were installed at its Owensboro, KY facility are Y2K compliant. In February, 1999 the Company installed a new third party payroll and human resources system which has been represented to be Y2K compliant. The Company has grouped the rest of its information systems and technology into 3 categories for its Y2K program: 1. Information Technology (computer hardware and software, including financial systems and electronic data interchange (EDI) interfaces); 2. Physical Plant (production equipment and facilities); 3. Extended Enterprise (suppliers and customers). The Company uses a five-step process to manage its Y2K program: 1. Inventory (identify items to be assessed for Y2K readiness); 2. Assessment (prioritize the inventoried items, assess and document their Y2K readiness and plan corrective actions); 3. Renovation/Upgrade (apply corrective actions); 4. Testing (verify corrective actions); 5. Implementation (implement new system). The Company has, at a minimum, reached the renovation/upgrade step on all projects. Many of the projects are currently being tested and more than half of the projects have been implemented. The Company expects that all projects will be completed by the end of August 1999, its fiscal year end. COSTS: The Company expects that the total cost of its Y2K program will range from $1.0 to $1.5 million. As of February 27, 1999 the Company had spent approximately $0.8 million. These costs do not include the account management, Owensboro, KY and new payroll and human resources systems discussed above. RISKS OF Y2K ISSUES AND CONTINGENCY PLANS: Since the beginning of its Y2K program, the Company has focused its resources on the systems which are critical to its business operations. While the Company believes it is addressing the Y2K risks within its control, there are other risks, such as utilities and other suppliers, which are beyond the immediate control of the Company. Based on current information, the Company believes that the Y2K problem will not have a material adverse effect on the results of operations of the Company. There can, however, be no assurances that Y2K remediation by others, including suppliers, will be properly completed, and failure to do so could have a material adverse effect on the results of operations of the Company. To date our Extended Enterprise survey and review of key customers and suppliers has not revealed any Y2K risk. Contingency plans have been developed and are in the process of being reviewed for all Y2K projects which are critical to the Company's business operations. This plan focuses on mission critical systems and puts in place procedures and leverages resources to maintain our key business processes should any failures occur.
10 FORM 10-Q UNIFIRST CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION (continued) FOR THE TWENTY-SIX WEEKS ENDED FEBRUARY 27, 1999 EFFECTS OF INFLATION - -------------------- Inflation has had the effect of increasing the reported amounts of the Company's revenues and costs. The Company uses the last-in, first-out (LIFO) method to value a significant portion of inventories. This method tends to reduce the amount of income due to inflation included in the Company's results of operations. The Company believes that, through increases in its prices and productivity improvements, it has been able to recover increases in costs and expenses attributable to inflation. SAFE HARBOR FOR FORWARD LOOKING STATEMENTS - ------------------------------------------ Forward looking statements contained in this quarterly report are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995 and are highly dependent upon a variety of important factors that could cause actual results to differ materially from those reflected in such forward looking statements. Such factors include those indicated in the section entitled "Risk Factors" in the Company's Prospectus, dated March 18, 1998, as well as the risks and uncertainties relating to the centralization of certain of the Company's operations at its Owensboro, KY distribution facility, the Company's handling of the Year 2000 issue, and the Company's ability to control manufacturing and operating costs. When used in this quarterly report, the words "intend," "anticipate," "believe," "estimate," and "expect" and similar expressions as they relate to the Company are included to identify such forward looking statements. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK - ------------------------------------------------------------------ For information regarding quantitative and qualitative disclosures about market risk, see the Company's discussion under Item 7A of its Annual Report on Form 10-K for the fiscal year ended August 29, 1998. Between August 29, 1998 and February 27, 1999, there were no material changes in the Company's market risk.
11 PART II - OTHER INFORMATION FORM 10-Q UNIFIRST CORPORATION AND SUBSIDIARIES Item 4. Submission of Matters to a Vote of Security Holders - ------------------------------------------------------------ The Company's Annual Meeting of Shareholders was held on January 12, 1999. Ronald D. Croatti and Donald J. Evans were reelected to the Board of Directors. With respect to Mr. Croatti, 8,489,315 shares of Common Stock and 10,292,464 shares of Class B Common Stock were voted for his election and 143,483 shares of Common Stock were voted against his election. With respect to Mr. Evans, 8,489,315 shares of Common Stock were voted for his election and 143,483 shares of Common Stock were voted against his election. The terms of office of Ms. Cynthia Croatti and Messrs. Reynold L. Hoover, Aldo Croatti and Albert Cohen continued after the meeting. Item 6. Exhibits and Reports on Form 8-K - ----------------------------------------- (a) Exhibits: (27) Financial Data Schedule (b) Reports on Form 8-K: None 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 of the undersigned thereunto duly authorized. UNIFIRST CORPORATION /s/ RONALD D. CROATTI --------------------- Ronald D. Croatti Vice Chairman, President and Chief Executive Officer Date: April 13, 1999 /s/ JOHN B. BARTLETT -------------------- John B. Bartlett Senior Vice President and Chief Financial Officer
5 1,000 U.S. DOLLARS 6-MOS AUG-28-1999 AUG-30-1998 FEB-27-1999 1 6,932 0 49,967 1,725 29,024 136,829 389,892 161,476 445,697 76,146 88,602 0 0 2,050 259,680 445,697 236,401 236,401 208,676 208,676 0 0 1,892 25,833 9,558 16,275 0 0 0 16,275 0.79 0.79