Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)
June 27, 2018


UNIFIRST CORPORATION
(Exact Name of Registrant as Specified in Charter)


Massachusetts
 
001-08504
 
04-2103460
(State or Other Jurisdiction of Incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)


68 Jonspin Road, Wilmington, Massachusetts 01887
(Address of Principal Executive Offices) (Zip Code)


Registrant's telephone number, including area code: (978) 658-8888

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


[ ]
Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
 
 
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
 
 
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
 
 
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.






Item 2.02.
Results of Operations and Financial Condition.

On June 27, 2018, UniFirst Corporation (the “Company”) issued a press release ("Press Release") announcing financial results for the third quarter of fiscal 2018, which ended on May 26, 2018. A copy of the Press Release is attached as Exhibit 99 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Item 2.02, including the exhibit attached hereto, shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01.
Financial Statements and Exhibits.
 
 
(d) Exhibits
 
 
 
EXHIBIT NO.
DESCRIPTION
 
 
99







SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


UNIFIRST CORPORATION


Date: June 27, 2018
By:
/s/ Steven S. Sintros
 
Name:
Steven S. Sintros
 
Title:
President and Chief Executive Officer
 
 
 
 
By:
/s/ Shane O’Connor
 
Name:
Shane O’Connor
 
Title:
Senior Vice President and Chief Financial Officer



Exhibit
Exhibit 99




https://cdn.kscope.io/8b6353f1690efb5089c44d3bd54c4131-unfheaderlefta07.jpg
 
https://cdn.kscope.io/8b6353f1690efb5089c44d3bd54c4131-ungheaderrighta03.jpg
 
 
For Immediate Release
UniFirst Corporation
68 Jonspin Road
Wilmington, MA 01887
Phone: 978- 658-8888
Fax: 978-988-0659
Email: Shane_OConnor@UniFirst.com
 
 
 
 
June 27, 2018
 
CONTACT: Shane OConnor, Senior Vice President & CFO
 
 

UNIFIRST ANNOUNCES FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2018

Wilmington, MA (June 27, 2018) -- UniFirst Corporation (NYSE: UNF) today announced results for its third quarter which ended May 26, 2018. Revenues for the quarter were $427.4 million, up 4.3% from $409.8 million in the comparable prior year period.

Operating income for the quarter was $47.1 million compared to $38.8 million in the third quarter of fiscal 2017. The Company’s operating income in the prior year period included $5.4 million of stock compensation expense related to the accelerated vesting of restricted stock for its former Chief Executive Officer, Ronald Croatti. Excluding the effect of the accelerated vesting, operating income in the current quarter grew 6.6% when compared to the adjusted operating income in the prior year period of $44.2 million. See the table below for a reconciliation to the adjusted results.

Net income in the quarter was $36.4 million ($1.85 per diluted share), compared to net income of $24.4 million ($1.19 per diluted share) in 2017. Excluding the effect of the accelerated vesting discussed above, the Company’s adjusted net income would have been $27.7 million ($1.36 per diluted share) in the third quarter of fiscal 2017. See the table below for a reconciliation to the adjusted results.

The Company’s provision for income taxes in the third quarter of 2018 benefited from $1.9 million ($0.10 per diluted share) of discrete adjustments primarily related to tax credits the Company recognized in the quarter as well as excess tax benefits from share-based payments associated with the adoption of Accounting Standards Update 2016-09 ("ASU 2016-09"), Improvements to Employee Share-Based Payment Accounting, in the first quarter of fiscal 2018.

Also in the third quarter of 2018, as contemplated in the Company’s previously provided outlook, the Company’s provision for income taxes was positively impacted by the U.S. Tax Cuts and Jobs Act enacted on December 22, 2017, which resulted in a benefit of $5.2 million ($0.27 per diluted share) in the quarter. In addition, the Company's diluted earnings per share benefited by $0.06 from the previously announced $146.0 million repurchase of common shares in March 2018.

Steven Sintros, UniFirst President and Chief Executive Officer, said, “We’re pleased with the financial results for our third quarter, as well as for the first nine months of our fiscal year. Our solid operating performance and strong overall financial position allows us to continue making investments in our people, in our company’s technologies, and in our service infrastructure; all aimed toward our ultimate objective to be universally recognized as the top service provider in our industry.”

Core Laundry revenues in the quarter were $379.1 million, up 3.3% from the third quarter of the prior year. Organic revenue growth, which excludes the estimated effect of acquisitions as well as fluctuations in the Canadian dollar, was 1.9%. The Core Laundry operating margin decreased to 10.5% in the quarter from the prior year operating margin, adjusted for the effect of the accelerated vesting of restricted stock discussed above, of 10.6%. This slight decrease was primarily the result of higher production and service and delivery payroll costs, depreciation expense as well as higher energy costs as a percentage of revenues. These comparisons were mostly offset by lower healthcare claims as well as favorable worker's compensation expense compared to prior year.

Revenues from our Specialty Garments segment, which consists of nuclear decontamination and cleanroom operations, were $34.1 million in the quarter, an increase of 14.1% compared to the same period a year ago. Operating income was $5.6 million compared to $4.2 million in last year’s third quarter. The year over year improvement was primarily due to increased outages and project-based activity at the segment’s Canadian and European nuclear customers, as well as solid growth from the cleanroom division. This segment’s results can vary significantly due to seasonality and the timing of reactor outages and projects.

UniFirst continues to maintain a strong balance sheet with no long-term debt and significant cash balances. At the end of the Company's third quarter of fiscal 2018, cash, cash equivalents and short-term investments totaled $238.5 million, a decrease of $111.3 million from the end of fiscal 2017 due primarily to the $146.0 million share repurchase, discussed above, as well as $38.5 million spent on the acquisition of businesses.


Outlook

The Company now expects that its fiscal 2018 revenues will be between $1.680 billion and $1.687 billion and full year diluted earnings per share (“EPS”) will be between $7.95 and $8.05. The increase in the revenue and EPS outlook is partially due to the stronger than expected performance of our Specialty Garments business in the third quarter of fiscal 2018.


Conference Call Information

UniFirst 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, 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 Statements

This 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,” “strategy,” 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 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, 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, instability in Mexico and Nicaragua 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, uncertainties regarding the impact of the recently passed U.S. tax reform on our business, results of operations and financial condition, 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, our ability to successfully implement our business strategies and processes, including our capital allocation strategies, and other factors described under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended August 26, 2017 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 Subsidiaries
Consolidated Statements of Income
(Unaudited)    
(In thousands, except per share data)
 
Thirteen
weeks ended
May 26,
2018
 
Thirteen
weeks ended
May 27,
2017
 
Thirty-nine
weeks ended
May 26,
2018
 
Thirty-nine
weeks ended
May 27,
2017
 
 
 
 
 
 
 
 
 
Revenues
 
$
427,384

 
$
409,834

 
$
1,262,426

 
$
1,187,369

 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
Cost of revenues (1)
 
267,146

 
255,824

 
786,196

 
743,869

Selling and administrative expenses (1)
 
88,350

 
93,077

 
264,508

 
257,384

Depreciation and amortization
 
24,801

 
22,162

 
70,772

 
65,442

Total operating expenses
 
380,297

 
371,063

 
1,121,476

 
1,066,695

 
 
 
 
 
 
 
 
 
Operating income
 
47,087

 
38,771

 
140,950

 
120,674

 
 
 
 
 
 
 
 
 
Other (income) expense:
 
 
 
 
 
 
 
 
Interest income, net
 
(1,189
)
 
(809
)
 
(3,895
)
 
(2,730
)
Other expense, net
 
484

 
218

 
452

 
604

Total other income, net
 
(705
)
 
(591
)
 
(3,443
)
 
(2,126
)
 
 
 
 
 
 
 
 
 
Income before income taxes
 
47,792

 
39,362

 
144,393

 
122,800

Provision for income taxes
 
11,433

 
15,000

 
15,450

 
47,708

 
 
 
 
 
 
 
 
 
Net income
 
$
36,359

 
$
24,362

 
$
128,943

 
$
75,092

 
 
 
 
 
 
 
 
 
Income per share – Basic:
 
 
 
 
 
 
 
 
Common Stock
 
$
1.94

 
$
1.26

 
$
6.75

 
$
3.89

Class B Common Stock
 
$
1.55

 
$
1.01

 
$
5.38

 
$
3.11

 
 
 
 
 
 
 
 
 
Income per share – Diluted:
 
 
 
 
 
 
 
 
Common Stock
 
$
1.85

 
$
1.19

 
$
6.39

 
$
3.68

 
 
 
 
 
 
 
 
 
Income allocated to – Basic:
 

 
 
 
 
 
 
Common Stock
 
$
30,034

 
$
19,307

 
$
104,324

 
$
59,486

Class B Common Stock
 
$
6,325

 
$
4,883

 
$
24,619

 
$
15,068

 
 
 
 
 
 
 
 
 
Income allocated to – Diluted:
 
 
 
 
 
 
 
 
Common Stock
 
$
36,359

 
$
24,199

 
$
128,943

 
$
74,581

 
 
 
 
 
 
 
 
 
Weighted average number of shares outstanding – Basic:
 
 
 
 
 
 
 
 
Common Stock
 
15,446

 
15,326

 
15,463

 
15,305

Class B Common Stock
 
4,087

 
4,846

 
4,573

 
4,846

 
 
 
 
 
 
 
 
 
Weighted average number of shares outstanding – Diluted:
 
 
 
 
 
 
 
 
Common Stock
 
19,687

 
20,279

 
20,178

 
20,254


(1) Exclusive of depreciation on the Company’s property, plant and equipment and amortization on its intangible assets.




UniFirst Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
 
May 26,
2018
 
August 26,
2017
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash, cash equivalents and short-term investments
 
$
238,491

 
$
349,752

Receivables, net
 
195,433

 
187,174

Inventories
 
87,978

 
79,068

Rental merchandise in service
 
164,271

 
151,340

Prepaid taxes
 
6,487

 
29,968

Prepaid expenses and other current assets
 
26,365

 
16,924

 
 
 
 
 
Total current assets
 
719,025

 
814,226

 
 
 
 
 
Property, plant and equipment, net
 
560,018

 
525,115

Goodwill
 
396,801

 
376,110

Customer contracts and other intangible assets, net

 
72,475

 
71,744

Deferred income taxes
 
398

 
394

Other assets
 
29,326

 
31,539

 
 
 
 
 
 
 
$
1,778,043

 
$
1,819,128

 
 
 
 
 
Liabilities and shareholders’ equity
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
70,730

 
$
64,691

Accrued liabilities
 
109,008

 
112,236

Accrued taxes
 

 
921

 
 
 
 
 
Total current liabilities
 
179,738

 
177,848

 
 
 
 
 
Long-term liabilities:
 
 
 
 
Accrued liabilities
 
106,629

 
106,736

Accrued and deferred income taxes
 
62,255

 
81,352

 
 
 
 
 
Total long-term liabilities
 
168,884

 
188,088

 
 
 
 
 
Shareholders’ equity:
 
 
 
 
Common Stock
 
1,543

 
1,545

Class B Common Stock
 
371

 
482

Capital surplus
 
82,408

 
86,245

Retained earnings
 
1,372,358

 
1,386,438

Accumulated other comprehensive loss
 
(27,259
)
 
(21,518
)
 
 
 
 
 
Total shareholders’ equity
 
1,429,421

 
1,453,192

 
 


 


 
 
$
1,778,043

 
$
1,819,128





UniFirst Corporation and Subsidiaries
Detail of Operating Results
(Unaudited)

Revenues

(In thousands, except percentages)
 
Thirteen
weeks ended
May 26,
2018
 
Thirteen
weeks ended
May 27,
2017
 
Dollar
Change
 
Percent
Change
 
 
 
 
 
 
 
 
 
Core Laundry Operations
 
$
379,071

 
$
367,093

 
$
11,978

 
3.3
%
Specialty Garments
 
34,060

 
29,861

 
4,199

 
14.1
%
First Aid
 
14,253

 
12,880

 
1,373

 
10.7
%
Consolidated total
 
$
427,384

 
$
409,834

 
$
17,550

 
4.3
%

(In thousands, except percentages)
 
Thirty-nine
weeks ended
May 26,
2018
 
Thirty-nine
weeks ended
May 27,
2017
 
Dollar
Change
 
Percent
Change
 
 
 
 
 
 
 
 
 
Core Laundry Operations
 
$
1,131,822

 
$
1,077,322

 
$
54,500

 
5.1
%
Specialty Garments
 
89,496

 
74,004

 
15,492

 
20.9
%
First Aid
 
41,108

 
36,043

 
5,065

 
14.1
%
Consolidated total
 
$
1,262,426

 
$
1,187,369

 
$
75,057

 
6.3
%


Operating Income

(In thousands, except percentages)
 
Thirteen
weeks ended
May 26,
2018
 
Thirteen
weeks ended
May 27,
2017
 
Dollar
Change
 
Percent
Change
 
 
 
 
 
 
 
 
 
Core Laundry Operations
 
$
39,973

 
$
33,462

 
$
6,511

 
19.5
%
Specialty Garments
 
5,589

 
4,181

 
1,408

 
33.7
%
First Aid
 
1,525

 
1,128

 
397

 
35.2
%
Consolidated total
 
$
47,087

 
$
38,771

 
$
8,316

 
21.4
%

(In thousands, except percentages)
 
Thirty-nine
weeks ended
May 26,
2018
 
Thirty-nine
weeks ended
May 27,
2017
 
Dollar
Change
 
Percent
Change
 
 
 
 
 
 
 
 
 
Core Laundry Operations
 
$
124,415

 
$
110,194

 
$
14,221

 
12.9
%
Specialty Garments
 
12,866

 
7,427

 
5,439

 
73.2
%
First Aid
 
3,669

 
3,053

 
616

 
20.2
%
Consolidated total
 
$
140,950

 
$
120,674

 
$
20,276

 
16.8
%




UniFirst Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)

(In thousands)
 
Thirty-nine
weeks ended
May 26,
2018
 
Thirty-nine
weeks ended
May 27,
2017
Cash flows from operating activities:
 
 
 
 
Net income
 
$
128,943

 
$
75,092

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
 
Depreciation
 
60,987

 
55,968

Amortization of intangible assets
 
9,785

 
9,474

Amortization of deferred financing costs
 
84

 
84

Gain on sale of assets
 
(225
)
 
(567
)
Share-based compensation
 
3,539

 
11,681

Accretion on environmental contingencies
 
519

 
450

Accretion on asset retirement obligations
 
704

 
636

Deferred income taxes
 
(20,369
)
 
(1,845
)
Changes in assets and liabilities, net of acquisitions:
 
 
 
 
Receivables, less reserves
 
(7,515
)
 
(21,118
)
Inventories
 
(8,953
)
 
8,727

Rental merchandise in service
 
(11,864
)
 
(2,561
)
Prepaid expenses and other current assets and Other assets
 
(8,500
)
 
11,325

Accounts payable
 
(261
)
 
2,344

Accrued liabilities
 
(4,468
)
 
1,593

Prepaid and accrued income taxes
 
24,886

 
4,534

Net cash provided by operating activities
 
167,292

 
155,817

 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
Acquisition of businesses, net of cash acquired
 
(38,522
)
 
(124,486
)
Capital expenditures
 
(88,870
)
 
(80,462
)
Proceeds from sale of assets
 
1,713

 
876

Other
 
(376
)
 
(461
)
Net cash used in investing activities
 
(126,055
)
 
(204,533
)
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
Proceeds from exercise of share-based awards, including excess tax benefits in fiscal 2017
 
460

 
2,989

Taxes withheld and paid related to net share settlement of equity awards
 
(2,645
)
 
(2,168
)
Repurchase of Common Stock
 
(146,011
)
 

Payment of cash dividends
 
(2,172
)
 
(2,173
)
Net cash used in financing activities
 
(150,368
)
 
(1,352
)
 
 
 
 
 
Effect of exchange rate changes
 
(2,130
)
 
(1,043
)
 
 
 
 
 
Net decrease in cash, cash equivalents and short-term investments
 
(111,261
)
 
(51,111
)
Cash, cash equivalents and short-term investments at beginning of period
 
349,752

 
363,795

 
 
 
 
 
Cash, cash equivalents and short-term investments at end of period
 
$
238,491

 
$
312,684




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 income, net 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 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 reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures, which are provided below.


 
 
Thirteen weeks ended May 26, 2018
 
Thirteen weeks ended May 27, 2017
 
 
 
 
 
 
Consolidated
 
Core Laundry Operations
(In thousands, except percentages)
 
Net
Income
 
Diluted
EPS
 
Revenue
 
Operating
Income
 
Net
Income
 
Diluted
EPS
 
Revenue
 
Operating
Income
 
Operating
Margin
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As reported
 
$
36,359

 
$
1.85

 
$
409,834

 
$
38,771

 
$
24,362

 
$
1.19

 
$
367,093

 
$
33,462

 
9.1
%
Effect of tax reform
 
(5,237
)
 
(0.27
)
 

 

 

 

 

 

 
%
Accelerated stock compensation expense
 

 

 

 
5,398

 
3,341

 
0.17

 

 
5,398

 
1.5
%
As adjusted
 
$
31,122

 
$
1.58

 
$
409,834

 
$
44,169

 
$
27,703

 
$
1.36

 
$
367,093

 
$
38,860

 
10.6
%


 
 
Thirty-nine weeks ended May 26, 2018
 
Thirty-nine weeks ended May 27, 2017
 
 
 
 
 
 
Consolidated
 
Core Laundry Operations
(In thousands, except percentages)
 
Net
Income
 
Diluted
EPS
 
Revenue
 
Operating
Income
 
Net
Income
 
Diluted
EPS
 
Revenue
 
Operating
Income
 
Operating
Margin
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As reported
 
$
128,943

 
$
6.39

 
$
1,187,369

 
$
120,674

 
$
75,092

 
$
3.68

 
$
1,077,322

 
$
110,194

 
10.2
%
Effect of tax reform
 
(35,347
)
 
(1.75
)
 

 

 

 

 

 

 
%
Accelerated stock compensation expense
 

 

 

 
5,398

 
3,341

 
0.17

 

 
5,398

 
0.5
%
As adjusted
 
$
93,596

 
$
4.64

 
$
1,187,369

 
$
126,072

 
$
78,433

 
$
3.85

 
$
1,077,322

 
$
115,592

 
10.7
%