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) November 4, 2003 UNIFIRST CORPORATION -------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Massachusetts 1-8504 04-2103460 - ---------------------------- ------------------------ ------------------- (State or Other Jurisdiction (Commission File Number) (IRS Employer of Incorporation) 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 ----------
Item 7. Financial Statements and Exhibits. - ------------------------------------------ (c) Exhibits -------- EXHIBIT NO. DESCRIPTION ----------- ----------- 99.1 Press release dated November 4, 2003 Item 12. Results of Operation and Financial Conditions - -------- --------------------------------------------- Such information, including the exhibits attached hereto, shall not be deemed filed for any purpose, including for purposes of, Section 18 of the Securities and 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 on the Exchange Act, regardless of any general incorporation language in such filing. On November 4, 2003, UniFirst Corporation issued a press release ("Press Release") announcing financial results for year ended August 30, 2003. A copy of the Press Release is attached as Exhibit 99.1 to this Current Report and is incorporated herein by reference.
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: November 4, 2003 By: /s/ Ronald D. Croatti ------------------------------------ Name: Ronald D. Croatti Title: Chairman of the Board, Chief Executive Officer and President By: /s/ John B. Bartlett ------------------------------------ Name: John B. Bartlett Title: Senior Vice President and Chief Financial Officer
EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press release of the Company November 4, 2003
Exhibit No. 99.1 UNIFIRST CORPORATION NEWS RELEASE 68 Jonspin Road Wilmington, MA 01887-1086 contact: John B. Bartlett Telephone 978-658-8888 Ext 520 Senior Vice President Facsimile 978-988-0659 jbartlett@unifirst.com [UNIFIRST LOGO] UNIFIRST ANNOUNCES FINANCIAL RESULTS FOR FISCAL 2003 FOURTH QUARTER AND FULL YEAR, DECLARES DIVIDENDS Wilmington, MA (November 4, 2003) - UniFirst Corporation (NYSE:UNF) today announced revenues and earnings for its fiscal 2003 fourth quarter and full year, which ended August 30, 2003. Revenues for the fourth quarter of fiscal 2003 were $147.6 million, a 5.1 percent increase from $140.5 million in the same period a year ago. Fourth quarter net income was $7.2 million, or $0.38 per basic share, a 10.4 percent increase from last year's $6.5 million, or $0.34 per basic share. For fiscal 2003, revenues were $596.9 million, a 3.1 percent increase from $578.9 million in fiscal 2002, which had fifty-three weeks. On a comparative fifty-two week basis revenues were up 5.1 percent for the year. Income before cumulative effect of accounting change was $29.3 million, or $1.53 per basic share, an 8.9 percent increase from last year's $26.9 million, or $1.40 per basic share. Effective with the beginning of fiscal 2003 the Company adopted Statement of Financial Accounting Standards No. 143, "Accounting for Asset Retirement Obligations" ("SFAS No. 143"). This new accounting standard requires that liabilities be recorded for the estimated costs of retiring long lived assets at the end of their service lives. The adoption of SFAS No. 143 resulted in a cumulative charge, net of tax, of $2.2 million, or $(0.12) per share. Therefore net income for fiscal 2003 was $27.0 million, or $1.41 per basic share, a 0.6 percent increase from last year's $26.9 million, or $1.40 per basic share. "Fiscal 2003 was our 35th consecutive year of record revenues," said Ronald D. Croatti, UniFirst's President and Chief Executive Officer. We continued to benefit from the transition of manufacturing in Mexico, our UniTech Services business had another strong year and we achieved positive results from our cost containment efforts, especially in the plant production area. We also benefited from significantly lower net interest costs. These positive impacts were offset by higher natural gas and vehicle fuel costs and higher expenditures for sales and marketing." As previously announced, UniFirst acquired Textilease, a Maryland based uniform company, on September 2, 2003. Since this acquisition date was after our year-end, the operating results of Textilease are not included in our fiscal 2003 operating results. We will be filing a form 8-K with the Securities and Exchange Commission in the near future, which will include
Textilease's recent financial statements as well as pro forma financial statements, which will reflect the combined operations for recent periods. The pro forma statement of income for the year ended August 31, 2002 will reflect a decrease in net income and income per share for the combined companies of approximately $5.0 million, or about $0.26 per share. These pro forma financial statements will not reflect the expected synergies and cost savings which we believe will result from the combined companies. The Company is moving rapidly to achieve these cost savings. The Textilease corporate office has been closed and UniFirst has assumed the administrative functions of payroll and accounts payable. We have moved one branch to a UniFirst operating plant and have an aggressive schedule to combine all operations by the end of 2004. However, it will take two to three years to fully achieve the synergies of the combined companies. We continue to be excited about the acquisition and believe it will be very positive in the long run. The Company will hold a conference call today at 4:00 PM (EST) to discuss its quarterly and annual financial results, business highlights and outlook. A simultaneous live webcast of the call will be available over the Internet, and replays of the webcast will be available until November 26, 2003. The webcast can be accessed at www.unifirst.com. The Company's Board of Directors declared regular quarterly cash dividends of $0.0375 per share (3.75 cents) on the Company's Common Stock and $0.03 per share (3.0 cents) on the Company's Class B Common Stock. Both dividends are payable on January 6, 2004, to shareholders of record on December 10, 2003. UniFirst is one of the largest providers of workplace uniforms and protective clothing in North America. The Company employs over 7,900 team partners who serve more than 150,000 customer locations in 46 states, Canada and Europe from 158 manufacturing, distribution and customer service facilities. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for certain forward-looking statements. This public announcement may contain forward-looking statements that reflect the Company's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties. The words "anticipate" and "should," and other expressions that indicate future events and trends identify forward-looking statements. Actual future results may differ materially from those anticipated depending on a variety of factors, including, but not limited to, performance of acquisitions; economic and business changes; fluctuations in the cost of materials, fuel and labor; economic and other developments associated with the on-going war on terrorism; strikes and unemployment levels; demand and price for the Company's products and services; improvement in under performing rental operations; and the outcome of pending and future litigation and environmental matters.
UNIFIRST CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME Fifty-two Fifty-three Thirteen Thirteen weeks ended weeks ended weeks ended weeks ended (In thousands, except per share data) August 30, August 31, August 30, August 31, 2003 2002 2003 2002 - -------------------------------------------------------------------------------------------------------------------------------- Revenues $596,936 $578,898 $147,642 $140,491 - -------------------------------------------------------------------------------------------------------------------------------- Costs and expenses 548,098 526,919 136,372 128,156 - -------------------------------------------------------------------------------------------------------------------------------- Income from operations 48,838 51,979 11,270 12,335 - -------------------------------------------------------------------------------------------------------------------------------- Interest expense (income) 1,266 8,660 (452) 1,799 - -------------------------------------------------------------------------------------------------------------------------------- Income before income taxes 47,572 43,319 11,722 10,536 Provision for income taxes 18,310 16,460 4,508 4,002 - -------------------------------------------------------------------------------------------------------------------------------- Income before cumulative effect of accounting change 29,262 26,859 7,214 6,534 - -------------------------------------------------------------------------------------------------------------------------------- Cumulative effect of accounting change (net of tax benefit of $1,404 in 2003) 2,242 -- -- -- - -------------------------------------------------------------------------------------------------------------------------------- Net income $ 27,020 $ 26,859 $ 7,214 $ 6,534 ================================================================================================================================ Weighted average number of shares outstanding: basic 19,182 19,222 19,172 19,225 - -------------------------------------------------------------------------------------------------------------------------------- diluted 19,222 19,278 19,233 19,288 - -------------------------------------------------------------------------------------------------------------------------------- Income per share -- basic: Before cumulative effect of accounting change $ 1.53 $ 1.40 $ 0.38 $ 0.34 Cumulative effect of accounting change (0.12) -- -- -- - -------------------------------------------------------------------------------------------------------------------------------- Net income $ 1.41 $ 1.40 $ 0.38 $ 0.34 ================================================================================================================================ Income per share -- diluted: Before cumulative effect of accounting change $ 1.52 $ 1.39 $ 0.37 $ 0.34 Cumulative effect of accounting change (0.12) -- -- -- - -------------------------------------------------------------------------------------------------------------------------------- Net income $ 1.40 $ 1.39 $ 0.37 $ 0.34 ================================================================================================================================
UNIFIRST CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) August 30, August 31, 2003 2002 - ----------------------------------------------------------------------------------------------------- Assets Current assets: Cash $ 6,053 $ 4,333 Receivables 57,941 54,587 Inventories 25,355 24,807 Rental merchandise in service 60,490 56,047 Deferred tax assets 5,591 -- Prepaid expenses 407 315 - ----------------------------------------------------------------------------------------------------- Total current assets 155,837 140,089 - ----------------------------------------------------------------------------------------------------- Property and equipment: Land, buildings and leasehold improvements 221,487 208,000 Machinery and equipment 238,820 229,692 Motor vehicles 66,081 60,925 - ----------------------------------------------------------------------------------------------------- 526,388 498,617 Less - accumulated depreciation 251,806 229,621 - ----------------------------------------------------------------------------------------------------- 274,582 268,996 - ----------------------------------------------------------------------------------------------------- Other assets 84,168 85,750 - ----------------------------------------------------------------------------------------------------- $514,587 $494,835 ===================================================================================================== Liabilities and Shareholders' Equity Current liabilities: Current maturities of long-term obligations $ 2,493 $ 1,406 Notes payable 104 1,195 Accounts payable 30,678 17,012 Accrued liabilities 53,670 53,331 Accrued income taxes -- 1,457 - ----------------------------------------------------------------------------------------------------- Total current liabilities 86,945 74,401 - ----------------------------------------------------------------------------------------------------- Long-term obligations, net of current maturities 67,319 83,690 Deferred income taxes 24,943 27,004 - ----------------------------------------------------------------------------------------------------- Shareholders' equity: Common stock 1,060 1,055 Class B common stock 1,018 1,021 Treasury stock (26,005) (24,756) Capital surplus 12,693 12,503 Retained earnings 348,043 323,595 Accumulated other comprehensive loss (1,429) (3,678) - ----------------------------------------------------------------------------------------------------- Total shareholders' equity 335,380 309,740 - ----------------------------------------------------------------------------------------------------- $514,587 $494,835 =====================================================================================================