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) January 12, 2004 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 January 12, 2004 Item 12. Results of Operations and Financial Condition. - ------------------------------------------------------ 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 January 12, 2004, UniFirst Corporation issued a press release ("Press Release") announcing financial results for the quarter ended November 29, 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: January 12, 2004 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 January 12, 2004
Exhibit 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 2004 FIRST QUARTER Wilmington, MA (January 12, 2004) -- UniFirst Corporation (NYSE: UNF) today announced revenues and earnings for its fiscal 2004 first quarter, the thirteen weeks ended November 29, 2003. Revenues for the first quarter of fiscal 2004 were a record $180.9 million, a 21.3 percent increase from the $149.2 million in the same period a year ago. Acquisitions accounted for 16.3 percent of the revenue growth. First quarter income before the cumulative effect of accounting change was $9.5 million, or $0.50 per share, a 9.9 percent increase from last year's first quarter of $8.7 million, or $0.45 per share. Net income increased 48.3 percent, from $6.4 million, or $0.33 per share in fiscal 2003 to $9.5 million or $0.50 per share in fiscal 2004. In the first quarter of fiscal 2003 the company recorded an expense of $2.2 million as a result of implementing SFAS 143 regarding long lived assets. "Overall we are pleased with our first quarter results," said Ronald D. Croatti, UniFirst's President and Chief Executive Officer. "Acquisitions accounted for 16.3 percent of our revenue growth, which means that the internal growth in our existing operations was 5.0 percent for the quarter. This growth was all from our core laundry business as there was a small decline in the record fiscal 2003 revenues from our UniTech segment. Improved earnings were due primarily to better performance from our laundry operations and additional profits from manufacturing, offset somewhat by higher interest expense related to the Textilease acquisition." The Company will hold a conference call today at 4:00 PM (EST) to discuss its quarterly 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 January 31, 2004. The webcast can be accessed at www.unifirst.com. UniFirst is one of the largest providers of workplace uniforms and protective clothing in North America. The Company employs over 9,000 team partners who serve more than 175,000 customer locations in 46
states, Canada and Europe from 170 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. [Tables follow]
UNIFIRST CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) Thirteen Thirteen weeks ended weeks ended (In thousands, except per share data) November 29, November 30, 2003 2002 - ------------------------------------------------------------------------------------------- Revenues $180,898 $149,179 - ------------------------------------------------------------------------------------------- Costs and expenses: Operating costs 115,088 92,690 Selling and administrative expenses 36,827 31,899 Depreciation and amortization 11,028 9,884 - ------------------------------------------------------------------------------------------- 162,943 134,473 - ------------------------------------------------------------------------------------------- Income from operations 17,955 14,706 - ------------------------------------------------------------------------------------------- Other expense (income): Interest expense 3,242 1,094 Interest income (292) (268) Interest rate swap income (480) (209) - ------------------------------------------------------------------------------------------- 2,470 617 - ------------------------------------------------------------------------------------------- Income before income taxes 15,485 14,089 Provision for income taxes 5,962 5,424 - ------------------------------------------------------------------------------------------- Income before cumulative effect of accounting change 9,523 8,665 - ------------------------------------------------------------------------------------------- Cumulative effect of accounting change (net of income tax benefit of $1,404 in fiscal 2003) -- 2,242 - ------------------------------------------------------------------------------------------- Net income $ 9,523 $ 6,423 =========================================================================================== Weighted average number of shares outstanding: basic 19,184 19,218 - ------------------------------------------------------------------------------------------- diluted 19,249 19,271 - ------------------------------------------------------------------------------------------- Income per share -- basic: Before cumulative effect of accounting change $ 0.50 $ 0.45 Cumulative effect of accounting change -- (0.12) - ------------------------------------------------------------------------------------------- Net income $ 0.50 $ 0.33 =========================================================================================== Income per share -- diluted: Before cumulative effect of accounting change $ 0.49 $ 0.45 Cumulative effect of accounting change -- (0.12) - ------------------------------------------------------------------------------------------- Net income $ 0.49 $ 0.33 ===========================================================================================
UNIFIRST CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands) November 29, August 30, November 30, 2003 2003 * 2002 - ------------------------------------------------------------------------------------------------------- Assets Current assets: Cash $ 7,988 $ 6,053 $ 484 Receivables 77,627 57,941 63,384 Inventories 31,601 25,355 21,860 Rental merchandise in service 68,744 60,490 59,401 Prepaid and deferred tax assets 5,591 5,591 -- Prepaid expenses 515 407 586 - ------------------------------------------------------------------------------------------------------- Total current assets 192,066 155,837 145,715 - ------------------------------------------------------------------------------------------------------- Property and equipment: Land, buildings and leasehold improvements 234,483 221,487 214,182 Machinery and equipment 255,286 238,820 230,952 Motor vehicles 66,991 66,081 64,019 - ------------------------------------------------------------------------------------------------------- 556,760 526,388 509,153 Less - accumulated depreciation 261,097 251,806 238,759 - ------------------------------------------------------------------------------------------------------- 295,663 274,582 270,394 - ------------------------------------------------------------------------------------------------------- Other assets 242,304 84,168 85,601 - ------------------------------------------------------------------------------------------------------- $ 730,033 $ 514,587 $ 501,710 ======================================================================================================= Liabilities and Shareholders' Equity Current liabilities: Current maturities of long-term obligations $ 1,673 $ 2,493 $ 2,710 Notes payable -- 104 1,299 Accounts payable 31,982 30,678 28,703 Accrued liabilities 71,528 53,670 55,389 Accrued and deferred income taxes 7,622 -- 2,015 - ------------------------------------------------------------------------------------------------------- Total current liabilities 112,805 86,945 90,116 - ------------------------------------------------------------------------------------------------------- Long-term obligations, net of current maturities 237,951 67,319 70,259 Deferred income taxes 33,727 24,943 27,004 - ------------------------------------------------------------------------------------------------------- Shareholders' equity: Common stock 1,061 1,060 1,055 Class B common stock 1,018 1,018 1,021 Treasury stock (26,005) (26,005) (26,005) Capital surplus 12,789 12,693 12,519 Retained earnings 356,923 348,043 329,373 Accumulated other comprehensive loss (236) (1,429) (3,632) - ------------------------------------------------------------------------------------------------------- Total shareholders' equity 345,550 335,380 314,331 - ------------------------------------------------------------------------------------------------------- $ 730,033 $ 514,587 $ 501,710 ======================================================================================================= * Condensed from audited financial statements