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) March 31, 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 March 31, 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 March 31, 2004, UniFirst Corporation issued a press release ("Press Release") announcing financial results for the quarter ended February 28, 2004. 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: March 31, 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 dated March 31, 2004
Exhibit 99.1 (UNIFIRST CORPORATION LOGO) 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 ANNOUNCES RECORD FINANCIAL RESULTS FOR SECOND QUARTER AND FIRST HALF OF FISCAL 2004 Wilmington, MA (March 31, 2004) -- UniFirst Corporation (NYSE: UNF) today announced record revenues and earnings for the second quarter and first half of fiscal 2004, which ended February 28, 2004. Revenues for the second quarter of fiscal 2004 were $177.4 million, a 21.2 percent increase from $146.4 million in the same period a year ago. Acquisitions, primarily Textilease, accounted for 14.4 percent of the revenue growth for the quarter. Second quarter net income was a record $6.6 million, or $0.34 per basic share, a 74.7 percent increase from last year's $3.8 million, or $0.20 per basic share. For the first half of fiscal 2004 revenues were a record $358.3 million, a 21.2 percent increase from $295.6 million for the first half of fiscal 2003. Acquisitions, again primarily Textilease, accounted for 15.3 percent of this revenue growth. Income before cumulative effect of accounting change was $16.1 million, or $0.84 per basic share, a 29.6 percent increase from last year's $12.4 million, or $0.65 per basic share. In the first quarter of fiscal 2003 the company recorded an expense of $2.2 million, net of tax, as a result of implementing SFAS 143 regarding long lived assets. Net income increased 58.0 percent, from $10.2 million, or $0.53 per basic share in fiscal 2003 to a record $16.1 million or $0.84 per basic share in fiscal 2004. "We're delighted with these record financial results," said Ronald D. Croatti, UniFirst's President and Chief Executive Officer. "The integration of Textilease is going well and according to plan. We're pleased to be able to show this revenue growth in a period where acquiring new rental customers has been a bit of a struggle. Buyer confidence has been impacted by economic conditions and lingering uncertainty about the recovery has had an effect on our new sales. Improved earnings were due primarily to better performance in our core laundry operations. We're optimistic that fiscal 2004 will be a very good year." 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 April 22, 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) Twenty-six Twenty-six Thirteen Thirteen weeks ended weeks ended weeks ended weeks ended (In thousands, except per share data) February 28, March 1, February 28, March 1, 2004 2003 2004 2003 - --------------------------------------------------------------------------------------------------------------------- Revenues $ 358,305 $ 295,604 $ 177,407 $ 146,425 - --------------------------------------------------------------------------------------------------------------------- Costs and expenses: Operating costs 230,801 191,141 115,713 98,451 Selling and administrative expenses 73,861 63,550 37,034 31,651 Depreciation and amortization 22,727 19,688 11,699 9,804 - --------------------------------------------------------------------------------------------------------------------- 327,389 274,379 164,446 139,906 - --------------------------------------------------------------------------------------------------------------------- Income from operations 30,916 21,225 12,961 6,519 - --------------------------------------------------------------------------------------------------------------------- Other expense (income): Interest expense 6,244 2,192 3,002 1,098 Interest income (631) (833) (339) (565) Interest rate swap income (900) (360) (420) (151) - --------------------------------------------------------------------------------------------------------------------- 4,713 999 2,243 382 - --------------------------------------------------------------------------------------------------------------------- Income before income taxes 26,203 20,226 10,718 6,137 Provision for income taxes 10,088 7,787 4,126 2,363 - --------------------------------------------------------------------------------------------------------------------- Income before cumulative effect of accounting change 16,115 12,439 6,592 3,774 - --------------------------------------------------------------------------------------------------------------------- Cumulative effect of accounting change (net of income tax benefit of $1,404 in fiscal 2003) -- 2,242 -- -- - --------------------------------------------------------------------------------------------------------------------- Net income $ 16,115 $ 10,197 $ 6,592 $ 3,774 ===================================================================================================================== Weighted average number of shares outstanding: - ---------------------------------------------- basic 19,187 19,193 19,190 19,168 - --------------------------------------------------------------------------------------------------------------------- diluted 19,249 19,240 19,253 19,208 - --------------------------------------------------------------------------------------------------------------------- Income per share -- basic: - -------------------------- Before cumulative effect of accounting change $ 0.84 $ 0.65 $ 0.34 $ 0.20 Cumulative effect of accounting change -- (0.12) -- -- - --------------------------------------------------------------------------------------------------------------------- Net income $ 0.84 $ 0.53 $ 0.34 $ 0.20 - --------------------------------------------------------------------------------------------------------------------- Income per share -- diluted: - ---------------------------- Before cumulative effect of accounting change $ 0.84 $ 0.65 $ 0.34 $ 0.20 Cumulative effect of accounting change -- (0.12) -- -- - --------------------------------------------------------------------------------------------------------------------- Net income $ 0.84 $ 0.53 $ 0.34 $ 0.20 =====================================================================================================================
UNIFIRST CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands) February 28, August 30, March 1, 2004 2003 (a) 2003 - ------------------------------------------------------------------------------------------------ Assets Current assets: Cash $ 12,684 $ 6,053 $ 5,350 Receivables 72,912 57,941 60,694 Inventories 32,764 25,355 25,208 Rental merchandise in service 63,596 60,490 56,870 Deferred tax assets 1,734 5,591 5,641 Prepaid expenses 1,385 407 307 - ------------------------------------------------------------------------------------------------ Total current assets 185,075 155,837 154,070 - ------------------------------------------------------------------------------------------------ Property and equipment: Land, buildings and leasehold improvements 236,415 221,487 214,889 Machinery and equipment 258,650 238,820 237,516 Motor vehicles 68,423 66,081 65,076 - ------------------------------------------------------------------------------------------------ 563,488 526,388 517,481 Less - accumulated depreciation 269,476 251,806 246,433 - ------------------------------------------------------------------------------------------------ 294,012 274,582 271,048 - ------------------------------------------------------------------------------------------------ Other assets 244,155 84,168 84,739 - ------------------------------------------------------------------------------------------------ $ 723,242 $ 514,587 $ 509,857 ================================================================================================ Liabilities and Shareholders' Equity Current liabilities: Current maturities of long-term obligations $ 1,442 $ 2,493 $ 3,049 Notes payable -- 104 1,350 Accounts payable 30,859 30,678 34,364 Accrued liabilities 72,801 53,670 56,370 Accrued income taxes 448 -- -- - ------------------------------------------------------------------------------------------------ Total current liabilities 105,550 86,945 95,133 - ------------------------------------------------------------------------------------------------ Long-term obligations, net of current maturities 232,404 67,319 73,932 Deferred income taxes 33,855 24,943 23,243 - ------------------------------------------------------------------------------------------------ Shareholders' equity: Common stock 1,063 1,060 1,055 Class B common stock 1,016 1,018 1,021 Treasury stock (26,005) (26,005) (26,005) Capital surplus 12,926 12,693 12,546 Retained earnings 362,871 348,043 332,505 Accumulated other comprehensive loss (438) (1,429) (3,573) - ------------------------------------------------------------------------------------------------ Total shareholders' equity 351,433 335,380 317,549 - ------------------------------------------------------------------------------------------------ $ 723,242 $ 514,587 $ 509,857 ================================================================================================ (a) Condensed from audited financial statements