Company Quick10K Filing
UniFirst
Price171.46 EPS9
Shares19 P/E20
MCap3,295 P/FCF13
Net Debt-349 EBIT220
TEV2,946 TEV/EBIT13
TTM 2019-05-25, in MM, except price, ratios
10-Q 2020-05-30 Filed 2020-07-09
10-Q 2020-02-29 Filed 2020-04-06
10-Q 2019-11-30 Filed 2020-01-09
10-K 2019-08-31 Filed 2019-10-30
10-Q 2019-05-25 Filed 2019-07-02
10-Q 2019-02-23 Filed 2019-04-04
10-Q 2018-11-24 Filed 2019-01-03
10-K 2018-08-25 Filed 2018-10-22
10-Q 2018-05-26 Filed 2018-07-03
10-Q 2018-02-24 Filed 2018-04-04
10-Q 2017-11-25 Filed 2018-01-04
10-K 2017-08-26 Filed 2017-10-25
10-Q 2017-05-27 Filed 2017-07-06
10-Q 2017-02-25 Filed 2017-04-06
10-Q 2016-11-26 Filed 2017-01-05
10-K 2016-08-27 Filed 2016-10-26
10-Q 2016-05-28 Filed 2016-07-07
10-Q 2016-02-27 Filed 2016-04-07
10-Q 2015-11-28 Filed 2016-01-07
10-K 2015-08-29 Filed 2015-10-28
10-Q 2015-05-30 Filed 2015-07-09
10-Q 2015-02-28 Filed 2015-04-09
10-Q 2014-11-29 Filed 2015-01-08
10-K 2014-08-30 Filed 2014-10-29
10-Q 2014-03-01 Filed 2014-04-10
10-Q 2013-11-30 Filed 2014-01-09
10-K 2013-08-31 Filed 2013-10-30
10-Q 2013-05-25 Filed 2013-07-03
10-Q 2013-02-23 Filed 2013-04-04
10-Q 2012-11-24 Filed 2013-01-03
10-K 2012-08-25 Filed 2012-10-24
10-Q 2012-05-26 Filed 2012-07-05
10-Q 2012-02-25 Filed 2012-04-05
10-Q 2011-11-26 Filed 2012-01-05
10-K 2011-08-27 Filed 2011-10-26
10-Q 2011-05-28 Filed 2011-07-07
10-Q 2011-02-26 Filed 2011-04-07
10-Q 2010-11-27 Filed 2011-01-06
10-K 2010-08-28 Filed 2010-10-27
10-Q 2010-05-29 Filed 2010-07-08
10-Q 2010-02-27 Filed 2010-04-08
10-Q 2009-11-28 Filed 2010-01-07
8-K 2020-07-01 Earnings, Exhibits
8-K 2020-04-01
8-K 2020-01-14
8-K 2020-01-08
8-K 2019-10-23
8-K 2019-06-26
8-K 2019-03-27
8-K 2019-01-08
8-K 2019-01-03
8-K 2018-10-17
8-K 2018-06-27
8-K 2018-03-28
8-K 2018-01-09
8-K 2018-01-03

UNF 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 unf-ex311_8.htm
EX-31.2 unf-ex312_6.htm
EX-32.1 unf-ex321_7.htm
EX-32.2 unf-ex322_9.htm

UniFirst Earnings 2020-05-30

Balance SheetIncome StatementCash Flow
2.01.61.20.80.40.02012201420172020
Assets, Equity
0.50.40.30.10.0-0.12012201420172020
Rev, G Profit, Net Income
0.10.0-0.0-0.1-0.1-0.22012201420172020
Ops, Inv, Fin

unf-10q_20200530.htm
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United States

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 quarterly period ended May 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number: 001-08504

 

UNIFIRST CORPORATION

(Exact name of Registrant as Specified in Its Charter)

 

 

Massachusetts

04-2103460

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

68 Jonspin Road, Wilmington, MA

01887

(Address of Principal Executive Offices)

(Zip Code)

(978) 658-8888

(Registrant’s Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.10 par value per share

UNF

New York Stock Exchange

 

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      No  

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller Reporting Company

 

 

 

 

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.  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

The number of outstanding shares of UniFirst Corporation Common Stock and Class B Common Stock at July 2, 2020 were 15,248,511 and 3,643,009, respectively.

 

 


UniFirst Corporation

Quarterly Report on Form 10-Q

For the Quarter ended May 30, 2020

Table of Contents

 

Part I – FINANCIAL INFORMATION

3

 

 

Item  1 – Unaudited Financial Statements

3

 

 

Consolidated Statements of Income for the Thirteen and Thirty-nine Weeks ended May 30, 2020 and May 25, 2019

3

 

 

Consolidated Statements of Comprehensive Income for the Thirteen and Thirty-nine Weeks ended May 30, 2020 and May 25, 2019

4

 

 

Consolidated Balance Sheets as of May 30, 2020 and August 31, 2019

5

 

 

Consolidated Statements of Shareholders’ Equity for the Thirteen and Thirty-nine Weeks ended May 30, 2020 and May 25, 2019

6

 

 

Consolidated Statements of Cash Flows for the Thirty-nine Weeks ended May 30, 2020 and May 25, 2019

8

 

 

Notes to Consolidated Financial Statements

9

 

 

Item  2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

23

 

 

Item  3 – Quantitative and Qualitative Disclosures About Market Risk

36

 

 

Item 4 – Controls and Procedures

36

 

 

Part II – OTHER INFORMATION

37

 

 

Item 1 – Legal Proceedings

37

 

 

Item 1A – Risk Factors

37

 

 

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

38

 

 

Item 3 – Defaults Upon Senior Securities

39

 

 

Item 4 – Mine Safety Disclosures

39

 

 

Item 5 – Other Information

39

 

 

Item 6 – Exhibits

40

 

 

Signatures

41

 

 

Certifications

 

Ex-31.1 Section 302 Certification of CEO

 

Ex-31.2 Section 302 Certification of CFO

 

Ex-32.1 Section 906 Certification of CEO

 

Ex-32.2 Section 906 Certification of CFO

 

 

2


PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Consolidated Statements of Income

UniFirst Corporation and Subsidiaries

(Unaudited)

 

 

 

Thirteen weeks ended

 

 

Thirty-nine weeks ended

 

(In thousands, except per share data)

 

May 30, 2020

 

 

May 25, 2019

 

 

May 30, 2020

 

 

May 25, 2019

 

Revenues

 

$

445,518

 

 

$

453,720

 

 

$

1,375,516

 

 

$

1,329,755

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues (1)

 

 

303,223

 

 

 

279,900

 

 

 

893,961

 

 

 

838,621

 

Selling and administrative expenses (1)

 

 

88,405

 

 

 

88,207

 

 

 

272,013

 

 

 

242,487

 

Depreciation and amortization

 

 

26,182

 

 

 

25,401

 

 

 

77,612

 

 

 

75,563

 

Total operating expenses

 

 

417,810

 

 

 

393,508

 

 

 

1,243,586

 

 

 

1,156,671

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

27,708

 

 

 

60,212

 

 

 

131,930

 

 

 

173,084

 

Other (income) expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

(1,054

)

 

 

(2,293

)

 

 

(5,590

)

 

 

(6,007

)

Other expense, net

 

 

1,556

 

 

 

805

 

 

 

2,623

 

 

 

2,037

 

Total other income, net

 

 

502

 

 

 

(1,488

)

 

 

(2,967

)

 

 

(3,970

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

27,206

 

 

 

61,700

 

 

 

134,897

 

 

 

177,054

 

Provision for income taxes

 

 

5,921

 

 

 

14,480

 

 

 

30,690

 

 

 

43,908

 

Net income

 

$

21,285

 

 

$

47,220

 

 

$

104,207

 

 

$

133,146

 

Income per share – Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

1.17

 

 

$

2.58

 

 

$

5.73

 

 

$

7.25

 

Class B Common Stock

 

$

0.94

 

 

$

2.06

 

 

$

4.58

 

 

$

5.80

 

Income per share – Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

1.12

 

 

$

2.46

 

 

$

5.46

 

 

$

6.93

 

Income allocated to – Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

17,871

 

 

$

39,563

 

 

$

87,519

 

 

$

111,626

 

Class B Common Stock

 

$

3,414

 

 

$

7,657

 

 

$

16,688

 

 

$

21,520

 

Income allocated to – Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

21,285

 

 

$

47,220

 

 

$

104,207

 

 

$

133,146

 

Weighted average shares outstanding – Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

15,255

 

 

 

15,341

 

 

 

15,285

 

 

 

15,400

 

Class B Common Stock

 

 

3,643

 

 

 

3,710

 

 

 

3,643

 

 

 

3,710

 

Weighted average shares outstanding

   – Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

18,995

 

 

 

19,168

 

 

 

19,074

 

 

 

19,220

 

 

(1)

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

The accompanying notes are an integral part of these

Consolidated Financial Statements.  

3


Consolidated Statements of Comprehensive Income

UniFirst Corporation and Subsidiaries

(Unaudited)

 

 

 

Thirteen weeks ended

 

 

Thirty-nine weeks ended

 

(In thousands)

 

May 30, 2020

 

 

May 25, 2019

 

 

May 30, 2020

 

 

May 25, 2019

 

Net income

 

$

21,285

 

 

$

47,220

 

 

$

104,207

 

 

$

133,146

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(3,835

)

 

 

(2,649

)

 

 

(3,615

)

 

 

(3,513

)

Pension benefit liabilities

 

 

 

 

 

 

 

 

350

 

 

 

 

Change in fair value of derivatives, net of

   income taxes

 

 

79

 

 

 

184

 

 

 

156

 

 

 

277

 

Derivative financial instruments reclassified

   to earnings

 

 

(47

)

 

 

(46

)

 

 

(107

)

 

 

(122

)

Other comprehensive income (loss)

 

 

(3,803

)

 

 

(2,511

)

 

 

(3,216

)

 

 

(3,358

)

Comprehensive income

 

$

17,482

 

 

$

44,709

 

 

$

100,991

 

 

$

129,788

 

 

The accompanying notes are an integral part of these

Consolidated Financial Statements.

4


Consolidated Balance Sheets

UniFirst Corporation and Subsidiaries

(Unaudited)

 

(In thousands, except share and par value data)

 

May 30, 2020

 

 

August 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash, cash equivalents and short-term investments

 

$

421,253

 

 

$

385,341

 

Receivables, less reserves of $17,611 and $9,935

 

 

200,110

 

 

 

203,457

 

Inventories

 

 

104,503

 

 

 

100,916

 

Rental merchandise in service

 

 

161,732

 

 

 

184,318

 

Prepaid taxes

 

 

1,713

 

 

 

4,060

 

Prepaid expenses and other current assets

 

 

36,201

 

 

 

35,699

 

Total current assets

 

 

925,512

 

 

 

913,791

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

584,299

 

 

 

574,509

 

Goodwill

 

 

424,588

 

 

 

401,178

 

Customer contracts, net

 

 

60,061

 

 

 

56,588

 

Other intangible assets, net

 

 

26,868

 

 

 

16,132

 

Deferred income taxes

 

 

458

 

 

 

448

 

Operating lease right-of-use assets, net

 

 

44,670

 

 

 

 

Other assets

 

 

86,817

 

 

 

84,674

 

Total assets

 

$

2,153,273

 

 

$

2,047,320

 

 

 

 

 

 

 

 

 

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

57,701

 

 

$

77,918

 

Accrued liabilities

 

 

126,342

 

 

 

111,721

 

Accrued taxes

 

 

 

 

 

205

 

Operating lease liabilities, current

 

 

12,191

 

 

 

 

Total current liabilities

 

 

196,234

 

 

 

189,844

 

 

 

 

 

 

 

 

 

 

Accrued liabilities

 

 

119,608

 

 

 

117,074

 

Accrued and deferred income taxes

 

 

98,192

 

 

 

99,172

 

Operating lease liabilities

 

 

31,139

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

445,173

 

 

 

406,090

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Preferred Stock, $1.00 par value; 2,000,000 shares authorized; no shares issued and

   outstanding

 

 

 

 

 

 

Common Stock, $0.10 par value; 30,000,000 shares authorized; 15,247,440 and

  15,332,759 shares issued and outstanding as of May 30, 2020 and

  August 31, 2019, respectively

 

 

1,525

 

 

 

1,533

 

Class B Common Stock, $0.10 par value; 20,000,000 shares authorized; 3,643,009

   shares issued and outstanding as of May 30, 2020 and August 31, 2019,

respectively

 

 

364

 

 

 

364

 

Capital surplus

 

 

85,572

 

 

 

84,946

 

Retained earnings

 

 

1,657,543

 

 

 

1,588,075

 

Accumulated other comprehensive loss

 

 

(36,904

)

 

 

(33,688

)

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

 

1,708,100

 

 

 

1,641,230

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

2,153,273

 

 

$

2,047,320

 

 

The accompanying notes are an integral part of these

Consolidated Financial Statements

5


Consolidated Statements of Shareholders’ Equity

UniFirst Corporation and Subsidiaries

 

(In thousands)

 

Common

Shares

 

 

Class B

Common

Shares

 

 

Common

Stock

 

 

Class B

Common

Stock

 

 

Capital

Surplus

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Total

Equity

 

Balance, August 25, 2018

 

 

15,431

 

 

 

3,710

 

 

$

1,543

 

 

$

371

 

 

$

82,973

 

 

$

1,405,239

 

 

$

(25,159

)

 

$

1,464,967

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,320

 

 

 

 

 

 

38,320

 

Change in fair value of derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

88

 

 

 

88

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,282

)

 

 

(2,282

)

Dividends declared Common Stock

   ($0.1125 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,736

)

 

 

 

 

 

(1,736

)

Dividends declared Class B Common Stock

   ($0.0900 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(334

)

 

 

 

 

 

(334

)

Share-based compensation, net (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,042

 

 

 

 

 

 

 

 

 

1,042

 

Share-based awards exercised, net (1)

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative effect of change in accounting

   principle, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39,433

 

 

 

 

 

 

39,433

 

Balance, November 24, 2018

 

 

15,433

 

 

 

3,710

 

 

 

1,543

 

 

 

371

 

 

 

84,015

 

 

 

1,480,922

 

 

 

(27,353

)

 

 

1,539,498

 

Net income

 

 

 

 

 

 

 

$

 

 

$

 

 

$

 

 

$

47,606

 

 

$

 

 

$

47,606

 

Change in fair value of derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(71

)

 

 

(71

)

Foreign currency translation