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 2020-11-28 Filed 2021-01-07
10-K 2020-08-29 Filed 2020-10-28
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 2020-10-21
8-K 2020-07-01
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_7.htm
EX-32.1 unf-ex321_9.htm
EX-32.2 unf-ex322_6.htm

UniFirst Earnings 2020-11-28

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_20201128.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 November 28, 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 January 4, 2021 were 15,214,959 and 3,643,009, respectively.

 

 

 


 

UniFirst Corporation

Quarterly Report on Form 10-Q

For the Quarter ended November 28, 2020

Table of Contents

 

Part I – FINANCIAL INFORMATION

3

 

 

Item  1 – Unaudited Financial Statements

3

 

 

Consolidated Statements of Income for the Thirteen Weeks ended November 28, 2020 and November 30, 2019

3

 

 

Consolidated Statements of Comprehensive Income for the Thirteen Weeks ended November 28, 2020 and November 30, 2019

4

 

 

Consolidated Balance Sheets as of November 28, 2020 and August 29, 2020

5

 

 

Consolidated Statements of Shareholders’ Equity for the Thirteen Weeks ended November 28, 2020 and November 30, 2019

6

 

 

Consolidated Statements of Cash Flows for the Thirteen Weeks ended November 28, 2020 and November 30, 2019

7

 

 

Notes to Consolidated Financial Statements

8

 

 

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

20

 

 

Item  3 – Quantitative and Qualitative Disclosures About Market Risk

30

 

 

Item 4 – Controls and Procedures

30

 

 

Part II – OTHER INFORMATION

31

 

 

Item 1 – Legal Proceedings

31

 

 

Item 1A – Risk Factors

31

 

 

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

31

 

 

Item 3 – Defaults Upon Senior Securities

31

 

 

Item 4 – Mine Safety Disclosures

31

 

 

Item 5 – Other Information

31

 

 

Item 6 – Exhibits

32

 

 

Signatures

33

 

 

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

 

(In thousands, except per share data)

 

November 28, 2020

 

 

November 30, 2019

 

Revenues

 

$

446,853

 

 

$

465,398

 

Operating expenses:

 

 

 

 

 

 

 

 

Cost of revenues (1)

 

 

275,800

 

 

 

289,316

 

Selling and administrative expenses (1)

 

 

88,703

 

 

 

90,528

 

Depreciation and amortization

 

 

26,308

 

 

 

25,459

 

Total operating expenses

 

 

390,811

 

 

 

405,303

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

56,042

 

 

 

60,095

 

Other (income) expense:

 

 

 

 

 

 

 

 

Interest income, net

 

 

(568

)

 

 

(2,361

)

Other expense, net

 

 

749

 

 

 

528

 

Total other (income) expense, net

 

 

181

 

 

 

(1,833

)

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

55,861

 

 

 

61,928

 

Provision for income taxes

 

 

13,965

 

 

 

13,686

 

Net income

 

$

41,896

 

 

$

48,242

 

Income per share – Basic:

 

 

 

 

 

 

 

 

Common Stock

 

$

2.31

 

 

$

2.65

 

Class B Common Stock

 

$

1.85

 

 

$

2.12

 

Income per share – Diluted:

 

 

 

 

 

 

 

 

Common Stock

 

$

2.20

 

 

$

2.52

 

Income allocated to – Basic:

 

 

 

 

 

 

 

 

Common Stock

 

$

35,171

 

 

$

40,526

 

Class B Common Stock

 

$

6,725

 

 

$

7,716

 

Income allocated to – Diluted:

 

 

 

 

 

 

 

 

Common Stock

 

$

41,896

 

 

$

48,242

 

Weighted average shares outstanding – Basic:

 

 

 

 

 

 

 

 

Common Stock

 

 

15,247

 

 

 

15,308

 

Class B Common Stock

 

 

3,643

 

 

 

3,643

 

Weighted average shares outstanding – Diluted:

 

 

 

 

 

 

 

 

Common Stock

 

 

19,019

 

 

 

19,123

 

 

(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

 

(In thousands)

 

November 28, 2020

 

 

November 30, 2019

 

Net income

 

$

41,896

 

 

$

48,242

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

1,310

 

 

 

989

 

Change in fair value of derivatives, net of income taxes

 

 

(10

)

 

 

25

 

Derivative financial instruments reclassified to earnings

 

 

(11

)

 

 

(30

)

Other comprehensive income

 

 

1,289

 

 

 

984

 

Comprehensive income

 

$

43,185

 

 

$

49,226

 

 

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)

 

November 28, 2020

 

 

August 29, 2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash, cash equivalents and short-term investments

 

$

473,010

 

 

$

474,838

 

Receivables, less reserves of $14,224 and $12,125

 

 

209,916

 

 

 

190,916

 

Inventories

 

 

104,525

 

 

 

106,269

 

Rental merchandise in service

 

 

155,100

 

 

 

154,278

 

Prepaid taxes

 

 

3,612

 

 

 

7,115

 

Prepaid expenses and other current assets

 

 

40,661

 

 

 

35,918

 

Total current assets

 

 

986,824

 

 

 

969,334

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

598,719

 

 

 

582,470

 

Goodwill

 

 

424,881

 

 

 

424,844

 

Customer contracts, net

 

 

54,820

 

 

 

56,946

 

Other intangible assets, net

 

 

30,330

 

 

 

28,590

 

Deferred income taxes

 

 

522

 

 

 

522

 

Operating lease right-of-use assets, net

 

 

42,033

 

 

 

42,710

 

Other assets

 

 

96,031

 

 

 

93,611

 

Total assets

 

$

2,234,160

 

 

$

2,199,027

 

 

 

 

 

 

 

 

 

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

60,268

 

 

$

64,035

 

Accrued liabilities

 

 

138,693

 

 

 

132,965

 

Accrued taxes

 

 

 

 

 

527

 

Operating lease liabilities, current

 

 

12,731

 

 

 

12,569

 

Total current liabilities

 

 

211,692

 

 

 

210,096

 

 

 

 

 

 

 

 

 

 

Accrued liabilities

 

 

133,600

 

 

 

132,820

 

Accrued and deferred income taxes

 

 

86,642

 

 

 

85,721

 

Operating lease liabilities

 

 

28,874

 

 

 

29,261

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

460,808

 

 

 

457,898

 

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; 15,220,271 and

  15,251,176 shares issued and outstanding as of November 28, 2020 and

  August 29, 2020, respectively

 

 

1,522

 

 

 

1,525

 

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

   shares issued and outstanding as of November 28, 2020 and August 29, 2020,

respectively

 

 

364

 

 

 

364

 

Capital surplus

 

 

87,210

 

 

 

86,645

 

Retained earnings

 

 

1,714,937

 

 

 

1,684,565

 

Accumulated other comprehensive loss

 

 

(30,681

)

 

 

(31,970

)

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

 

1,773,352

 

 

 

1,741,129

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

2,234,160

 

 

$

2,199,027

 

 

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 31, 2019

 

 

15,333

 

 

 

3,643

 

 

$

1,533

 

 

$

364

 

 

$

84,946

 

 

$

1,588,075

 

 

$

(33,688

)

 

$

1,641,230

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,242

 

 

 

 

 

 

48,242

 

Change in fair value of derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

(5

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

989

 

 

 

989

 

Dividends declared Common Stock

   ($0.25 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,825

)

 

 

 

 

 

(3,825

)

Dividends declared Class B Common Stock

   ($0.20 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(729

)

 

 

 

 

 

(729

)

Share-based compensation, net (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,575

 

 

 

 

 

 

 

 

 

1,575

 

Share-based awards exercised, net (2)

 

 

16

 

 

 

 

 

 

2

 

 

 

 

 

 

(1,498

)

 

 

 

 

 

 

 

 

(1,496

)

Repurchase of Common Stock

 

 

(51

)

 

 

 

 

 

 

(5

)

 

 

 

 

 

 

(274

)

 

 

(9,694

)

 

 

 

 

 

 

(9,973

)

Balance, November 30, 2019

 

 

15,298

 

 

 

3,643

 

 

 

1,530

 

 

 

364

 

 

 

84,749

 

 

 

1,622,069

 

 

 

(32,704

)

 

 

1,676,008

 

 

 

(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 29, 2020

 

 

15,251

 

 

 

3,643

 

 

$

1,525

 

 

$

364

 

 

$

86,645

 

 

$

1,684,565

 

 

$

(31,970

)

 

$

1,741,129

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,896

 

 

 

 

 

 

41,896

 

Change in fair value of derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21

)

 

 

(21

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,310

 

 

 

1,310

 

Dividends declared Common Stock

   ($0.25 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,806

)

 

 

 

 

 

(3,806

)

Dividends declared Class B Common Stock

   ($0.20 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(729

)

 

 

 

 

 

(729

)

Repurchase of Common Stock

 

 

(41

)

 

 

 

 

 

 

(4

)

 

 

 

 

 

 

(223

)

 

 

(6,989

)

 

 

 

 

 

 

(7,216

)

Share-based compensation, net (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

788

 

 

 

 

 

 

 

 

 

788

 

Share-based awards exercised, net (2)

 

 

11

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Balance, November 28, 2020

 

 

15,221

 

 

 

3,643

 

 

 

1,522

 

 

 

364

 

 

 

87,210

 

 

 

1,714,937

 

 

 

(30,681

)

 

 

1,773,352

 

 

(1)

These amounts are shown net of any shares withheld by the Company to satisfy certain tax withholdings obligations in connection with the vesting of certain shares of restricted stock or restricted stock units.

(2)

These amounts are shown net of the effect of income taxes.  

The accompanying notes are an integral part of these

Consolidated Financial Statements.

6


Consolidated Statements of Cash Flows

UniFirst Corporation and Subsidiaries

(Unaudited)

 

Thirteen weeks ended

(In thousands)

 

November 28, 2020

 

 

November 30, 2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

41,896

 

 

$

48,242

 

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

26,308

 

 

 

25,459

 

Amortization of deferred financing costs

 

 

28

 

 

 

28

 

Loss on sale of property, plant & equipment

 

 

5

 

 

 

 

Share-based compensation

 

 

1,622

 

 

 

1,575

 

Accretion on environmental contingencies

 

 

112

 

 

 

134

 

Accretion on asset retirement obligations

 

 

245

 

 

 

232

 

Deferred income taxes

 

 

242

 

 

 

245

 

Other

 

 

28

 

 

 

5

 

Changes in assets and liabilities, net of acquisitions:

 

 

 

 

 

 

 

 

Receivables, less reserves

 

 

(18,875

)

 

 

(12,771

)

Inventories

 

 

1,783

 

 

 

1,195

 

Rental merchandise in service

 

 

(684

)

 

 

1,370

 

Prepaid expenses and other current assets and Other assets

 

 

(2,812

)

 

 

(2,074

)

Accounts payable

 

 

(3,127

)

 

 

(5,031

)

Accrued liabilities

 

 

2,876

 

 

 

(2,678

)

Prepaid and accrued income taxes

 

 

3,094

 

 

 

(3,497

)

Net cash provided by operating activities

 

 

52,741

 

 

 

52,434

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Acquisition of businesses, net of cash acquired

 

 

(603

)

 

 

(39,286

)

Capital expenditures, including capitalization of software costs

 

 

(41,836

)

 

 

(28,975

)

Proceeds from sale of assets

 

 

15

 

 

 

61

 

Net cash used in investing activities

 

 

(42,424

)

 

 

(68,200

)

 

 

 

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