Price | 171.46 | EPS | 9 | |
Shares | 19 | P/E | 20 | |
MCap | 3,295 | P/FCF | 13 | |
Net Debt | -349 | EBIT | 220 | |
TEV | 2,946 | TEV/EBIT | 13 | 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 |
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 |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
United States
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
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:
(Exact name of Registrant as Specified in Its Charter)
| |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
|
|
| |
(Address of Principal Executive Offices) | (Zip Code) |
(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 |
| | |
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.
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).
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.
| ☒ | Accelerated filer | ☐ |
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Non-accelerated filer | ☐ | Smaller Reporting Company | |
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Emerging Growth Company | |
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|
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
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
UniFirst Corporation
Quarterly Report on Form 10-Q
For the Quarter ended November 28, 2020
Table of Contents
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 |
| $ | |
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| $ | |
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Operating expenses: |
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Cost of revenues (1) |
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Selling and administrative expenses (1) |
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Depreciation and amortization |
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Total operating expenses |
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Operating income |
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Other (income) expense: |
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Interest income, net |
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| ( | ) |
Other expense, net |
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Total other (income) expense, net |
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Income before income taxes |
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Provision for income taxes |
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Net income |
| $ | |
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| $ | |
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Income per share – Basic: |
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Common Stock |
| $ | |
|
| $ | |
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Class B Common Stock |
| $ | |
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| $ | |
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Income per share – Diluted: |
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Common Stock |
| $ | |
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| $ | |
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Income allocated to – Basic: |
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Common Stock |
| $ | |
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| $ | |
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Class B Common Stock |
| $ | |
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| $ | |
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Income allocated to – Diluted: |
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Common Stock |
| $ | |
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| $ | |
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Weighted average shares outstanding – Basic: |
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Common Stock |
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Class B Common Stock |
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Weighted average shares outstanding – Diluted: |
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Common Stock |
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(1) | |
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 |
| $ | |
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| $ | |
|
Other comprehensive income (loss): |
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Foreign currency translation adjustments |
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Change in fair value of derivatives, net of income taxes |
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| ( | ) |
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Derivative financial instruments reclassified to earnings |
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| ( | ) |
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| ( | ) |
Other comprehensive income |
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Comprehensive income |
| $ | |
|
| $ | |
|
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 |
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Current assets: |
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Cash, cash equivalents and short-term investments |
| $ | |
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| $ | |
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Receivables, less reserves of $ |
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Inventories |
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Rental merchandise in service |
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Prepaid taxes |
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Prepaid expenses and other current assets |
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Total current assets |
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Property, plant and equipment, net |
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Goodwill |
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Customer contracts, net |
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Other intangible assets, net |
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Deferred income taxes |
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Operating lease right-of-use assets, net |
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Other assets |
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Total assets |
| $ | |
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| $ | |
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Liabilities and shareholders’ equity |
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Current liabilities: |
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Accounts payable |
| $ | |
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| $ | |
|
Accrued liabilities |
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Accrued taxes |
|
| — |
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Operating lease liabilities, current |
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Total current liabilities |
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Accrued liabilities |
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Accrued and deferred income taxes |
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Operating lease liabilities |
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Total liabilities |
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Commitments and contingencies (Note 12) |
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Shareholders’ equity: |
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Preferred Stock, $ outstanding |
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Common Stock, $ August 29, 2020, respectively |
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Class B Common Stock, $ shares issued and outstanding as of November 28, 2020 and August 29, 2020, respectively |
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Capital surplus |
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Retained earnings |
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Accumulated other comprehensive loss |
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| ( | ) |
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| ( | ) |
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Total shareholders’ equity |
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Total liabilities and shareholders’ equity |
| $ | |
|
| $ | |
|
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 |
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| $ | |
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| $ | |
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| $ | |
|
| $ | |
|
| $ | ( | ) |
| $ | |
|
Net income |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
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|
| — |
|
|
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|
|
| — |
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Change in fair value of derivatives |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| ( | ) |
|
| ( | ) |
Foreign currency translation |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
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| — |
|
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| — |
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Dividends declared Common Stock ($ |
|
| — |
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| — |
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| — |
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| — |
|
|
| — |
|
|
| ( | ) |
|
| — |
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|
| ( | ) |
Dividends declared Class B Common Stock ($ |
|
| — |
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|
| — |
|
|
| — |
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| — |
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| — |
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| ( | ) |
|
| — |
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| ( | ) |
Share-based compensation, net (1) |
|
| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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Share-based awards exercised, net (2) |
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| — |
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| — |
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| ( | ) |
|
| — |
|
|
| — |
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| ( | ) |
Repurchase of Common Stock |
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| ( | ) |
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| ( | ) |
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| ( | ) |
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| ( | ) |
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| ( | ) |
Balance, November 30, 2019 |
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| ( | ) |
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(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 |
|
| |
|
|
| |
|
| $ | |
|
| $ | |
|
| $ | |
|
| $ | |
|
| $ | ( | ) |
| $ | |
|
Net income |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| |
|
|
| — |
|
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|
Change in fair value of derivatives |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| ( | ) |
|
| ( | ) |
Foreign currency translation |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
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| |
|
|
| |
|
Dividends declared Common Stock ($ |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| ( | ) |
|
| — |
|
|
| ( | ) |
Dividends declared Class B Common Stock ($ |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| ( | ) |
|
| — |
|
|
| ( | ) |
Repurchase of Common Stock |
|
| ( | ) |
|
|
|
|
|
| ( | ) |
|
|
|
|
|
| ( | ) |
|
| ( | ) |
|
|
|
|
|
| ( | ) |
Share-based compensation, net (1) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| |
|
|
| — |
|
|
| — |
|
|
| |
|
Share-based awards exercised, net (2) |
|
| |
|
|
| — |
|
|
| |
|
|
| — |
|
|
|
|
|
|
| — |
|
|
| — |
|
|
| |
|
Balance, November 28, 2020 |
|
| |
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| |
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|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| ( | ) |
|
| |
|
(1) | |
(2) | |
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 |
| $ | |
|
| $ | |
|
Adjustments to reconcile net income to cash provided by operating activities: |
|
|
|
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|
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|
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Depreciation and amortization |
|
| |
|
|
| |
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Amortization of deferred financing costs |
|
| |
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Loss on sale of property, plant & equipment |
|
| |
|
|
| — |
|
Share-based compensation |
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Accretion on environmental contingencies |
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Accretion on asset retirement obligations |
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Deferred income taxes |
|
| |
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Other |
|
| |
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| |
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Changes in assets and liabilities, net of acquisitions: |
|
|
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Receivables, less reserves |
|
| ( | ) |
|
| ( | ) |
Inventories |
|
| |
|
|
| |
|
Rental merchandise in service |
|
| ( | ) |
|
| |
|
Prepaid expenses and other current assets and Other assets |
|
| ( | ) |
|
| ( | ) |
Accounts payable |
|
| ( | ) |
|
| ( | ) |
Accrued liabilities |
|
| |
|
|
| ( | ) |
Prepaid and accrued income taxes |
|
| |
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|
| ( | ) |
Net cash provided by operating activities |
|
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Cash flows from investing activities: |
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Acquisition of businesses, net of cash acquired |
|
| ( | ) |
|
| ( | ) |
Capital expenditures, including capitalization of software costs |
|
| ( | ) |
|
| ( | ) |
Proceeds from sale of assets |
|
| |
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Net cash used in investing activities |
|
| ( | ) |
|
| ( | ) |
|
| < |