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Unifirst Corp (UNF) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, August 27, 2022

Unifirst Corp

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CIK: 717954 Ticker: UNF

 

 

Exhibit 99

Investor Relations Contact

Shane O’Connor, Executive Vice President & CFO

UniFirst Corporation

978-658-8888

shane_oconnor@unifirst.com

 

 

 

UNIFIRST ANNOUNCES FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FULL FISCAL YEAR OF FISCAL 2022

Wilmington, MA – October 19, 2022

– UniFirst Corporation (NYSE: UNF) (the “Company,” “UniFirst” or “we”) today reported results for its fourth quarter and full year ended August 27, 2022, as compared to the corresponding periods in the prior fiscal year:

Q4 2022 Financial Highlights

•
Consolidated revenues for the fourth quarter increased 11.0% to $516.4 million.
•
Operating income was $33.3 million, a decrease of 26.0%.
•
The quarterly tax rate decreased to 21.3% compared to 22.0% in the prior year.
•
Net income decreased to $26.2 million, or 24.4%.
•
Diluted earnings per share decreased to $1.39 from $1.82 in the prior year, or 23.6%.

The Company’s financial results for the fourth quarter of fiscal 2022 included $9.1 million of costs directly attributable to its CRM, ERP and branding initiatives (the “Key Initiatives”). Excluding these costs:

•
Adjusted operating income was $42.3 million.
•
Adjusted net income was $33.7 million.
•
Adjusted diluted earnings per share was $1.79.

 

Fiscal 2022 Financial Highlights

•
Full year consolidated revenues for the fourth quarter were $2.001 billion, an increase of 9.6%.
•
Full year operating income was $134.4 million, a decrease of 31.4%.
•
Net income for the year decreased to $103.4 million, or 31.6%.
•
Diluted earnings per share decreased to $5.46 from $7.94 in the prior year, or 31.2%.

The Company’s financial results for the full year of fiscal 2022 included $33.1 million of costs directly attributable to its Key Initiatives. Excluding these costs:

•
Adjusted full year operating income was $167.5 million.
•
Adjusted net income for the year was $128.9 million.
•
Adjusted diluted earnings per share was $6.81.

 

Steven Sintros, UniFirst President and Chief Executive Officer, said, “We are very excited to be announcing today that we have officially reached another major milestone as a company as we report just over $2 billion in annual revenues for fiscal 2022. UniFirst has come a long way from our humble beginnings back in 1936 operating out of a single location in Boston, Massachusetts, and we continue to be very excited about our future. I want to thank our thousands of Team Partners who in the face of a challenging operating environment continue to Always Deliver for each other and our customers. They are the engine that makes UniFirst go, and they deserve all the credit for our ability to be celebrating this milestone today.”

Segment Reporting Highlights

Core Laundry Operations

•
Revenues for the quarter increased 10.5% to $458.6 million.
•
Organic growth, which excludes the effect of acquisitions and fluctuations in the Canadian dollar, was 9.9%.
The following information was filed by Unifirst Corp (UNF) on Wednesday, October 19, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Unifirst Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets - Parenthetical
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Accrued Liabilities
Accrued Liabilities (Tables)
Accrued Liabilities - Schedule Of Accrued Liabilities (Details)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Amounts Reclassified From Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss - Components Of Accumulated Other Comprehensive Loss (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Schedule Of Acquisition Of Business (Details)
Asset Retirement Obligations
Asset Retirement Obligations (Tables)
Asset Retirement Obligations - Narrative (Details)
Asset Retirement Obligations - Rollforward Of Asset Retirement Liability (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Anticipated Payments And Insurance Proceeds Of Identified Environmental Remediation Liabilities (Details)
Commitments And Contingencies - Changes To Environmental Liabilities (Details)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Schedule Of Contractual Future Minimum Lease Payments Of Operating Lease Liabilities (Details)
Commitments And Contingencies - Schedule Of Operating Lease Cost And Information Related To Operating Lease Right-Of-Use Assets, Net And Operating Lease Liabilities (Details)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities - Narrative (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Amounts Recognized In Accumulated Other Comprehensive Loss (Details)
Employee Benefit Plans - Amounts Recorded In Consolidated Balance Sheet (Details)
Employee Benefit Plans - Components Of Net Periodic Benefit Cost (Details)
Employee Benefit Plans - Expected Benefit Payments (Details)
Employee Benefit Plans - Narrative (Details)
Employee Benefit Plans - Obligations And Funded Status (Details)
Employee Benefit Plans - Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost (Details)
Employee Benefit Plans - Weighted Average Assumptions Used In Calculating Projected Benefit Obligation (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Schedule Of Assets Or Liabilities Measured At Fair Value On A Recurring Basis (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Narrative (Details)
Goodwill And Other Intangible Assets - Schedule Of Changes In Carrying Amount Of Goodwill (Details)
Goodwill And Other Intangible Assets - Schedule Of Changes In Intangible Assets And Goodwill (Details)
Goodwill And Other Intangible Assets - Schedule Of Estimated Future Amortization Expense (Details)
Goodwill And Other Intangible Assets - Schedule Of Intangible Assets, Net (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Deferred Income Taxes (Details)
Income Taxes - Narrative (Details)
Income Taxes - Provision / (Benefit) For Income Taxes (Details)
Income Taxes - Reconciliation Of Provision For Income Taxes (Details)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details)
Loans Payable And Long-Term Debt
Loans Payable And Long-Term Debt - Narrative (Details)
Schedule Ii - Valuation And Qualifying Accounts And Reserves
Schedule Ii - Valuation And Qualifying Accounts And Reserves (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Long-Lived Assets By Geographic Area (Details)
Segment Reporting - Narrative (Details)
Segment Reporting - Revenues And Income Before Income Taxes By Geographic Area (Details)
Segment Reporting - Schedule Of Segment Reporting Information (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Narrative (Details)
Share-Based Compensation - Schedule Of Weighted Average Assumptions (Details)
Share-Based Compensation - Summary Of Share-Based Award Activity For Restricted Stock Units (Details)
Share-Based Compensation - Summary Of Share-Based Award Activity For Stock Options And Stock Appreciation Rights (Details)
Shareholders' Equity
Shareholders' Equity - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Schedule Of Components Of Inventory (Details)
Summary Of Significant Accounting Policies - Schedule Of Components Of Property, Plant And Equipment (Details)
Summary Of Significant Accounting Policies - Schedule Of Computation Of Basic Income Per Share (Details)
Summary Of Significant Accounting Policies - Schedule Of Computation Of Diluted Income Per Share (Details)
Summary Of Significant Accounting Policies - Schedule Of Total Revenue Disaggregated By Service Type (Details)
Summary Of Significant Accounting Policies - Schedule Of Useful Lives Of Property, Plant And Equipment (Details)
Ticker: UNF
CIK: 717954
Form Type: 10-K Annual Report
Accession Number: 0000950170-22-020172
Submitted to the SEC: Wed Oct 26 2022 4:10:26 PM EST
Accepted by the SEC: Wed Oct 26 2022
Period: Saturday, August 27, 2022
Industry: Personal Services

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