Exhibit 99

 

Investor Relations Contact

Shane O’Connor, Senior Vice President & CFO

UniFirst Corporation

978-658-8888

shane_oconnor@unifirst.com

 

FOR IMMEDIATE RELEASE

 

 

UNIFIRST ANNOUNCES FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FULL YEAR OF FISCAL 2019; QUARTERLY DIVIDEND INCREASE

Wilmington, MA – October 23, 2019

– UniFirst Corporation (NYSE: UNF) (the “Company”) today reported results for its fourth quarter and full year ended August 31, 2019, as compared to the comparable periods in its prior fiscal year. The fourth quarter as well as the full year included an extra week compared to the prior year.

Q4 2019 Financial Highlights

 

Consolidated revenues for the quarter increased 10.5% to $479.6 million.

 

The extra week accounted for revenue growth of approximately 7.9% in the quarter.

 

Operating income was $58.9 million, an increase of 42.2%.

 

The quarterly tax rate was 24.4% compared to 18.4% in prior year.

 

Net income increased to $46.0 million, or 31.6%.

 

Diluted earnings per share was $2.40, an increase of 32.6% over 2018’s diluted earnings per share of $1.81.

 

Operating income in the fourth quarter of fiscal 2018 was reduced by a one-time cash bonus of approximately $7.2 million.  This bonus was paid to employees to share in the benefits received from the 2018 U.S. tax reform and was recorded in selling and administrative expenses. Excluding the effect of the one-time bonus:

 

 

Operating income increased 21.3% compared to prior year’s adjusted operating income.

 

Net income increased 15.2% compared to adjusted net income in the prior year.

 

Diluted earnings per share increased 16.5% from 2018’s adjusted diluted earnings per share of $2.06.

 

See the Reconciliation of GAAP to Non-GAAP Financial Measures below.

Fiscal 2019 Financial Highlights

 

 

Full year consolidated revenues were $1.809 billion, up 6.7%.

 

The extra week accounted for revenue growth of approximately 2.0% compared to fiscal 2018.

 

Full year operating income was $232.0 million, an increase of 27.2%.

 

Net income for the year increased to $179.1 million, or 9.3%.

 

Diluted earnings per share was $9.33, an increase of 13.6% over 2018’s diluted earnings per share of $8.21.

Operating income in fiscal 2019 benefited from a pre-tax gain of $21.1 million, which was recorded in selling and administrative expenses. This amount reflects a settlement with the lead contractor for the version of the customer relationship management system for which it recorded a $55.8 million impairment charge in fiscal 2017 (the “CRM Settlement”).  Also, the 2018 tax rate benefited from the net effect of two discrete items (the “Tax Reform Adjustment”) recognized during the year related to the 2018 U.S. tax reform: a one-time revaluation of its U.S. net deferred tax liabilities and a partially offsetting charge related to a one-time transition tax the company would be subject to for the deemed repatriation of its foreign earnings.  Excluding the impact of the CRM Settlement, the Tax Reform Adjustment as well as the one-time bonus discussed above:

 

Adjusted operating income for 2019 was $210.9 million, an increase of 11.3% from adjusted operating income in 2018.

 

Adjusted net income for the year increased to $163.6 million, or 10.0% over 2018’s adjusted net income.

 

Adjusted diluted earnings per share was $8.52, an increase of 14.4% over 2018’s adjusted diluted earnings per share of $7.45.

 

See the Reconciliation of GAAP to Non-GAAP Financial Measures below.


The following information was filed by Unifirst Corp (UNF) on Wednesday, October 23, 2019 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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