UniFirst Corp Files 10-Q for Period Ending November 25, 2023
Ticker: UNF · Form: 10-Q · Filed: Jan 4, 2024 · CIK: 717954
| Field | Detail |
|---|---|
| Company | Unifirst CORP (UNF) |
| Form Type | 10-Q |
| Filed Date | Jan 4, 2024 |
| Risk Level | low |
| Pages | 14 |
| Reading Time | 17 min |
| Key Dollar Amounts | $0.10 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: UniFirst Corp, 10-Q Filing, Quarterly Report, Financials, Uniform Services
TL;DR
<b>UniFirst Corp filed its quarterly 10-Q report for the period ending November 25, 2023, detailing financial performance and operational segments.</b>
AI Summary
UNIFIRST CORP (UNF) filed a Quarterly Report (10-Q) with the SEC on January 4, 2024. UniFirst Corp filed its 10-Q report for the quarterly period ended November 25, 2023. The filing covers the period from August 27, 2023, to November 25, 2023. The company's fiscal year ends on August 29. UniFirst Corp is incorporated in Massachusetts (MA). The filing includes data related to various financial statement line items and segments such as Specialty Garments and US and Canadian Rental and Cleaning.
Why It Matters
For investors and stakeholders tracking UNIFIRST CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance data for UniFirst Corp, crucial for assessing the company's current health and future prospects. Understanding the details within this report, including segment performance and financial metrics, is essential for making informed investment decisions regarding UniFirst Corp.
Risk Assessment
Risk Level: low — UNIFIRST CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative news or events, indicating a low level of immediate risk.
Analyst Insight
Review the detailed financial statements and segment performance within the 10-Q to identify any trends or changes that may impact UniFirst Corp's stock valuation.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Specialty Garments | ||
| US and Canadian Rental and Cleaning | ||
| MFG | ||
| First Aid |
Key Numbers
- 2023-11-25 — Period End Date (CONFORMED PERIOD OF REPORT)
- 2024-01-04 — Filing Date (FILED AS OF DATE)
- 0829 — Fiscal Year End (FISCAL YEAR END)
- 2023-08-27 — Previous Period Start Date (start date for reporting period)
- 2022-11-26 — Prior Year Period End Date (prior year period end date)
Key Players & Entities
- UNIFIRST CORP (company) — FILER
- 20231125 (date) — CONFORMED PERIOD OF REPORT
- 20240104 (date) — FILED AS OF DATE
- MA (location) — STATE OF INCORPORATION
- 7200 (other) — STANDARD INDUSTRIAL CLASSIFICATION
- UNIFIRST CORP (company) — COMPANY CONFORMED NAME
- INTERSTATE UNIFORM SERVICES CORP/MA (company) — FORMER COMPANY
- 19840410 (date) — DATE OF NAME CHANGE
Forward-Looking Statements
- UNIFIRST CORP will continue to execute share repurchases, utilizing a significant portion of the remaining $230.9 million authorization. (UNIFIRST CORP) — medium confidence, target: 2024-08-29
FAQ
When did UNIFIRST CORP file this 10-Q?
UNIFIRST CORP filed this Quarterly Report (10-Q) with the SEC on January 4, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by UNIFIRST CORP (UNF).
Where can I read the original 10-Q filing from UNIFIRST CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by UNIFIRST CORP.
What are the key takeaways from UNIFIRST CORP's 10-Q?
UNIFIRST CORP filed this 10-Q on January 4, 2024. Key takeaways: UniFirst Corp filed its 10-Q report for the quarterly period ended November 25, 2023.. The filing covers the period from August 27, 2023, to November 25, 2023.. The company's fiscal year ends on August 29..
Is UNIFIRST CORP a risky investment based on this filing?
Based on this 10-Q, UNIFIRST CORP presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative news or events, indicating a low level of immediate risk.
What should investors do after reading UNIFIRST CORP's 10-Q?
Review the detailed financial statements and segment performance within the 10-Q to identify any trends or changes that may impact UniFirst Corp's stock valuation. The overall sentiment from this filing is neutral.
Filing Stats: 4,238 words · 17 min read · ~14 pages · Grade level 15.4 · Accepted 2024-01-04 15:18:38
Key Financial Figures
- $0.10 — nge on which registered Common Stock, $0.10 par value per share UNF New York St
Filing Documents
- unf-20231125.htm (10-Q) — 1842KB
- unf-ex31_1.htm (EX-31.1) — 16KB
- unf-ex31_2.htm (EX-31.2) — 17KB
- unf-ex32_1.htm (EX-32.1) — 9KB
- unf-ex32_2.htm (EX-32.2) — 9KB
- img18733762_0.jpg (GRAPHIC) — 105KB
- 0000950170-24-001773.txt ( ) — 8750KB
- unf-20231125_cal.xml (EX-101.CAL) — 77KB
- unf-20231125_pre.xml (EX-101.PRE) — 362KB
- unf-20231125_lab.xml (EX-101.LAB) — 492KB
- unf-20231125.xsd (EX-101.SCH) — 59KB
- unf-20231125_def.xml (EX-101.DEF) — 228KB
- unf-20231125_htm.xml (XML) — 1553KB
– FINANCIAL INFORMATION
Part I – FINANCIAL INFORMATION 3
– Financial Statements (unaudited)
Item 1 – Financial Statements (unaudited) 3 Consolidated Statements of Income for the Thirteen Weeks ended November 25, 2023 and November 26, 2022 3 Consolidated Statements of Comprehensive Income for the Thirteen Weeks ended November 25, 2023 and November 26, 2022 4 Consolidated Balance Sheets as of November 25, 2023 and August 26, 2023 5 Consolidated Statements of Shareholders’ Equity for the Thirteen Weeks ended November 25, 2023 and November 26, 2022 6 Consolidated Statements of Cash Flows for the Thirteen Weeks ended November 25, 2023 and November 26, 2022 7
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements 8
– Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations 23
– Quantitative and Qualitative Disclosures About Market Risk
Item 3 – Quantitative and Qualitative Disclosures About Market Risk 33
– Controls and Procedures
Item 4 – Controls and Procedures 34
– OTHER INFORMATION
Part II – OTHER INFORMATION 35
– Legal Proceedings
Item 1 – Legal Proceedings 35
– Risk Factors
Item 1A – Risk Factors 35
– Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
Item 2 – Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 35
– Defaults Upon Senior Securities
Item 3 – Defaults Upon Senior Securities 35
– Mine Safety Disclosures
Item 4 – Mine Safety Disclosures 35
– Other Information
Item 5 – Other Information 35
– Exhibits
Item 6 – Exhibits 37
Signatures
Signatures 38 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
– FINANCI AL INFORMATION
PART I – FINANCI AL INFORMATION
FINANCI AL STATEMENTS
ITEM 1. FINANCI AL STATEMENTS Consolidated State ments of Income UniFirst Corporation and Subsidiaries (Unaudited) Thirteen Weeks Ended (In thousands, except per share data) November 25, 2023 November 26, 2022 Revenues $ 593,525 $ 541,798 Operating expenses: Cost of revenues (1) 383,796 353,972 Selling and administrative expenses (1) 122,859 117,363 Depreciation and amortization 33,733 27,045 Total operating expenses 540,388 498,380 Operating income 53,137 43,418 Other (income) expense: Interest income, net ( 2,834 ) ( 2,769 ) Other expense, net 716 791 Total other income, net ( 2,118 ) ( 1,978 ) Income before income taxes 55,255 45,396 Provision for income taxes 12,930 11,439 Net income $ 42,325 $ 33,957 Income per share – Basic: Common Stock $ 2.35 $ 1.89 Class B Common Stock $ 1.88 $ 1.51 Income per share – Diluted: Common Stock $ 2.26 $ 1.81 Income allocated to – Basic: Common Stock $ 35,566 $ 28,525 Class B Common Stock $ 6,759 $ 5,432 Income allocated to – Diluted: Common Stock $ 42,325 $ 33,957 Weighted average shares outstanding – Basic: Common Stock 15,111 15,082 Class B Common Stock 3,590 3,590 Weighted average shares outstanding – Diluted: Common Stock 18,769 18,754 (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 25, 2023 November 26, 2022 Net income $ 42,325 $ 33,957 Other comprehensive loss: Foreign currency translation adjustments ( 151 ) ( 1,778 ) Change in fair value
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements 1. Basis of Presentation These Consolidated Financial Statements of UniFirst Corporation (the “Company”) included herein have been prepared, without audit, in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the information furnished reflects all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim period. It is suggested that these Consolidated Financial Statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 26, 2023 . There have been no material changes in the accounting policies followed by the Company during the current fiscal year other than with respect to the recent accounting pronouncements discussed in Note 2, “Recent Accounting Pronouncements”. Results for an interim period are not indicative of any future interim periods or for an entire fiscal year. 2. Recent Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued updated guidance to improve the accounting for acquired revenue contracts with customers in a business combination. The Company adopted this guidance on August 26, 2023. The adoption of this guidance did not have a material impact on its financial statements. In December 2022, the FASB issued updated guidance to align with the deferral of the cessation date for LIBOR by the