UNIFIRST CORP Files 10-Q for Period Ending February 24, 2024

TL;DR

<b>UniFirst Corp filed its quarterly report (10-Q) for the period ending February 24, 2024, detailing financial performance and segment information.</b>

AI Summary

UNIFIRST CORP (UNF) filed a Quarterly Report (10-Q) with the SEC on April 4, 2024. UniFirst Corp filed a 10-Q report for the period ending February 24, 2024. The filing includes data related to various financial statement items and segments. Key dates mentioned include August 27, 2023, November 25, 2023, and February 24, 2024. The company's fiscal year ends on August 29. UniFirst Corp was formerly known as Interstate Uniform Services Corp/MA.

Why It Matters

For investors and stakeholders tracking UNIFIRST CORP, this filing contains several important signals. This 10-Q filing provides investors with updated financial data and operational insights for UniFirst Corp, crucial for assessing the company's current financial health and performance trends. The detailed segment information and financial statement disclosures allow for a deeper understanding of revenue streams and cost structures within UniFirst Corp's various business units.

Risk Assessment

Risk Level: low — UNIFIRST CORP shows low risk based on this filing. The filing is a standard 10-Q, indicating routine financial reporting without immediate red flags.

Analyst Insight

Monitor UniFirst Corp's subsequent filings for trends in revenue growth, net income, and debt levels to inform investment decisions.

Key Numbers

• 2024-02-24 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-04 — Filing Date (FILED AS OF DATE)
• 0829 — Fiscal Year End (FISCAL YEAR END)
• 2023-08-27 — Previous Fiscal Year Start (us-gaap:CommonClassAMember)
• 2022-08-28 — Prior Year Start Date (us-gaap:CommonClassBMember)
• 2023-03-09 — Credit Agreement Date (unf:CreditAgreementMember)
• 2021-08-31 — Forward Contracts Date (us-gaap:ForwardContractsMember)
• 2023-05-27 — Trade Names Date (unf:CleanHoldcoIncMember)

Key Players & Entities

• UNIFIRST CORP (company) — FILER
• 0000717954 (company) — CENTRAL INDEX KEY
• 7200 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• MA (company) — STATE OF INCORPORATION
• 001-08504 (company) — SEC FILE NUMBER
• WILMINGTON (company) — BUSINESS ADDRESS CITY
• MA (company) — BUSINESS ADDRESS STATE
• INTERSTATE UNIFORM SERVICES CORP/MA (company) — FORMER COMPANY

FAQ

Key Dates

• 2024-02-24: Period End — End of the reporting quarter for the 10-Q filing.
• 2024-04-04: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2023-08-27: Start of Fiscal Year — Marks the beginning of the fiscal year for reporting purposes.
• 1984-04-10: Name Change — Date UniFirst Corp changed its name from Interstate Uniform Services Corp/MA.

Key Financial Figures

• $0.10 — nge on which registered Common Stock, $0.10 par value per share UNF New York St

Filing Documents

• unf-20240224.htm (10-Q) — 2576KB
• 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
• img19628452_0.jpg (GRAPHIC) — 105KB
• 0000950170-24-041726.txt (&nbsp;) — 10612KB
• unf-20240224.xsd (EX-101.SCH) — 1223KB
• unf-20240224_htm.xml (XML) — 2161KB

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION 3

– Financial Statements (unaudited)

Item 1 – Financial Statements (unaudited) 3 Consolidated Statements of Income for the Thirteen and Twenty-Six Weeks ended February 24, 2024 and February 25, 2023 3 Consolidated Statements of Comprehensive Income for the Thirteen and Twenty-Six Weeks ended February 24, 2024 and February 25, 2023 4 Consolidated Balance Sheets as of February 24, 2024 and August 26, 2023 5 Consolidated Statements of Shareholders' Equity for the Thirteen and Twenty-Six Weeks ended February 24, 2024 and February 25, 2023 6 Consolidated Statements of Cash Flows for the Twenty-Six Weeks ended February 24, 2024 and February 25, 2023 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 25

– Quantitative and Qualitative Disclosures About Market Risk

Item 3 – Quantitative and Qualitative Disclosures About Market Risk 36

– Controls and Procedures

Item 4 – Controls and Procedures 37

– OTHER INFORMATION

Part II – OTHER INFORMATION 38

– Legal Proceedings

Item 1 – Legal Proceedings 38

– Risk Factors

Item 1A – Risk Factors 38

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 38

– Defaults Upon Senior Securities

Item 3 – Defaults Upon Senior Securities 38

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 38

– Other Information

Item 5 – Other Information 39

– Exhibits

Item 6 – Exhibits 40

Signatures

Signatures 41 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 Twenty-Six Weeks Ended (In thousands, except per share data) February 24, 2024 February 25, 2023 February 24, 2024 February 25, 2023 Revenues $ 590,711 $ 542,691 $ 1,184,236 $ 1,084,489 Operating expenses: Cost of revenues (1) 396,191 369,896 779,987 723,868 Selling and administrative expenses (1) 131,417 122,190 254,276 239,553 Depreciation and amortization 35,160 29,895 68,893 56,940 Total operating expenses 562,768 521,981 1,103,156 1,020,361 Operating income 27,943 20,710 81,080 64,128 Other (income) expense: Interest income, net ( 350 ) ( 3,031 ) ( 3,184 ) ( 5,800 ) Other expense, net 575 114 1,291 905 Total other expense (income), net 225 ( 2,917 ) ( 1,893 ) ( 4,895 ) Income before income taxes 27,718 23,627 82,973 69,023 Provision for income taxes 7,261 5,817 20,191 17,256 Net income $ 20,457 $ 17,810 $ 62,782 $ 51,767 Income per share – Basic: Common Stock $ 1.14 $ 0.99 $ 3.49 $ 2.88 Class B Common Stock $ 0.91 $ 0.79 $ 2.79 $ 2.31 Income per share – Diluted: Common Stock $ 1.09 $ 0.95 $ 3.35 $ 2.76 Income allocated to – Basic: Common Stock $ 17,188 $ 14,962 $ 52,754 $ 43,488 Class B Common Stock $ 3,269 $ 2,848 $ 10,028 $ 8,279 Income allocated to – Diluted: Common Stock $ 20,457 $ 17,810 $ 62,782 $ 51,767 Weighted average shares outstanding – Basic: Common Stock 15,106 15,087 15,110 15,084 Class B Common Stock 3,590 3,590 3,590 3,590 Weighted average shares outstanding – Diluted: Common Stock 18,754 18,767 18,758 18,757 (1) Exclusive of depreciation on the Company's property, plant and equipment and amo

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 27, 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 United Kingdom's Financial Conduct Authority ("FCA"). The FASB is changing th

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View this 10-Q filing on SEC EDGAR