UniFirst Corp Files 10-Q for Q3 2024

TL;DR

UniFirst Q3 10-Q filed. Financials and ops details out.

AI Summary

UniFirst Corp filed its 10-Q for the period ending May 25, 2024, reporting on its third fiscal quarter. The filing details financial performance and operational updates for the company, which provides uniforms and workwear. Specific financial figures and operational metrics for the quarter are included within the report.

Why It Matters

This filing provides investors and analysts with a detailed look at UniFirst Corp's financial health and operational performance during the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal trends or issues impacting the company's stock price.

Key Players & Entities

• UNIFIRST CORP (company) — Filer
• 20240525 (date) — Period of Report
• 0000717954 (company) — Central Index Key
• MA (location) — State of Incorporation
• 68 JONSPIN RD (address) — Business Street Address
• WILMINGTON (location) — Business City
• 01887 (zip_code) — Business Zip Code
• (978) 658-8888 (phone_number) — Business Phone

FAQ

Key Financial Figures

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

Filing Documents

• unf-20240525.htm (10-Q) — 2753KB
• unf-ex31_1.htm (EX-31.1) — 17KB
• unf-ex31_2.htm (EX-31.2) — 18KB
• unf-ex32_1.htm (EX-32.1) — 9KB
• unf-ex32_2.htm (EX-32.2) — 9KB
• img19631336_0.jpg (GRAPHIC) — 105KB
• 0000950170-24-081314.txt ( ) — 10876KB
• unf-20240525.xsd (EX-101.SCH) — 1239KB
• unf-20240525_htm.xml (XML) — 2203KB

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION 3

– Financial Statements (unaudited)

Item 1 – Financial Statements (unaudited) 3 Consolidated Statements of Income for the Thirteen and Thirty-Nine Weeks ended May 25, 2024 and May 27, 2023 3 Consolidated Statements of Comprehensive Income for the Thirteen and Thirty-Nine Weeks ended May 25, 2024 and May 27, 2023 4 Consolidated Balance Sheets as of May 25, 2024 and August 26, 2023 5 Consolidated Statements of Shareholders' Equity for the Thirteen and Thirty-Nine Weeks ended May 25, 2024 and May 27, 2023 6 Consolidated Statements of Cash Flows for the Thirty-Nine Weeks ended May 25, 2024 and May 27, 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 37

– Controls and Procedures

Item 4 – Controls and Procedures 38

– OTHER INFORMATION

Part II – OTHER INFORMATION 39

– Legal Proceedings

Item 1 – Legal Proceedings 39

– Risk Factors

Item 1A – Risk Factors 39

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 39

– Defaults Upon Senior Securities

Item 3 – Defaults Upon Senior Securities 39

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 39

– Other Information

Item 5 – Other Information 40

– Exhibits

Item 6 – Exhibits 41

Signatures

Signatures 42 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 Thirty-Nine Weeks Ended (In thousands, except per share data) May 25, 2024 May 27, 2023 May 25, 2024 May 27, 2023 Revenues $ 603,328 $ 576,668 $ 1,787,564 $ 1,661,157 Operating expenses: Cost of revenues (1) 391,244 379,419 1,171,231 1,103,287 Selling and administrative expenses (1) 129,074 132,677 383,350 372,230 Depreciation and amortization 34,560 31,175 103,453 88,115 Total operating expenses 554,878 543,271 1,658,034 1,563,632 Operating income 48,450 33,397 129,530 97,525 Other (income) expense: Interest income, net ( 1,406 ) ( 553 ) ( 4,590 ) ( 6,353 ) Other expense, net 522 621 1,813 1,526 Total other (income) expense, net ( 884 ) 68 ( 2,777 ) ( 4,827 ) Income before income taxes 49,334 33,329 132,307 102,352 Provision for income taxes 11,277 9,053 31,468 26,309 Net income $ 38,057 $ 24,276 $ 100,839 $ 76,043 Income per share – Basic: Common Stock $ 2.12 $ 1.35 $ 5.61 $ 4.23 Class B Common Stock $ 1.70 $ 1.08 $ 4.49 $ 3.39 Income per share – Diluted: Common Stock $ 2.03 $ 1.29 $ 5.38 $ 4.06 Income allocated to – Basic: Common Stock $ 31,962 $ 20,394 $ 84,716 $ 63,882 Class B Common Stock $ 6,095 $ 3,882 $ 16,123 $ 12,161 Income allocated to – Diluted: Common Stock $ 38,057 $ 24,276 $ 100,839 $ 76,043 Weighted average shares outstanding – Basic: Common Stock 15,062 15,087 15,094 15,084 Class B Common Stock 3,590 3,590 3,590 3,590 Weighted average shares outstanding – Diluted: Common Stock 18,705 18,748 18,738 18,751 (1) Exclusive of depreciation on the Company's property, plant and equipment and amortizatio

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