We will continue to vigilantly focus on cost controls - UniFirst President

01 Apr '10

4 min read

Mr. Croatti continued, "Although we're seeing some signs of market stabilization, we continue to expect job growth to lag a broader economic rebound. This will make the recovery of top line growth for UniFirst challenging in the near term. As a result, we will continue to vigilantly focus on cost controls and cash flow generation. We will do so, however, without ever sacrificing our ability to provide top notch service quality to our loyal customer base."

The Company also announced that it is entering into a long-term employment agreement with Mr. Croatti. Under terms of the agreement, Mr. Croatti will serve as the Company's chief executive officer for the next six years. Additionally, the agreement provides Mr. Croatti with the ability to earn up to 350,000 shares of common stock over the six year period based on the achievement of certain performance criteria. In addition, the Company has also awarded Mr. Croatti a restricted stock grant for his 2009 performance of 50,000 common shares, which will also vest over the next six years.

Donald J. Evans, the Company's lead director, said "During his 19-year tenure as CEO, Ron has been instrumental in building a company that has surpassed $1 billion in annual revenue and delivered consistent financial results. We are pleased that Mr. Croatti will remain as CEO through 2016 and provide the strong continuity in management we see as essential for continued success. On behalf of the Board and everyone at UniFirst, I want to congratulate Ron on a job well done and look forward to his passion, commitment and enthusiasm going forward."

UniFirst Corporation

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