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Speciality garments maker UniFirst declares Q3 & fiscal results

28
Jun '06
UniFirst Corporation announced its revenues and earnings for its third quarter and nine months of fiscal 2006 which ended May 27, 2006.

Revenues were a record $211.9 million and $613.4 million for the third quarter and first nine months of fiscal 2006, respectively. These revenues represent an increase of 8.2 percent and 6.7 percent, respectively, from the $196.0 million and $575.1 million in the comparable 2005 periods.

This revenue growth was achieved despite a decrease in revenues for the Company's Specialty Garments (nuclear and clean room) segment of 18.9 percent and 21.1 percent for the third quarter and nine month periods, respectively. Revenue from the Company's core laundry business grew 10.9 percent and 9.3 percent in both the quarter and nine month periods as compared to fiscal 2005.

Third quarter net income was $10.9 million or $0.57 per diluted common share compared to last year's third quarter net income of $11.8 million, or $0.61 per diluted common share. Net income for the first nine months of fiscal 2006 was $28.6 million or $1.48 per diluted common share compared to $35.2 million, or $1.82 per diluted common share for the comparable period in 2005.

Excluding the Company's Specialty Garments and First Aid segments, income from operations from the Company's core laundry business increased $2.5 million or 15.5 percent for the quarterly period and $1.4 million or 2.7 percent for the nine month period. Both 2006 periods include a $0.6 million gain from the sale of one of the Company's industrial laundry facilities whose operations were consolidated with another facility.


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