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UniFirst announces financial results for Q4 2006 & full year

19
Oct '06
UniFirst Corporation announced its revenues and earnings for its fiscal 2006 fourth quarter and full year.

Revenues were $207.5 million and $821.0 million for the fourth quarter and full year of fiscal 2006, respectively. These revenues represent increases of 9.9 percent and 7.5 percent, respectively, from the $188.8 million and $763.8 million recorded in the comparable 2005 periods.

Revenues from the Company's core laundry business (which excludes the Company's Specialty Garments and First Aid segments) grew 10.4 percent and 9.6 percent in the quarter and full year periods as compared to fiscal 2005.

The full year revenue growth was achieved despite a 16.4 percent decrease in the Company's Specialty Garments (nuclear and clean-room) segment for the full year.

Revenues from this segment rebounded in the fourth quarter, increasing 4.9 percent over the comparable fiscal 2005 fourth quarter.

Fourth quarter net income was $10.6 million or $0.55 per diluted common share, compared to last year's fourth quarter net income of $8.1 million or $0.42 per diluted common share.

Net income for the full year of fiscal 2006 was $39.2 million or $2.03 per diluted common share, compared to $43.3 million or $2.24 per diluted common share for the comparable period in 2005.

The Company's earnings were affected by certain adjustments made to insurance and environmental reserves in the fourth quarter of fiscal 2006.

Theseadjustments combined to increase the Company's income from operations and net income by approximately $1.3 million and $0.8 million, respectively.


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