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UniFirst announces Q3 & 9-months fiscal 2007 results

28
Jun '07

UniFirst Corporation announced its revenues and earnings for its third quarter and first nine months of fiscal 2007 which ended May 26, 2007. Revenues were a record $229.8 million and $674.6 million for the third quarter and first nine months of fiscal 2007, respectively.

These revenues represent an increase of 8.5% and 10.0%, respectively, from the $211.9 million and $613.4 million in the comparable 2006 periods.

Third quarter net income increased 25.3% to $13.7 million, or $0.71 per diluted common share, compared to net income of $10.9 million, or $0.57 per diluted common share in the third quarter of fiscal 2006. Net income for the first nine months of fiscal 2007 increased 20.1% to $34.4 million, or $1.78 per diluted common share, compared to $28.6 million, or $1.48 per diluted common share for the comparable period in 2006.

These increases in earnings are primarily the result of the improved profitability of the Company's Specialty Garments segment as well as the continued strong performance of the Company's core laundry operations.

The Company's nine month earnings for fiscal 2007 were affected by severance expense as well as by adjustments made to the Company's environmental reserves in the second fiscal quarter of fiscal 2007.

These combined to decrease the Company's income from operations and net income by approximately $2.3 million and $1.4 million, respectively. Without these adjustments, the Company's diluted earnings per share for the first nine months of fiscal 2007 would have been $1.85.

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