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UniFirst core laundry business up 26.1% for Q1 fiscal

04
Jan '08
UniFirst Corporation announced record revenues and earnings for its first quarter of fiscal 2008 which ended November 24, 2007.

Revenues for the first quarter of fiscal 2008 were $247.3 million, an 11.2% increase from the previous year's first quarter of $222.4 million.

First quarter net income for fiscal 2008 was $16.5 million or $0.85 per diluted common share, a 19.9% increase from the first quarter of fiscal 2007, when net income was $13.7 million or $0.71 per diluted common share.

Revenues from the Company's core laundry operations, which exclude the Company's Specialty Garments and First Aid segments, grew 12.5% in the first quarter of fiscal 2008 compared to the first quarter of fiscal 2007.

Revenues from the core laundry operations increased 8.0% due to internal growth and price increases. The growth from acquisitions was primarily the result of the acquisition of Western Uniform & Towel Service which was completed in September 2007.

Primarily as a result of this revenue growth, the income from operations of the Company's core laundry business was up 26.1% compared to the first quarter of fiscal 2007.

The operating margin for the core laundry business increased from 11.1% in the first quarter of fiscal 2007 to 12.5% in the first quarter of fiscal 2008.

In addition to the revenue growth, reductions in merchandise amortization as a percentage of revenues contributed to our improved profitability.

These improvements were partially offset by higher selling and health care related costs as a percentage of revenues.


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