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UniFirst Specialty Garments operating profit up
02 Jul '09
4 min read
UniFirst continues to generate strong cash flows and maintain a solid balance sheet. Cash flows from operations for the first nine months of fiscal 2009 were $109.4 million compared to $83.6 million in the first nine months of fiscal 2008. This year the Company has generated significant free cash flows which have been used primarily to reduce outstanding debt by $41.6 million. Total debt as a percentage of capital as of the end of the third quarter was 24.1%, down from 29.7% as of the end of fiscal 2008.
“As the economic environment remains volatile, cost control will continue to be a top priority,” Croatti said. “We anticipate that even when general economic conditions improve, our customers will be hesitant to increase employee levels too quickly and as a result it will take us longer to recover the uniform wearers that we have lost. However, our strong overall financial position allows us to continue investing significant resources selling the value of our services to prospective and existing customers.”
“As the economic environment remains volatile, cost control will continue to be a top priority,” Croatti said. “We anticipate that even when general economic conditions improve, our customers will be hesitant to increase employee levels too quickly and as a result it will take us longer to recover the uniform wearers that we have lost. However, our strong overall financial position allows us to continue investing significant resources selling the value of our services to prospective and existing customers.”
UniFirst Corporation
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