FY16 net income flat at Unifirst Corp

October 31, 2016 - United States Of America

For the fiscal ended August 27, 2016, net income at uniforms and workwear provider Unifirst Corp was flat from a fiscal ago period at $124.3 million. These results include the positive effect of a settlement, resulting in a $15.9 million gain in the fourth fiscal quarter. Excluding the effect of this settlement, full fiscal net income was $115.3 million.

While revenues for fiscal 2016 were $1.468 billion, a rise of 0.8 per cent over fiscal 2015.

Net income for the fourth fiscal quarter was $35.5 million, down from net income of $28.9 million in the prior fiscal’s fourth quarter.

Revenues for the reporting quarter totalled $363.8 million, an increase of 1.3 per cent from $359.2 million in the same quarter of the earlier fiscal.

Unifirst said it continues to maintain a strong balance sheet with no long-term debt and increasing cash balances.

Net cash provided by operating activities for fiscal 2016 amounted to $207.6 million and cash and equivalents at the end of the fiscal under review reached $363.8 million, up from $276.6 million at the end of fiscal 2015. (AR)