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UniFirst Announces Financial Results for Fiscal 2000 First Quarter, Declares Dividends.



Business Editors

WILMINGTON Wilmington.

1 City (1990 pop. 71,529), seat of New Castle co., NE Del., on the Delaware River and tributary streams, the Christina and the Brandywine; settled 1638, inc. as a city 1832.
, Mass.--(BUSINESS WIRE)--Jan. 11, 2000

UniFirst Corporation (NYSE NYSE

See: New York Stock Exchange
:UNF UNF University of North Florida
UNF Unfinished
UNF Ungdommens Naturvidenskabelige Forening (Denmark)
UNF United Nations Foundation
UNF Ungdomens Nykterhetsförbund
UNF United Nations Fund
UNF Unified National Fine
) today announced revenues and earnings for its fiscal 2000 first quarter, the thirteen weeks ended November November: see month.  27, 1999, and declared de·clare  
v. de·clared, de·clar·ing, de·clares

v.tr.
1. To make known formally or officially. See Synonyms at announce.

2. To state emphatically or authoritatively; affirm.

3.
 quarterly cash dividends.

Revenues for the first quarter of fiscal 2000 were a record $131.8 million, a 13.3 percent increase from $116.3 million in the same period a year ago. First quarter net income was $5.5 million, or $0.28 per share, a 42.0 percent decrease from last year's $9.4 million, or $0.46 per share.

"Our revenue growth is encouraging" commented Ronald D. Croatti, UniFirst's President and Chief Executive Officer. "We continue to see improvement in our internal growth, which was 7.7 percent in this year's first quarter compared with 2.6 percent last year. The investments we've we've  

Contraction of we have.

we've have
 made in professional sales training, national, catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C.  and internet sales are beginning to pay off. As expected, our profits remain pressured as we continue to assimilate as·sim·i·late
v.
1. To consume and incorporate nutrients into the body after digestion.

2. To transform food into living tissue by the process of anabolism.
 last year's acquisitions and deal with ongoing increases in labor, fuel and other operating costs operating costs nplgastos mpl operacionales . Beyond this, a major impact came from a comparative year-to-year increase in merchandise expense. In last year's first quarter we realized a benefit of approximately ap·prox·i·mate  
adj.
1. Almost exact or correct: the approximate time of the accident.

2.
 3% of revenues compared to this year's first quarter due to a change we made in estimated lives for rental merchandise in service, from primarily 12 months to primarily 15 months. This benefit was absent in the fiscal 2000 first quarter."

The Company's Board of Directors declared regular quarterly cash dividends of $0.0375 per share (3.75 cents) on the Company's Common Stock and $0.03 per share (3.0 cents) on the Company's Class B Common Stock. Both dividends are payable on March 31, 2000, to shareholders of record on March 10, 2000. During the past year, the Company repurchased over a million shares of its common stock, underlining un·der·lin·ing  
n.
1. The act of drawing a line under; underscoring.

2. Emphasis or stress, as in instruction or argument.
 management's optimism about the future.

UniFirst is one of the largest providers of workplace uniforms and protective clothing in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company employs 7,500 team partners who serve well over 100,000 customer locations in 45 states, Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of  and Europe Europe (yr`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000).  from 146 manufacturing, distribution and customer service facilities.

The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and  of 1995 provides a safe harbor Safe Harbor

1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.

2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive.
 for certain forward-looking statements forward-looking statement

A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections.
. This public announcement contains forward-looking statements that reflect the Company's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties. The words "anticipate" and "should," and other expressions that indicate future events and trends identify forward-looking statements. Actual future results may differ materially from those anticipated depending on a variety of factors, including, but not limited to, performance of acquisitions; economic and business changes; fluctuations in the cost of materials and labor; strikes and unemployment levels; demand and price for the Company's products and services; improvement in under performing rental operations; and the outcome of pending and future litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.

When a person begins a civil lawsuit, the person enters into a process called litigation.
 and environmental matters.

UNIFIRST CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
                                         Thirteen        Thirteen
                                        weeks ended     weeks ended
                                        November 27,    November 28,
                                            1999            1998

Revenues                                $131,790,000    $116,335,000

Costs and expenses:
   Operating costs                        81,839,000      66,488,000
   Selling and administrative expenses    31,023,000      26,989,000
   Depreciation and amortization           8,531,000       7,258,000
                                         121,393,000     100,735,000

Income from operations                    10,397,000      15,600,000

Interest expense (income):
   Interest expense                        1,709,000         712,000
   Interest income                          (119,000)        (58,000)
                                           1,590,000         654,000

Income before income taxes                 8,807,000      14,946,000
Provision for income taxes                 3,347,000       5,530,000

Net income                                $5,460,000      $9,416,000

Weighted average number of shares
 outstanding -
 basic & diluted                          19,689,592      20,510,608

Net income per share - basic & diluted         $0.28           $0.46


UNIFIRST CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)

                               November 27,   August 28,  November 28,
                                   1999         1999(a)       1998
Assets
Current assets:
   Cash                         $2,101,000    $2,912,000   $7,385,000
   Receivables                  57,986,000    51,786,000   45,634,000
   Inventories                  22,055,000    27,194,000   23,804,000
   Rental merchandise in
    service                     57,688,000    55,631,000   47,361,000
   Prepaid expenses                205,000       199,000      202,000

      Total current assets     140,035,000   137,722,000  124,386,000

Property and equipment:
   Land, buildings and
    leasehold improvements     180,736,000   174,979,000  154,667,000
   Machinery and equipment     196,343,000   190,722,000  168,316,000
   Motor vehicles               49,686,000    49,396,000   41,887,000
                               426,765,000   415,097,000  364,870,000
   Less - accumulated
    depreciation               179,480,000   172,912,000  152,118,000
                               247,285,000   242,185,000  212,752,000

Other assets                    88,677,000    85,720,000   56,220,000
                              $475,997,000  $465,627,000 $393,358,000

Liabilities and Shareholders' Equity
Current liabilities:
   Current maturities of
    long-term obligations       $1,619,000    $1,911,000   $1,140,000
   Notes payable                 2,394,000     2,331,000    2,509,000
   Accounts payable             18,277,000    17,659,000   17,918,000
   Accrued liabilities          49,547,000    46,659,000   47,964,000
   Accrued and deferred
    income taxes                10,205,000     7,754,000    4,961,000

      Total current
       liabilities              82,042,000    76,314,000   74,492,000

Long-term obligations,
 net of current maturities     114,172,000   111,194,000   44,602,000
Deferred income taxes           20,931,000    20,686,000   18,743,000

Shareholders' equity:
   Common stock                  1,050,000     1,050,000    1,022,000
   Class B common stock          1,026,000     1,026,000    1,029,000
   Treasury stock              (20,049,000)  (16,583,000)        --
   Capital surplus              12,438,000    12,438,000    7,078,000
   Retained earnings           266,250,000   261,450,000  248,807,000
   Accumulated other
    comprehensive income        (1,863,000)   (1,948,000)  (2,415,000)

      Total shareholders'
       equity                  258,852,000   257,433,000  255,521,000
                              $475,997,000  $465,627,000 $393,358,000

(a) Condensed from audited financial statements
COPYRIGHT 2000 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2000, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Date:Jan 11, 2000
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