UniFirst(UNF) - 2021 Q2 - Quarterly Report

Financial Performance - Net income for the thirteen weeks ended February 27, 2021, was $32,585,000, a decrease of 6% compared to $34,680,000 for the same period in 2020[12] - Comprehensive income for the twenty-six weeks ended February 27, 2021, was $77,958,000, down from $83,509,000 in the prior year, reflecting a decrease of approximately 6.6%[12] - For the twenty-six weeks ended February 27, 2021, net income was $74,481,000, compared to $82,922,000 for the same period in 2020, representing a decrease of approximately 10.5%[18] - Total revenues for the thirteen weeks ended February 27, 2021, were $449,764,000, a decrease of 3.2% from $464,600,000 in the same period of 2020[25] - Operating income for the thirteen weeks ended February 27, 2021, was $40,693, compared to $44,127 for the same period in 2020, reflecting a decrease of 7.8%[81] - The company reported operating income of $96,735 for the twenty-six weeks ended February 27, 2021, compared to $104,222 for the same period in 2020, a decrease of 7.1%[81] - The Company’s total revenues for the twenty-six weeks ended February 27, 2021, were $896.617 million, compared to $929.998 million for the same period in 2020, reflecting a decrease of about 3.6%[81] Assets and Liabilities - Total current assets increased to $1,023,464,000 as of February 27, 2021, compared to $969,334,000 as of August 29, 2020, representing a growth of 5.6%[13] - Total liabilities increased to $474,648,000 as of February 27, 2021, compared to $457,898,000 as of August 29, 2020, marking an increase of 3.6%[13] - The company’s total assets reached $2,275,758,000 as of February 27, 2021, up from $2,199,027,000, representing an increase of 3.5%[13] - The company had total current liabilities of $226,131 as of February 27, 2021, compared to $210,096 as of August 29, 2020[14] - The total present value of the Company's operating lease payments was $41,161,000 as of February 27, 2021, with future minimum lease payments totaling $43,200,000[51] Cash Flow and Investments - Cash provided by operating activities for the twenty-six weeks ended February 27, 2021, was $128,016,000, down from $136,869,000 in the prior year[18] - Net cash used in investing activities was $73,592,000 for the twenty-six weeks ended February 27, 2021, compared to $103,056,000 in the same period of 2020[18] - Total cash, cash equivalents, and short-term investments at the end of the period were $509,563,000, an increase from $395,323,000 at the end of February 29, 2020, reflecting a growth of approximately 29.0%[18] - The company repurchased $9,534,000 of Common Stock during the twenty-six weeks ended February 27, 2021, compared to $14,203,000 in the prior year[18] Dividends - The company declared dividends of $0.25 per share for common stock and $0.20 per share for Class B common stock during the reporting period[15] - Dividends declared for common stock were $9,069,000, up from $6,609,000 in the prior year, representing an increase of about 37.0%[18] - The quarterly dividend was raised to $0.25 per share of Common Stock, up from $0.1125, effective October 23, 2019[82] Segment Performance - Core Laundry Operations accounted for 88.5% of total revenues in the thirteen weeks ended February 27, 2021, generating $398,235,000[25] - The Specialty Garments operating segment generated revenues of $35.222 million for the thirteen weeks ended February 27, 2021, compared to $35.980 million for the same period in 2020, indicating a decrease of approximately 2.1%[81] - The First Aid operating segment reported revenues of $16.307 million for the thirteen weeks ended February 27, 2021, down from $16.428 million in the same period of the previous year, a decline of about 0.7%[81] Environmental and Legal Matters - Environmental liabilities decreased to $28,783,000 as of February 27, 2021, down from $30,702,000 at the beginning of the period[59] - The Company has accrued costs related to environmental remediation liabilities, with ongoing monitoring and response actions at various sites[56] - The Company is subject to legal proceedings and claims, which may impact future financial positions and results of operations[64] Shareholder Information - The diluted income per share for Common Stock for the thirteen weeks ended February 27, 2021, was $1.71, compared to $1.90 for the same period in 2020[37] - The Company repurchased a total of 368,117 shares at an average price of $167.87 under its share repurchase program as of February 27, 2021[83] Other Comprehensive Income - The total accumulated other comprehensive loss as of February 27, 2021, was $28.493 million, a decrease from $31.970 million as of August 29, 2020[73] - For the thirteen weeks ended February 27, 2021, the net current period other comprehensive income was $2.188 million[73]