UniFirst Corporation announced record revenues and earnings for its fiscal 2007 fourth quarter and full year which ended August 25, 2007.
Revenues were $227.5 million and $902.1 million for the fourth quarter and full year of fiscal 2007, respectively. These revenues represent an increase of 9.6% and 9.9%, respectively, from the $207.5 million and $821.0 million in the comparable 2006 periods.
Fourth quarter net income was $10.8 million, or $0.56 per diluted common share, compared to net income of $10.6 million, or $0.55 per diluted common share in the fourth quarter of fiscal 2006.
The Company's earnings in the fourth quarter of fiscal 2006 were affected by certain adjustments which combined to increase the Company's net income by approximately $0.8 million. Excluding these adjustments, the Company's net income increased from $9.8 million in the fourth quarter of fiscal 2006 to $10.8 million in fiscal 2007, or 10.6%.
Net income for the full year increased 15.3% to $45.2 million, or $2.34 per diluted common share, compared to $39.2 million, or $2.03 per diluted common share for fiscal 2006. The Company's full year 2007 results were affected by severance expense as well as by adjustments made to the Company's environmental reserves in the second quarter of fiscal 2007.
These combined to decrease the Company's income from operations and net income by approximately $2.3 million and $1.4 million, respectively. Without these adjustments, the Company's diluted earnings per share for fiscal 2007 would have been $2.41.
Revenues were $227.5 million and $902.1 million for the fourth quarter and full year of fiscal 2007, respectively. These revenues represent an increase of 9.6% and 9.9%, respectively, from the $207.5 million and $821.0 million in the comparable 2006 periods.
Fourth quarter net income was $10.8 million, or $0.56 per diluted common share, compared to net income of $10.6 million, or $0.55 per diluted common share in the fourth quarter of fiscal 2006.
The Company's earnings in the fourth quarter of fiscal 2006 were affected by certain adjustments which combined to increase the Company's net income by approximately $0.8 million. Excluding these adjustments, the Company's net income increased from $9.8 million in the fourth quarter of fiscal 2006 to $10.8 million in fiscal 2007, or 10.6%.
Net income for the full year increased 15.3% to $45.2 million, or $2.34 per diluted common share, compared to $39.2 million, or $2.03 per diluted common share for fiscal 2006. The Company's full year 2007 results were affected by severance expense as well as by adjustments made to the Company's environmental reserves in the second quarter of fiscal 2007.
These combined to decrease the Company's income from operations and net income by approximately $2.3 million and $1.4 million, respectively. Without these adjustments, the Company's diluted earnings per share for fiscal 2007 would have been $2.41.
