UniFirst declares financial results for Q1 fiscal 2006
06 Jan '06
2 min read
UniFirst Corporation announced its revenues and earnings for its fiscal 2006 first quarter, the thirteen weeks ended November 26, 2005.
Revenues for the quarter were a record $199.3 million, a 5.8% increase from $188.4 million in the same period a year ago. First quarter net income was $11.4 million.
This translated to $0.59 per diluted common share compared to last year's first quarter net income of $13.4 million, or $0.69 per diluted common share.
The primary reason for this $2.0 million decrease in net income was the Company's Specialty Garments (nuclear and clean room) segment. This segment's income from operations decreased approximately $3.1 million from the first quarter of fiscal 2005 to the first quarter of fiscal 2006.
This decrease in profitability of Specialty Garments is directly attributable to a decrease in revenues of 21.0% between comparable periods due primarily to the conclusion of a significant contract in fiscal 2005.
In addition, income from operations for the Company's First Aid segment decreased approximately $0.6 million from the first quarter of fiscal 2005 to the first quarter of fiscal 2006.
Excluding the Company's Specialty Garments and First Aid segments, revenues and income from operations from the Company's core laundry business increased 8.6% and 6.2%, respectively.
As a percentage of overall revenues, operating costs increased 1.8% from 61.3% for the first quarter of fiscal 2005 to 63.1% for the first quarter of fiscal 2006.
marketing@alchempro.com
