Supplier of uniforms, UniFirst Corporation said its revenues climbed 6.8 per cent and net income 8.6 per cent; both from a year ago quarter for its fiscal 2015 first quarter ended November 29, 2014.
First fiscal quarter of 2015 revenues grew to $370.4 million, up 6.8 per cent from $346.7 million in the year ago period.
While, it reported net income of $37.4 million or $1.85 per diluted share as against $34.5 million or $1.71 per diluted share, from a year earlier quarter.
Revenues in the Core Laundry Operations in the reporting quarter rose 7.6 per cent from the prior year period to $335.8 million.
“Excluding the effect of acquisitions and a weaker Canadian dollar, revenues grew 7.8 per cent,” UniFirst said.
However, sales for the Specialty Garments segment, which consists of nuclear decontamination and cleanroom operations, were $22.5 million, down 8.0 per cent from $24.4 million in the first quarter of fiscal 2014.
According to UniFirst, this decrease was primarily the result of reduced power reactor business in North America compared to a year ago.
UniFirst said it continues to maintain a solid balance sheet with no long term debt and increasing cash balances.
Cash and cash equivalents at the end of the quarter totaled $213.0 million, up from $191.8 million three months earlier.
UniFirst expects full year fiscal 2015 revenues to be between $1.450-1.470 billion and full year diluted EPS to be between $5.75-6.00 per share as earlier communicated in October.
However, it remains cautious in its outlook as a result of its significant presence in energy producing regions and if oil prices remain depressed, it expects operating results to be negatively impacted.
Ronald Croatti, UniFirst president said, “Our ongoing commitment to customer service and our goal of creating ‘Customers for Life’ will continue to be, an integral part of achieving profitable growth.”
UniFirst Corporation is a North American leader in the supply and servicing of uniform and workwear programs, as well as the delivery of facility service programs.
Together with its subsidiaries, the company also provides first aid and safety products, and manages specialized garment programs for the cleanroom and nuclear industries.
UniFirst manufactures its own branded workwear, protective clothing, and floorcare products, and has over 225 service locations, 260,000 customer locations and around 12,000 employees. (AR)
