1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------
FORM 10-K
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
- - ----- SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended August 27, 1994
Commission File Number 1-8504
UNIFIRST CORPORATION
(Exact name of registrant as specified in its charter)
Massachusetts 04-2103460
(State of Incorporation) (IRS Employer Identification Number)
68 Jonspin Road
Wilmington, Massachusetts 01887
(Address of principal executive offices)
Registrant's telephone number, including area code: (508) 658-8888
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange on
Title of Class which shares are traded
Common Stock,
$.10 par value per share New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
---- ----
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definintive proxy or information
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. [ X ]
The number of outstanding shares of UniFirst Corporation Common Stock
and Class B Common Stock at November 14, 1994 were 7,884,644 and 12,625,964,
respectively, and the aggregate market value of these shares held by
non-affiliates of the Company on said date was $111,955,339 (based upon the
closing price of the Company's Common Stock on the New York Stock Exchange on
said date and assuming the market value of a share of Class B Common Stock
(which is generally non-transferable, but is convertible at any time into one
share of Common Stock) is identical to the market value of the Common Stock).
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Company's 1994 Annual Report to Shareholders and the
Company's Proxy Statement for its 1995 Annual Meeting of Shareholders (which
will be filed with the Securities and Exchange Commission within 120 days after
the close of the 1994 fiscal year) are incorporated by reference into Parts II,
III, and IV hereof.
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ITEM 1. BUSINESS
- - -----------------
UniFirst is a leading company in the garment rental industry. The
Company's services consist principally of renting, cleaning, and delivering a
variety of industrial employment garments on a periodic basis, usually weekly.
The Company also decontaminates and cleans garments which may have been exposed
to radioactive materials. Customer billings are rendered and recorded as
revenues when services are performed.
The Company's principal business, since its inception, has been the
rental and servicing of industrial employment uniforms and protective clothing
(such shirts, pants, jackets, coveralls, jumpsuits, lab coats, smocks and
aprons) as well as industrial wiper towels, floor mats and other non-garment
items. The Company services its customers by picking up the soiled items on a
periodic basis, usually weekly, and delivering at the same time cleaned and
processed items.
Through the Company's services, customers are provided with uniforms
and protective work clothing for their employees without the necessity of
investing working capital, which is particularly advantageous to customers
whose worker turnover is high. The Company's centralized services, specialized
equipment and economies of scale generally allow it to be more cost effective
in providing garment services than the customers could be by themselves. In
order to better service its customers, the Company maintains a relatively
higher level of inventory of garments in stock than it believes customary in
the industry. Customers are given a broad selection of styles, colors, sizes,
fabrics and personalized emblems from which to choose. The Company's uniform
program is intended not only to upgrade the image of the customers, but also to
improve the effectiveness, morale, safety and satisfaction of their employees.
The Company services a wide variety of manufacturers, retailers and
service companies, including automobile dealers and service stations, bakeries,
transportation companies and agricultural processors. Substantially all of the
Company's rental services are provided pursuant to written contracts, primarily
for a term of three years. The Company services over 100,000 customer
locations in 44 states and Canada from 99 service locations and distribution
centers. For fiscal 1992, 1993 and 1994, the Company's garment rental
operations produced approximately 64%, 65% and 66%, respectively, of its
revenues, and non-garment rental items accounted for another 27%, 25% and 25%,
respectively, of its revenues, with no single customer accounting for more than
1% of total revenues in any year.
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The Company manufactures work pants and shirts for its garment rental
operations in its plants in Luquillo, Puerto Rico, and Cave City, Arkansas,
respectively. These plants produced approximately 43% of all employment
garments which the Company placed in service during both fiscal 1994 and 1993.
The Company is also in the specialized business of decontaminating and
cleaning work clothes which may have been exposed to radioactive materials.
The Company's customers in this market include the federal government, research
and development laboratories and utilities operating nuclear reactors. The
Company maintains decontamination facilities at the site of a conventional
cleaning plant in Massachusetts and has specialized facilities exclusively for
its nuclear decontamination operations in Mississippi, New Mexico, California,
Washington, Hawaii, Pennsylvania, South Carolina, Virginia, Georgia, Illinois
and Iowa.
MARKETING
The Company markets its services to potential customers through
approximately 230 trained sales representatives whose sole function is to
develop new sales by adding new accounts and who have no direct responsibility
for servicing customer accounts. Potential customers are contacted by
telephone and also through sales appointments. The Company has a
separately-staffed telemarketing program of approximately 30 people, designed
to provide broader and more efficient coverage by screening prospects for the
sales representatives.
The Company believes that customer service is the most important
element in developing and maintaining its market position. As of August 27,
1994, existing accounts were serviced by approximately 685 route salespersons
and 410 service support people who together are responsible for providing
prompt delivery service and ensuring expeditious handling of customer
requirements regarding billings, adjustments, garment repairs and other
matters. The Company's policy is to resolve all customer inquiries and
problems within 24 hours.
The Company believes that its distinction between sales and service
personnel, which allows the route salespersons to monitor and maximize existing
customer satisfaction while others promote an ongoing new business effort, is
an important part of its competitive strategy.
Customer service is enhanced by the Company's management information
systems, which provide instantaneous access to information on the customer
employees serviced by the Company. Available data includes the status of
customer orders, inventory availability, shipping information and personal data
regarding individual customer employees, including names, sizes, uniform styles
and colors.
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The Company's emphasis on customer service is reflected throughout the
Company's business. The Company believes that ownership of its own
manufacturing facilities increases its ability to control the quality of its
garments. The Company believes its industrial cleaning facilities are among
the most modern in the industry.
Expansion by the Company into new market areas is achieved through an
acquisition program and internal growth. Internal expansion normally results
from extending sales routes into new market areas and then servicing the new
accounts from one of the Company's existing facilities. Since internal
expansion is thus limited to contiguous areas, the Company also has an
acquisition program to permit it to expand more widely into new market areas.
The Company believes that acquisitions are an effective manner of expanding its
customer base and foresees this avenue as an important source of growth.
COMPETITION
The markets serviced by the Company are highly competitive. Although
the Company is one of the larger companies engaged in the business of renting
and cleaning employment garments, there are other firms in the industry which
are larger and have greater financial resources than the Company. The
principal methods of competition in the industry are quality of service and
price. The Company believes that its ability to compete effectively is due
primarily to the superior service and support systems which it provides to its
customers.
RAW MATERIALS
The Company obtained through its manufacturing operations approximately
43% of all garments which it placed in service during fiscal 1994, with other
items and the balance of garments being purchased from a variety of suppliers.
The Company has experienced no significant difficulty in obtaining any of its
raw materials or supplies.
EMPLOYEES
The Company employs approximately 5,500 persons, about 6% of whom are
represented by unions pursuant to 7 separate collective bargaining agreements.
The Company considers its employee relations to be satisfactory.
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EXECUTIVE OFFICERS
The executive officers of the Company are as follows:
NAME AGE POSITION
---- --- --------
Aldo A. Croatti 76 Chairman of the Board
Ronald D. Croatti 51 Vice Chairman of the Board and
Chief Executive Officer
Anthony F. DiFillippo 67 President
Robert L. Croatti 58 Executive Vice President
John B. Bartlett 53 Senior Vice President and
Chief Financial Officer
Cynthia Croatti Inello 39 Treasurer
Robert T. Citrano 50 Vice President, Support Services
Bruce P. Boynton 46 Vice President,
Canadian Operations
Aldo A. Croatti has been Chairman of the Board since the Company's
incorporation in 1950 and of certain of its predecessors since 1940.
Ronald D. Croatti has been Vice Chairman of the Board for more than the past
five years and Chief Executive Officer since September 1, 1991. Prior to
becoming CEO he was Chief Operating Officer for more than five years.
Anthony F. DiFillippo has been President for more than the past five years.
Robert L. Croatti has been Executive Vice President for more than the past five
years.
John B. Bartlett has been Senior Vice President and Chief Financial Officer for
more than the past five years.
Cynthia Croatti Inello has been Treasurer for more than the past five years.
Robert T. Citrano has been Vice President, Support Services for more than the
past five years.
Bruce P. Boynton has been Vice President, Canadian Operations for more than the
past five years.
Ronald D. Croatti, Anthony F. DiFillippo, Robert L. Croatti and Cynthia Croatti
Inello are a son, brother-in-law, nephew and daughter, respectively, of Aldo A.
Croatti.
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ENVIRONMENTAL MATTERS
All industrial laundries use and have to dispose of detergent waste
water and/or dry cleaning residues. The Company is aware of the environmental
concerns surrounding the disposal of these materials and has taken steps to
avoid their improper disposal. Although from time to time the Company is
subject to administrative and judicial proceedings involving environmental
matters, the Company does not foresee a material effect on its earnings or
competitive position in connection with such proceedings or its compliance with
federal, state and local provisions regulating the environment. The Company's
nuclear garment decontamination facilities are licensed by the Nuclear
Regulatory Commission or, in certain instances, by the applicable state agency.
The Company and several other unaffiliated parties have been identified
by the United States Environmental Protection Agency ("EPA") as having
contributed to the presence of hazardous substances in the ground water in
Woburn, Massachusetts. The Company has not incurred, and does not currently
anticipate incurring, expenses in connection therewith which would have a
material adverse effect on its financial position as a result thereof.
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ITEM 2. PROPERTIES
- - -------------------
At August 27, 1994 the Company owned or occupied 115 facilities
containing an aggregate of approximately 2.8 million square feet located in the
United States, Canada and Puerto Rico. The Company owns 70 of these
facilities containing approximately 2.3 million square feet.
The following chart summarizes certain information with respect to the
principal properties currently owned or leased by the Company.
LOCATION APPROXIMATE SQUARE FEET
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Executive Office & Distribution Center
Wilmington, MA 132,000
Rental Garment Servicing Facilities
Pittsburgh, PA 96,000
Springfield, MA 68,000
Washington, DC 57,000
Dallas, TX 55,000
Nashua, NH 54,000
Stratford, CT 54,000
Boston, MA 48,000
Houston, TX 48,000
Columbus, OH 45,000
Odessa, TX 45,000
Richmond, VA 45,000
Portland, ME 44,000
Harlingen, TX 42,000
Toronto, Ontario, Canada 41,000
Buffalo, NY 40,000
Lubbock, TX 40,000
Portland, OR 40,000
Tulsa, OK 40,000
Tampa, FL 39,000
Ocala, FL 38,000
Los Angeles, CA 37,000
Lebanon, NH 36,000
Uvalde, TX 36,000
Charlotte, NC 34,000
Corpus Christi, TX 34,000
Philadelphia, PA 34,000
San Antonio, TX 34,000
Albuquerque, NM 33,000
Amarillo, TX 33,000
Vancouver, British Columbia, Canada 33,000
Norfolk, VA 33,000
Cincinnati, OH 32,000
McAllen, TX 32,000
Baltimore, MD 30,000
Bangor, ME 30,000
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Garment Manufacturing Facilities
Cave City, AR 62,000
Luquillo, PR 44,000
Distribution Center & Emblem Mfg. Facility
Macon, GA 34,000
Nuclear Garment Decontamination Facilities
Royersford, PA 39,000
Richland, WA 37,000
The Company owns all the machinery and equipment used in its
operations. In the opinion of the Company, all of its facilities and its
production, cleaning and decontamination equipment have been well maintained,
are in good condition and are adequate for the Company's present needs.
The Company owns and leases a fleet of approximately 1,300 delivery
vans, trucks and other vehicles. The Company believes that these vehicles are
in good repair and are adequate for the Company's present needs.
ITEM 3. LEGAL PROCEEDINGS
- - --------------------------
From time to time the Company is subject to legal proceedings and
claims arising from the conduct of its business operations, including personal
injury, customer contract, employment claims and environmental matters as
described in Item 1 above. The Company maintains insurance coverage providing
indemnification against the majority of such claims and management does not
expect that any material loss to the Company will be sustained as a result
thereof.
ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS
- - ----------------------------------------------------------
None
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PART II
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ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED
- - --------------------------------------------------------------
STOCKHOLDER MATTERS
-------------------
See the section entitled "Common Stock Prices and Dividends Per Share"
which is incorporated herein by reference, as part of the Company's 1994 Annual
Report to Shareholders.
ITEM 6. SELECTED FINANCIAL DATA
- - --------------------------------
See the section entitled "Ten Year Financial Summary" which is
incorporated herein by reference, as part of the Company's 1994 Annual Report
to Shareholders.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
- - ------------------------------------------------------------------------
RESULTS OF OPERATIONS
---------------------
See the section entitled "Management's Discussion and Analysis of
Financial Condition and Results of Operations" which is incorporated herein by
reference, as part of the Company's 1994 Annual Report to Shareholders.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
- - ----------------------------------------------------
The financial statements and the accompanying notes, which are
incorporated herein by reference to the Company's 1994 Annual Report to
Shareholders, are indexed herein under Items 14(a)(1) and (2) of Part IV.
ITEM 9. DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURES
- - --------------------------------------------------------------
Not applicable
PART III
--------
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE COMPANY
- - ---------------------------------------------------------
Incorporated by reference to the information provided under the caption
"Election of Directors" in the Company's Proxy Statement for its 1995 Annual
Meeting of Shareholders.
ITEM 11. EXECUTIVE COMPENSATION
- - --------------------------------
Incorporated by reference to the information provided under the caption
"Summary Compensation Table" in the Company's Proxy Statement for its 1995
Annual Meeting of Shareholders.
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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
- - ------------------------------------------------------------------------
Incorporated by reference to the information provided under the
captions "Election of Directors" and "Principal Shareholders" in the Company's
Proxy Statement for its 1995 Annual Meeting of Shareholders.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
- - --------------------------------------------------------
Incorporated by reference to the information provided under the caption
"Certain Transactions" in the Company's Proxy Statement for its 1995 Annual
Meeting of Shareholders.
PART IV
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ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS
- - -------------------------------------------------------------
ON FORM 8-K
-----------
(a) The financial statements listed below are filed as part of
this report:
1. and 2. Financial Statements and
------------------------
Financial Statement Schedules.
------------------------------
The financial statements and financial statement schedules listed below
are incorporated herein by reference to the Company's 1994 Annual Report to
Shareholders.
Consolidated balance sheets as of August 27, 1994
and August 28, 1993
Consolidated statements of income for each of the
three years in the period ended August 27, 1994
Consolidated statements of shareholders' equity for
each of the three years in the period ended
August 27, 1994
Consolidated statements of cash flows for each of the
three years in the period ended August 27, 1994
Notes to consolidated financial statements
Report of independent public accountants
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The following additional schedules are filed herewith:
Report of independent public accountants on supplemental schedules to
the consolidated financial statements.
Schedule II -
Note receivable from related party.
Schedule V -
Property, plant and equipment for each of the three years in the
period ended August 27, 1994.
Schedule VI -
Accumulated depreciation and amortization for each of the three years
in the period ended August 27, 1994.
Schedule VIII -
Valuation and qualifying accounts and reserves for each of the three
years in the period ended August 27, 1994.
Schedule X -
Supplementary income statement information for each of the three
years in the period ended August 27, 1994.
Separate financial statements of the Company have been omitted because
the Company is primarily an operating company and all subsidiaries included in
the consolidated financial statements are totally held.
All other schedules have been omitted since the required information is
not present or not present in amounts sufficient to require submission of the
schedule, or because the information required is included in the financial
statements or the notes thereto.
3. Exhibits. The exhibits listed the accompanying Exhibit Index are
filed as part of this report.
(b) During the three months ended August 27, 1994 the Company did not
file any reports on Form 8-K with the Securities and Exchange Commission.
12
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
UniFirst Corporation
By: Aldo A. Croatti
----------------------------------
Aldo A. Croatti
Chairman
Date: November 23, 1994
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
NAME TITLE DATE
Aldo A. Croatti Chairman and Director November 23, 1994
- - --------------------
Aldo A. Croatti
Principal Executive
Ronald D. Croatti Officer and Director November 23, 1994
- - --------------------
Ronald D. Croatti
Principal Financial
Officer and Principal
John B. Bartlett Accounting Officer November 23, 1994
- - --------------------
John B. Bartlett
Anthony F. DiFillippo Director November 23, 1994
- - ---------------------
Anthony F. DiFillippo
Donald J. Evans Director November 23, 1994
- - --------------------
Donald J. Evans
Reynold L. Hoover Director November 23, 1994
- - --------------------
Reynold L. Hoover
Albert Cohen Director November 23, 1994
- - --------------------
Albert Cohen
13
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ON SUPPLEMENTAL
SCHEDULES TO THE CONSOLIDATED FINANCIAL STATEMENTS
To UniFirst Corporation:
We have audited, in accordance with generally accepted auditing
standards, the consolidated financial statements included in this Form 10-K,
and have issued our report thereon dated November 1, 1994. Our report on the
consolidated financial statements includes an explanatory paragraph with
respect to the change in the method of accounting for income taxes, effective
September 1, 1991, as discussed in Note 3 to the consolidated financial
statements. Our audit was made for the purpose of forming an opinion on the
basic consolidated financial statements taken as a whole. The supplemental
schedules to the consolidated financial statements listed as Item 14(a)(2) in
the Form 10-K are the responsibility of the Company's management and are
presented for purposes of complying with the Securities and Exchange
Commission's rules and are not part of the basic consolidated financial
statements. These supplemental schedules have been subjected to the auditing
procedures applied in the audit of the basic consolidated financial statements
and, in our opinion, fairly state, in all material respects, the financial data
required to be set forth therein, in relation to the basic consolidated
financial statements taken as a whole.
ARTHUR ANDERSEN LLP
Boston, Massachusetts
November 1, 1994
14
UNIFIRST CORPORATION AND SUBSIDIARIES
- - -------------------------------------
SCHEDULE II
- - -----------
NOTE RECEIVABLE FROM RELATED PARTY
- - ----------------------------------
Balance, Balance,
Beginning Amounts End of
Name of debtor of Period Additions Collected Period
- - -------------------------------------------------------------------------------------------------
For the year ended August 27, 1994
- - ----------------------------------
Anthony F. DiFillippo,
Company President $ 200,000 -- $ 200,000 --
===========================================================
For the year ended August 28, 1993
- - ----------------------------------
Anthony F. DiFillippo,
Company President -- $ 200,000 - $ 200,000
===========================================================
There was no activity for the year ended August 29, 1992
15
UNIFIRST CORPORATION AND SUBSIDIARIES
- - -------------------------------------
SCHEDULE V
- - ----------
PROPERTY, PLANT AND EQUIPMENT FOR EACH OF THE
- - ---------------------------------------------
THREE YEARS IN THE PERIOD ENDED AUGUST 27, 1994
- - -----------------------------------------------
Balance, Sales, Balance,
Beginning Additions, Retirements End of
Classification of Period at Cost and Other Period
- - ----------------------------------------------------------------------------------------------------
For the year ended August 27, 1994
- - ----------------------------------
Land, buildings and
leasehold improvements $ 93,347,000 $ 8,835,000 $ (808,000) $101,374,000
Machinery and equipment 86,165,000 14,990,000 (1,200,000) 99,955,000
Motor vehicles 21,899,000 5,193,000 (855,000) 26,237,000
-------------------------------------------------------------
$201,411,000 $29,018,000 $(2,863,000) $227,566,000
=============================================================
For the year ended August 28, 1993
- - ----------------------------------
Land, buildings and
leasehold improvements $ 88,831,000 $ 5,738,000 $(1,222,000) $ 93,347,000
Machinery and equipment 82,110,000 10,984,000 (6,929,000) 86,165,000
Motor vehicles 20,195,000 3,351,000 (1,647,000) 21,899,000
-------------------------------------------------------------
$191,136,000 $20,073,000 $(9,798,000) $201,411,000
=============================================================
For the year ended August 29, 1992
- - ----------------------------------
Land, buildings and
leasehold improvements $ 83,011,000 $ 6,070,000 $ (250,000) $ 88,831,000
Machinery and equipment 77,775,000 11,635,000 (7,300,000) 82,110,000
Motor vehicles 18,918,000 2,838,000 (1,561,000) 20,195,000
-------------------------------------------------------------
$179,704,000 $20,543,000 $(9,111,000) $191,136,000
=============================================================
16
UNIFIRST CORPORATION AND SUBSIDIARIES
- - -------------------------------------
SCHEDULE VI
- - -----------
ACCUMULATED DEPRECIATION AND AMORTIZATION FOR EACH OF
- - -----------------------------------------------------
THE THREE YEARS IN THE PERIOD ENDED AUGUST 27, 1994
- - ---------------------------------------------------
Additions
Balance, Charged to Sales, Balance,
Beginning Costs and Retirements End of
Classification of Period Expenses and Other Period
- - --------------------------------------------------------------------------------------------------
For the year ended August 27, 1994
- - ----------------------------------
Land, buildings and
leasehold improvements $18,409,000 $ 2,842,000 $ (296,000) $20,955,000
Machinery and equipment 43,625,000 8,960,000 (237,000) 52,348,000
Motor vehicles 13,583,000 3,236,000 (568,000) 16,251,000
------------------------------------------------------------
$75,617,000 $15,038,000 $(1,101,000) $89,554,000
============================================================
For the year ended August 28, 1993
- - ----------------------------------
Land, buildings and
leasehold improvements $16,228,000 $ 2,689,000 $ (508,000) $18,409,000
Machinery and equipment 41,724,000 8,184,000 (6,283,000) 43,625,000
Motor vehicles 12,505,000 2,725,000 (1,647,000) 13,583,000
------------------------------------------------------------
$70,457,000 $13,598,000 $(8,438,000) $75,617,000
============================================================
For the year ended August 29, 1992
- - ----------------------------------
Land, buildings and
leasehold improvements $13,790,000 $ 2,550,000 $ (112,000) $16,228,000
Machinery and equipment 40,537,000 7,822,000 (6,635,000) 41,724,000
Motor vehicles 11,847,000 2,222,000 (1,564,000) 12,505,000
------------------------------------------------------------
$66,174,000 $12,594,000 $(8,311,000) $70,457,000
============================================================
17
UNIFIRST CORPORATION AND SUBSIDIARIES
- - -------------------------------------
SCHEDULE VIII
- - -------------
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES FOR EACH
- - -------------------------------------------------------
OF THE THREE YEARS IN THE PERIOD ENDED AUGUST 27, 1994
- - ------------------------------------------------------
Balance, Charged to Charges for Balance,
Beginning Costs and Which Reserves End of
Description of Period Expenses Were Created Period
- - -------------------------------------------------------------------------------------------------
For the year ended August 27, 1994
- - ----------------------------------
Allowance for
doubtful accounts $440,000 $1,179,000 $(1,037,000) $ 582,000
=========================================================
For the year ended August 28, 1993
- - ----------------------------------
Allowance for
doubtful accounts $348,000 $1,030,000 $ (938,000) $ 440,000
=========================================================
For the year ended August 29, 1992
- - ----------------------------------
Allowance for
doubtful accounts $500,000 $1,102,000 $(1,254,000) $ 348,000
=========================================================
18
UNIFIRST CORPORATION AND SUBSIDIARIES
- - -------------------------------------
SCHEDULE X
- - ----------
SUPPLEMENTARY INCOME STATEMENT INFORMATION FOR EACH
- - ---------------------------------------------------
OF THE THREE YEARS IN THE PERIOD ENDED AUGUST 27, 1994
- - ------------------------------------------------------
YEAR ENDED
--------------------------------------------
August 27, August 28, August 29,
Description 1994 1993 1992
- - ---------------------------------------------------------------------------
Maintenance and repairs $ 9,098,000 $ 8,181,000 $ 7,455,000
Depreciation and amortization
of other assets 17,912,000 16,454,000 15,999,000
Taxes, other than payroll
and income taxes 3,394,000 2,975,000 2,560,000
19
EXHIBIT INDEX
-------------
Description
-----------
3-A Restated Articles of Organization -- incorporated by reference to
Exhibit 3-A to the Company's Registration Statement on Form S-1
(No. 2-83051) -- and the Articles of Amendment dated January 12,
1988, a copy of which was filed on an exhibit to the Company's
Annual Report on Form 10-K for fiscal year ended August 27, 1988
-- and the Articles of Amendment dated January 21, 1993, a copy of
which was filed on an exhibit to the Company's Quarterly Report on
Form 10-Q for fiscal quarter ended February 27, 1993.
3-B By-laws -- incorporated by reference to Exhibit 3-B to the
Company's Annual Report on Form 10-K for fiscal year ended
August 31, 1991.
10-A UniFirst Corporation Profit Sharing Plan -- incorporated by
reference to Exhibit 10-A to the Company's Annual Report on Form
10-K for fiscal year ended August 26, 1989.
10-C Metropolitan Life Insurance Company Loan Agreement covering
issuance of $15,000,000 9-1/4% Senior Notes -- incorporated by
reference to Exhibit 10-F to the Company's Annual Report on Form
10-K for fiscal year ended August 29, 1987.
13 The Company's 1994 Annual Report to Shareholders (filed herewith
to the extent expressly incorporated by reference herein).
22 List of subsidiaries of the Company:
Interstate Nuclear Services Corp.
Interstate Uniform Manufacturing of Puerto Rico, Inc.
Superior Products & Equipment Co., Inc.
UniFirst Canada Ltd.
Texas Industrial Services, Inc.
U Two Corporation
UR Corporation
UniFirst Express, Inc.
Modern Coverall - Uniform Supply, Inc.
23 Consent of Arthur Andersen LLP
27 Financial Data Schedule