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 29, 1998
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: (978) 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 definitive proxy or information incorporated
by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
The number of outstanding shares of UniFirst Corporation Common Stock and
Class B Common Stock at November 9, 1998 were 10,216,864 and 10,293,744,
respectively, and the aggregate market value of these shares held by
non-affiliates of the Company on said date was $276,486,148 (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 1998 Annual Report to Shareholders and the
Company's Proxy Statement for its 1999 Annual Meeting of Shareholders (which
will be filed with the Securities and Exchange Commission within 120 days after
the close of the 1998 fiscal year) are incorporated by reference into Parts II,
III and IV hereof.
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ITEM 1. BUSINESS
GENERAL
UniFirst Corporation (the "Company") is one of the largest providers of
workplace uniforms and protective clothing in the United States. The Company
rents, manufactures and sells a wide range of uniforms and protective clothing,
including shirts, pants, jackets, coveralls, jumpsuits, lab coats, smocks and
aprons, and also rents industrial wiping products, floormats and other
non-garment items, to a variety of manufacturers, retailers and service
companies. The Company serves businesses of all sizes in numerous industry
categories. Typical customers include automobile service centers and dealers,
delivery services, food and general merchandise retailers, food processors and
service operations, light manufacturers, maintenance facilities, restaurants,
service companies, soft and durable goods wholesalers, transportation companies,
and others who require employee clothing for image, identification, protection
or utility purposes. At certain specialized facilities, the Company also
decontaminates and cleans work clothes that may have been exposed to radioactive
materials and services special cleanroom protective wear. Typical customers for
these specialized services include government agencies, research and development
laboratories, high technology companies and utilities operating nuclear
reactors. In fiscal 1998, the Company generated $448.1 million in revenue, of
which approximately 68% was from the rental of uniforms and protective clothing,
22% was from the rental of non-garment items, 7% was from garment
decontamination services, and 3% was from the direct sale of garments.
PRODUCTS AND SERVICES
The Company provides its customers with personalized workplace uniforms and
protective work clothing in a broad range of styles, colors, sizes and fabrics.
The Company's uniform products include shirts, pants, jackets, coveralls,
jumpsuits, smocks, aprons and specialized protective wear, such as garments for
use in radioactive and clean room environments and fire retardant garments. The
Company also offers non-garment items and services, such as industrial wiping
products, floormats, mop dust-control service and other textile products. At
certain specialized facilities, the Company also decontaminates and cleans
clothes which may have been exposed to radioactive materials and services
special cleanroom protective wear.
The Company offers its customers a range of garment service options,
including full-service rental programs in which garments are cleaned and
serviced by the Company and lease programs in which garments are cleaned and
maintained by individual employees, as well as the opportunity to purchase
garments and related items directly. As part of its rental business, the Company
picks up a customer's soiled uniforms or other items on a periodic basis
(usually weekly) and delivers at the same time cleaned and processed replacement
items. The Company's centralized services, specialized equipment and economies
of scale generally allow it to be more cost effective in providing garment
services than customers could be by themselves, particularly those customers
with high employee turnover rates. The Company's uniform program is intended not
only to help its customers foster greater company identity, but to enhance their
corporate image and improve employee safety, productivity and morale. The
Company typically serves its customers pursuant to written service contracts
that range in duration from three to five years.
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CUSTOMERS
The Company serves businesses of all sizes in numerous industry categories.
Typical customers include automobile service centers and dealers, delivery
services, food and general merchandise retailers, food processors and service
operations, light manufacturers, maintenance facilities, restaurants, service
companies, soft and durable goods wholesalers, transportation companies, and
others who require employee clothing for image, identification, protection or
utility purposes. The Company currently services over 100,000 customer locations
in 45 states, Canada and Europe from approximately 133 service locations and
distribution centers. For fiscal 1996, 1997 and 1998, the Company's garment
rental operations produced approximately 67%, 68% and 68%, respectively, of its
revenues, while non-garment rentals accounted for 23%, 22% and 22%, the
specialized garment services business accounted for approximately 7% and direct
sales of garments accounted for 3%, of the Company's revenues during each such
period. During the past five years, no single customer accounted for more than
1% of total revenues in any year.
MARKETING AND CUSTOMER SERVICE
The Company employs more than 320 trained sales representatives whose sole
function is to market the Company's services to potential customers and develop
new accounts. The Company also utilizes its route salespeople to maximize sales
to existing customers, such as by offering garment rental customers the
opportunity to purchase non-garment items. Potential customers are contacted by
mail, by telephone and in-person. Sales representatives develop their
appointments through the use of an extensive, proprietary database of
pre-screened and qualified business prospects. This database is built through
responses to the Company's promotional initiatives, through contacts via its
World Wide Web site and trade shows and through the selective use of purchased
lists. The Company also endeavors to elevate its brand identity through certain
advertising and promotional initiatives, including the sponsorship of a NASCAR
auto racing team.
The Company believes that customer service is the most important element in
developing and maintaining its market position and that its emphasis on customer
service is reflected throughout its business. The Company serves its customers
through approximately 975 route salespersons, who generally interact on a weekly
basis with their accounts, and more than 550 service support people, who are
charged with expeditiously handling customer requirements regarding the
outfitting of new customer employees, garment repair and replacement, billing
inquiries and other matters. The Company's policy is to respond to all customer
inquiries and problems within 24 hours.
The Company's customer service function is supported by its fully-networked
management information systems, which provide Company personnel with access to
information on the status of customers' orders, inventory availability and
shipping information, as well as information regarding customers' individual
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employees, including names, sizes, uniform styles and colors. The Company has
recently established a national account sales group that targets larger
customers with nationwide operations for which the Company can serve as the
primary supplier of garment services. The Company currently employs ten persons
in its national account sales organization and it intends to expand this group
as it becomes more established.
COMPETITION
The uniform rental and sales industry is highly competitive. The Company
believes that the top five companies in the uniform rental segment of the
industry currently generate over half of the industry's volume. The remainder of
the market, however, is divided among more than 600 smaller businesses, many of
which serve one or a limited number of markets or geographic service areas and
generate annual revenues of less than $1.0 million, and a small group of which
have revenues of up to approximately $200 million. Although the Company is one
of the larger companies engaged in the uniform rental and sales business, there
are other firms in the industry which are larger and have greater financial
resources than the Company. The Company's leading competitors include ARAMARK
Corporation, Cintas Corporation, G&K Services, Inc. and Unitog Company. In
addition to its traditional rental competitors, the Company may increasingly
compete in the future with businesses that focus on selling uniforms and other
related items. The principal methods of competition in the industry are quality
of service and price. The Company also competes with industry competitors for
acquisitions, which has the effect of increasing the price for acquisitions and
reducing the number of available acquisition candidates. The Company believes
that its ability to compete effectively is enhanced by the superior customer
service and support that it provides its customers.
MANUFACTURING AND SOURCING
The Company manufactured approximately 55% of all garments which it placed
in service during fiscal 1998. These included work pants manufactured at its
plant in Luquillo, Puerto Rico, shirts manufactured at its plant in Cave City,
Arkansas, and jackets and certain specialty garments manufactured at its plant
in Wilburton, Oklahoma. The balance of the garments used in its programs are
purchased from a variety of industry suppliers. While the Company currently
acquires the raw materials with which it produces its garments from a limited
number of suppliers, the Company believes that such materials are readily
available from other sources. To date, the Company has experienced no
significant difficulty in obtaining any of its raw materials or supplies.
EMPLOYEES
At August 29, 1998, the Company employed approximately 7,300 persons, about
5% of whom are represented by unions pursuant to six separate collective
bargaining agreements. The Company considers its employee relations to be good.
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EXECUTIVE OFFICERS
The executive officers of the Company are as follows:
NAME AGE POSITION
---- --- --------
Aldo Croatti 80 Chairman of the Board
Ronald D. Croatti 55 Vice Chairman of the Board,
President and Chief Executive
Officer
Robert L. Croatti 62 Executive Vice President
John B. Bartlett 57 Senior Vice President and
Chief Financial Officer
Cynthia Croatti 43 Treasurer
Bruce P. Boynton 50 Vice President,
Canadian Operations
Dennis G. Assad 53 Vice President,
Sales and Marketing
The principal occupation and positions for the past five years of the
executive officers named above are as follows:
Aldo 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 joined the Company in 1965. Mr. Croatti became Vice
Chairman of the Board in 1986 and has served as Chief Executive Officer since
1991 and President since August 31, 1995. Mr. Croatti has overall responsibility
for the management of the Company.
Robert L. Croatti joined the Company in 1959. Mr. Croatti has served as
Executive Vice President since 1986 and has primary responsibility for
overseeing the rental operations of the Company.
John B. Bartlett joined the Company in 1977. Mr. Bartlett has served as
Senior Vice President and Chief Financial Officer since 1986 and has primary
responsibility for overseeing the financial functions of the Company, as well as
its human resources and information systems departments.
Cynthia Croatti joined the Company in 1980. Ms. Croatti has served as
Treasurer since 1982 and has primary responsibility for overseeing the
purchasing and direct sales functions of the Company.
Bruce P. Boynton joined the Company in 1976. Mr. Boynton has served as Vice
President, Canadian Operations since 1986 and is the chief operating officer for
the Company's Canadian operations.
Dennis G. Assad joined the Company in 1975. Mr. Assad has served as Vice
President, Sales and Marketing since 1995 and has primary responsibility for
overseeing the sales and marketing functions of the Company. Prior to that time,
Mr. Assad served as a Regional General Manager of the Company.
Ronald D. Croatti, Robert L. Croatti and Cynthia Croatti are a son, nephew
and daughter, respectively, of Aldo Croatti.
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ENVIRONMENTAL MATTERS
The Company and its operations are subject to various federal, state and
local laws and regulations governing, among other things, the generation,
handling, storage, transportation, treatment and disposal of hazardous wastes
and other substances. In particular, industrial laundries use and must dispose
of detergent waste water and other residues. The Company is attentive to the
environmental concerns surrounding the disposal of these materials and has
through the years taken measures to avoid their improper disposal. In the past,
the Company has settled, or contributed to the settlement of, actions or claims
brought against the Company relating to the disposal of hazardous materials and
there can be no assurance that the Company will not have to expend material
amounts to remediate the consequences of any such disposal in the future.
Further, under environmental laws, an owner or lessee of real estate may be
liable for the costs of removal or remediation of certain hazardous or toxic
substances located on or in or emanating from such property, as well as related
costs of investigation and property damage. Such laws often impose liability
without regard to whether the owner or lessee knew of or was responsible for the
presence of such hazardous or toxic substances. There can be no assurances that
acquired or leased locations have been operated in compliance with environmental
laws and regulations or that future uses or conditions will not result in the
imposition of liability upon the Company under such laws or expose the Company
to third-party actions such as tort suits.
In addition, the federal Environmental Protection Agency has recently
proposed a federal environmental regulatory framework applicable to industrial
laundry operations that would replace local regulations. Scheduled to take
effect in 1999, these regulations, if implemented as proposed, would require the
Company to expend substantial amounts on compliance, thereby increasing the
Company's operating costs and capital expenditures. To the extent such costs and
expenses could not be offset through price increases, the Company's results of
operations could be adversely affected.
The Company's nuclear garment decontamination facilities are licensed by
the Nuclear Regulatory Commission, or in certain cases by the applicable state
agency, and are subject to regulation by federal, state and local authorities.
In recent years, there has been increased scrutiny and, in certain cases,
regulation of nuclear facilities or related services that have resulted in the
suspension of operations at certain nuclear facilities served by the Company or
disruptions of the Company's ability to service such facilities. There can be no
assurance that such increased scrutiny will not lead to the shut-down of such
facilities or otherwise cause material disruptions in the Company's garment
decontamination business.
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ITEM 2. PROPERTIES
At August 29, 1998, the Company owned or occupied 136 facilities containing
an aggregate of approximately 3.6 million square feet located in the United
States, Canada, Puerto Rico and the Netherlands. These facilities include the
Company's 320,000 square foot Owensboro, Kentucky distribution center (which
the Company believes is one of the largest and most advanced garment
distribution facilities in the industry) and its garment manufacturing plants in
Luquillo, Puerto Rico, Cave City, Arkansas, and Wilburton, Oklahoma, as well as
11 decontamination facilities located in Massachusetts, New Mexico, California,
Washington, Hawaii, Pennsylvania, South Carolina, Virginia, Georgia, Illinois
and The Netherlands. The Company owns 79 of these facilities containing
approximately 2.8 million square feet. The Company believes that by owning its
manufacturing facilities, it can produce custom garment programs for its larger
customers, offer a diverse range of designs within its standard line of garments
and better control the quality, price and speed at which it produces such
garments. The Company also believes that its industrial laundry facilities are
among the most modern in the industry.
The Company owns substantially all of 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 also owns and leases a fleet of approximately 1,775 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.
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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 disputes, employment claims and environmental matters as
described in Item 1 above. The Company maintains insurance coverage providing
indemnification against many of such claims. In the opinion of management, the
ultimate disposition of these matters on an aggregate basis will not have a
material adverse effect on the Company's financial position or results of
operations.
ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS
None
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PART II
ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED
STOCKHOLDER MATTERS
Incorporated by reference to the information provided under the caption
"Common Stock Prices and Dividends Per Share" in the Company's 1998 Annual
Report to Shareholders.
ITEM 6. SELECTED FINANCIAL DATA
Incorporated by reference to the information provided under the caption
"Eleven Year Financial Summary" in the Company's 1998 Annual Report to
Shareholders.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Incorporated by reference to the information provided under the caption
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's 1998 Annual Report to Shareholders.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Foreign Currency Exchange Risk
Management has determined that all of the Company's foreign subsidiaries
operate primarily in local currencies that represent the functional currencies
of the subsidiaries. All assets and liabilities of foreign subsidiaries are
translated into U.S. dollars using the exchange rate prevailing at the balance
sheet date, while income and expense accounts are translated at average
exchange rates during the year. As such, the Company's operating results are
affected by fluctuations in the value of the U.S. dollar as compared to
currencies in foreign countries, as a result of the Company's transactions in
these foreign markets. The Company does not operate a hedging program to
mitigate the effect of a significant rapid change in the value of the Dutch
Guilder or the Canadian Dollar as compared to the U.S. dollar. If such a change
did occur, the Company would have to take into account a currency exchange gain
or loss in the amount of the change in the U.S. dollar denominated balance of
the amounts outstanding at the time of such change. While the Company does not
believe such a gain or loss is likely, and would not likely be material, there
can be no assurance that such a loss would not have an adverse material effect
on the Company's results of operations or financial condition.
Interest Rate Risk
The Company is exposed to market risk from changes in interest rates which
may adversely affect its financial position, results of operations and cash
flows. In seeking to minimize the risks from interest rate fluctuations, the
Company manages exposures through its regular operating and financing
activities. The Company does not use financial instruments for trading or other
speculative purposes and is not party to any leveraged financial instruments.
The Company is exposed to interest rate risk primarily through its
borrowings under its $60 million unsecured line of credit with two banks. Under
the line of credit, the Company may borrow funds at variable interest rates
based on the LIBOR rate or the bank's money market rate, as selected by the
Company. The Company has also entered into an interest rate swap agreement with
a bank, maturing on December 12, 1998, which locks in the interest rate on $15
million at a fixed rated of 5.53% to help manage the Company's exposure to
interest rate movements and reduce borrowing costs.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The financial statements and the accompanying notes, which are incorporated
herein by reference to the Company's 1998 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 1999 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 1999
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 "Security Ownership of Management and Principal
Shareholders" in the Company's Proxy Statement for its 1999 Annual Meeting of
Shareholders.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Incorporated by reference to the information provided under the caption
"Certain Relationships and Related Transactions" in the Company's Proxy
Statement for its 1999 Annual Meeting of Shareholders.
PART IV
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 1998 Annual Report to
Shareholders.
Consolidated balance sheets as of August 29, 1998 and August 30, 1997
Consolidated statements of income for each of the three years in the period
ended August 29, 1998
Consolidated statements of shareholders' equity for each of the three years in
the period ended August 29, 1998
Consolidated statements of cash flows for each of the three years in the period
ended August 29, 1998
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 schedule to the
consolidated financial statements.
Schedule II -
Valuation and qualifying accounts for each of the three years in the period
ended August 29, 1998.
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 wholly owned.
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 in the accompanying Exhibit Index are
filed as part of this report.
(b) During the three months ended August 29, 1998 the Company did not file
any reports on Form 8-K with the Securities and Exchange Commission.
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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 Croatti
-------------------------------
Aldo Croatti
Chairman
Date: November 25, 1998
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 Croatti Chairman and Director November 25, 1998
- -----------------------
Aldo Croatti
Ronald D. Croatti Principal Executive November 25, 1998
- ----------------------- Officer and Director
Ronald D. Croatti
John B. Bartlett Principal Financial November 25, 1998
- ----------------------- Officer and Principal
John B. Bartlett Accounting Officer
Cynthia Croatti Director November 25, 1998
- -----------------------
Cynthia Croatti
Donald J. Evans Director November 25, 1998
- -----------------------
Donald J. Evans
Reynold L. Hoover Director November 25, 1998
- -----------------------
Reynold L. Hoover
Albert Cohen Director November 25, 1998
- -----------------------
Albert Cohen
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ON SUPPLEMENTAL
SCHEDULE TO THE CONSOLIDATED FINANCIAL STATEMENTS
To the Board of Directors and Shareholders of 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 3, 1998. Our audit was made for the
purpose of forming an opinion on the basic consolidated financial statements
taken as a whole. The supplemental schedule to the consolidated financial
statements listed as Item 14(a)(2) in the Form 10-K is the responsibility of the
Company's management and is presented for purposes of complying with the
Securities and Exchange Commission's rules and is not part of the basic
consolidated financial statements. This supplemental schedule has been subjected
to the auditing procedures applied in the audit of the basic consolidated
financial statements and, in our opinion, fairly states, 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 3, 1998
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UNIFIRST CORPORATION AND SUBSIDIARIES
SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS FOR EACH
OF THE THREE YEARS IN THE PERIOD ENDED AUGUST 29, 1998
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 29, 1998
- ----------------------------------
Allowance for
doubtful accounts $ 1,299,000 $2,759,000 $(2,529,000) $ 1,529,000
============================================================
For the year ended August 30, 1997
- ----------------------------------
Allowance for
doubtful accounts $ 843,000 $2,428,000 $(1,972,000) $ 1,299,000
============================================================
For the year ended August 31, 1996
- ----------------------------------
Allowance for
doubtful accounts $ 734,000 $1,850,000 $(1,741,000) $ 843,000
============================================================
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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 4.3 to the Company's Registration Statement on Form S-8 (number
33-60781) -- and the Amendment dated June 27, 1995, a copy of which was
filed on an exhibit to the Company's Annual Report on Form 10-K for fiscal
year ended August 31, 1996.
10-D UniFirst Corporation 1996 Stock Incentive Plan, a copy of which was filed
on an exhibit to the Company's Annual Report on Form 10-K for fiscal year
ended August 31, 1996.
13 The Company's 1998 Annual Report to Shareholders (filed herewith to the
extent expressly incorporated by reference herein).
21 List of Subsidiaries
23 Consent of Arthur Andersen LLP
27 Financial Data Schedule