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Quarterly Financial Data (Unaudited)
 12 Months Ended
Aug. 25, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)
 
The following is a summary of the results of operations for each of the quarters within the years ended August 25, 2018 and August 26, 2017. This quarterly financial information was prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission; however, the Company believes that the information furnished reflects all adjustments (consisting only of normal recurring adjustments) which were, in the opinion of management, necessary for a fair statement of results in the interim periods. This summary should be read in conjunction with these Consolidated Financial Statements and notes to Consolidated Financial Statements.
 
(In thousands, except per share data)
For the year ended August 25, 2018
First
Quarter
 
Second
Quarter(1)
 
Third
Quarter(2)
 
Fourth
Quarter(3)
Revenues
$
415,778

 
$
419,264

 
$
427,384

 
$
434,063

Income before income taxes
53,033

 
43,568

 
47,792

 
42,853

Provision (benefit) for income taxes
18,827

 
(14,810
)
 
11,433

 
7,901

 
 
 
 
 
 
 
 
Net income
$
34,206

 
$
58,378

 
$
36,359

 
$
34,952

 
 
 
 
 
 
 
 
Income per share – basic
 
 
 
 
 
 
 
Common Stock
$
1.77

 
$
3.02

 
$
1.94

 
$
1.90

Class B Common Stock
$
1.42

 
$
2.42

 
$
1.55

 
$
1.52

 
 
 
 
 
 
 
 
Income per share – diluted
 
 
 
 
 
 
 
Common Stock
$
1.67

 
$
2.85

 
$
1.85

 
$
1.81

 
 
 
 
 
 
 
 
Income allocated to – basic
 
 
 
 
 
 
 
Common Stock
$
27,384

 
$
46,744

 
$
30,034

 
$
29,312

Class B Common Stock
$
6,822

 
$
11,634

 
$
6,325

 
$
5,640

 
 
 
 
 
 
 
 
Income allocated to – diluted
 
 
 
 
 
 
 
Common Stock
$
34,206

 
$
58,378

 
$
36,359

 
$
34,952

 
 
 
 
 
 
 
 
Weighted average number of shares outstanding – basic
 
 
 
 
 
 
 
Common Stock
15,462

 
15,481

 
15,446

 
15,429

Class B Common Stock
4,816

 
4,816

 
4,087

 
3,711

 
 
 
 
 
 
 
 
Weighted average number of shares outstanding – diluted
 
 
 
 
 
 
 
Common Stock
20,434

 
20,463

 
19,687

 
19,335



(1)
The Company's second quarter results include a $20.1 million benefit to the Company’s provision for income taxes due to remeasurement of deferred tax balances and the one-time transition tax resulting from the Act enacted on December 22, 2017. This gain translated into $0.98 gain to the Company’s diluted earnings per share.

(2)
On March 27, 2018, UniFirst repurchased 1.105 million shares of Class B Common Stock and 0.073 million shares of Common Stock for a combined $146.0 million in a private transaction with the Croatti family at a per share price of $124.00.

(3)
The Company's fourth quarter results also include a $7.2 million pre-tax one-time bonus to our employees so that they may share in the benefits received from the recent U.S. tax reform. This expense, net of tax, reduced the Company's diluted earnings per share by $0.25.


(In thousands, except per share data)
For the year ended August 26, 2017
First
Quarter
 
Second
Quarter
 
Third(1)
Quarter
 
Fourth(2)
Quarter
Revenues
$
386,108

 
$
391,427

 
$
409,834

 
$
403,589

Income (loss) before income taxes
46,064

 
37,374

 
39,362

 
(7,677
)
Provision (benefit) for income taxes
17,850

 
14,858

 
15,000

 
(2,781
)
 
 
 
 
 
 
 
 
Net income (loss)
$
28,214

 
$
22,516

 
$
24,362

 
$
(4,896
)
 
 
 
 
 
 
 
 
Income (loss) per share – basic
 
 
 
 
 
 
 
Common Stock
$
1.46

 
$
1.17

 
$
1.26

 
$
(0.25
)
Class B Common Stock
$
1.17

 
$
0.93

 
$
1.01

 
$
(0.20
)
 
 
 
 
 
 
 
 
Income (loss) per share – diluted
 
 
 
 
 
 
 
Common Stock
$
1.38

 
$
1.10

 
$
1.19

 
$
(0.24
)
 
 
 
 
 
 
 
 
Income (loss) allocated to – basic
 
 
 
 
 
 
 
Common Stock
$
22,342

 
$
17,836

 
$
19,307

 
$
(3,908
)
Class B Common Stock
$
5,668

 
$
4,518

 
$
4,883

 
$
(978
)
 
 
 
 
 
 
 
 
Income (loss) allocated to – diluted
 
 
 
 
 
 
 
Common Stock
$
28,020

 
$
22,362

 
$
24,199

 
$
(4,886
)
 
 
 
 
 
 
 
 
Weighted average number of shares outstanding – basic
 
 
 
 
 
 
 
Common Stock
15,285

 
15,305

 
15,326

 
15,402

Class B Common Stock
4,847

 
4,846

 
4,846

 
4,818

 
 
 
 
 
 
 
 
Weighted average number of shares outstanding – diluted
 
 
 
 
 
 
 
Common Stock
20,249

 
20,263

 
20,279

 
20,220


(1)
The Company's third quarter results include $5.4 million pre-tax loss compensation expense as a result of the accelerated vesting of certain shares upon the death of the Company's former Chief Executive Officer, Ronald D. Croatti. This loss translated into a $3.3 million net loss or $0.16 loss to the Company's diluted earnings per share.
 
(2)
The Company's fourth quarter results include an impairment charge of capitalized costs as part of its ongoing CRM systems project totaling $55.8 million pre-tax loss. This loss translated into a $34.1 million net loss or $1.44 loss to the Company’s diluted earnings per share.