US: UniFirst profit falls 9.5% in 2006
Uniform and work apparel firm UniFirst Corporation has announced revenues of US$207.5m for the fourth quarter, representing a 9.9% increase on the same period last year, but net income for the full year of 2006 at the company was $39.2m, compared to $43.3m for 2005.
Full-year revenue, at $821.0m, was up 7.5% on 2005, with earnings from the company's core laundry business being a contributing growth factor.
For the full-year period, net income decreased in part due to a decrease in income from operations for the company's specialty garments segment, primarily due to the completion of a significant contract in 2005, the company said.
Fourth-quarter net income was $10.6m, compared to last year's fourth-quarter net income of $8.1m.
"Our core laundry business did well throughout the year and our performance in new rental service sales was strong," said UniFirst president and CEO Ron Croatti. "The dip in our specialty garments business hurt overall results, but we expect to see improved results as we move through the current year."
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