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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Aug. 31, 2019
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 31, 2019 and August 25, 2018. 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 31, 2019 |  | First Quarter |  |  | Second Quarter (1) |  |  | Third Quarter (2) |  |  | Fourth Quarter (3) |
Revenues |  | $ | 438,550 |  |  | $ | 437,485 |  |  | $ | 453,720 |  |  | $ | 479,621 |
Income before income taxes |  |  | 51,959 |  |  |  | 63,395 |  |  |  | 61,700 |  |  |  | 60,870 |
Provision for income taxes |  |  | 13,639 |  |  |  | 15,789 |  |  |  | 14,480 |  |  |  | 14,882 |
Net income |  | $ | 38,320 |  |  | $ | 47,606 |  |  | $ | 47,220 |  |  | $ | 45,988 |
Income per share—basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | 2.08 |  |  | $ | 2.59 |  |  | $ | 2.58 |  |  | $ | 2.52 |
Class B Common Stock |  | $ | 1.67 |  |  | $ | 2.07 |  |  | $ | 2.06 |  |  | $ | 2.01 |
Income per share—diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | 1.99 |  |  | $ | 2.48 |  |  | $ | 2.46 |  |  | $ | 2.40 |
Income allocated to—basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | 32,137 |  |  | $ | 39,923 |  |  | $ | 39,563 |  |  | $ | 38,619 |
Class B Common Stock |  | $ | 6,183 |  |  | $ | 7,683 |  |  | $ | 7,657 |  |  | $ | 7,369 |
Income allocated to—diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | 38,320 |  |  | $ | 47,606 |  |  | $ | 47,220 |  |  | $ | 45,988 |
Weighted average number of shares outstanding—basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  |  | 15,432 |  |  |  | 15,428 |  |  |  | 15,341 |  |  |  | 15,340 |
Class B Common Stock |  |  | 3,710 |  |  |  | 3,710 |  |  |  | 3,710 |  |  |  | 3,659 |
Weighted average number of shares outstanding—diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  |  | 19,302 |  |  |  | 19,232 |  |  |  | 19,168 |  |  |  | 19,159 |
(1) | During the second quarter of fiscal 2019, the Company repurchased 45,000 shares for an average price per share of $139.57.
During fiscal 2017, we recorded a pre-tax non-cash impairment charge of $55.8 million once it was determined that it was not probable that the version of the CRM system that was being developed would be completed and placed into service. During fiscal 2019, we entered into a settlement agreement with our lead contractor for the version of the CRM system with respect to which we recorded the impairment charge. As part of the settlement agreement, we recorded a total gain of $21.1 million as a reduction of selling and administrative expenses, which includes our receipt of a one-time cash payment in the amount of $13.0 million as well as the forgiveness of amounts previously due the contractor. We also received hardware and related maintenance service with a fair value of $0.8 million as part of the settlement. This gain, net of tax, benefitted the Company’s diluted income per share by $0.81 in fiscal 2019.
(2) | During the third quarter of fiscal 2019, the Company repurchased 99,500 shares for an average price per share of $147.47.
(3) | During the fourth quarter of fiscal 2019, the Company repurchased 52,650 shares for an average price per share of $181.61.
(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.
The Company’s fiscal year ends on the last Saturday in August. For financial reporting purposes, fiscal 2019 consisted of 53 weeks, and fiscal 2018 consisted of 52 weeks. Each of the quarterly periods contained 13 weeks except for the fourth quarter of fiscal 2019 which contained 14 weeks.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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