8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

April 2, 2008

UNIFIRST CORPORATION

(Exact Name of Registrant as Specified in Charter)

Massachusetts	1-8504	04-2103460
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

68 Jonspin Road, Wilmington, Massachusetts 01887

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (978) 658-8888

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On April 2, 2008, UniFirst Corporation (the “Company”) issued a press release ("Press Release") announcing financial results for the second quarter and first six months of fiscal 2008 which ended March 1, 2008. A copy of the Press Release is attached as Exhibit 99 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Item 2.02, including the exhibit attached hereto, shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01.	Financial Statements and Exhibits.
(d) Exhibits
EXHIBIT NO.	DESCRIPTION
99	Press release of the Company dated April 2, 2008

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

UNIFIRST CORPORATION

Date: April 2, 2008	By:	/s/ Ronald D. Croatti
	Name:	Ronald D. Croatti
	Title:	Chairman of the Board, Chief Executive Officer and President
	By:	/s/ John B. Bartlett
	Name:	John B. Bartlett
	Title:	Senior Vice President and Chief Financial Officer
	By:	/s/ Steven S. Sintros
	Name:	Steven S. Sintros
	Title:	Corporate Controller

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION
99	Press release of the Company dated April 2, 2008

EX-99

Exhibit 99

UniFirst Corporation	News Release
68 Jonspin Road
Wilmington, MA 01887-1086	contact:	John B. Bartlett
Telephone 978-658-8888 Ext 520		Senior Vice President
Facsimile 978-988-0659		jbartlett@unifirst.com

UNIFIRST ANNOUNCES RECORD FINANCIAL RESULTS

FOR THE SECOND QUARTER AND FIRST SIX MONTHS OF FISCAL 2008

Wilmington, MA (April 2, 2008) -- UniFirst Corporation (NYSE: UNF) today announced its record revenues and earnings for its second quarter and first six months of fiscal 2008 which ended March 1, 2008.

Second quarter net income increased 119.6% to $15.3 million, or $0.79 per diluted common share, from last year’s second quarter net income of $7.0 million, or $0.36 per diluted common share. Net income for the first six months of fiscal 2008 increased 53.4% to $31.8 million, or $1.64 per diluted common share, from $20.7 million, or $1.07 per diluted common share for the comparable period in 2007. Revenues were a record $270.3 million and $517.5 million for the second quarter and first six months of fiscal 2008. These revenues represent increases of 21.6% and 16.4%, respectively, over the comparable fiscal 2007 quarterly and six month periods.

Both the second quarter and six month periods in fiscal 2008 include an extra week compared to fiscal 2007 as fiscal 2008 is a 53 week year for the Company. The extra week in fiscal 2008 accounted for revenue growth of approximately 8.9% and 4.4% compared to the second quarter and first six months of fiscal 2007, respectively.

The Company’s second quarter and six month earnings in fiscal 2007 were affected by severance expense as well as by adjustments made to the Company’s environmental reserves. These combined to decrease the Company’s income from operations and net income by approximately $2.3 million and $1.4 million, respectively. Without these adjustments, the Company’s diluted earnings per share for the second quarter and the first six months of fiscal 2007 would have been $0.43 and $1.14, respectively.

The increase in earnings is primarily due to strong revenue growth as well as higher operating margins in the Company’s core laundry operations, which excludes the Company’s Specialty Garments and First Aid segments. Core laundries revenues increased 21.0% and 16.8% for the quarterly and six month periods, respectively, compared to fiscal 2007. The core laundries organic growth, which excludes the effects of the extra week, acquisitions and fluctuations in the Canadian exchange rate, was 7.6% and 7.8% for the quarter and six month periods. Even excluding the severance and environmental charges from the fiscal 2007 results, the core laundry operations pro forma operating margins increased significantly from 8.2% and 9.7% in the second quarter and first half of fiscal 2007 to 11.0% and 11.7% for the comparative quarterly and six month periods of fiscal 2008, respectively. The improvement is primarily due to lower merchandise amortization as well as lower payroll and related costs as a percentage of revenues. Fuel costs associated with our fleet of delivery vehicles continued to climb during the second quarter and have partially offset these benefits.

The Company’s Specialty Garments and First Aid segments also produced solid quarterly results contributing to the Company’s overall revenue and income growth. In addition, the Company provided for income taxes at a rate of 38.5% for both the second quarter and first six months of fiscal 2008 compared to 39.25% for the comparable 2007 periods.

"We’re very pleased with the record results we’ve produced in the quarter and first half" said UniFirst President and Chief Executive Officer, Ron Croatti. “However, with the prospect of continued weakness in the U.S. economy and a lack of buyer confidence in many business sectors, we’re approaching the second half of the year with the appropriate amount of caution”

The Company will hold a conference call today at 4:00 PM (EDT) to discuss its quarterly financial results, business highlights and outlook. A simultaneous live webcast of the call will be available over the Internet and can be accessed at www.unifirst.com.

About UniFirst Corporation

UniFirst Corporation is one of the largest providers of workplace uniforms, protective clothing and facility services products in North America. The Company employs over 10,000 team partners who serve over 200,000 customer locations in 46 U.S. states, Canada and Europe from 200 customer service, distribution, and manufacturing facilities. UniFirst Corporation is a publicly held company traded on the New York Stock Exchange under the symbol UNF and is a component of the Standard & Poor's 600 Small Cap Index.

Forward Looking Statements

This public announcement may contain forward looking statements that reflect the Company’s current views with respect to future events and financial performance. Forward looking statements contained in this public announcement are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995 and are highly dependent upon a variety of important factors that could cause actual results to differ materially from those reflected in such forward looking statements. Such factors include, but are not limited to, uncertainties regarding the Company’s ability to consummate and successfully integrate acquired businesses, uncertainties regarding any existing or newly-discovered expenses and liabilities related to environmental compliance and remediation, the Company’s ability to compete successfully without any significant degradation in its margin rates, seasonal fluctuations in business levels, uncertainties regarding the price levels of natural gas, electricity, fuel and labor, the impact of negative economic conditions on the Company’s customers and such customers’ workforce, the continuing increase in domestic healthcare costs, demand and prices for the Company’s products and services, additional professional and internal costs necessary for compliance with recent and proposed future changes in Securities and Exchange Commission (including the Sarbanes-Oxley Act of 2002), New York Stock Exchange and accounting rules, strikes and unemployment levels, the Company’s efforts to evaluate and potentially reduce internal costs, economic and other developments associated with the war on terrorism and its impact on the economy and general economic conditions. When used in this public announcement, the words “anticipate,” “optimistic,” “believe,” “estimate,” “expect,” “intend,” and similar expressions as they relate to the Company are included to identify such forward looking statements. The Company undertakes no obligation to update any forward looking statements to reflect events or circumstances arising after the date on which such statements are made.

UniFirst Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

		Fourteen			Thirteen			Twenty-seven			Twenty-six
		weeks ended			weeks ended			weeks ended			weeks ended
		March 1,			February 24,			March 1,			February 24,
(In thousands, except share and per share data)		2008			2007			2008			2007
Revenues	$	270,288		$	222,367		$	517,548		$	444,744
Costs and expenses:
Operating costs (1)		172,481			146,190			323,628			283,109
Selling and administrative expenses (1)		56,066			50,441			109,614			98,831
Depreciation and amortization		14,115			11,819			26,902			23,404
		242,662			208,450			460,144			405,344
Income from operations		27,626			13,917			57,404			39,400
Other expense (income):
Interest expense		3,359			2,998			6,863			6,320
Interest income		(580	)		(538	)		(1,093	)		(1,004	)
		2,779			2,460			5,770			5,316
Income before income taxes		24,847			11,457			51,634			34,084
Provision for income taxes		9,566			4,497			19,879			13,378
Net income	$	15,281		$	6,960		$	31,755		$	20,706
Income per share – Basic:
Common Stock	$	0.83		$	0.38		$	1.73		$	1.13
Class B Common Stock	$	0.67		$	0.30		$	1.39		$	0.91
Income per share – Diluted:
Common Stock	$	0.79		$	0.36		$	1.64		$	1.07
Weighted average number of shares outstanding – Basic:
Common Stock		14,359			14,319			14,356			14,313
Class B Common Stock		4,937			4,939			4,937			4,940
		19,296			19,258			19,293			19,253
Weighted average number of shares outstanding – Diluted:
Common Stock		19,366			19,362			19,365			19,336
Dividends per share:
Common Stock	$	0.0375		$	0.0375		$	0.0750		$	0.0750
Class B Common Stock	$	0.0300		$	0.0300		$	0.0600		$	0.0600

(1) Exclusive of depreciation on the Company’s fixed assets and amortization of its intangible assets.

UniFirst Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands, except share data)		March 1, 2008		August 25, 2007 (a)
Assets
Current assets:
Cash and cash equivalents	$	23,109	$	12,698
Receivables, net		104,674		91,906
Inventories		46,460		44,282
Rental merchandise in service		90,743		86,129
Prepaid and deferred income taxes		13,779		13,399
Prepaid expenses		3,921		1,807
Total current assets		282,686		250,221
Property and equipment:
Land, buildings and leasehold improvements		300,698		286,255
Machinery and equipment		315,060		299,831
Motor vehicles		102,172		95,214
		717,930		681,300
Less - accumulated depreciation		366,316		347,233
		351,614		334,067
Goodwill		245,901		224,366
Customer contracts and other intangible assets, net		67,073		62,064
Other assets		3,739		3,746
	$	951,013	$	874,464
Liabilities and shareholders' equity
Current liabilities:
Current maturities of long-term obligations	$	287	$	539
Accounts payable		51,189		45,297
Accrued liabilities		92,402		86,283
Accrued income taxes		6,334		—
Total current liabilities		150,212		132,119
Long-term obligations, net of current maturities		229,579		205,510
Deferred income taxes		39,807		39,508
Shareholders' equity:
Common Stock		1,436		1,435
Class B Common Stock		494		494
Capital surplus		17,246		16,332
Retained earnings		504,316		473,934
Accumulated other comprehensive income		7,923		5,132
Total shareholders' equity		531,415		497,327
	$	951,013	$	874,464

(a) Derived from audited financial statements

UniFirst Corporation and Subsidiaries

Detail of Operating Results

(Unaudited)

Revenues

		Fourteen		Thirteen
		weeks ended		weeks ended
		March 1,		February 24,		Dollar	Percent
(In thousands, except percentages)		2008		2007		Change	Change
Core Laundry Operations	$	244,545	$	202,050	$	42,495	21.0	%
Specialty Garments		17,127		12,924		4,203	32.5
First Aid		8,616		7,393		1,223	16.5
Consolidated total	$	270,288	$	222,367	$	47,921	21.6	%

		Twenty-seven		Twenty-six
		weeks ended		weeks ended
		March 1,		February 24,		Dollar	Percent
(In thousands, except percentages)		2008		2007		Change	Change
Core Laundry Operations	$	466,657	$	399,514	$	67,143	16.8	%
Specialty Garments		34,382		30,104		4,278	14.2
First Aid		16,509		15,126		1,383	9.1
Consolidated total	$	517,548	$	444,744	$	72,804	16.4	%

Income from Operations

		Fourteen		Thirteen
		weeks ended		weeks ended
		March 1,		February 24,			Dollar	Percent
(In thousands, except percentages)		2008		2007			Change	Change
Core Laundry Operations	$	26,950	$	14,306		$	12,644	88.4	%
Specialty Garments		364		(450	)		814	180.9
First Aid		312		61			251	408.2
Consolidated total	$	27,626	$	13,917		$	13,709	98.5	%

		Twenty-seven		Twenty-six
		weeks ended		weeks ended
		March 1,		February 24,		Dollar		Percent
(In thousands, except percentages)		2008		2007		Change		Change
Core Laundry Operations	$	54,676	$	36,275	$	18,401		50.7	%
Specialty Garments		2,419		2,495		(76	)	-3.0
First Aid		309		630		(321	)	-50.9
Consolidated total	$	57,404	$	39,400	$	18,004		45.7	%