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UniFirst Corporation to Recognize Impairment of Investment in CRM System

UNIFIRST (UNF)  More Company Research Source: GlobeNewswire
Last unifirst earnings: 3/28 08:00 am Check Earnings Report
US:NYSE Investor Relations: investors.unifirst.com/investor-overview
PDF WILMINGTON, Mass., Sept. 21, 2017 (GLOBE NEWSWIRE) -- UniFirst Corporation (NYSE:UNF) today announced that it expects to recognize an impairment of capitalized costs as part of its ongoing CRM systems project. The Company expects the non-cash charge related to this impairment will be between $50 million and $60 million and recognized in its results for the fourth quarter ended August 26, 2017. The after tax impact of this charge is expected to be between $31 million and $37 million. As the Company has previously disclosed, it has been working on a CRM systems project to modernize and improve its current capabilities.  The Company has worked with a well-regarded third-party contractor to develop the custom-built applications and interfaces.  This project experienced repeated delays due primarily to significant quality issues with the stability and performance of the underlying code.  Based on the Company’s analysis of the project together with input from outside consultants, includ [Read more]

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