UniFirst records 24% rise in third-quarter earnings

UniFirst Corp., which supplies uniforms and protective clothing, said fiscal third-quarter earnings rose 24 percent due to improving margins in the Wilmington company's core laundry business. Net income for the quarter ended May 31 rose to $16.9 million, or 87 cents per share, up from $13.7 million, or 71 cents per share, a year ago. Analysts polled by Thomson Financial, on average, forecast earnings of 77 cents per share for the quarter. Revenue increased 11 percent to $254.6 million from $229.8 million a year ago. Analysts forecast revenue of $252.7 million, on average. Shares rose $3.31, or 7.4 percent, to $47.98. (AP)

Harvard University and Harvard Business School opened an office in Shanghai and the university said it plans to open another in Beijing this fall. The Shanghai office will house a Business School researcher and be part of a Business School network of international research centers that include Japan, India, Latin America, and Europe. (Chris Reidy)

Five Star Quality Care Inc., a Newton company that operates senior-living communities, has acquired newly built facilities in Pennsylvania and New Jersey. The company said it purchased three assisted-living facilities for $21.4 million and acquired the operations of another seven for an annual rent of approximately $7.6 million a year. The facilities were previously operated by NewSeasons Assisted Living Communities Inc. of Pennsylvania under leases from Senior Housing Properties Trust, a Newton-based real estate investment trust, said Five Star. (Chris Reidy)

American Science and Engineering Inc. said it has received a $55.1 million order from Abu Dhabi Customs. The Billerica company focuses on X-ray detection technology, and it said the customs administration of Abu Dhabi purchased a range of products, including OmniView, Z Portal, and Z Backscatter Van X-ray detection systems, to scan cargo trucks, passenger vehicles, and containers at border checkpoints. (Chris Reidy)

Cubist Pharmaceuticals Inc., the maker of the skin-infection drug Cubicin, signed an exclusive agreement to promote and provide other support for AstraZeneca PLC's antibiotic Merrem. The agreement will provide Cubist with at least $20 million in annual sales, which will be adjusted based on revenue, Lexington-based Cubist said. Merrem sales will be supported by Cubist's acute care and medical affairs organizations. Cubist shares rose 76 cents, or 4.2 percent, to $19.04. (Bloomberg)

Wal-Mart Stores Inc., the biggest US private employer, lost its appeal of a jury verdict in a discrimination case and was ordered to pay $900,000 in damages. A unanimous three-judge appeals court panel in New York refused to throw out a 2006 ruling that upheld part of a $7.5 million award to a worker who claimed Wal-Mart gave him a less-desirable job because he had cerebral palsy. A New York jury in February 2005 awarded Patrick Brady $7.5 million in damages, including $5 million in punitive damages, later cut to the legal limit of $300,000 under the Americans with Disabilities Act and in October 2006 compensatory damages were trimmed to $600,000, citing New York state law. Wal-Mart denied discriminating against disabled workers. (Bloomberg)

Drug developer and medical device maker Abbott Laboratories said the Food and Drug Administration approved its drug-coated Xience V stent. The approval adds another drug-coated stent to what makers hope is a recovering market after several years of bad publicity from research that questioned their safety and effectiveness versus older, bare-metal versions. Abbott said it would launch the stent immediately. It enters the market against Natick-based Boston Scientific Corp.'s Taxus. Xience V's approval also means approval for Boston Scientific's Promus stent. Boston Scientific and Abbott have a deal for shared rights on the technology behind Xience. (AP)

UnitedHealth Group Inc., the second-largest US health insurer, cuts its profit outlook, said it will trim 4,000 jobs, and disclosed a $900 million payout to settle a class-action lawsuit over options backdating. Shares fell 51 cents, or 2 percent, to $25.12. (AP)