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Fibres/​Yarns

Unifi reports highest net income in ten years

A strong balance sheet and cash generation will allow Unifi to fund high payback projects that drive revenue growth, says Bill Jasper, Chairman and CEO.

25th July 2014

Knitting Industry
 |  Greensboro, NC

Sports/​Activewear, Swimwear/​Beachwear, Technical Textiles

Unifi, a multi-national processed yarn manufacturer, has reported a net income of $28.8 million for the 2014 fiscal year, compared to net income of $16.6 million same period last year.

Bill Jasper, Chairman and CEO of Unifi, commented: “I am pleased with our improved annual operating results, especially in the North American region, and with our consolidated net income, which is the company's highest in more than ten years.”

“Our strong balance sheet and cash generation will allow us to fund high payback projects that drive revenue growth, improve margins, and provide for additional PVA growth opportunities, especially for Repreve, which we plan to balance with stock repurchases to enhance shareholder value.”

Figures

Net sales decreased by 3.7% to $687.9 million for the 2014 fiscal year.  Net sales decreased by 9.5%, to $181.8 million for the current fiscal quarter, compared to net sales of $200.7 million for the prior year quarter.

These figures were affected by the negative impact of one less week of sales in the current fiscal year for the company's domestic and Central American operations, unfavourable currency translation effects in Brazil and lower volumes for the company's operations in China. 

Net income for the June 2014 quarter was $8.8 million, compared to net income of $10.5 million for the prior year.  This was negatively impacted by the reduced number of weeks in the current fiscal quarter as well as lower earnings from the company's foreign operations and equity affiliates.  

Outlook

“We are very pleased with the full year results generated from our domestic business, which reflects the continued growth in our value-added and differentiated products, increased demand from the CAFTA region, and the ability to provide pricing stability throughout the year based on consistent raw material costs,” said Roger Berrier, President and Chief Operating Officer of Unifi.

“We completed the expansion of our Repreve Recycling Center, and we will continue to drive growth as we evolve the Repreve brand to include additional performance and sustainability attributes.”

Unifi

Unifi maintains one of the textile industry's most comprehensive polyester and nylon product offerings.  The company aims to enhance the demand for its products through the development and introduction of branded yarns that provide unique performance, comfort and aesthetic advantages. 

In addition to its flagship Repreve products, a family of eco-friendly yarns made from recycled materials, key Unifi brands include SORBTEK, REFLEXX, AIO all-in-one performance yarns, as well as SATURA, AUGUSTA A.M.Y., MYNX UV and MICROVISTA. 

www.repreve.com

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