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Net sales for Q1FY16 slip 7.54% at Unifi
27
Oct '15
Net sales for the first fiscal quarter ended September 27, 2015 at recycled fibre producer Unifi Inc slipped 7.54 per cent from a fiscal ago period.

“Net sales were $162.2 million for the first quarter of fiscal 2016 compared to $175.5 million for the prior fiscal quarter,” the company said in a press release while releasing the first quarter preliminary results.

It added that the decline was primarily due to the significant devaluation of the Brazilian Real and pricing declines due to lower raw material costs.

However, Unifi increased operating income by more than $2.0 million over the prior fiscal comparable quarter due to the strong performance of its regional texturing business and value-added products.

There was also margin improvement in its subsidiary in China and in addition, the company had an increase in volumes from its polyester segment.

Gross profit in the reporting quarter improved to $21.0 million or 12.9 per cent of net sales from $20.5 million or 11.6 per cent of net sales in the previous fiscal's first quarter.

Unifi reported an adjusted EBITDA of $15.4 million in the first quarter of fiscal 2016, an improvement from $14.0 million for the first quarter of earlier fiscal.

Net income for the first quarter ended September 27, 2015 was $8.0 million or $0.45 per basic share as against net income of $7.1 million or $0.39 per basic share in the first quarter of fiscal 2015.

“These results reflect improved performance for our consolidated operations, along with a lower effective tax rate, and were achieved despite lower earnings from Parkdale America, LLC,” it explained.

"We continue to see improvements in the areas of our business that we are supporting through strategic capital expenditures," said Roger Berrier, president and chief operating officer of Unifi.

"The Company is supporting growth with several capital investments, including the expansion of our existing Repreve Recycling Center and the construction of a plastic bottle processing plant,” he too added.

“We will also explore opportunities to meet increased demand in the NAFTA and CAFTA regions over the next 18 months as the region continues to grow at an average annual rate of around five per cent,” Berrier stated.

Cash and cash equivalents were $10.0 million as of September 27, 2015, flat compared to cash and cash equivalents as of June 28, 2015.

Net debt or total debt less cash and cash equivalents as on September 27, 2015 was $118.3 million vis-à-vis $94.1 million at June 28, 2015. (AR)

Fibre2Fashion News Desk – India

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