Home / Knowledge / News / Apparel/Garments / Unifi Q1 FY'14 revenues fall 2.4%
Unifi Q1 FY'14 revenues fall 2.4%
24
Oct '13
Unifi, Inc. released preliminary operating results for the first quarter ended September 29, 2013 of its 2014 fiscal year. 

Net income for the September 2013 quarter was $8.9 million, or $0.46 per share, compared to net income of $2.3 million, or $0.11 per share, for the September 2012 quarter, reflecting gains from improved margins, lower net interest expenses and higher earnings from the Company's unconsolidated equity affiliates, which were only partially offset by higher expenses for income taxes.

Highlights for the September 2013 quarter included:

- Adjusted EBITDA improved to $14.5 million for the September 2013 quarter from $13.8 million for the September 2012 quarter;

- Domestic gross margins improved significantly as a result of higher sales volumes, increased selling margins, and lower expenses for depreciation;

- Earnings from the Company's unconsolidated equity affiliates increased $5.5 million in the current September quarter compared to the prior year quarter, primarily attributable to Parkdale America; and

- The Company used $5.8 million of excess cash flows from operations to repurchase 249,000 shares of the Company's common stock.

Although net sales decreased $4.2 million or 2.4% to $168.7 million for the September 2013 quarter compared to net sales of $172.9 million for the September 2012 quarter, net income increased by $6.6 million. The decline in overall net sales reflects stronger domestic volumes which were offset by declines in sales volumes for the Company's International Segment and the negative effects of the weakened currency in Brazil.

"Improving year-over-year net income by $6.6 million during a quarter in which we experienced a decline in net sales demonstrates the results of our focus on driving financial improvement to our core business through lean manufacturing initiatives, enriching our product mix, and deriving value from sustainability based initiatives," said Bill Jasper, Chairman and CEO of Unifi. 

"The positive operating results from the September 2013 quarter provide us with a strong start to our 2014 fiscal year and have enabled us to fund the Company's strategic growth opportunities and continue our share repurchases."

Cash-on-hand as of September 29, 2013 was $10.3 million, an increase of $1.6 million compared to $8.7 million cash-on-hand as of June 30, 2013.  Total debt at the end of the September 2013 quarter was $97.3 million, compared to $97.8 million at June 30, 2013, with a weighted average interest rate of 3.2%.

Roger Berrier, President and Chief Operating Officer of Unifi, added: "The success of Repreve continues to drive our global mix enrichment strategy as we provide recycled product solutions to brands and retailers. 

"Our overall business fundamentals remain positive and we feel confident in the continued strength of our underlying domestic performance, even against the backdrop of an economy that remains uncertain and a sluggish retail environment.  We expect operating conditions in Brazil and China to improve and become more favorable as we move through the 2014 fiscal year, which will help yield better results from our international businesses."

Unifi


Must ReadView All

Courtesy: BekaertDeslee

Textiles | On 23rd Oct 2017

BekaertDeslee to expand North American facility

BekaertDeslee, one of the largest manufacturer of mattress textiles...

Courtesy: A&E

Textiles | On 23rd Oct 2017

A&E unveils Magic using Repreve sewing thread

American & Efird (A&E), a leading developer of industrial and...

Courtesy: Messe Frankfurt

Textiles | On 23rd Oct 2017

Over 4,000 exhibitors attend Intertextile Shanghai 2017

Another successful Intertextile Shanghai Apparel Fabrics has wrapped...

Interviews View All

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.1%
No
12.9%
Skip
10.0%

Total Votes: 70

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.4%
No
28.6%
Skip
10.0%

Total Votes: 70

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.7%
No
10.0%
Skip
4.3%

Total Votes: 70

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.7%
No
11.4%
Skip
12.9%

Total Votes: 70


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search