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Q4FY’14 net income skyrockets 73.49% at Unifi

July 24, 2014 (United States Of America)

Unifi, Inc. released preliminary operating results for the fourth quarter and fiscal year ended June 29, 2014.  Net income for the 2014 fiscal year, which consisted of 52 fiscal weeks, was $28.8 million, or $1.52 per basic share, compared to net income of $16.6 million, or $0.84 per basic share, for the prior fiscal year, which consisted of 53 fiscal weeks, reflecting improved operating results for the Company's domestic and Central American operations and lower domestic depreciation expenses, as partially offset by lower earnings from the Company's foreign operations.    
 
Highlights for the 2014 fiscal year included:
- Adjusted EBITDA improved to $57.6 million for the current fiscal year relative to $52.7 million for the prior fiscal year;
- Income before income taxes increased to $47.9 million (which includes an increase of $7.6 million in equity in earnings of unconsolidated affiliates) for the current fiscal year from $29.0 million for the prior fiscal year; and
- The Company repurchased and retired 1.5 million shares, completing its $50 million repurchase program authorized in fiscal year 2013 and commencing its new $50 million stock repurchase program that was authorized in April 2014.
 
Net sales decreased $26.1 million, or 3.7%, to $687.9 million for the 2014 fiscal year compared to net sales of $714.0 million for the prior fiscal year.  Improvement in the Company's domestic operations was offset by the negative impact of one less week of sales in the current fiscal year for the Company's domestic and Central American operations, unfavorable currency translation effects in Brazil and lower volumes for the Company's operations in China.  
 
Cash and cash equivalents as of June 29, 2014 were $15.9 million, an increase of $7.2 million from June 30, 2013.  Net debt at the end of the June 2014 quarter was $83.6 million, compared to $89.0 million at June 30, 2013.  The Company had $61.1 million available under its revolver as of June 29, 2014, compared to $36.1 million as of June 30, 2013.    
 
Net income for the June 2014 quarter, which consisted of 13 fiscal weeks, was $8.8 million, or $0.48 per basic share, compared to net income of $10.5 million, or $0.54 per basic share, for the prior year fourth quarter, which consisted of 14 fiscal weeks.  Net income 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.   
 
Net sales decreased $19.0 million, or 9.5%, to $181.8 million for the current fiscal quarter, compared to net sales of $200.7 million for the prior year quarter, reflecting one less week in the current quarter for the Company's domestic and Central American operations, unfavorable currency translation effects in Brazil and lower volumes in the Company's foreign operations.
 

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