Unifi Q3'FY14 adjusted EBITDA soars 50%

Unifi, Inc. released preliminary operating results for the third quarter ended March 30, 2014 of its 2014 fiscal year. Net income for the March 2014 quarter was $4.7 million, or $0.25 per basic share, compared to net income of $1.4 million, or $0.07 per basic share, for the prior year quarter, reflecting improved operating results in the Company's domestic business and lower domestic depreciation expenses. These gains were partially offset by lower earnings from the Company's equity affiliates and higher domestic income tax expense.    

 

Unifi, Inc. released preliminary operating results for the third quarter ended March 30, 2014 of its 2014 fiscal year. Net income for the March 2014 #

Highlights for the March 2014 quarter included:

-Adjusted EBITDA improved to $12.6 million for the current quarter from $8.4 million for the prior year quarter;

-Income before income taxes increased to $8.9 million for the current quarter from $3.7 million for the prior year quarter, while equity in earnings of unconsolidated affiliates decreased $1.2 million;

-The Company entered into a Fourth Amendment to its Credit Agreement for its existing revolving credit facility and term loan, which increased the term loan by $18 million to a total of $68 million and extended the maturity date of the facility from May 24, 2018 to March 28, 2019; and

-The Company completed its previously authorized $50 million stock repurchase program that commenced in January 2013, through which it retired 2.3 million shares.

-Net sales increased $8.6 million, or 5.1%, to $176.9 million for the March 2014 quarter compared to net sales of $168.3 million for the prior year quarter. Net sales for the current quarter were positively impacted by the timing of the holiday shutdown period compared to the prior quarter and greater contributions from the Company's domestic premier and other value-added yarns, and were partially offset by currency translation rate changes for Brazil.  

 

Unifi, Inc. released preliminary operating results for the third quarter ended March 30, 2014 of its 2014 fiscal year. Net income for the March 2014 #

"The operating performance in our domestic business remained strong in the March quarter, both in our value-added product segments and commodity business," said Roger Berrier, President and Chief Operating Officer of Unifi. "We also remain encouraged by the stability of synthetic apparel produced in the CAFTA region and by the growth during the March quarter. As brands and retailers continue to focus on this region for additional sourcing opportunities, we will continue to add incremental capacity." 

 

Unifi, Inc. released preliminary operating results for the third quarter ended March 30, 2014 of its 2014 fiscal year. Net income for the March 2014 #

Cash-on-hand as of March 30, 2014 was $13.2 million, an increase of $4.4 million from June 30, 2013.  Net debt at the end of the March 2014 quarter was $85.4 million, compared to $89.0 million at June 30, 2013. The Company had $62.7 million available under its revolving credit facility as of March 30, 2014, compared to $36.1 million as of June 30, 2013.    

 

Unifi, Inc. released preliminary operating results for the third quarter ended March 30, 2014 of its 2014 fiscal year. Net income for the March 2014 #

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Unifi, Inc. released preliminary operating results for the third quarter ended March 30, 2014 of its 2014 fiscal year. Net income for the March 2014 #