Home / Knowledge / News / Textiles / Unifi CEO pleased by performance of Parkdale America
Unifi CEO pleased by performance of Parkdale America
Aug '11
Unifi Inc released preliminary operating results for its fourth quarter and fiscal year ended June 26, 2011.

Net sales for the June quarter increased $18 million, or 10 percent, to $195 million from $177 million in the June 2010 quarter. Net income for the June 2011 quarter rose to $13.5 million from $5.5 million, and earnings per share increased to $0.67 from $0.27, also compared to the June 2010 quarter. Earnings for the quarter include $12 million of pre-tax earnings from the Company's unconsolidated investment in Parkdale America, LLC, a $6.5 million improvement from the prior year quarter. Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the June 2011 quarter were $14.1 million.

For the 2011 fiscal year, net income rose to $25.1 million or $1.25 per share, compared to $10.7 million or $0.53 per share for the 2010 fiscal year. Highlights for the 2011 fiscal year include:

* A $91 million, or 15 percent, increase in net sales to $708 million, as the Company increased prices to cover higher raw material costs, improved market share in key segments, increased sales of its premier value added products and grew volume in its operations in Central America and China.
* A $45 million reduction in the 11.5% senior secured notes due 2014, as the Company used excess operating cash and borrowing under its revolving credit facility to redeem a portion of the notes.
* Adjusted EBITDA of $60 million for the fiscal year, representing a $5 million increase over the prior fiscal year.

"Despite the effects of a sluggish economy and significant increases in raw material prices throughout the year, our focus on continuous improvement across all areas of the organization helped drive increases in net income and EBITDA for the year," said Bill Jasper, Chairman and CEO of Unifi. "We are pleased with progress made in operational efficiency and the growth of our premier value added products and are encouraged by the positive response from our customers to the opening of our Repreve Recycling Center. We are also pleased by the performance of Parkdale America and its effective management of the business despite highly volatile cotton prices during the year."

Cash-on-hand increased from $19.1 million at March 27, 2011 to $27.5 million at June 26, 2011. This $8.4 million increase is primarily a result of cash flow from operations and working capital improvements, as inventory turns improved and raw material costs started to decrease. As of June 26, 2011, $133.7 million of the 11.5% senior secured notes remain outstanding and borrowings under the Company's revolving credit facility were $34.6 million.

"We continue to focus on maintaining the strength of our balance sheet by focusing on cash flow from operations and working capital management programs," said Ron Smith, Chief Financial Officer of Unifi. "This persistent focus on cash generation allowed us to redeem $45 million of our 11.5% Senior Secured Notes during fiscal year 2011 and plan an additional redemption of $10 million, which we expect to be completed in the first quarter of fiscal 2012."

Unifi Inc

Must ReadView All

Courtesy: Li & Fung

Textiles | On 24th Mar 2017

Li & Fung forms new supply chain partnership with PVH Corp

Li & Fung Limited, the world's leader in consumer goods design,...

Courtesy: Alizilla

Apparel/Garments | On 24th Mar 2017

Alibaba's eWTP finds first overseas base in Malaysia

In a step towards using the internet to bring small businesses around ...

Textiles | On 24th Mar 2017

BJMC to produce cotton-jute blended denim fabrics

To meet demand from the market, Bangladesh Jute Mills Corporation...

Interviews View All

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
March 2017

March 2017

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


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search