"We are pleased with the financial and operating results so far in the 2013 fiscal year," said Ron Smith, Chief Financial Officer of Unifi. "Our continued focus on cash generation and deleveraging has allowed us to reduce outstanding debt as of December 23, 2012 by $14.9 million since June 24, 2012 and resulted in reduced interest expense, while providing us with flexibility to fund future strategic opportunities." Subsequent to the end of the fiscal quarter, the Company prepaid the $13.8 million remaining balance outstanding on its Term B loan using cash generated from domestic operations, distributions from Parkdale America and borrowings under the Company's revolving credit facility.
Unifi, Inc. released preliminary operating results for its second fiscal quarter ended December 23, 2012. The Company reported net income of#
The Company's weighted average interest rate now stands at 3.3%.Roger Berrier, President and Chief Operating Officer of Unifi, added: "We continue to be on track to double our premier value-added business by 2014, which is an important part of our mix enrichment strategy. REPREVE has been a flagship and success story for the Company, and we are taking a more active approach by marketing to consumers and educating them about the benefits of recycling and choosing products made with recycled content. Since REPREVE is in many winter sports products from companies such as Patagonia, The North Face and Polartec, we will be the recycling partner for X Games Aspen, which will air on ESPN from January 24, 2013 to January 27, 2013. We believe that this exposure will help accelerate the momentum that we have for REPREVE with our brand and retail partners."
Unifi, Inc. released preliminary operating results for its second fiscal quarter ended December 23, 2012. The Company reported net income of#
Unifi, Inc. is a diversified producer and processor of multi-filament polyester and nylon textured yarns and related raw materials. The Company adds value to the supply chain and enhances consumer demand for its products through the development and introduction of branded yarns that provide unique performance, comfort and aesthetic advantages.
Unifi, Inc. released preliminary operating results for its second fiscal quarter ended December 23, 2012. The Company reported net income of#
Unifi
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