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Unifi Q4 FY'13 sales grow 6.8%
25
Jul '13
Unifi, Inc. released preliminary operating results for its fourth quarter and fiscal year ended June 30, 2013.  The Company's reported net sales increased $12.8 million or 6.8% to $200.7 million for the quarter ended June 30, 2013, which consisted of 14 fiscal weeks, compared to net sales of $187.9 million for the quarter ended June 24, 2012, which consisted of 13 fiscal weeks. 

Net income for the June 2013 quarter was $10.5 million, or $0.54 per share, compared to net income of $11.3 million, or $0.56 per share, for the June 2012 quarter, as a 320 basis point improvement in gross margin was offset by lower earnings of unconsolidated affiliates and higher income tax expense.

Highlights for the June 2013 quarter included:

-Adjusted EBITDA for the June 2013 quarter improved to $18.3 million compared to $14.1 million in the June 2012 quarter;
-Gross margin improved significantly as a result of higher conversion margins and lower manufacturing costs driven by the Company's mix enrichment and continuous improvement strategies;
-Strong shipping volumes continued, as growth in U.S. retail demand benefited the Company's yarn operations in North America and China.
-The Company amended its $150 million bank credit facility to provide additional liquidity and improve its long-term operating flexibility.

The Company's reported net sales increased $8.9 million or 1.3% to $714.0 million for the fiscal year ended June 30, 2013, compared to net sales of $705.1 million for the fiscal year ended June 24, 2012.  For the 2013 fiscal year, net income was $16.6 million, or $0.84 per share, compared to net income of $11.5 million, or $0.57 per share, for the prior fiscal year and adjusted EBITDA was $52.7 million compared to adjusted EBITDA of $39.8 million for the prior fiscal year.

Operating margins for the 2013 fiscal year were positively impacted by a 250 basis point improvement in gross margin and an $11.6 million decrease in interest expense related to the Company's recently completed deleveraging strategy.  These improvements were partially offset by an $8.3 million decrease in earnings from the Company's unconsolidated affiliates and a $15.3 million increase in income taxes.

Click here to read full results.

Unifi

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