Home / Knowledge / News / Textiles / Unifi Q3'FY14 adjusted EBITDA soars 50%
Unifi Q3'FY14 adjusted EBITDA soars 50%
24
Apr '14
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.    
 
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.  
 
"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." 
 
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.    
 
Click here to view full results.
 

Unifi


Must ReadView All

Turkish-Algerian JV to set up textile unit in Relizane

Textiles | On 17th Jan 2018

Turkish-Algerian JV to set up textile unit in Relizane

Construction of one of Africa's largest textile production...

Courtesy: Indorama Ventures

Textiles | On 17th Jan 2018

IVL, Huvis to enter JV for Low Melting Fibre plant in US

Indorama Ventures Limited (IVL), a global chemical producer, and...

Future Group to set up garment manufacturing in Bengal

Apparel/Garments | On 17th Jan 2018

Future Group to set up garment manufacturing in Bengal

Kishore Biyani-led Future Group is going to set up a garment...

Interviews View All

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.8%
No
13.5%
Skip
17.7%

Total Votes: 96

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.5%
No
29.2%
Skip
7.3%

Total Votes: 96

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.5%
No
9.4%
Skip
3.1%

Total Votes: 96

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.3%
No
8.3%
Skip
9.4%

Total Votes: 96


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search