Home / Knowledge / News / Textiles / Sales up 3.3% at recycled yarn maker Unifi in Q1FY15
Sales up 3.3% at recycled yarn maker Unifi in Q1FY15
27
Oct '14
Among many measures, a mix enrichment improvement, helped NYSE-listed and a producer of recycled yarns – Unifi Inc post a 3.3% hike in sales in first fiscal quarter ended September 28, 2014.

In its preliminary operating results for the first fiscal quarter of 2014, Unifi said net sales increased $5.5 million or 3.3% to $174.2 million versus $168.7 million for the prior year quarter.

“The year-over-year improvement in net sales is attributable to improved volume in its nylon and global segments, along with mix enrichment improvements in the polyester segment,” the yarn producer explained.

Net income for the September 2014 quarter amounted $7.1 million, or $0.39 per basic share, which fell from net income of $8.9 million, or $0.46 per basic share, for the same quarter of 2013.

Improved operating results for Unifi’s Central American operations were offset primarily by a $2.5 million decrease in earnings from its affiliate, Parkdale America, LLC.

Despite larger than anticipated manufacturing variances related to the July 4th shutdown, gross margin increased by 20 basis points in the first quarter of 2014.

However, first quarter of 2014 adjusted EBITDA registered a slight decline to touch $14.2 million from $14.5 million for the first fiscal quarter of 2014.

In the reporting quarter, Unifi repurchased 148,500 shares of common stock under a previously announced stock repurchase program.

It also completed a new long-term yarn supply agreement with Hanesbrands, Inc., which will be in effect through June 30, 2018 in the quarter under review.

Unifi was also able to increase its borrowing capacity by $22 million under the Fifth Amendment to its credit agreement in the first quarter of 2014.

"We are very pleased with the growth for our textured polyester business within the CAFTA region and the continued strength of our REPREVE recycled fiber," said COO - Roger Berrier.

"Our marketing programs have attracted the attention of many brands and retailers, and have led to the development and adoption of new programs featuring REPREVE and other value-added products," he added.

Cash and cash equivalents of $15.8 million as of September 28, 2014 remained relatively unchanged compared to $15.9 million as of June 29, 2014.

Net debt at the end of the September 2014 quarter stood at $95.8 million, compared to $83.6 million at June 29, 2014.

Unifi had $72.5 million available under its revolver as of September 28, 2014, compared to $61.1 million as of June 29, 2014.

Bill Jasper, CEO said, "We are planning to increase texturing capacity in the US and Central America to better serve the growing demand for synthetic yarns in the CAFTA region and to support our mix enrichment strategies.” (AR)

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: BekaertDeslee

Textiles | On 23rd Oct 2017

BekaertDeslee to expand North American facility

BekaertDeslee, one of the largest manufacturer of mattress textiles...

Courtesy: A&E

Textiles | On 23rd Oct 2017

A&E unveils Magic using Repreve sewing thread

American & Efird (A&E), a leading developer of industrial and...

Courtesy: Messe Frankfurt

Textiles | On 23rd Oct 2017

Over 4,000 exhibitors attend Intertextile Shanghai 2017

Another successful Intertextile Shanghai Apparel Fabrics has wrapped...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Hardik Sanghvi

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

Johan Berlin
InvestKonsult Sweden AB

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

Silke Brand-Kirsch
Schlegel und Partner

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

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

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

October 2017

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
77.1%
No
12.9%
Skip
10.0%

Total Votes: 70

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
61.4%
No
28.6%
Skip
10.0%

Total Votes: 70

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
85.7%
No
10.0%
Skip
4.3%

Total Votes: 70

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
75.7%
No
11.4%
Skip
12.9%

Total Votes: 70


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