Home / Knowledge / News / Textiles / Net income zooms 47% at Unifi in Q2FY15
Net income zooms 47% at Unifi in Q2FY15
22
Jan '15
Improved global operations and a lower effective tax rate drove net income growth by 46.87 per cent year on year at value added yarns producer, Unifi Inc in the second quarter ended December 28, 2014.

Unifi said its net income for the December quarter amounted to $9.4 million, or $0.52 per basic share, compared to net income of $6.4 million, or $0.34 per basic share, for the prior year quarter.

Net sales increased $2.5 million or 1.6 per cent to $163.1 million for the second fiscal quarter of 2014 as against $160.6 million for the same quarter of 2013.

“The improvement in net sales is primarily attributable to improved volume in all three reportable segments, partially offset by devaluation of the Brazilian Real, relative to the US dollar,” Unifi explained.

It also attributed higher sales volumes to increased demand for textured polyester yarn in the North and Central American regions and improvements in Brazil and China.

Gross profit in the reporting improved to $23.3 million or 14.3 per cent of net sales from $18.5 million or 11.5 per cent of net sales in the year ago quarter.

Adjusted EBITDA also expanded to $16.2 million for the December 2014 quarter from $12.6 million for the prior year quarter.

"We are very pleased with the improvements, led by continued success of our mix enrichment strategy, rise in demand for textured polyester and volume growth in our global business," CEO Roger Berrier said.

He added, "The consumption of synthetic yarn continues to grow in the CAFTA region, particularly with incremental apparel programs moving into the region from Asia.

“We are addressing this opportunity by adding new texturing capacity in both the U.S. and El Salvador, which will become operational over the course of the second half of the fiscal year."

Cash and cash equivalents of $17.9 million as of December 28, 2014, increased $2.0 million compared to $15.9 million as of June 29, 2014.

Net debt at the end of the December 2014 quarter was $93.4 million, compared to $83.6 million at June 29, 2014.

The Company had $60.9 million available under its revolver as of December 28, 2014, relatively unchanged compared to $61.1 million as of June 29, 2014. (AR)

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 27th Mar 2017

NYCEDC announces $51mn package for NYC garment industry

New York City Economic Development Corporation (NYCEDC), in...

Apparel/Garments | On 27th Mar 2017

Fynd raises $500K Series A funding from Venture Catalysts

Fynd, an online to offline (O2O) e-commerce fashion marketplace, has...

Apparel/Garments | On 27th Mar 2017

India's fashion market to touch $30 bn by 2020: Report

The fashion market in India is estimated at $70 billion in 2016, with ...

Interviews View All

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Prathyusha Garimella
Prathyusha Garimella

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

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


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