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

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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 2017

January 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