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Multi-filament polyester producer Unifi posts Q3 results
10 May '08
3 min read
We anticipate further increases in raw material prices throughout the fourth quarter based on oil prices, growing demand for PET bottles, and increased U.S. gasoline consumption in the summer, all of which put demand pressures on key chemical ingredients of domestic polyester raw materials.
Accordingly, the Company will continue to focus on executing our profitability plan, while working with our customers and suppliers to optimize our sourcing mix and minimize the resulting impact on the supply chain."
Cash-on-hand at the end of the March quarter was $26.2 million, which is essentially unchanged from the $25.8 million cash-on-hand at the end of the December quarter.
Total cash and cash equivalents at the end of March, including restricted cash, were $42.6 million compared to $44.1 million as of June 2007.
Total long-term debt at the end of the March quarter was $218.4 million compared to $223.8 million as of December 2007 and $234.6 million as of June 2007.
Bill Jasper, President and CEO of Unifi, said, "Our focus on the profitability of our core business has resulted in improving financial performance, which we expect to continue.
In addition, the new leadership team has been working with our joint venture partner in China to develop appropriate strategies aimed at accelerating our path to profitability.
We are exploring strategic options with our partner and will provide further guidance when more information becomes available.
We remain committed to our original objective for China, which is to provide locally produced value-added products to our Asian customers."
Accordingly, the Company will continue to focus on executing our profitability plan, while working with our customers and suppliers to optimize our sourcing mix and minimize the resulting impact on the supply chain."
Cash-on-hand at the end of the March quarter was $26.2 million, which is essentially unchanged from the $25.8 million cash-on-hand at the end of the December quarter.
Total cash and cash equivalents at the end of March, including restricted cash, were $42.6 million compared to $44.1 million as of June 2007.
Total long-term debt at the end of the March quarter was $218.4 million compared to $223.8 million as of December 2007 and $234.6 million as of June 2007.
Bill Jasper, President and CEO of Unifi, said, "Our focus on the profitability of our core business has resulted in improving financial performance, which we expect to continue.
In addition, the new leadership team has been working with our joint venture partner in China to develop appropriate strategies aimed at accelerating our path to profitability.
We are exploring strategic options with our partner and will provide further guidance when more information becomes available.
We remain committed to our original objective for China, which is to provide locally produced value-added products to our Asian customers."
Unifi Inc
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