Bill Jasper, President and CEO of Unifi, said, "We are confident that the Company has the financial stability to withstand one of the harshest operating environments we have seen in decades and to outlast the inventory de-stocking that is taking place throughout the supply chain. We believe we have strong liquidity and a debt structure that will allow us to pursue our strategies without the undue pressure of financial maintenance covenants."
"Although uncertainty around the depth and duration of the recession makes it difficult to project when sales will rebound, our cost savings initiatives and the improvements already in place will allow us to weather the storm and emerge as a more competitive and more profitable Company. We will continue to invest in the development and commercialization of new products and branded premium value-added yarns during these difficult times to help capitalize on the opportunities that will arise as market conditions normalize. We are focused on aggressively improving our business fundamentals and strengthening our overall market position."
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