Home / Knowledge / News / Textiles / Brazil continues to exceed projections – Unifi
Brazil continues to exceed projections – Unifi
30
Apr '10
Unifi, Inc released preliminary operating results for its third fiscal quarter ended March 28, 2010.

The Company is reporting net sales of $154.7 million for the third quarter of fiscal year 2010, an increase of $35.6 million or 29.9% compared to the prior year quarter and $12.4 million or 8.7% compared to the December 2009 quarter. Net sales were positively impacted by improved market conditions across all of the Company's key segments, as well as continued growth in Brazil.

The Company is reporting net income of $0.8 million or $0.01 per share for the third quarter of fiscal year 2010 compared to a net loss of $33.0 million or $0.53 per share for the prior year quarter. Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) were $12.7 million for the third quarter, an improvement of $15.0 million compared to the prior year quarter. The substantial year- over-year improvements in quarterly results were the result of:

• Significantly improved retail demand in apparel, furnishings and automotive, as the economic recovery continues;
• Higher utilization levels across the regional supply chain;
• Continued improvement in the Brazilian market; and
• Cost and efficiency improvements realized over the last year.

Compared to the prior year period, net sales for the first nine months of the 2010 fiscal year improved by $26.0 million or 6.3% to $439.8 million. The Company is reporting net income of $5.2 million or $0.09 per share for the year-to-date period of fiscal year 2010 compared to a net loss of $42.7 million or $0.69 per share for the prior year period, and Adjusted EBITDA increased $27.4 million to $41.1 million.

Ron Smith, Chief Financial Officer for Unifi, said, "Higher utilization rates and overall operational improvements have contributed to increases in gross profit for the first nine months of the fiscal year. Our share gain efforts, as well as rising raw material costs, squeezed margins somewhat in the quarter, and we expect to regain those margins over the next few months."

Cash-on-hand at the end of March 2010 was $52.5 million, a decrease of $1.9 million from the end of December 2009, as cash generated by operations was reinvested into the working capital required to support the higher volumes that the Company experienced. Total long-term debt declined $2.2 million from the end of December to $181.2 million.

"We are very pleased to be reporting profitability in each of the first three quarters of the fiscal year, especially in a recovering economic environment," said Bill Jasper, President and CEO of Unifi. "Our aggressive cost reductions and disciplined task-based improvement process continue to contribute significantly to our improved cost basis and the strength of our balance sheet. Our domestic business is improving, and Brazil continues to exceed projections. We will continue to focus on cash generation and deleveraging our balance sheet, while funding targeted growth opportunities in our global businesses."

Unifi Inc


Must ReadView All

Textiles | On 24th Jun 2017

Applied DNA to tag cotton for 2017/18 US ginning season

Applied DNA, provider of DNA-based supply chain security,...

Apparel/Garments | On 24th Jun 2017

NPD Group launches Trend Tracker for apparel trends

Global information company the NPD Group has launched Trend Tracker,...

Textiles | On 24th Jun 2017

Cotton USA’s first innovation competition in UK ends

Cotton USA has announced the successful close to its first innovation ...

Interviews View All

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Marcel Alberts
Eurofibers

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

Eric Scholler
Groz-Beckert

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

Eamonn Tighe
Nature Works LLC

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

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

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

news category


Related Categories:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


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