Unifi to focus on internal resources for downstream initiatives
29 Jul '05
5 min read
Largest multi-filament polyester and nylon textured yarns and related raw materials producer Unifi Inc released operating results for its fourth quarter and fiscal year ending June 26, 2005.
Net income for the current quarter, including discontinued operations, was a net loss of $9.0 million or $0.17 per share compared to a net loss of $6.0 million or $0.12 per share for the prior year June quarter. The Company also reported a net loss of $41.2 million or $0.79 per share for the 2005 fiscal year, which represents an improvement over a net loss of $69.8 million or $1.34 per share for the 2004 fiscal year.
Net income for the current quarter was negatively impacted by a pre-tax charge of $8.2 million associated with the write-off of receivables associated with the recent Chapter 11 bankruptcy filing by Collins & Aikman.
Net sales for the June quarter, which include sales from the Kinston, North Carolina based INVISTA polyester manufacturing assets acquired in September 2004, were $203.2 million, an increase of $28.4 million or 16.2 percent compared to net sales of $174.8 million for the prior year June quarter.
Net sales of $799.4 million for the 2005 fiscal year represent an increase of $131.6 million, or 19.7 percent, over the 2004 fiscal year.
Continuing its focus on strengthening the balance sheet, the Company reported the following improvements made to its balance sheet during the current quarter:
- Increased cash-on-hand by $50.2 million, ending the current June quarter with $105.6 million in cash-on-hand compared to the $55.4 million cash-on-hand reported at the end of the March quarter.
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