Yarn manufacturer Unifi Inc released operating results for its fourth quarter and fiscal year ended June 25, 2006.
The net income for the current quarter, including discontinued operations, was a net loss of $5.4 million or $0.10 per share, which is an improvement over a net loss of $9.0 million or $0.17 per share for the prior year June quarter.
Net income for the current quarter was negatively impacted by a pre-tax loss of $2.9 million associated with the early extinguishment of debt. It also reported a net loss of $14.4 million or $0.28 per share for the 2006 fiscal year, which represents an improvement over a net loss of $41.2 million or $0.79 per share for the 2005 fiscal year.
"Our results for the current fiscal year mark the second straight year of improvement. We have reduced our net loss by $55.4 million, which improvement has been driven by continued successful execution of our internal plans," said Bill Lowe, COO and CFO for Unifi.
Net sales for the June quarter were $183.2 million, a decrease of $17.2 million or 8.6 percent compared to net sales of $200.4 million for the prior year June quarter. Net sales of $738.8 million for the 2006 fiscal year represent a decrease of $55.0 million, or 6.9 percent, over 2005 fiscal year net sales of $793.8 million.
Brian Parke, Chairman and CEO for Unifi, said, "In an environment of rising raw material prices, the ability to exceed our forecast and improve the results of our underlying business during the 2006 fiscal year, reflects the soundness of the strategies that have been in place for more than two years."
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