Unifi Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended June 28, 2015; Provides Earnings Guidance for the First Quarter and Full Year 2016
Jul 22 15
Unifi Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended June 28, 2015. For the quarter, the company's net sales were $174,951,000 against $181,752,000 a year ago. Operating income was $11,904,000 against $11,331,000 a year ago. Income before income taxes was $18,173,000 against $14,446,000 a year ago. Net income attributable to Unifi Inc. was $15,640,000 or $0.83 diluted per share against $8,767,000 or $0.46 diluted per share a year ago. EBITDA was $24,212,000 against $20,229,000 a year ago. Adjusted EBITDA was $18,461,000 against $17,958,000 a year ago. Adjusted income before income taxes was $15,633,000 against $14,629,000 a year ago. Adjusted net income was $9,997,000 or $0.55 basic per share against $9,282,000 or $0.50 basic per share a year ago.
For the year, the company's net sales were $687,121,000 against $687,902,000 a year ago. Operating income was $38,486,000 against $31,483,000 a year ago. Income before income taxes was $53,812,000 against $47,881,000 a year ago. Net income attributable to Unifi Inc. was $42,151,000 or $2.24 diluted per share against $28,823,000 or $1.47 diluted per share a year ago. Net cash provided by operating activities was $38,903,000 against $56,357,000 a year ago. Capital expenditures were $25,966,000 against $19,091,000 a year ago. EBITDA was $75,973,000 against $68,857,000 a year ago. Adjusted EBITDA was $63,702,000 against $57,596,000 a year ago. Adjusted income before income taxes was $50,934,000 against $48,545,000 a year ago. Adjusted net income was $34,276,000 or $1.88 basic per share against $31,244,000 or $1.65 basic per share a year ago. Net debt as of June 28, 2015 was $94.1 million.
For the first quarter of 2016, adjusted EBITDA is expected to be at or slightly above $15 million.
For the year 2016, the company's adjusted EBITDA to improve and be in the high 60s, with adjusted EPS of between $2.15 and $2.20 per basic share, an improvement of $0.25 to $0.30 versus 2015 fiscal year.
Unifi, Inc. and Unifi Manufacturing, Inc. Enter into Amendments to Credit Agreement
Jun 30 15
Unifi, Inc. and its wholly owned subsidiary Unifi Manufacturing, Inc. (together the borrowers), as borrowers, entered into a first amendment to amended and restated credit agreement with Wells Fargo Bank, National Association, as agent for the lenders (the lenders), which amends the Amended and Restated Credit Agreement, dated as of March 26, 2015, by and among the Borrowers, the Lenders and the Agent. The credit agreement relates to a $200 million senior secured credit facility. In connection with the First Amendment to Credit Agreement, on June 26, 2015 the Borrowers and two wholly owned subsidiaries of UMI, Unifi Sales & Distribution, Inc. and See 4 Process Improvement Solutions, LLC (f/k/a Unifi Equipment Leasing, LLC), entered into a First Amendment to Amended and Restated Guaranty and Security Agreement with the agent, as agent for the Lenders, which amends the Amended and Restated Guaranty and Security Agreement, dated as of March 26, 2015, by and among the Loan Parties and the Agent.
Unifi, Inc. Expands REPREVE Recycling Center in Yadkinville, North Carolina
Jun 18 15
Unifi Inc. has announced the expansion of its REPREVE Recycling Center in Yadkinville, North Carolina. The expansion comes as Unifi dials up its commitment to Premium Value Added products, like REPREVE, which continue to be a strategic focus for the company. Recycling capacity at the REPREVE Recycling Center will increase from 42 million pounds to 72 million pounds, annually. This increase is being driven by demand from
new customer adoptions with companies such as Ford, The North Face, Nike, Volcom and Patagonia. The expansion is expected to create 10 new jobs including two salary shift managers, four hourly operators and four hourly material handlers.