Unifi Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 29, 2015
Apr 23 15
Unifi Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended March 29, 2015. For the quarter, the company reported net sales of $170,530,000 compared to $176,864,000 a year ago. Operating income was $9,031,000 compared to $6,093,000 a year ago. Income before income taxes was $12,488,000 compared to $8,930,000 a year ago. Net income attributable to the company was $10,016,000 or $0.53 per diluted share compared to $4,743,000 or $0.24 per dilutes share a year ago. EBITDA was $17,861,000 compared to $14,492,000 a year ago. Adjusted EBITDA was $14,854,000 compared to $12,590,000 a year ago. On adjusted basis, income before income taxes was $13,498,000 compared to $9,037,000 a year ago. Net income was $8,966,000 or $0.49 per diluted share compared to $5,429,000 or $0.29 per dilutes share a year ago. The decrease in net sales is primarily attributable to the devaluation of the Brazilian currency, partially offset by improved textured polyester and international segment sales volumes. This increase in quarterly pretax income is primarily attributable to $2.5 million of improved gross profit, driven by the factors previously discussed, improved earnings from its equity affiliates, which they will discuss on Slide #6, partially offset by $1 million write-off of debt financing fees associated with its previous credit facility.
For the nine months, the company reported net sales of $507,861,000 compared to $506,150,000 a year ago. Operating income was $26,582,000 compared to $20,152,000 a year ago. Income before income taxes was $35,639,000 compared to $33,435,000 a year ago. Net income attributable to the company was $26,511,000 or $1.41 per diluted share compared to $20,056,000 or $1.01 per dilutes share a year ago. Net cash provided by operating activities was $19,697,000 compared to $42,437,000 a year ago. Capital expenditures were $19,393,000 compared to $13,390,000 a year ago. EBITDA was $51,761,000 compared to $48,628,000 a year ago. Adjusted EBITDA was $45,241,000 compared to $39,638,000 a year ago. On adjusted basis, income before income taxes was $35,160,000 compared to $33,916,000 a year ago. Net income was $23,631,000 or $1.30 per diluted share compared to $21,815,000 or $1.14 per dilutes share a year ago. The sales increase is due to higher volumes in the nylon and international segments, partially offset by pricing declines in both of these segments with the same themes driving these changes. This increase in pretax income is primarily attributable to: $8.3 million of improved gross profit driven by the factors previously discussed, partially offset by lower earnings by its equity affiliates, which they will discuss on the next slide; higher SG&A expenses primarily due to stock-based compensation, marketing expenses and professional fees; a write-off of debt financing fees; and higher net interest expense due to a onetime interest income benefit received by its Brazil subsidiary in the prior year period. The increase in EPS in addition to the factors previously discussed is attributable to a lower effective tax rate and a decline in average basic shares outstanding from 19.1 million to 18.2 million shares due to the company's previously announced stock repurchase programs.
Unifi, Inc. and Unifi Manufacturing, Inc. Enter into an Amended and Restated Credit Agreement
Mar 31 15
On March 26, 2015 Unifi, Inc. and Unifi Manufacturing, Inc. as borrowers, entered into an Amended and Restated Credit Agreement (the Amended Credit Agreement") for a $200 million senior secured credit facility (the ABL Facility") with Wells Fargo Bank, National Association (Wells Fargo"), as agent, lead arranger, book runner and a lender; Bank of America, N.A. (Bank of America") as a lender; and Fifth Third Bank (Fifth Third") as a lender. The ABL Facility consists of a $100 million revolving credit facility (the ABL Revolver") and an $84.38 million term loan that can be increased up to $100 million if certain future conditions are met (the ABL Term Loan"). The ABL Facility has a maturity date of March 26, 2020. Certain capitalized terms used but not defined herein have the meanings given to them in the Amended Credit Agreement.
The North Face Incorporates Unifi, Inc.'s Repreve in Denali Line of Fleece Jackets
Jan 22 15
As part of its commitment to responsibly designed products, The North Face has incorporated Unifi Inc.'s REPREVE in its Denali line of fleece jackets. The North Face has integrated three environmentally friendly materials into the Denali jackets, including REPREVE recycled yarn, REPREVE WaterWise yarn with color technology, and REPREVE Textile Takeback yarn made from fabric scraps and recycled bottles. By using fleece produced from REPREVE, a high performance yarn made from recycled plastic bottles, more than 30 million bottles are saved from landfills and turned into Denali jackets each year. The North Face is also utilizing REPREVE's WaterWise yarn with color technology to reduce the amount of water and chemicals used in the fabric dyeing process. Black and heather grey Denali jackets made with REPREVE WaterWise yarn use 50% less water, 50% less chemicals and 25% less energy in the fabric dyeing and finishing process.