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Income Up, Sales Down At Yarn Maker Unifi

(Filed Under Financial and General Interest News). Yarn maker Unifi, Inc. reported a higher net income for the 52 week year ended June 29, 2014, of $28.8 million on lower sales of $687.9 million. In the 53-week fiscal year that ended June 30, 2013 the company reported net income of $16.6 million on higher sales of $714.0 million.

In announcing the results the firm attributed the increase in income to “improved operating results for the company’s domestic and Central American operations and lower domestic depreciation expenses, as partially offset by lower earnings from the company’s foreign operations.”

Unifi sells textured and other processed yarns, in polyester and nylon, including “premier value-added yarns with enhanced performance characteristics” that are used in apparel, hosiery and other applications.

According to the company, “Net sales decreased $26.1 million, or 3.7%” as “Improvement in the company’s domestic operations was offset by the negative impact of one less week of sales in the current fiscal year for the company’s domestic and Central American operations, unfavorable currency translation effects in Brazil and lower volumes for the company’s operations in China”

“We are very pleased with the full year results generated from our domestic business, which reflects the continued growth in our value-added and differentiated products, increased demand from the CAFTA region, and the ability to provide pricing stability throughout the year based on consistent raw material costs,” said Roger Berrier, president and COO. “We completed the expansion of our REPREVE Recycling Center, and we will continue to drive growth as we evolve the REPREVE brand to include additional performance and sustainability attributes.” Chairman and CEO Bill Jasper added: “I am pleased with our improved annual operating results, especially in the North American region, and with our consolidated net income, which is the company’s highest in more than ten years.”

more Financial and General Interest News >>

Published 07-31-2014 by -

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