Major losses at Unifi
Polyester and nylon textured yarn producer Unifi has posted sales and income declines for its third quarter ended March 29.
Net sales for the quarter were $119.1 million, a $50.7 million decrease compared with $169.8 million for the prior-year quarter. Net loss was $33 million compared to net income of $12 thousand for the same period last year.
Net sales for the first nine months of 2009 were $413.8 million compared with $523.7 million for the prior-year period. Net loss for the first nine months was $42.7 million compared with a net loss of $16.9 million in the first nine months of 2008.
Bill Jasper, president and CEO of Unifi, said: "As anticipated, the March quarter was a challenging one, as we continued to manage through a weak market. However, by staying focused on the continuous improvement of our costs and operational efficiencies, market share growth and product mix enhancements, we have achieved fundamental improvements in our underlying business.”
He added: “We expect this recession will be long and the recovery will be slow, but we have positioned ourselves well and are in a much better position to weather the storm than we were just a year ago. We expect to see gradual improvement in our business through the current quarter and the first half of our 2010 fiscal year.”
