Q4 sales and income decline at Unifi
Multi-filament polyester and nylon textured yarn producer
Unifi has released preliminary operating results for its fourth quarter and fiscal
year ended June 24.
The Company reported net income of $11.3 million for the
fourth quarter compared with $13.5 million during the prior-year period. Net
sales fell $8 million to $188 million for the quarter compared with $196
million.
Net sales for the full year totalled $705 million, a
decline of $8 million or 1.1% compared with fiscal 2011. Net income was $11.5
million compared with $25.1 million.
"We continued to see recovery in volume across all
of our operating segments through the second half of the 2012 fiscal year, and
margins improved due to the strength of our premier value-added products and
polyester raw material cost subsiding from their historically high
levels," said Bill Jasper, chairman and CEO of Unifi.
"We also realised converting cost benefits during
the March and June quarters as higher utilisation rates in our plants and our
ongoing focus on cost improvement initiatives resulted in lower per unit
manufacturing costs.
"Looking forward, we are optimistic the improved
performance will continue into our new fiscal year."
