Unifi posts positive Q1 results
Multi- filament polyester, nylon textured yarns and related raw materials producer Unifi, Inc. has reported improved results for its third quarter ended March 23.
Net income for the quarter was $12,000 compared with a net loss of $13.3 million for the prior-year quarter. Net loss for the first nine months of the year was $16.9 million compared with a net loss of $41.6 million for the prior-year period.
Net sales for the quarter were $169.8 million compared with $178.2 million for the same quarter last year, while net sales for the first nine months were $523.7 million compared with $505 million for the prior-year period.
Chief financial officer, Ron Smith, said: "The Company's operating performance for the quarter was positive and on an improving trajectory despite a difficult operating environment in which overall US polyester consumption contracted at twice the expected rate, due primarily to the economic slowdown in the automotive, furnishings, and apparel segments.
"Although our domestic polyester business had to contend with weaker than expected demand and raw materials costs at five-year highs, we were positively impacted by the benefits of our focus on sourcing strategies, cost reduction efforts and continued strength in our nylon and Brazilian businesses."
