Net income reached $1.4 million, or $0.07 per share, compared to net income of $7.5 million, or $0.38 per share, for the prior year. Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the March 2013 quarter were $8.4 million.
The company attributed the decline in net income primarily to its decision to extend its holiday shutdown in the current quarter, a $5.1 million decline in earnings from its equity affiliates and a one-time charge related to the early extinguishment of outstanding debt.
“The company improved margins during the quarter despite operating in an environment where raw material prices increased more sharply than anticipated, and we aggressively managed our inventories and cash," said Bill Jasper, Chairman and CEO of Unifi. "The on-going stability of the domestic economy, improvements in our operational efficiencies, signs of recovery in our global operations and continued growth of our premier value-added products all point to a strong June 2013 quarter, which should create positive momentum leading into our 2014 fiscal year. Our confidence in our business and its ability to generate cash from operations also allowed us to begin purchasing stock under our $50 million stock repurchase program, and we expect to continue doing so, while maintaining a strong balance sheet."
Cash-on-hand as of March 24, 2013 was $15.9 million, an increase of $0.7 million compared to cash-on-hand as of Dec. 23, 2012. Total debt at the end of the March 2013 quarter was $98.4 million compared to $106.7 million total debt as of Dec. 23, 2012.
"During this fiscal year, strong operating cash flow combined with working capital improvements and distributions from our equity affiliates have allowed the company to reduce net debt by $28.2 million and repurchase $9.7 million worth of its outstanding shares of common stock, while maintaining excellent liquidity," said Ron Smith, Chief Financial Officer of Unifi. "Much of the working capital improvement during the fiscal year came from the company's strategic decision to extend its holiday shutdown period into the March 2013 quarter, which enabled us to reduce adjusted working capital by $4.3 million compared to the Dec. 2012 quarter, despite rising raw material prices."
Unifi continues to make headway educating consumers about the benefits of recycling and choosing products made with recycled content such as Repreve, which is used by many outdoor bands to make fleece garments.
“Our program with X Games Aspen 2013 generated more than 42 million consumer impressions and engaged the target audience with the Repreve brand,” said Berrier. “This positive exposure not only creates valuable awareness with consumers, but helps create demand for Repreve and our other premier value-added products with downstream customers. We continue to be on track to double our premier value-added business by 2014, which is an important part of our mix enrichment strategy."
Source Unifi through SportsOneSource
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