Unifi Inc released operating results for its first quarter ending September 25, 2005.
Net income for the current quarter, including discontinued operations, was a net loss of $3.1 million or $0.06 per share compared to a net loss of $22.6 million or $0.43 per share for the prior September quarter. Included in the current September quarter is a $2.8 million gain from the sale of the Company's property located in Ireland.
Net income from continuing operations for the current quarter was a net loss of $5.7 million or $0.11 per share compared to a net loss of $1.2 million or $0.02 per share for the prior September quarter. Net income from continuing operations for the current quarter was negatively impacted by a pre-tax impairment charge of $1.5 million associated with Company properties located in Mayodan, N.C., and $1.4 million in pre-tax losses from the winding down of Unimatrix Americas, the Company's external sourcing business.
Net sales from continuing operations for the current September quarter of $185.4 million were up $5.8 million or 3.2% compared to net sales of $179.6 million for the prior year September quarter.
Cash-on-hand at the end of the current September quarter was $90.7 million, up from the $45.7 million cash-on-hand at the end of the prior year September quarter.
Brian Parke, Chairman and CEO of Unifi Inc said, "After two months of operations, Yihua Unifi, their joint venture in China, is making progress in improving operational quality and manufacturing expertise. They will be introducing four of branded performance yarns to the China market at a key industry trade show at the end of October."
Unifi Inc is a diversified producer and processor of multi- filament polyester and nylon textured yarns and related raw materials. The Company adds value to the supply chain and enhances consumer demand for its products through the development and introduction of branded yarns that provide unique performance, comfort and aesthetic advantages. Key Unifi brands include, but are not limited to: Sorbtek, A.M.Y., Mynx UV, Reflexx, MicroVista and Satura. Unifi's yarns and brands are readily found in home furnishings, apparel, legwear, and sewing thread, as well as industrial, automotive, military, and medical applications.
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