Unifi net sales from continuing opts up in June quarter
07 Aug '07
3 min read
Unifi Inc released operating results for its fourth quarter and fiscal year ended June 24, 2007.
Net income for the current quarter, including discontinued operations, was a net loss of $72.3 million or $1.19 per share compared a net loss of $5.4 million or $0.10 per share for the prior year June quarter.
Net income for the current quarter was negatively impacted by a pre-tax impairment charge of $84.7 million to adjust the carrying value of the Company's ownership interest in Parkdale America, LLC, as well as $4.3 million in pre-tax bad debt charges. Net income from continuing operations for the current quarter was a net loss of $73.3 million or $1.21 per share compared to a net loss of $5.2 million or $0.10 per share for the prior year June quarter.
Net income for the 2007 fiscal year, including discontinued operations, was a net loss of $113.1 million or $2.01 per share compared to a net loss of $14.4 million or $0.28 per share for the 2006 fiscal year. Net income from continuing operations for the 2007 fiscal year was a net loss of $114.6 million or $2.04 per share compared to a net loss of $14.7 million or $0.28 per share for the 2006 fiscal year.
"Fiscal 2007 presented many challenges for us, primarily in the area of ever increasing and fluctuating raw material prices", said William Lowe, Chief Operating Officer and Chief Financial Officer for Unifi.
"Nevertheless, we successfully integrated our most recent acquisition in Dillon, South Carolina, increased our cash position, consummated several asset sales, and have positioned the Company to make its next step toward creating shareholder value by closing our Kinston facility and resourcing a certain quantity of our commodity partially oriented yarn versus manufacturing it at that facility. This will reduce our operating costs and provide flexibility in our texturing operations in the future."
marketing@alchempro.com
