Unifi secured a net income of $5.5m for the fourth quarter of the fiscal year ended 27 June 2010. This compared with $6.3m for the prior year June quarter.
Net sales for the fourth quarter were $177m, an increase of $37.1m or 26.6% compared with net sales of $140m for the prior year quarter. Adjusted earnings before income taxes, depreciation and amortisation (EBITDA) for the fourth quarter was $14.1m compared with adjusted EBITDA of $9.6m for the prior year quarter.
For the 2010 fiscal year, net income was $10.7m, which represents the company’s first profitable year since fiscal 2000 and an improvement of $59.7m from the prior year period. Highlights for the 2010 fiscal year, according to Unifi, include:>Net sales increased by $63.1m or 11.4% to $616.8m, reflecting retail sales improvements in the company’s core apparel, home furnishings and automotive categories;>Gross profit increased by $43m, reflecting the benefits of higher capacity utilisation and the company’s focus on continuous improvement across the organisation; >Adjusted EBITDA increased by $32m to $55.3m for the year.Ron Smith, chief financial officer at Unifi said: “Our volumes continued to strengthen during the June quarter as a result of improvements in retail sales, which continue to show signs of recovery and positive regional sourcing trends. Results for the quarter were also positively impacted by the company’s share of earnings in Parkdale America, as well as continued improvements in our operations in Brazil and China.”Bill Jasper, president and CEO of Unifi said: “The management team, put into place in October 2007, has done an outstanding job of developing and implementing the strategies that successfully led the company through the recession and produced our first profitable year in ten years.
“Our consistent focus on market share, cost control, lean manufacturing and statistical process control, coupled with market improvements across our major segments, has enabled the company to exceed its financial and operational goals for the year. As we continue to drive these efforts, we expect to maintain these gains and achieve additional improvements during the 2011 fiscal year.”