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Mittwoch, 26.04.2017 13:05 von PR Newswire | Aufrufe: 26

Unifi Announces Third Quarter Fiscal 2017 Results

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PR Newswire

GREENSBORO, N.C., April 26, 2017

GREENSBORO, N.C., April 26, 2017 /PRNewswire/ -- Unifi, Inc. (NYSE: UFI), one of the world's leading innovators in synthetic and recycled yarns, today released operating results for the third quarter ended March 26, 2017.

Third Quarter and Year-to-Date Fiscal 2017 Highlights

Volume, measured by pounds sold, increased by more than 8% for the third quarter and by more than 10% for the first nine months of fiscal 2017 compared to the third quarter and first nine months of fiscal 2016, respectively, driven by the strength of the global premium value-added ("PVA") portfolio;
Gross margin was 13.1% for the third quarter of fiscal 2017, compared to 14.5% for the prior fiscal year third quarter, while gross margin was 14.0% compared to 13.8% for the year-to-date periods of fiscal 2017 and 2016, respectively;
Operating income was $9.1 million for the third quarter of fiscal 2017 compared to $10.0 million for the prior fiscal year third quarter, and operating income was $30.7 million compared to $28.3 million for the year-to-date periods of fiscal 2017 and 2016, respectively;
Net income for the third quarter of fiscal 2017 was $9.2 million compared to $9.7 million in the prior fiscal year third quarter. Fiscal 2017 third quarter net income includes a year-over-year decline in earnings from Parkdale America, LLC ("PAL") of $1.5 million. Net income for the first nine months of fiscal 2017 was $23.2 million compared to $24.2 million in the prior year-to-date period. Net income for the fiscal 2017 year-to-date period includes a year-over-year decline in earnings from PAL of $2.8 million and a $1.7 million loss on a non-core divestiture;
Basic EPS was $0.50 for the third quarter of fiscal 2017, compared to $0.54 for the third quarter of fiscal 2016, while Basic EPS was $1.28 for the first nine months of fiscal 2017 compared to $1.35 for the first nine months of fiscal 2016; and
REPREVE^® Bottle Processing Center expanded potential revenue streams, receiving Letter of No Objection from the Food and Drug Administration to sell recycled bottle flake for food-grade packaging.

"Our international strategy has not only enhanced our ability to serve our customers but also provided us with valuable diversification throughout fiscal 2017. During this fiscal year, strength in the international PVA business has counterbalanced headwinds in the domestic market driven by weak retail sales, elevated inventory levels, and pressure from higher raw material costs. For fiscal 2017, we continue to expect results to be broadly in-line with fiscal 2016," said Tom Caudle, President of Unifi.

Third Quarter Fiscal 2017 Operational Review

Net sales were $160.9 million for the third quarter of fiscal 2017, compared to net sales of $161.3 million for the third quarter of fiscal 2016. Operating income was $9.1 million in the third quarter of fiscal 2017, compared to $10.0 million in the third quarter of fiscal 2016. Continued strong PVA performance in Asia and Brazil was offset by challenging domestic market conditions and pressures from comparatively higher raw material costs.

Net income was $9.2 million for the third quarter of fiscal 2017, compared to net income of $9.7 million for the third quarter of fiscal 2016. Net income for the fiscal 2017 quarter benefitted from foreign exchange favorability associated with the strengthening of the Brazilian currency, lower bad debts, and a lower effective tax rate, but was unfavorably impacted by a $1.5 million decline in earnings from PAL. After-tax earnings from PAL declined from approximately $2.4 million in the third quarter of fiscal 2016 to approximately $0.9 million in the third quarter of fiscal 2017. Basic EPS was $0.50 for the third quarter of fiscal 2017, compared to $0.54 for the third quarter of fiscal 2016.

Adjusted EBITDA was $14.4 million for the third quarter of fiscal 2017, compared to $15.4 million for the third quarter of fiscal 2016.

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Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. The schedules included in this press release calculate Adjusted EPS and reconcile Adjusted EBITDA and Adjusted Net Income to Net income attributable to Unifi, Inc.

Foreign currency translation in the third quarter resulted in an increase to net sales of $4.6 million and gross profit of $0.9 million compared to the prior fiscal year third quarter.

Net debt was $104.2 million at March 26, 2017, compared to $106.4 million at June 26, 2016.

First Nine Months of Fiscal 2017 Operational Review

Net sales were $476.0 million for the nine months ended March 26, 2017, compared to net sales of $479.8 million for the nine months ended March 27, 2016. Operating income grew year-over-year to $30.7 million in the first nine months of fiscal 2017 compared to $28.3 million in the first nine months of fiscal 2016. Strong operating results in Asia and Brazil, driven by the global PVA portfolio, was partially offset by weaker performance in the domestic market.

Net income was $23.2 million for the first nine months of fiscal 2017, compared to $24.2 million for the first nine months of fiscal 2016. Net income for the first nine months of fiscal 2017 was favorably impacted by a benefit for bad debts and a lower effective tax rate, but adversely impacted by a loss of $1.7 million associated with a non-core divestiture and a $2.8 million decline in earnings from PAL. After-tax earnings from PAL declined from approximately $3.4 million in the first nine months of fiscal 2016 to approximately $0.6 million in the first nine months of fiscal 2017. Basic EPS was $1.28 for the first nine months of fiscal 2017 compared to $1.35 for the first nine months of fiscal 2016.

Adjusted Net Income and Adjusted EPS, both excluding the loss from a non-core divestiture, were $24.8 million and $1.37, respectively, for the first nine months of fiscal 2017 compared to $24.9 million and $1.39, respectively, for the first nine months of fiscal 2016. Of note, both Adjusted Net Income and Adjusted EPS were impacted by $2.8 million of weaker results from PAL. Adjusted EBITDA, which excludes changes in earnings from PAL, increased to $46.8 million for the first nine months of fiscal 2017, compared to $44.8 million for the first nine months of fiscal 2016.

Foreign currency translation resulted in an increase to net sales of $7.9 million and gross profit of $1.3 million compared to the prior fiscal year period.

Third Quarter Fiscal 2017 Earnings Conference Call

The Company will provide additional commentary regarding its third quarter fiscal 2017 results and other developments during its earnings conference call on April 26, 2017, at 8:30 a.m. Eastern Time. The call can be accessed via a live audio webcast on the Company's website at http://investor.unifi.com. For those investors that cannot access the webcast, conference call lines will be available by dialing (877) 359-9508 (Domestic) or (224) 357-2393 (International) and, when prompted, providing conference ID number 1801784. Additional supporting materials and information related to the call will also be available on the Company's website.

About Unifi

Unifi, Inc. (NYSE: UFI) is a multi-national manufacturing company that produces and sells recycled and other processed yarns designed to meet customer specifications, and premium value-added ("PVA") yarns with enhanced performance characteristics. Unifi maintains one of the textile industry's most comprehensive polyester and nylon product offerings. Unifi enhances demand for its products, and helps others in creating a more effective textile industry supply chain, through the development and introduction of branded yarns that provide unique performance, comfort and aesthetic advantages. In addition to its flagship REPREVE^® products – a family of eco-friendly yarns made from recycled materials – key Unifi brands include: SORBTEK^®, REFLEXX^®, aio^® - all-in-one performance yarns, SATURA^®, AUGUSTA^® A.M.Y.^®, MYNX^® UV, and MICROVISTA^®. Unifi's yarns are readily found in the products of major brands in the apparel, hosiery, automotive, home furnishings, industrial and other end-use markets. For more information about Unifi, visit www.unifi.com; to learn more about REPREVE^®, visit www.repreve.com.

Financial Statements and Reconciliations to Adjusted Results to Follow

CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)

	March 26, 2017		June 26, 2016
ASSETS
Cash and cash equivalents	$	30,231	$	16,646
Receivables, net		87,249		83,422
Inventories		109,647		103,532
Other current assets		18,321		8,292
Total current assets		245,448		211,892

Property, plant and equipment, net		201,516		185,101
Investments in unconsolidated affiliates		117,910		117,412
Other non-current assets		5,381		11,037
Total assets	$	570,255	$	525,442

LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and other current liabilities	$	61,713	$	61,522
Current portion of long-term debt		16,823		13,786
Total current liabilities		78,536		75,308
Long-term debt		116,474		107,805
Other long-term liabilities		21,383		15,384
Total liabilities		216,393		198,497

Total Unifi, Inc. shareholders' equity		353,862		325,031
Non-controlling interest		—		1,914
Total shareholders' equity		353,862		326,945
Total liabilities and shareholders' equity	$	570,255	$	525,442

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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