Unifi, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 25, 2017: Revises Earnings Guidance for the Full Year 2018
January 25, 2018 at 06:55 am EST
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Unifi, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended December 25, 2017. For the quarter, the company announced net sales of $167,478,000 compared to $155,155,000 for the same period a year ago. Operating income was $7,774,000 compared to $9,038,000 for the same period a year ago. Income before income taxes was $6,976,000 compared to $6,278,000 for the same period a year ago. Net income attributable to the company was $11,802,000 compared to $4,591,000 for the same period a year ago. Diluted net income per share was $0.63 compared to $0.25 for the same period a year ago. EBITDA was $13,517,000 compared to $12,061,000 for the same period a year ago. Adjusted EBITDA was $13,893,000 compared to $14,468,000 for the same period a year ago. Net debt (debt principal less cash and cash equivalents) was $84.9 million at December 24, 2017, compared to $94.0 million at June 25, 2017, as cash and cash equivalents grew from $35.4 million at June 25, 2017 to $48.6 million at December 24, 2017. Adjusted net income was $7,995,000 compared to $6,253,000 for the same period a year ago. Diluted net income per share was $0.43 compared to $0.34 for the same period a year ago.
For the six months, the company announced net sales of $331,720,000 compared to $315,124,000 for the same period a year ago. Operating income was $17,947,000 compared to $21,612,000 for the same period a year ago. Income before income taxes was $19,132,000 compared to $19,146,000 for the same period a year ago. Net income attributable to the company was $20,762,000 compared to $13,994,000 for the same period a year ago. Diluted net income per share was $1.12 compared to $0.76 for the same period a year ago. Adjusted net income was $16,995,000 compared to $15,656,000 for the same period a year ago. Diluted net income per share was $0.91 compared to $0.85 for the same period a year ago. EBITDA was $32,194,000 compared to $30,286,000 for the same period a year ago. Adjusted EBITDA was $29,716,000 compared to $32,379,000 for the same period a year ago. Net cash provided by operating activities was $20,389,000 compared to $17,296,000 for the same period a year ago. Capital expenditures were $11,360,000 compared to $19,343,000 for the same period a year ago.
Fiscal 2018 outlook is updated by raising top-line expectations and adjusting operating income and earnings guidance to reflect higher costs. Revenue growth in the low- to mid-single digit percentage range, driven by volume growth from continued strategic investments; Operating income broadly in-line with fiscal 2017; Earnings, excluding Parkdale America, LLC, (i.e. Adjusted EBITDA) flat to mid-single digit percentage growth; Capital expenditures of approximately $30 million against $35 million of its previous guidance; and An effective tax rate for ongoing business, exclusive of significant fluctuations, in the mid-20% range.
Unifi, Inc. is a multinational company. The Company manufactures and sells recycled and synthetic products, made from polyester and nylon, primarily to other yarn manufacturers and knitters and weavers that produce yarn and/or fabric for the apparel, hosiery, home furnishings, automotive, industrial, medical, and other end-use markets. It operates through three segments: Americas, Asia, and Brazil. The Americas and Asia segments primarily sell recycled and synthetic products to yarn manufacturers, knitters and weavers that produce yarn and/or fabric for the apparel, hosiery, home furnishings, automotive, industrial, medical, and other end-use markets principally in North and Central America, Asia and Europe. The Brazil Segment sells recycled and synthetic products to knitters and weavers that produce fabric for the apparel, home furnishings, automotive, industrial, and other end-use markets principally in Brazil. It offers polyester and nylon products, and recycled solutions.
Unifi, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 25, 2017: Revises Earnings Guidance for the Full Year 2018