Sales and profitability trends accelerated
momentum through the second half of the fiscal year, as customer
engagement and innovation focus has prepared Company to pivot to
growth moving forward
Outlook for fiscal 2025 includes double-digit
revenue growth and significantly enhanced margins and
profitability
Unifi, Inc. (NYSE: UFI) (together with its consolidated
subsidiaries, “UNIFI”), leading innovator in recycled and synthetic
yarn, today released operating results for the fourth fiscal
quarter and fiscal year ended June 30, 2024.
Fourth Quarter Fiscal 2024
Overview
- Net sales were $157.5 million, an increase of 6% from the third
quarter of fiscal 2024, primarily driven by higher sales
volumes.
- Revenues from REPREVE Fiber products were $53.6 million and
represented 34% of net sales, compared to $46.8 million or 31% of
net sales for the previous quarter.
- Gross profit was $10.8 million and gross margin was 6.9%,
representing a sequential-quarter improvement for all three
reporting segments.
- Net loss was $4.0 million, or $0.22 per share, compared to a
net loss of $10.3 million, or $0.57 per share, for the previous
quarter.
- Adjusted EBITDA* was $5.9 million, compared to ($0.8) million
for the previous quarter; and Adjusted Net Loss* was $4.0 million,
compared to $10.3 million.
- Subsequent to quarter end, the Company launched two new
innovative REPREVE® Fiber products that will help support future
growth.
Eddie Ingle, Chief Executive Officer of Unifi, Inc., stated, “We
are pleased to close our fiscal 2024 with growing momentum and
believe the proactive, strategic initiatives we took throughout the
year have positioned UNIFI to pivot to growth and stronger
profitability as we move forward. Our financial performance over
the last few quarters has shown consistent top-line growth, and we
reported our third consecutive quarter of gross profit improvement.
To maintain this progress, we have been reinvesting our cost
savings and increased profits into areas of our business that we
believe will drive additional revenue and margin-enhancing
opportunities over the long-term. Some of these reinvestment
efforts have already begun to take shape, evident by our recent
innovation announcements, including our new ThermaLoop™ Insulation
solution and the broadening of our Textile Takeback program across
filament and staple fiber. We are excited about the global
opportunities that lie ahead of us, and we believe that we remain
on the right path toward increasing shareholder value.”
Fourth Quarter Fiscal 2024 Compared to
Fourth Quarter Fiscal 2023
Net sales increased to $157.5 million from $151.1 million,
primarily due to higher sales volumes for each segment, partially
offset by lower average selling prices associated with sales mix
changes and lower raw material costs, particularly in the Americas
Segment. Competitive market share gains helped secure additional
sales volumes in both the Americas Segment and the Brazil
Segment.
Gross profit increased to $10.8 million from $6.0 million.
Brazil Segment gross profit improved by $3.9 million, primarily due
to pricing and market share gains. Asia Segment gross profit
improved by $1.0 million, primarily due to higher sales
volumes.
Operating loss was $0.8 million compared to $13.7 million. The
underlying improvement was primarily due to the increase in gross
profit, while the prior year's operating loss included an $8.2
million impairment charge for abandonment of specialized machinery
constructed in the Americas. Net loss was $4.0 million compared to
$15.3 million. Adjusted EPS* was ($0.22) and Adjusted EBITDA* was
$5.9 million, compared to ($0.39) and $1.7 million,
respectively.
Fiscal 2025 Outlook
First Quarter Fiscal 2025
UNIFI expects the following first quarter fiscal 2025
results:
- Net sales between $147.0 million and $153.0 million;
- Adjusted EBITDA** between $1.0 million and $3.0 million;
- Capital expenditures between $3.0 million and $4.0 million;
and
- Continued volatility in the effective tax rate.
Full Year Fiscal 2025
UNIFI expects the following for fiscal 2025:
- Net sales to increase more than 10% over fiscal 2024, as
underlying portfolio and REPREVE Fiber momentum continues while
macroeconomic and inflationary uncertainties remain pronounced in
the second half of calendar 2024.
- Gross profit, gross margin, and Adjusted EBITDA** expected to
increase significantly from fiscal 2024 to fiscal 2025, benefiting
from higher sales volumes, initiatives from the previously
announced Profitability Improvement Plan, and portfolio
strength.
- Capital expenditures to range from $10.0 million to $12.0
million.
Ingle concluded, “As we look towards fiscal 2025 and beyond, our
proactive innovation and cost initiatives we’ve taken over the last
several quarters have positioned us to pivot to growth in both our
REPREVE Fiber business and our beyond apparel initiatives. We
continue to remain focused on diligently managing our balance sheet
and operations to ensure that we are well-positioned to not only
support our customers’ needs with innovative products, but also
deliver value for our stakeholders through improved financial
performance.”
* Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS are
non-GAAP financial measures. The schedules included in this press
release reconcile each non-GAAP financial measure to its most
directly comparable GAAP financial measure.
** Guidance provided is a non-GAAP figure presented on an
adjusted basis. For further details, see the non-GAAP financial
measures information presented in the schedules included in this
press release.
Fourth Quarter Fiscal 2024 Earnings
Conference Call
UNIFI will provide additional commentary regarding its fourth
quarter and fiscal 2024 results and other developments during its
earnings conference call on August 22, 2024, at 9:00 a.m., Eastern
Time. The call can be accessed via a live audio webcast on UNIFI’s
website at http://investor.unifi.com. Additional supporting
materials and information related to the call will also be
available on UNIFI’s website.
About UNIFI
UNIFI, Inc. (NYSE: UFI) is a global leader in fiber science and
sustainable synthetic textiles. Using proprietary recycling
technology, UNIFI is a pioneer in scaling the transformation of
post-industrial and post-consumer waste into sustainable products.
Through REPREVE, the world’s leading brand of traceable, recycled
fiber and resin, UNIFI is changing the way industries think about
the materials they use – and reuse. A vertically-integrated
manufacturer, the company has direct operations in the United
States, Colombia, El Salvador, and Brazil, and sales offices all
over the world. UNIFI envisions a future where circular and
sustainable solutions are the only choice. For more information
about UNIFI, visit www.unifi.com.
Financial Statements, Business Segment
Information and Reconciliations of Reported Results to Adjusted
Results to Follow
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per
share amounts)
For the Three Months
Ended
For the Fiscal Year
Ended
June 30, 2024
July 2, 2023
June 30, 2024
July 2, 2023
Net sales
$
157,452
$
151,058
$
582,209
$
623,527
Cost of sales
146,661
145,033
565,593
609,286
Gross profit
10,791
6,025
16,616
14,241
Selling, general and administrative
expenses
11,243
11,761
46,632
47,345
Provision (benefit) for bad debts
312
(51
)
1,571
(89
)
Restructuring costs
—
—
5,101
—
Other operating expense, net
59
7,995
733
7,856
Operating loss
(823
)
(13,680
)
(37,421
)
(40,871
)
Interest income
(426
)
(494
)
(2,136
)
(2,109
)
Interest expense
2,357
2,368
9,862
7,577
Equity in loss (earnings) of
unconsolidated affiliates
79
(357
)
390
(896
)
Loss before income taxes
(2,833
)
(15,197
)
(45,537
)
(45,443
)
Provision for income taxes
1,151
92
1,858
901
Net loss
$
(3,984
)
$
(15,289
)
$
(47,395
)
$
(46,344
)
Net loss per common share:
Basic
$
(0.22
)
$
(0.85
)
$
(2.61
)
$
(2.57
)
Diluted
$
(0.22
)
$
(0.85
)
$
(2.61
)
$
(2.57
)
Weighted average common shares
outstanding:
Basic
18,252
18,061
18,154
18,037
Diluted
18,252
18,061
18,154
18,037
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
June 30, 2024
July 2, 2023
ASSETS
Cash and cash equivalents
$
26,805
$
46,960
Receivables, net
79,165
83,725
Inventories
131,181
150,810
Income taxes receivable
164
238
Other current assets
11,618
12,327
Total current assets
248,933
294,060
Property, plant and equipment, net
193,723
218,521
Operating lease assets
8,245
7,791
Deferred income taxes
5,392
3,939
Other non-current assets
12,951
14,508
Total assets
$
469,244
$
538,819
LIABILITIES AND SHAREHOLDERS’
EQUITY
Accounts payable
$
43,622
$
44,455
Income taxes payable
754
789
Current operating lease liabilities
2,251
1,813
Current portion of long-term debt
12,277
12,006
Other current liabilities
17,662
12,932
Total current liabilities
76,566
71,995
Long-term debt
117,793
128,604
Non-current operating lease
liabilities
6,124
6,146
Deferred income taxes
1,869
3,364
Other long-term liabilities
3,507
5,100
Total liabilities
205,859
215,209
Commitments and contingencies
Common stock
1,825
1,808
Capital in excess of par value
70,952
68,901
Retained earnings
259,397
306,792
Accumulated other comprehensive loss
(68,789
)
(53,891
)
Total shareholders’ equity
263,385
323,610
Total liabilities and shareholders’
equity
$
469,244
$
538,819
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Fiscal Year
Ended
June 30, 2024
July 2, 2023
Cash and cash equivalents at beginning of
year
$
46,960
$
53,290
Operating activities:
Net loss
(47,395
)
(46,344
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Equity in loss (earnings) of
unconsolidated affiliates
390
(896
)
Distribution received from unconsolidated
affiliate
1,000
—
Depreciation and amortization expense
27,669
27,186
Non-cash compensation expense
2,074
2,805
Deferred income taxes
(3,543
)
(2,788
)
Impairment for asset abandonment
—
8,247
Recovery of taxes, net
—
(3,799
)
Other, net
12
326
Changes in assets and liabilities
21,885
20,003
Net cash provided by operating
activities
2,092
4,740
Investing activities:
Capital expenditures
(11,189
)
(36,434
)
Other, net
519
209
Net cash used by investing activities
(10,670
)
(36,225
)
Financing activities:
Proceeds from long-term debt
149,600
194,700
Payments on long-term debt
(160,201
)
(174,623
)
Proceeds from construction financing
—
6,533
Other, net
(6
)
(672
)
Net cash (used) provided by financing
activities
(10,607
)
25,938
Effect of exchange rate changes on cash
and cash equivalents
(970
)
(783
)
Net decrease in cash and cash
equivalents
(20,155
)
(6,330
)
Cash and cash equivalents at end of
year
$
26,805
$
46,960
BUSINESS SEGMENT
INFORMATION
(Unaudited)
(In thousands)
Net sales and gross profit
details for each reportable segment of UNIFI are as follows:
For the Three Months
Ended
For the Fiscal Year
Ended
June 30, 2024
July 2, 2023
June 30, 2024
July 2, 2023
Americas
$
91,004
$
94,830
$
344,256
$
389,662
Brazil
32,240
27,116
117,783
119,062
Asia
34,208
29,112
120,170
114,803
Consolidated net sales
$
157,452
$
151,058
$
582,209
$
623,527
For the Three Months
Ended
For the Fiscal Year
Ended
June 30, 2024
July 2, 2023
June 30, 2024
July 2, 2023
Americas
$
2
$
136
$
(17,630
)
$
(14,659
)
Brazil
5,612
1,663
14,755
12,162
Asia
5,177
4,226
19,491
16,738
Consolidated gross profit
$
10,791
$
6,025
$
16,616
$
14,241
RECONCILIATIONS OF REPORTED RESULTS TO
ADJUSTED RESULTS (Unaudited) (In thousands)
EBITDA and Adjusted EBITDA (Non-GAAP
Financial Measures)
The reconciliations of the amounts reported under U.S. generally
accepted accounting principles (“GAAP”) for Net loss to EBITDA and
Adjusted EBITDA are set forth below.
For the Three Months
Ended
For the Fiscal Year
Ended
June 30, 2024
July 2, 2023
June 30, 2024
July 2, 2023
Net loss
$
(3,984
)
$
(15,289
)
$
(47,395
)
$
(46,344
)
Interest expense, net
1,931
1,874
7,726
5,468
Provision for income taxes
1,151
92
1,858
901
Depreciation and amortization expense
(1)
6,850
6,759
27,513
27,020
EBITDA
5,948
(6,564
)
(10,298
)
(12,955
)
Loss on joint venture dissolution (2)
—
—
2,750
—
Severance (3)
—
—
2,351
—
Asset abandonment (4)
—
8,247
—
8,247
Contract modification costs (5)
—
—
—
623
Adjusted EBITDA
$
5,948
$
1,683
$
(5,197
)
$
(4,085
)
(1)
Within this reconciliation, depreciation
and amortization expense excludes the amortization of debt issuance
costs, which are reflected in interest expense, net. Within the
condensed consolidated statements of cash flows, amortization of
debt issuance costs is reflected in depreciation and amortization
expense.
(2)
In the second quarter of fiscal 2024,
UNIFI recorded a loss of $2,750 related to the dissolution of a
nylon joint venture.
(3)
In the second quarter of fiscal 2024,
UNIFI incurred severance costs in connection with the Profitability
Improvement Plan in the U.S.
(4)
In fiscal 2023, UNIFI abandoned certain
specialized machinery in the Americas and recorded an impairment
charge. The impairment charge was recorded to reflect the lack of
future positive cash flows associated with the machinery, following
multiple years of investment recovery since its fiscal 2017
installation.
(5)
In the third quarter of fiscal 2023, UNIFI
amended certain existing contracts related to future purchases of
texturing machinery by delaying the scheduled receipt and
installation of such equipment in the U.S. and El Salvador for 18
months. UNIFI paid the associated vendor $623 to facilitate the
18-month delay.
Adjusted Net Loss and Adjusted EPS
(Non-GAAP Financial Measures)
The tables below set forth reconciliations of (i) loss before
income taxes (“Pre-tax Loss”), provision for income taxes (“Tax
Impact”), and net loss (“Net Loss”) to Adjusted Net Loss and (ii)
Diluted Earnings Per Share (“Diluted EPS”) to Adjusted EPS.
Rounding may impact certain of the below calculations.
For the Three Months Ended
June 30, 2024
For the Three Months Ended
July 2, 2023
Pre-tax
Loss
Tax
Impact
Net Loss
Diluted
EPS
Pre-tax
Loss
Tax
Impact
Net Loss
Diluted
EPS
GAAP results
$
(2,833
)
$
(1,151
)
$
(3,984
)
$
(0.22
)
$
(15,197
)
$
(92
)
$
(15,289
)
$
(0.85
)
Asset abandonment (1)
—
—
—
—
8,247
—
8,247
0.46
Adjusted results
$
(2,833
)
$
(1,151
)
$
(3,984
)
$
(0.22
)
$
(6,950
)
$
(92
)
$
(7,042
)
$
(0.39
)
Weighted average common shares
outstanding
18,252
18,061
For the Fiscal Year Ended June
30, 2024
For the Fiscal Year Ended July
2, 2023
Pre-tax
Loss
Tax
Impact
Net Loss
Diluted
EPS
Pre-tax
Loss
Tax
Impact
Net Loss
Diluted
EPS
GAAP results
$
(45,537
)
$
(1,858
)
$
(47,395
)
$
(2.61
)
$
(45,443
)
$
(901
)
$
(46,344
)
$
(2.57
)
Loss on joint venture dissolution (2)
2,750
—
2,750
0.15
—
—
—
—
Severance (3)
2,351
—
2,351
0.13
—
—
—
—
Asset abandonment (1)
—
—
—
—
8,247
—
8,247
0.46
Contract modification costs (4)
—
—
—
—
623
—
623
0.03
Recovery of income taxes, net (5)
—
—
—
—
—
(3,799
)
(3,799
)
(0.21
)
Adjusted results
$
(40,436
)
$
(1,858
)
$
(42,294
)
$
(2.33
)
$
(36,573
)
$
(4,700
)
$
(41,273
)
$
(2.29
)
Weighted average common shares
outstanding
18,154
18,037
(1)
In fiscal 2023, UNIFI abandoned certain
specialized machinery in the Americas and recorded an impairment
charge. The associated tax impact was estimated to be $0 due to a
valuation allowance against net operating losses in the U.S.
(2)
In the second quarter of fiscal 2024,
UNIFI recorded a loss of $2,750 related to the dissolution of a
nylon joint venture.
(3)
In the second quarter of fiscal 2024,
UNIFI incurred severance costs in connection with the Profitability
Improvement Plan in the U.S.
(4)
In the third quarter of fiscal 2023, UNIFI
amended certain existing contracts related to future purchases of
texturing machinery by delaying the scheduled receipt and
installation of such equipment in the U.S. and El Salvador for 18
months. UNIFI paid the associated vendor $623 to facilitate the
18-month delay. The associated tax impact was estimated to be $0
due to (i) a valuation allowance against net operating losses in
the U.S. and (ii) UNIFI's effective tax rate in El Salvador.
(5)
In the second quarter of fiscal 2023,
UNIFI recorded a recovery of income taxes in connection with filing
amended tax returns in Brazil relating to certain income taxes paid
in prior fiscal years.
Net Debt (Non-GAAP Financial
Measure)
Reconciliations of Net Debt are as follows:
Cash and cash equivalents
June 30, 2024
July 2, 2023
Long-term debt
$
117,793
$
128,604
Current portion of long-term debt
12,277
12,006
Unamortized debt issuance costs
229
289
Debt principal
130,299
140,899
Less: cash and cash equivalents
26,805
46,960
Net Debt
$
103,494
$
93,939
At June 30, 2024 and July 2, 2023, UNIFI’s foreign operations
held nearly all consolidated cash and cash equivalents.
REPREVE Fiber
REPREVE Fiber represents UNIFI’s collection of fiber products on
its recycled platform, with or without added technologies.
Non-GAAP Financial
Measures
Certain non-GAAP financial measures included herein are designed
to complement the financial information presented in accordance
with GAAP. These non-GAAP financial measures include Earnings
Before Interest, Taxes, Depreciation and Amortization (“EBITDA”),
Adjusted EBITDA, Adjusted Net (Loss) Income, Adjusted EPS, and Net
Debt (together, the “non-GAAP financial measures”).
- EBITDA represents Net (loss) income before net interest
expense, income tax expense, and depreciation and amortization
expense.
- Adjusted EBITDA represents EBITDA adjusted to exclude, from
time to time, certain adjustments necessary to understand and
compare the underlying results of UNIFI.
- Adjusted Net (Loss) Income represents Net (loss) income
calculated under GAAP adjusted to exclude certain amounts.
Management believes the excluded amounts do not reflect the ongoing
operations and performance of UNIFI and/or exclusion may be
necessary to understand and compare the underlying results of
UNIFI.
- Adjusted EPS represents Adjusted Net (Loss) Income divided by
UNIFI’s weighted average common shares outstanding.
- Net Debt represents debt principal less cash and cash
equivalents.
The non-GAAP financial measures are not determined in accordance
with GAAP and should not be considered a substitute for performance
measures determined in accordance with GAAP. The calculations of
the non-GAAP financial measures are subjective, based on
management’s belief as to which items should be included or
excluded in order to provide the most reasonable and comparable
view of the underlying operating performance of the business. We
may, from time to time, modify the amounts used to determine our
non-GAAP financial measures.
We believe that these non-GAAP financial measures better reflect
UNIFI’s underlying operations and performance and that their use,
as operating performance measures, provides investors and analysts
with a measure of operating results unaffected by differences in
capital structures, capital investment cycles, and ages of related
assets, among otherwise comparable companies.
This press release also includes certain forward-looking
information that is not presented in accordance with GAAP.
Management believes that a quantitative reconciliation of such
forward-looking information to the most directly comparable
financial measure calculated and presented in accordance with GAAP
cannot be made available without unreasonable efforts because a
reconciliation of these non-GAAP financial measures would require
UNIFI to predict the timing and likelihood of potential future
events such as restructurings, M&A activity, contract
modifications, and other infrequent or unusual gains and losses.
Neither the timing nor likelihood of these events, nor their
probable significance, can be quantified with a reasonable degree
of accuracy. Accordingly, a reconciliation of such forward-looking
information to the most directly comparable GAAP financial measure
is not provided.
Management uses Adjusted EBITDA (i) as a measurement of
operating performance because it assists us in comparing our
operating performance on a consistent basis, as it removes the
impact of (a) items directly related to our asset base (primarily
depreciation and amortization) and (b) items that we would not
expect to occur as a part of our normal business on a regular
basis; (ii) for planning purposes, including the preparation of our
annual operating budget; (iii) as a valuation measure for
evaluating our operating performance and our capacity to incur and
service debt, fund capital expenditures, and expand our business;
and (iv) as one measure in determining the value of other
acquisitions and dispositions. Adjusted EBITDA is a key performance
metric utilized in the determination of variable compensation. We
also believe Adjusted EBITDA is an appropriate supplemental measure
of debt service capacity, because it serves as a high-level proxy
for cash generated from operations.
Management uses Adjusted Net (Loss) Income and Adjusted EPS (i)
as measurements of net operating performance because they assist us
in comparing such performance on a consistent basis, as they remove
the impact of (a) items that we would not expect to occur as a part
of our normal business on a regular basis and (b) components of the
provision for income taxes that we would not expect to occur as a
part of our underlying taxable operations; (ii) for planning
purposes, including the preparation of our annual operating budget;
and (iii) as measures in determining the value of other
acquisitions and dispositions.
Management uses Net Debt as a liquidity and leverage metric to
determine how much debt would remain if all cash and cash
equivalents were used to pay down debt principal.
In evaluating non-GAAP financial measures, investors should be
aware that, in the future, we may incur expenses similar to the
adjustments included herein. Our presentation of non-GAAP financial
measures should not be construed as indicating that our future
results will be unaffected by unusual or non-recurring items. Each
of our non-GAAP financial measures has limitations as an analytical
tool, and investors should not consider it in isolation or as a
substitute for analysis of our results or liquidity measures as
reported under GAAP. Some of these limitations are (i) it is not
adjusted for all non-cash income or expense items that are
reflected in our statements of cash flows; (ii) it does not reflect
the impact of earnings or charges resulting from matters we
consider not indicative of our ongoing operations; (iii) it does
not reflect changes in, or cash requirements for, our working
capital needs; (iv) it does not reflect the cash requirements
necessary to make payments on our debt; (v) it does not reflect our
future requirements for capital expenditures or contractual
commitments; (vi) it does not reflect limitations on or costs
related to transferring earnings from our subsidiaries to us; and
(vii) other companies in our industry may calculate this measure
differently than we do, limiting its usefulness as a comparative
measure.
Because of these limitations, these non-GAAP financial measures
should not be considered as a measure of discretionary cash
available to us to invest in the growth of our business or as a
measure of cash that will be available to us to meet our
obligations, including those under our outstanding debt
obligations. Investors should compensate for these limitations by
relying primarily on our GAAP results and using these measures only
as supplemental information.
Cautionary Statement on Forward-Looking
Statements
Certain statements included herein contain “forward-looking
statements” within the meaning of federal securities laws about the
financial condition and results of operations of UNIFI that are
based on management’s beliefs, assumptions and expectations about
our future economic performance, considering the information
currently available to management. An example of such
forward-looking statements include, among others, guidance
pertaining to our financial outlook. The words “believe,” “may,”
“could,” “will,” “should,” “would,” “anticipate,” “plan,”
“estimate,” “project,” “expect,” “intend,” “seek,” “strive” and
words of similar import, or the negative of such words, identify or
signal the presence of forward-looking statements. These statements
are not statements of historical fact, and they involve risks and
uncertainties that may cause our actual results, performance or
financial condition to differ materially from the expectations of
future results, performance or financial condition that we express
or imply in any forward-looking statement.
Factors that could contribute to such differences include, but
are not limited to: the competitive nature of the textile industry
and the impact of global competition; changes in the trade
regulatory environment and governmental policies and legislation;
the availability, sourcing, and pricing of raw materials; general
domestic and international economic and industry conditions in
markets where UNIFI competes, including economic and political
factors over which UNIFI has no control; changes in consumer
spending, customer preferences, fashion trends, and end-uses for
UNIFI's products; the financial condition of UNIFI’s customers; the
loss of a significant customer or brand partner; natural disasters,
industrial accidents, power or water shortages, extreme weather
conditions, and other disruptions at one of our facilities; the
disruption of operations, global demand, or financial performance
as a result of catastrophic or extraordinary events, including, but
not limited to, epidemics or pandemics; the success of UNIFI’s
strategic business initiatives; the volatility of financial and
credit markets, including the impacts of counterparty risk (e.g.,
deposit concentration and recent depositor sentiment and activity);
the ability to service indebtedness and fund capital expenditures
and strategic business initiatives; the availability of and access
to credit on reasonable terms; changes in foreign currency
exchange, interest, and inflation rates; fluctuations in production
costs; the ability to protect intellectual property; the strength
and reputation of our brands; employee relations; the ability to
attract, retain, and motivate key employees; the impact of climate
change or environmental, health, and safety regulations; and the
impact of tax laws, the judicial or administrative interpretations
of tax laws, and/or changes in such laws or interpretations.
All such factors are difficult to predict, contain uncertainties
that may materially affect actual results and may be beyond our
control. New factors emerge from time to time, and it is not
possible for management to predict all such factors or to assess
the impact of each such factor on UNIFI. Any forward-looking
statement speaks only as of the date on which such statement is
made, and we do not undertake any obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which such statement is made, except as may be required
by federal securities laws. The above and other risks and
uncertainties are described in UNIFI’s most recent Annual Report on
Form 10-K, and additional risks or uncertainties may be described
from time to time in other reports filed by UNIFI with the
Securities and Exchange Commission pursuant to the Securities
Exchange Act of 1934, as amended.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240821266958/en/
Josh Carroll or Darren Yeun Alpha IR Group 312-445-2870
UFI@alpha-ir.com
Unifi (NYSE:UFI)
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