Yarn producer Unifi narrows loss
October 25, 2007-- Home Textiles Today,
Greensboro, N.C. -- Polyester and nylon textured yarn producer Unifi reported a net loss of $9.2 million for its first quarter ended Sept. 23, an improvement from the loss of $10.1 million for the same period one year ago.
Unifi, which has been restructuring, said the loss was in part due to “$2.6 million in restructuring charges and a $4.5 million non-cash impairment charge to adjust the carrying value of the company's ownership interest in one of its equity affiliates.”
Quarterly sales of $170.5 million were up slightly from $169.9 million last year – and the 2007 results include volume from the Dillon acquisition, which took place in January.
"Unifi began its fiscal 2008 year with a solid quarter operationally,” said Ron Smith, cfo, pointing out that “the closure of our Kinston facility in October will allow us to reposition Unifi in the partially oriented yarn market, thereby competing more effectively."
Bill Jasper, president and ceo, added, “We will also accelerate our efforts to achieve profitability in our joint venture in China and position it for long-term success."
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