UNIFI®, Makers of REPREVE®, Provides Business Update and Schedules Third Quarter Fiscal 2023 Earnings Conference Call
24 Abril 2023 - 5:15PM
Business Wire
Company expects double-digit sequential quarter
improvement in revenue and profitability
Unifi, Inc. (NYSE: UFI) (together with its consolidated
subsidiaries, “UNIFI”), makers of REPREVE and one of the world’s
leading innovators in recycled and synthetic yarns, today announced
preliminary results for its third fiscal quarter ended April 2,
2023 and scheduled its third quarter fiscal 2023 earnings
conference call.
For the third quarter of fiscal 2023, UNIFI
expects the following results, compared to the immediately
preceding second quarter of fiscal 2023:
- Net sales between $155 million and $157 million, a sequential
quarter increase of 14% to 15%;
- Gross profit between $9 million and $10 million, a sequential
quarter improvement from a gross loss of $8 million;
- Operating loss between $2 million and $3 million, a sequential
quarter improvement of $17 million to $18 million; and
- Adjusted EBITDA between $4 million and $5 million, a sequential
quarter improvement of $17 million to $18 million.
Eddie Ingle, Chief Executive Officer of UNIFI, said, “We are
very pleased with our sales and profitability results in the third
fiscal quarter, which demonstrate significant sequential recovery
in our financial metrics and underlying business momentum. While
the demand environment remains subdued, our diligence around labor
efficiency, working capital management, liquidity resources, and
tactical execution has allowed us to capitalize on some of the
initial normalization of apparel production that has occurred thus
far in calendar 2023.”
Ingle concluded, “REPREVE consistently garners interest from
premier brands and retailers, as customer programs and development
activities resonate with industry leaders. We expect to continue
experiencing improvements in volumes and operating performance as
we move through calendar 2023 and customer ordering patterns
further stabilize. Our liquidity position and our credit facility
that was amended, expanded, and extended in October 2022 continue
to provide significant maneuverability for the current operating
environment and our mid- and long-term strategic growth
initiatives. We ended the third quarter of fiscal 2023 with
approximately $50 million in cash, net debt of $86 million, and
over $45 million of available borrowings under the credit
facility.”
The preliminary, unaudited information contained herein remains
subject to confirmation and finalization based on UNIFI’s
quarter-end closing procedures, including the execution of internal
controls over financial reporting and the subsequent occurrence or
identification of events prior to the formal issuance of the
quarterly financial statements.
UNIFI Schedules Third Quarter Fiscal
2023 Earnings Conference Call
UNIFI will host a conference call at 8:30 a.m., Eastern Time, on
Thursday, May 4, 2023, to discuss its third quarter fiscal 2023
financial results. The third quarter fiscal 2023 financial results
and supporting materials will be available after the close of
market trading on Wednesday, May 3, 2023 on UNIFI’s website at
http://investor.unifi.com. The conference call can be accessed
approximately 10 minutes prior to the beginning of the call by
dialing (800) 715-9871 (Domestic) or (646) 307-1963 (International)
and, when prompted, providing conference ID number 4222806. There
will also be a live audio webcast of the call, which can be
accessed on UNIFI’s website at http://investor.unifi.com. A replay
of the conference call will be available approximately two hours
following the call through Thursday, May 11, 2023 and can be
accessed via UNIFI’s website at http://investor.unifi.com. In
addition, presentation slides will be available on UNIFI’s website
for 12 months following the call.
About UNIFI
Unifi, Inc. (NYSE: UFI) is a global textile solutions provider
and one of the world's leading innovators in manufacturing
synthetic and recycled performance fibers. Through REPREVE, one of
UNIFI's proprietary technologies and the global leader in branded
recycled performance fibers, UNIFI has transformed more than 35
billion plastic bottles into recycled fiber for new apparel,
footwear, home goods, and other consumer products. UNIFI
continually innovates technologies to meet consumer needs in
moisture management, thermal regulation, antimicrobial protection,
UV protection, stretch, water resistance, and enhanced softness.
UNIFI collaborates with many of the world's most influential brands
in the sports apparel, fashion, home, automotive, and other
industries. For more information about UNIFI, visit
www.unifi.com.
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Davis Snyder Alpha IR Group 312-445-2870 UFI@alpha-ir.com
Unifi (NYSE:UFI)
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