Sequential sales and profitability improved
significantly with initial apparel production recovery
Liquidity position remains healthy, bolstered
by prudent cost control measures
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 released
operating results for the third fiscal quarter ended April 2,
2023.
Third Quarter Fiscal 2023
Overview
- Net sales were $156.7 million, up 15.1% sequentially, yet
pressured by near-term inventory destocking measures taken by
apparel brands and retailers.
- Revenues from REPREVE Fiber products represented 32% of net
sales, or $49.6 million, primarily impacted by lower sales volumes
in Asia.
- Gross profit was $9.7 million, gross margin was 6.2%, and
operating loss was $2.7 million, each impacted by lower, but
recovering, sales volumes.
- Net loss was $5.2 million, or $0.29 per share. Adjusted Net
Loss was $4.6 million, which excludes $0.6 million paid to delay
certain contracted capital expenditures for an 18-month
period.
- Adjusted EBITDA was $5.0 million, up $18.0 million
sequentially, and exhibiting significant recovery from the worst
period of apparel destocking in calendar 2022.
Adjusted Net (Loss) Income, Adjusted EBITDA and Net Debt 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.
Eddie Ingle, Chief Executive Officer of Unifi, said, “Our third
quarter fiscal 2023 performance increased sequentially as apparel
supply chain destocking trends lessened and global demand began to
improve. While volume trends continue to fluctuate due to
macro-economic volatility, we are seeing overall positive momentum
and expect further recovery as we end fiscal 2023 and begin fiscal
2024. The demand for sustainable fibers remains high, and thus our
long-term growth opportunity remains compelling. Accordingly, we
remain focused on returning our profitability profile to historic
levels and prudently executing against our strategy, which includes
accelerating innovation, expanding our REPREVE brand awareness,
growing our market share and penetrating new markets.”
Third Quarter Fiscal 2023 Compared to
Third Quarter Fiscal 2022
Net sales decreased 21.9% to $156.7 million, from $200.8
million, primarily driven by lower sales volumes related to a
volatile global environment. The demand for apparel production
declined in fiscal 2023 as brands and retailers took actions to
reduce their inventory levels and normalize supply chains. This
caused the Americas and Asia Segments to experience near-term
revenue declines from customers. The comparable prior year quarter
included a strong macro-economic environment amid supply chain and
resource constraints.
Gross profit was $9.7 million compared to $19.1 million.
Americas Segment gross profit decreased $2.6 million, primarily as
a result of lower sales volumes driving weaker productivity and
cost absorption. Brazil Segment gross profit decreased $3.6 million
due to selling price pressures from foreign imports against
high-cost inventory. The Asia Segment maintained strong gross
margin, but it was impacted by weaker sales volumes, with a
corresponding gross profit decrease of $3.3 million.
Operating loss was $2.7 million compared to operating income of
$5.8 million, primarily due to the decrease in gross profit. Net
loss was $5.2 million, or $0.29 per share, compared to net income
of $2.1 million, or $0.11 per share, impacted by weaker
profitability in the U.S. On an adjusted basis, EPS was ($0.25)
compared to $0.14 in the prior year period. Adjusted EBITDA was
$5.0 million, compared to $12.2 million, consistent with the change
in operating income.
Year-To-Date Fiscal 2023 Compared to
Year-To-Date Fiscal 2022
Net sales were $472.5 million compared to $598.2 million.
Revenues from REPREVE Fiber products represented 30% of net sales,
or $141.7 million, compared to 38%, or $225.4 million. Gross margin
was 1.7% compared to 10.4%. Operating loss was $27.2 million
compared to operating income of $23.6 million. Net loss was $31.1
compared to net income of $11.7 million.
Debt principal was $136.0 million on April 2, 2023 compared to
$114.3 million on July 3, 2022. Cash and cash equivalents decreased
to $49.7 million on April 2, 2023, from $53.3 million on July 3,
2022, as operational losses were partially offset by diligent cost
and working capital controls. Accordingly, Net Debt was $86.3
million on April 2, 2023 compared to $61.0 million on July 3, 2022.
On April 2, 2023, the revolving credit facility had outstanding
borrowings of $10.2 million and availability of $69.1 million.
Update to Capital Allocation Priorities
and Cost Control Measures
UNIFI continues to align its current cost structure to the
existing demand environment, and has reduced operating expenses
through prudent actions that should not hinder the Company's
ability to remain flexible, maintain a high level of customer
service, and continue pursuing its strategic goals. In addition to
these efforts, UNIFI negotiated an extension of delivery and
installation for the remaining eAFK EvoCooler machinery planned for
its manufacturing locations in the U.S. and El Salvador. The
extension grants an 18-month delay in the machinery payments and
related ancillary costs from March 2023 to September 2024. This
extension impacts the timing of the final $25 million of payments
for the previously announced $100 million investment in eAFK
EvoCooler machinery. UNIFI paid the equipment vendor $0.6 million
in March 2023 to facilitate the 18-month delay, and recorded the
payment to other operating expense (income), net.
Fourth Quarter Fiscal 2023
Outlook
UNIFI expects fourth quarter fiscal 2023 results to be generally
consistent with third quarter fiscal 2023 results for net sales and
Adjusted EBITDA. The effective tax rate is expected to demonstrate
continued volatility. Capital expenditures are expected to trend
downward sequentially, primarily because of the delayed spending
for eAFK EvoCooler machinery.
Ingle concluded, “As textile production recovery continues and
we benefit from numerous cost control measures, we expect continued
improvement in our sales and profitability beginning in fiscal
2024. Our teams have performed well through a difficult environment
to manage costs and remain diligent and responsible with working
capital and the remainder of the balance sheet. We look forward to
future periods of more normalized volumes and macro-economic
conditions that will convey our underlying strength and hard work
as we remain focused on sustainable growth for UNIFI while
delivering long-term value for our shareholders.”
Third Quarter Fiscal 2023 Earnings
Conference Call
UNIFI will provide additional commentary regarding its third
quarter fiscal 2023 results and other developments during its
earnings conference call on May 4, 2023, at 8:30 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 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.
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 Nine Months
Ended
April 2, 2023
March 27, 2022
April 2, 2023
March 27, 2022
Net sales
$
156,738
$
200,780
$
472,469
$
598,182
Cost of sales
147,085
181,636
464,253
536,051
Gross profit
9,653
19,144
8,216
62,131
Selling, general and administrative
expenses
12,063
14,389
35,584
39,025
Benefit for bad debts
(56
)
(169
)
(38
)
(489
)
Other operating expense (income), net
324
(831
)
(139
)
(2
)
Operating (loss) income
(2,678
)
5,755
(27,191
)
23,597
Interest income
(554
)
(492
)
(1,615
)
(944
)
Interest expense
2,073
709
5,209
2,140
Equity in earnings of unconsolidated
affiliates
(158
)
(41
)
(539
)
(385
)
Recovery of non-income taxes, net
—
815
—
815
(Loss) income before income taxes
(4,039
)
4,764
(30,246
)
21,971
Provision for income taxes
1,145
2,698
809
10,296
Net (loss) income
$
(5,184
)
$
2,066
$
(31,055
)
$
11,675
Net (loss) income per common share:
Basic
$
(0.29
)
$
0.11
$
(1.72
)
$
0.63
Diluted
$
(0.29
)
$
0.11
$
(1.72
)
$
0.62
Weighted average common shares
outstanding:
Basic
18,052
18,473
18,029
18,500
Diluted
18,052
18,942
18,029
18,974
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
April 2, 2023
July 3, 2022
ASSETS
Cash and cash equivalents
$
49,706
$
53,290
Receivables, net
87,968
106,565
Inventories
143,178
173,295
Income taxes receivable
1,777
160
Other current assets
15,093
18,956
Total current assets
297,722
352,266
Property, plant and equipment, net
229,195
216,338
Operating lease assets
8,327
8,829
Deferred income taxes
3,172
2,497
Other non-current assets
12,986
8,788
Total assets
$
551,402
$
588,718
LIABILITIES AND SHAREHOLDERS’
EQUITY
Accounts payable
$
47,702
$
73,544
Income taxes payable
1,875
1,526
Current operating lease liabilities
1,874
2,190
Current portion of long-term debt
11,544
11,726
Other current liabilities
13,494
19,806
Total current liabilities
76,489
108,792
Long-term debt
124,162
102,309
Non-current operating lease
liabilities
6,543
6,736
Deferred income taxes
4,389
4,983
Other long-term liabilities
4,911
4,449
Total liabilities
216,494
227,269
Commitments and contingencies
Common stock
1,805
1,798
Capital in excess of par value
68,562
66,120
Retained earnings
322,081
353,136
Accumulated other comprehensive loss
(57,540
)
(59,605
)
Total shareholders’ equity
334,908
361,449
Total liabilities and shareholders’
equity
$
551,402
$
588,718
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Nine Months
Ended
April 2, 2023
March 27, 2022
Cash and cash equivalents at beginning of
period
$
53,290
$
78,253
Operating activities:
Net (loss) income
(31,055
)
11,675
Adjustments to reconcile net (loss) income
to net cash provided (used) by operating activities:
Equity in earnings of unconsolidated
affiliates
(539
)
(385
)
Distribution received from unconsolidated
affiliate
—
750
Depreciation and amortization expense
20,388
19,176
Non-cash compensation expense
2,791
3,081
Recovery of income taxes
(3,799
)
—
Deferred income taxes
(1,199
)
(3,019
)
Other, net
252
(22
)
Changes in assets and liabilities
21,510
(33,319
)
Net cash provided (used) by operating
activities
8,349
(2,063
)
Investing activities:
Capital expenditures
(32,461
)
(30,094
)
Other, net
(193
)
(2,150
)
Net cash used by investing activities
(32,654
)
(32,244
)
Financing activities:
Proceeds from long-term debt
148,933
82,640
Payments on long-term debt
(127,213
)
(72,176
)
Common stock repurchased
—
(2,156
)
Other, net
(683
)
(345
)
Net cash provided by financing
activities
21,037
7,963
Effect of exchange rate changes on cash
and cash equivalents
(316
)
1,063
Net decrease in cash and cash
equivalents
(3,584
)
(25,281
)
Cash and cash equivalents at end of
period
$
49,706
$
52,972
BUSINESS SEGMENT
INFORMATION
(Unaudited)
(In thousands)
Net sales details for each reportable
segment of UNIFI are as follows:
For the Three Months
Ended
For the Nine Months
Ended
April 2, 2023
March 27, 2022
April 2, 2023
March 27, 2022
Americas
$
101,946
$
119,736
$
294,832
$
345,259
Brazil
27,380
29,767
91,946
91,106
Asia
27,412
51,277
85,691
161,817
Consolidated net sales
$
156,738
$
200,780
$
472,469
$
598,182
Gross profit details for each reportable
segment of UNIFI are as follows:
For the Three Months
Ended
For the Nine Months
Ended
April 2, 2023
March 27, 2022
April 2, 2023
March 27, 2022
Americas
$
3,158
$
5,784
$
(14,795
)
$
15,823
Brazil
2,382
5,983
10,499
23,449
Asia
4,113
7,377
12,512
22,859
Consolidated gross profit
$
9,653
$
19,144
$
8,216
$
62,131
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) income to EBITDA and Adjusted
EBITDA are set forth below.
For the Three Months
Ended
For the Nine Months
Ended
April 2, 2023
March 27, 2022
April 2, 2023
March 27, 2022
Net (loss) income
$
(5,184
)
$
2,066
$
(31,055
)
$
11,675
Interest expense, net
1,519
217
3,594
1,196
Provision for income taxes
1,145
2,698
809
10,296
Depreciation and amortization expense
(1)
6,871
6,433
20,261
19,007
EBITDA
4,351
11,414
(6,391
)
42,174
Contract modification costs (2)
623
—
623
—
Recovery of non-income taxes, net (3)
—
815
—
815
Adjusted EBITDA
$
4,974
$
12,229
$
(5,768
)
$
42,989
(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. Interest expense, net for the nine months ended April 2,
2023 reflects $273 of loss on debt extinguishment.
(2)
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 for 18 months. UNIFI paid the
associated vendor $623 to facilitate the 18-month delay.
(3)
In fiscal 2021, UNIFI recognized an
estimated benefit for the recovery of non-income taxes in Brazil.
During the quarter ended March 27, 2022, UNIFI reduced the
estimated benefit based on additional clarity and review of the
recovery process.
Adjusted Net (Loss)
Income and Adjusted EPS (Non-GAAP Financial Measures)
The tables below set forth reconciliations
of (i) (loss) income before income taxes (“Pre-tax (Loss) Income”),
provision for income taxes (“Tax Impact”), and net (loss) income
(“Net (Loss) Income”) to Adjusted Net (Loss) Income and (ii)
Diluted Earnings Per Share (“Diluted EPS”) to Adjusted EPS.
Rounding may impact certain of the below calculations.
For the Three Months Ended
April 2, 2023
For the Three Months Ended
March 27, 2022
Pre-tax Loss
Tax Impact
Net Loss
Diluted EPS
Pre-tax Income
Tax Impact
Net Income
Diluted EPS
GAAP results
$
(4,039
)
$
(1,145
)
$
(5,184
)
$
(0.29
)
$
4,764
$
(2,698
)
$
2,066
$
0.11
Contract modification costs (1)
623
—
623
0.04
—
—
—
—
Recovery of non-income taxes, net (2)
—
—
—
—
815
(257
)
558
0.03
Adjusted results
$
(3,416
)
$
(1,145
)
$
(4,561
)
$
(0.25
)
$
5,579
$
(2,955
)
$
2,624
$
0.14
Weighted average common shares
outstanding
18,052
18,942
For the Nine Months Ended
April 2, 2023
For the Nine Months Ended
March 27, 2022
Pre-tax Loss
Tax Impact
Net Loss
Diluted EPS
Pre-tax Income
Tax Impact
Net Income
Diluted EPS
GAAP results
$
(30,246
)
$
(809
)
$
(31,055
)
$
(1.72
)
$
21,971
$
(10,296
)
$
11,675
$
0.62
Contract modification costs (1)
623
—
623
0.03
—
—
—
—
Recovery of income taxes (3)
—
(3,799
)
(3,799
)
(0.21
)
—
—
—
—
Recovery of non-income taxes, net (2)
—
—
—
—
815
(257
)
558
0.02
Adjusted results
$
(29,623
)
$
(4,608
)
$
(34,231
)
$
(1.90
)
$
22,786
$
(10,553
)
$
12,233
$
0.64
Weighted average common shares
outstanding
18,029
18,974
(1)
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.
(2)
In fiscal 2021, UNIFI recognized an
estimated benefit for the recovery of non-income taxes in Brazil.
During the quarter ended March 27, 2022, UNIFI reduced the
estimated benefit based on additional clarity and review of the
recovery process.
(3)
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:
April 2, 2023
July 3, 2022
Long-term debt
$
124,162
$
102,309
Current portion of long-term debt
11,544
11,726
Unamortized debt issuance costs
304
255
Debt principal
136,010
114,290
Less: cash and cash equivalents
49,706
53,290
Net Debt
$
86,304
$
61,000
Cash and cash equivalents
At both April 2, 2023 and July 3, 2022, 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.
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
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
epidemics or pandemics such as the recent strain of coronavirus;
the success of UNIFI’s strategic business initiatives; the
volatility of financial and credit markets; 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/20230503005819/en/
Davis Snyder Alpha IR Group 312-445-2870 UFI@alpha-ir.com
Unifi (NYSE:UFI)
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