Sales and productivity levels were sequentially
stable
Operations are positioned for demand recovery
associated with more normalized inventory levels and buying
seasons
Liquidity remains healthy, supported by
continued 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 fourth fiscal quarter and fiscal year
ended July 2, 2023.
Fourth Quarter Fiscal 2023
Overview
- Net sales were $151.1 million, pressured primarily by weak
demand, due in part to volatile ordering patterns from brands and
retailers.
- Revenues from REPREVE Fiber products represented 29% of net
sales, or $44.5 million, and were primarily impacted by lower sales
volumes in Asia.
- Gross profit was $6.0 million and gross margin was 4.0%, and
each was impacted by lower demand.
- Operating loss was $13.7 million, which includes an $8.2
million impairment charge for abandonment of specialized machinery
constructed in the Americas in fiscal 2017.
- Net loss was $15.3 million, or ($0.85) per share. Adjusted Net
Loss was $7.0 million and Adjusted EBITDA was $1.7 million, and
each exclude the $8.2 million impairment charge.
- Debt principal was $140.9 million and Net Debt was $93.9
million at July 2, 2023.
- Following strict cost control measures and reduced capital
spending in the quarter, cash and cash equivalents were $47.0
million and immediate borrowing availability exceeded $30.0
million.
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 fourth
quarter fiscal 2023 results reflect continued demand instability
across apparel and textile supply chains, which were once again
impacted by low levels of brand and retailer demand. In spite of
the current headwinds, we are cultivating market share
opportunities across the Americas and Brazil Segments through
diligent price management and portfolio diversification.
Additionally, our mix enrichment efforts in Asia continue to
strengthen the asset-light margin profile. Our disciplined cost
controls and reduced spending levels have bolstered our balance
sheet and liquidity. These efforts allow us to remain focused on
positioning our segments for demand recovery in fiscal 2024,
restoring profitability, and executing our growth strategy, which
includes accelerating innovation, expanding REPREVE brand
awareness, increasing market share, and penetrating new
markets.”
Fourth Quarter Fiscal 2023 Compared to
Fourth Quarter Fiscal 2022
Net sales decreased to $151.1 million, from $217.6 million,
primarily driven by lower sales volumes related to a weak global
textile 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. Such actions caused
the Americas and Asia Segments to experience revenue declines. The
prior year quarter included a strong macro-economic environment
amid supply chain and resource constraints.
Gross profit was $6.0 million compared to $18.4 million.
Americas Segment gross profit decreased $8.5 million, primarily as
a result of lower sales volumes driving weaker productivity and
cost absorption. Brazil Segment gross profit decreased $2.0 million
due to selling price pressures from foreign imports, most of which
are sourced from China where lower utilization has led to lower
pricing. The Asia Segment maintained strong gross margin, but it
was impacted by weaker sales volumes and had a corresponding gross
profit decrease of $1.8 million.
Operating loss was $13.7 million compared to operating income of
$5.0 million, which was primarily due to the decrease in gross
profit and an $8.2 million impairment charge for abandonment of
specialized machinery constructed in the Americas in fiscal 2017.
Adjusted EPS was ($0.39) and Adjusted EBITDA was $1.7 million,
compared to $0.11 and $12.2 million, respectively, in the prior
year quarter.
Debt principal was $140.9 million on July 2, 2023 compared to
$114.3 million on July 3, 2022. Cash and cash equivalents decreased
to $47.0 million on July 2, 2023, from $53.3 million on July 3,
2022, as operational losses were partially offset by diligent cost
and working capital management. Accordingly, Net Debt was $93.9
million on July 2, 2023 compared to $61.0 million on July 3, 2022.
On July 2, 2023, the revolving credit facility had outstanding
borrowings of $18.1 million and total availability of $55.7
million.
First Quarter Fiscal 2024
Outlook
UNIFI expects first quarter fiscal 2024 net sales and Adjusted
EBITDA to be generally consistent with fourth quarter fiscal 2023
results. The effective tax rate is expected to demonstrate
continued volatility. Capital expenditures are expected to (i)
trend downward for the first quarter and (ii) be between $14.0
million and $16.0 million for fiscal 2024.
Ingle concluded, "While the demand environment is expected to
remain subdued during the balance of calendar 2023, we are
encouraged by recent market share developments in both the Americas
and Brazil Segments, which should provide momentum for a much
stronger back half of fiscal 2024. Although there is continued
uncertainty across our customer base, we believe the inventory
destocking period is nearing its end."
Fourth Quarter Fiscal 2023 Earnings
Conference Call
UNIFI will provide additional commentary regarding its fourth
quarter and fiscal 2023 results and other developments during its
earnings conference call on August 24, 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 Fiscal Year
Ended
July 2, 2023
July 3, 2022
July 2, 2023
July 3, 2022
Net sales
$
151,058
$
217,576
$
623,527
$
815,758
Cost of sales
145,033
199,222
609,286
735,273
Gross profit
6,025
18,354
14,241
80,485
Selling, general and administrative
expenses
11,761
13,464
47,345
52,489
(Benefit) provision for bad debts
(51
)
44
(89
)
(445
)
Other operating expense (income), net
7,995
(156
)
7,856
(158
)
Operating (loss) income
(13,680
)
5,002
(40,871
)
28,599
Interest income
(494
)
(580
)
(2,109
)
(1,524
)
Interest expense
2,368
945
7,577
3,085
Equity in earnings of unconsolidated
affiliates
(357
)
(220
)
(896
)
(605
)
Recovery of non-income taxes, net
—
—
—
815
(Loss) income before income taxes
(15,197
)
4,857
(45,443
)
26,828
Provision for income taxes
92
1,361
901
11,657
Net (loss) income
$
(15,289
)
$
3,496
$
(46,344
)
$
15,171
Net (loss) income per common share:
Basic
$
(0.85
)
$
0.19
$
(2.57
)
$
0.82
Diluted
$
(0.85
)
$
0.19
$
(2.57
)
$
0.80
Weighted average common shares
outstanding:
Basic
18,061
18,233
18,037
18,429
Diluted
18,061
18,605
18,037
18,868
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
July 2, 2023
July 3, 2022
ASSETS
Cash and cash equivalents
$
46,960
$
53,290
Receivables, net
83,725
106,565
Inventories
150,810
173,295
Income taxes receivable
238
160
Other current assets
12,327
18,956
Total current assets
294,060
352,266
Property, plant and equipment, net
218,521
216,338
Operating lease assets
7,791
8,829
Deferred income taxes
3,939
2,497
Other non-current assets
14,508
8,788
Total assets
$
538,819
$
588,718
LIABILITIES AND SHAREHOLDERS’
EQUITY
Accounts payable
$
44,455
$
73,544
Income taxes payable
789
1,526
Current operating lease liabilities
1,813
2,190
Current portion of long-term debt
12,006
11,726
Other current liabilities
12,932
19,806
Total current liabilities
71,995
108,792
Long-term debt
128,604
102,309
Non-current operating lease
liabilities
6,146
6,736
Deferred income taxes
3,364
4,983
Other long-term liabilities
5,100
4,449
Total liabilities
215,209
227,269
Commitments and contingencies
Common stock
1,808
1,798
Capital in excess of par value
68,901
66,120
Retained earnings
306,792
353,136
Accumulated other comprehensive loss
(53,891
)
(59,605
)
Total shareholders’ equity
323,610
361,449
Total liabilities and shareholders’
equity
$
538,819
$
588,718
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Fiscal Year
Ended
July 2, 2023
July 3, 2022
Cash and cash equivalents at beginning of
year
$
53,290
$
78,253
Operating activities:
Net (loss) income
(46,344
)
15,171
Adjustments to reconcile net (loss) income
to net cash provided by operating activities:
Equity in earnings of unconsolidated
affiliates
(896
)
(605
)
Distributions received from unconsolidated
affiliates
—
750
Depreciation and amortization expense
27,186
26,207
Non-cash compensation expense
2,805
3,555
Deferred income taxes
(2,788
)
(3,119
)
Impairment for asset abandonment
8,247
—
Recovery of taxes, net
(3,799
)
815
Other, net
326
(51
)
Changes in assets and liabilities
20,003
(42,343
)
Net cash provided by operating
activities
4,740
380
Investing activities:
Capital expenditures
(36,434
)
(39,631
)
Other, net
209
(2,103
)
Net cash used by investing activities
(36,225
)
(41,734
)
Financing activities:
Proceeds from long-term debt
194,700
158,000
Payments on long-term debt
(174,623
)
(132,907
)
Proceeds from construction financing
6,533
2,340
Common stock repurchased
—
(9,151
)
Other, net
(672
)
(317
)
Net cash provided by financing
activities
25,938
17,965
Effect of exchange rate changes on cash
and cash equivalents
(783
)
(1,574
)
Net decrease in cash and cash
equivalents
(6,330
)
(24,963
)
Cash and cash equivalents at end of
year
$
46,960
$
53,290
BUSINESS SEGMENT
INFORMATION
(Unaudited)
(In thousands)
Net sales details for each reportable
segment of UNIFI are as follows:
For the Three Months
Ended
July 2, 2023
July 3, 2022
Americas
$
94,830
$
137,826
Brazil
27,116
34,960
Asia
29,112
44,790
Consolidated net sales
$
151,058
$
217,576
For the Fiscal Year
Ended
July 2, 2023
July 3, 2022
Americas
$
389,662
$
483,085
Brazil
119,062
126,066
Asia
114,803
206,607
Consolidated net sales
$
623,527
$
815,758
Gross profit details for each reportable
segment of UNIFI are as follows:
For the Three Months
Ended
July 2, 2023
July 3, 2022
Americas
$
136
$
8,645
Brazil
1,663
3,692
Asia
4,226
6,017
Consolidated gross profit
$
6,025
$
18,354
For the Fiscal Year
Ended
July 2, 2023
July 3, 2022
Americas
$
(14,659
)
$
24,468
Brazil
12,162
27,141
Asia
16,738
28,876
Consolidated gross profit
$
14,241
$
80,485
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 Fiscal Year
Ended
July 2, 2023
July 3, 2022
July 2, 2023
July 3, 2022
Net (loss) income
$
(15,289
)
$
3,496
$
(46,344
)
$
15,171
Interest expense, net
1,874
365
5,468
1,561
Provision for income taxes
92
1,361
901
11,657
Depreciation and amortization expense
(1)
6,759
6,979
27,020
25,986
EBITDA
(6,564
)
12,201
(12,955
)
54,375
Asset abandonment (2)
8,247
—
8,247
—
Contract modification costs (3)
—
—
623
—
Recovery of non-income taxes, net (4)
—
—
—
815
Adjusted EBITDA
$
1,683
$
12,201
$
(4,085
)
$
55,190
(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 fiscal year ended July 2,
2023 reflects $273 of loss on debt extinguishment.
(2)
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.
(3)
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.
(4)
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
July 2, 2023
For the Three Months Ended
July 3, 2022
Pre-tax Loss
Tax Impact
Net Loss
Diluted EPS
Pre-tax Income
Tax Impact
Net Income
Diluted EPS
GAAP results
$
(15,197
)
$
(92
)
$
(15,289
)
$
(0.85
)
$
4,857
$
(1,361
)
$
3,496
$
0.19
Asset abandonment (1)
8,247
—
8,247
0.46
—
—
—
—
Recovery of income taxes, net (2)
—
—
—
—
—
(1,446
)
(1,446
)
(0.08
)
Adjusted results
$
(6,950
)
$
(92
)
$
(7,042
)
$
(0.39
)
$
4,857
$
(2,807
)
$
2,050
$
0.11
Weighted average common shares
outstanding
18,061
18,605
For the Fiscal Year Ended July
2, 2023
For the Fiscal Year Ended July
3, 2022
Pre-tax Loss
Tax Impact
Net Loss
Diluted EPS
Pre-tax Income
Tax Impact
Net Income
Diluted EPS
GAAP results
$
(45,443
)
$
(901
)
$
(46,344
)
$
(2.57
)
$
26,828
$
(11,657
)
$
15,171
$
0.80
Asset abandonment (1)
8,247
—
8,247
0.46
—
—
—
—
Recovery of income taxes, net (2)
—
(3,799
)
(3,799
)
(0.21
)
—
(1,446
)
(1,446
)
(0.07
)
Contract modification costs (3)
623
—
623
0.03
—
—
—
—
Recovery of non-income taxes, net (4)
—
—
—
—
815
(257
)
558
0.03
Adjusted results
$
(36,573
)
$
(4,700
)
$
(41,273
)
$
(2.29
)
$
27,643
$
(13,360
)
$
14,283
$
0.76
Weighted average common shares
outstanding
18,037
18,868
(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 fiscal 2022 and 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, following favorable legal rulings in fiscal 2023.
(3)
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.
(4)
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.
Net Debt (Non-GAAP Financial
Measure)
Reconciliations of Net Debt are as follows:
July 2, 2023
July 3, 2022
Long-term debt
$
128,604
$
102,309
Current portion of long-term debt
12,006
11,726
Unamortized debt issuance costs
289
255
Debt principal
140,899
114,290
Less: cash and cash equivalents
46,960
53,290
Net Debt
$
93,939
$
61,000
Cash and cash equivalents
At July 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/20230823756220/en/
Davis Snyder Alpha IR Group 312-445-2870 UFI@alpha-ir.com
Unifi (NYSE:UFI)
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