Sales and profitability impacted by continued
near-term demand disruption for apparel production
Cash generated from operations outpaced
profitability headwinds
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 second fiscal quarter ended January 1,
2023.
Second Quarter Fiscal 2023
Overview
- Net sales were $136.2 million, a decrease of 32.4% from the
second quarter of fiscal 2022, primarily attributable to temporary
demand disruption in the Americas and Asia Segments caused by
near-term inventory destocking measures taken by apparel brands and
retailers.
- Revenues from REPREVE Fiber products represented 31% of net
sales, or $42.9 million, compared to 40%, or $81.5 million, in the
second quarter of fiscal 2022, primarily impacted by lower sales
volumes in Asia.
- Gross loss was $8.0 million compared to gross profit of $16.9
million for the second quarter of fiscal 2022, primarily impacted
by lower facility utilization and lower sales. Gross margin was
(5.9%) compared to 8.4% for the second quarter of fiscal 2022.
- Operating loss was $19.8 million compared to operating income
of $4.6 million for the second quarter of fiscal 2022.
- Net loss was $18.0 million, or ($1.00) per share, compared to
net income of $0.9 million, or $0.05 per share, for the second
quarter of fiscal 2022. Adjusted Net Loss was $21.8 million
compared to $0.9 million of Adjusted Net Income for the second
quarter of fiscal 2022.
- Adjusted EBITDA was ($13.0) million compared to $10.9 million
for the second quarter of fiscal 2022.
- Operating cash flows generated for the six months ended January
1, 2023 were $7.3 million, compared to ($4.0) million used in the
comparative prior year period, exhibiting diligence around
operating costs and working capital, which helped to offset a
demand-suppressed operating environment.
- Net Debt decreased from $79.8 million at October 2, 2022 to
$79.6 million at January 1, 2023.
- In October 2022, the existing credit facility was amended,
expanded from $200.0 million to $230.0 million and maturity
extended to October 2027, to support future growth and to provide
additional liquidity.
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 second
quarter fiscal 2023 performance was significantly impacted by a
sequential decline in apparel production beyond our prior
expectations. Our team remained proactive and executed numerous
cost reduction initiatives and other savings measures during the
period, but the headwinds caused by near-term inventory destocking
efforts impacted demand from many of our apparel customers. The
good news is that our customers’ supply chains are beginning to
normalize and the drivers of our mid- and long-term growth engines
remain fully intact. Further, our customers are forecasting a
stronger second half of the calendar year as they work through
their remaining excess inventory and short-term headwinds. In the
interim, we will continue to invest prudently with an eye towards
supporting long-term growth, while simultaneously controlling costs
and building efficiencies. We remain confident in our position as a
global leader for sustainable solutions and in the long-term demand
profile for our REPREVE products and other innovative
solutions.”
Second Quarter Fiscal 2023 Compared to
Second Quarter Fiscal 2022
Net sales decreased 32.4% to $136.2 million, from $201.4
million, primarily driven by lower sales volumes. The demand for
apparel production declined significantly in the first half of
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 revenue declines from
customers across both U.S. and foreign markets.
Gross loss was $8.0 million compared to gross profit of $16.9
million in the second quarter of fiscal 2022. Americas Segment
gross profit decreased $13.9 million, primarily as a result of
lower sales volumes driving weaker productivity and cost
absorption. Brazil Segment gross profit decreased $6.2 million due
to selling price pressures from foreign imports against high-cost
inventory. The Asia Segment maintained a strong gross margin rate
but was impacted by weaker sales volumes, driving a gross profit
decrease of $4.8 million.
Operating loss was $19.8 million compared to operating income of
$4.6 million in the second quarter of fiscal 2022, primarily due to
the decrease in gross profit. Net loss was $18.0 million, or
($1.00) per share, compared to net income of $0.9 million, or $0.05
per share, impacted by the weaker profitability in the U.S. On an
adjusted basis, EPS was ($1.21), which includes a $3.8 million
recovery of prior years' income taxes in Brazil, compared to of
$0.05 in the prior year period. Adjusted EBITDA was ($13.0)
million, compared to $10.9 million, consistent with the change in
operating income.
Year-To-Date Fiscal 2023 Compared to
Year-To-Date Fiscal 2022
Net sales were $315.7 million compared to $397.4 million.
Revenues from REPREVE Fiber products represented 29% of net sales,
or $92.0 million, compared to 39%, or $153.4 million. Gross margin
was (0.5%) compared to 10.8%. Operating loss was $24.5 million
compared to operating income of $17.8 million. Net loss was $25.9
compared to net income of $9.6 million.
Liquidity and Credit
Facility
On October 28, 2022, UNIFI renewed and amended its existing
credit facility to expand the borrowing capacity and extend the
maturity date. The amended credit agreement increases the borrowing
capacity from $200.0 million to $230.0 million; extends the
maturity date from December 2023 to October 2027; and contains
pricing, terms, and conditions generally consistent with those in
place prior to the amendment. In connection with the refinancing, a
loss on debt extinguishment of $0.3 million was recorded to
interest expense in the second quarter of fiscal 2023.
Debt principal was $130.4 million on January 1, 2023 compared to
$114.3 million on July 3, 2022. Cash and cash equivalents decreased
to $50.8 million on January 1, 2023, from $53.3 million on July 3,
2022, as operational losses were partially offset by cost and
working capital diligence. Accordingly, Net Debt was $79.6 million
on January 1, 2023 compared to $61.0 million on July 3, 2022. On
January 1, 2023, the revolving credit facility had outstanding
borrowings of $3.4 million and availability of $64.7 million.
Outlook
The operating environment and textile demand trends for the
apparel market are expected to recover at a modest pace during
calendar 2023. UNIFI expects the following for the third quarter of
fiscal 2023:
- revenue to increase sequentially, but adversely impacted by the
Lunar New Year holiday in Asia;
- sequential operating performance improvement;
- continued volatility and unfavorability in the effective tax
rate; and
- slightly lower sequential capital expenditures, with further
reductions anticipated during the fourth quarter of fiscal
2023.
Ingle continued, “Although current economic conditions have
impacted our financial results in the first half of the fiscal
year, our team has taken the proper actions to mitigate these
headwinds. We believe we have positioned the business to return to
strength in the second half of the fiscal year. We have also made
positive changes to our capital structure by amending and expanding
our credit facility, and we maintain a strong and flexible balance
sheet. Most importantly, our position as the premier supplier of
sustainable fibers continues to be recognized across the globe, and
the REPREVE brand remains highly aligned with our customers’
long-term priorities. As the apparel markets recover, we expect to
see our business bounce back fairly quickly and are confident we
have the right strategic plan to drive long-term growth and value
for all of our stakeholders.”
Second Quarter Fiscal 2023 Earnings
Conference Call
UNIFI will provide additional commentary regarding its second
quarter fiscal 2023 results and other developments during its
earnings conference call on February 2, 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 Six Months
Ended
January 1, 2023
December 26, 2021
January 1, 2023
December 26, 2021
Net sales
$
136,212
$
201,410
$
315,731
$
397,402
Cost of sales
144,212
184,520
317,168
354,415
Gross (loss) profit
(8,000
)
16,890
(1,437
)
42,987
Selling, general and administrative
expenses
11,748
11,966
23,521
24,636
(Benefit) provision for bad debts
(156
)
(240
)
18
(320
)
Other operating expense (income), net
226
573
(463
)
829
Operating (loss) income
(19,818
)
4,591
(24,513
)
17,842
Interest income
(514
)
(194
)
(1,061
)
(452
)
Interest expense
1,889
735
3,136
1,431
Equity in earnings of unconsolidated
affiliates
(86
)
(64
)
(381
)
(344
)
(Loss) income before income taxes
(21,107
)
4,114
(26,207
)
17,207
(Benefit) provision for income taxes
(3,070
)
3,185
(336
)
7,598
Net (loss) income
$
(18,037
)
$
929
$
(25,871
)
$
9,609
Net (loss) income per common share:
Basic
$
(1.00
)
$
0.05
$
(1.44
)
$
0.52
Diluted
$
(1.00
)
$
0.05
$
(1.44
)
$
0.51
Weighted average common shares
outstanding:
Basic
18,034
18,511
18,017
18,513
Diluted
18,034
19,004
18,017
18,999
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
January 1, 2023
July 3, 2022
ASSETS
Cash and cash equivalents
$
50,781
$
53,290
Receivables, net
64,980
106,565
Inventories
147,253
173,295
Income taxes receivable
1,938
160
Other current assets
13,203
18,956
Total current assets
278,155
352,266
Property, plant and equipment, net
226,279
216,338
Operating lease assets
7,736
8,829
Deferred income taxes
2,841
2,497
Other non-current assets
13,222
8,788
Total assets
$
528,233
$
588,718
LIABILITIES AND SHAREHOLDERS’
EQUITY
Accounts payable
$
33,784
$
73,544
Income taxes payable
587
1,526
Current operating lease liabilities
2,002
2,190
Current portion of long-term debt
11,092
11,726
Other current liabilities
11,345
19,806
Total current liabilities
58,810
108,792
Long-term debt
118,980
102,309
Non-current operating lease
liabilities
5,818
6,736
Deferred income taxes
4,986
4,983
Other long-term liabilities
4,760
4,449
Total liabilities
193,354
227,269
Commitments and contingencies
Common stock
1,805
1,798
Capital in excess of par value
67,875
66,120
Retained earnings
327,265
353,136
Accumulated other comprehensive loss
(62,066
)
(59,605
)
Total shareholders’ equity
334,879
361,449
Total liabilities and shareholders’
equity
$
528,233
$
588,718
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Six Months
Ended
January 1, 2023
December 26, 2021
Cash and cash equivalents at beginning of
period
$
53,290
$
78,253
Operating activities:
Net (loss) income
(25,871
)
9,609
Adjustments to reconcile net (loss) income
to net cash provided (used) by operating activities:
Equity in earnings of unconsolidated
affiliates
(381
)
(344
)
Depreciation and amortization expense
13,478
12,687
Non-cash compensation expense
1,976
2,261
Recovery of income taxes
(3,799
)
—
Deferred income taxes
(304
)
(3,197
)
Other, net
289
(149
)
Changes in assets and liabilities
21,884
(24,817
)
Net cash provided (used) by operating
activities
7,272
(3,950
)
Investing activities:
Capital expenditures
(23,950
)
(19,172
)
Other, net
(576
)
87
Net cash used by investing activities
(24,526
)
(19,085
)
Financing activities:
Proceeds from long-term debt
101,700
20,111
Payments on long-term debt
(85,599
)
(25,377
)
Common stock repurchased
—
(1,204
)
Other, net
(705
)
(324
)
Net cash provided (used) by financing
activities
15,396
(6,794
)
Effect of exchange rate changes on cash
and cash equivalents
(651
)
(804
)
Net decrease in cash and cash
equivalents
(2,509
)
(30,633
)
Cash and cash equivalents at end of
period
$
50,781
$
47,620
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 Six Months
Ended
January 1, 2023
December 26, 2021
January 1, 2023
December 26, 2021
Americas
$
85,242
$
114,697
$
192,886
$
225,523
Brazil
25,687
27,601
64,566
61,339
Asia
25,283
59,112
58,279
110,540
Consolidated net sales
$
136,212
$
201,410
$
315,731
$
397,402
Gross (loss) profit details for each
reportable segment of UNIFI are as follows:
For the Three Months
Ended
For the Six Months
Ended
January 1, 2023
December 26, 2021
January 1, 2023
December 26, 2021
Americas
$
(13,084
)
$
853
$
(17,953
)
$
10,039
Brazil
1,330
7,526
8,117
17,466
Asia
3,754
8,511
8,399
15,482
Consolidated gross (loss) profit
$
(8,000
)
$
16,890
$
(1,437
)
$
42,987
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 Six Months
Ended
January 1, 2023
December 26, 2021
January 1, 2023
December 26, 2021
Net (loss) income
$
(18,037
)
$
929
$
(25,871
)
$
9,609
Interest expense, net
1,375
541
2,075
979
(Benefit) provision for income taxes
(3,070
)
3,185
(336
)
7,598
Depreciation and amortization expense
(1)
6,693
6,266
13,390
12,574
EBITDA
(13,039
)
10,921
(10,742
)
30,760
Other adjustments (2)
—
—
—
—
Adjusted EBITDA
$
(13,039
)
$
10,921
$
(10,742
)
$
30,760
(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. In the second quarter of fiscal 2023, interest expense,
net reflects $273 of loss on debt extinguishment.
(2)
For the periods presented, there were no
other adjustments necessary to reconcile Net (loss) income to
Adjusted EBITDA.
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”), (benefit) 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
January 1, 2023
For the Three Months Ended
December 26, 2021
Pre-tax Loss
Tax Impact
Net Loss
Diluted EPS
Pre-tax Income
Tax Impact
Net Income
Diluted EPS
GAAP results
$
(21,107
)
$
3,070
$
(18,037
)
$
(1.00
)
$
4,114
$
(3,185
)
$
929
$
0.05
Recovery of income taxes (1)
—
(3,799
)
(3,799
)
(0.21
)
—
—
—
—
Adjusted results
$
(21,107
)
$
(729
)
$
(21,836
)
$
(1.21
)
$
4,114
$
(3,185
)
$
929
$
0.05
Weighted average common shares
outstanding
18,034
19,004
For the Six Months Ended
January 1, 2023
For the Six Months Ended
December 26, 2021
Pre-tax Loss
Tax Impact
Net Loss
Diluted EPS
Pre-tax Income
Tax Impact
Net Income
Diluted EPS
GAAP results
$
(26,207
)
$
336
$
(25,871
)
$
(1.44
)
$
17,207
$
(7,598
)
$
9,609
$
0.51
Recovery of income taxes (1)
—
(3,799
)
(3,799
)
(0.21
)
—
—
—
—
Adjusted results
$
(26,207
)
$
(3,463
)
$
(29,670
)
$
(1.65
)
$
17,207
$
(7,598
)
$
9,609
$
0.51
Weighted average common shares
outstanding
18,017
18,999
(1)
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:
January 1, 2023
July 3, 2022
Long-term debt
$
118,980
$
102,309
Current portion of long-term debt
11,092
11,726
Unamortized debt issuance costs
319
255
Debt principal
130,391
114,290
Less: cash and cash equivalents
50,781
53,290
Net Debt
$
79,610
$
61,000
Cash and cash equivalents
At both January 1, 2023 and July 3, 2022, UNIFI’s foreign
operations held approximately 99% of 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/20230201005734/en/
Davis Snyder Alpha IR Group 312-445-2870 UFI@alpha-ir.com
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