Recently implemented Profitability Improvement
Plan enhances financial performance during the third quarter
Business remains well positioned for apparel
demand recovery
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 March 31,
2024.
Third Quarter Fiscal 2024
Overview
- Net sales were $149.0 million, an increase of 9% from the
second quarter of fiscal 2024, driven by higher sales volumes.
- Revenues from REPREVE Fiber products were $46.8 million and
represented 31% of net sales.
- Gross profit was $4.8 million and gross margin was 3.2%,
representing a sequential-quarter improvement through existing
cost-saving initiatives and increased productivity.
- Net loss was $10.3 million, or $0.57 per share, compared to a
net loss of $19.8 million, or $1.10 per share, for the previous
quarter.
- Adjusted EBITDA* was ($0.8) million, compared to ($5.5) million
for the previous quarter; and Adjusted Net Loss* was $10.3 million,
compared to $14.7 million.
- Published “Sustainability Snapshot” and related goals, which
included new initiatives to transform the equivalent of 1.5 billion
t-shirts worth of textile and yarn waste by fiscal 2030.
Eddie Ingle, Chief Executive Officer of Unifi, Inc., stated,
“Our top-line results exhibit substantial improvement over the
previous quarter and we delivered our second consecutive quarter of
sequential gross profit improvement, giving us confidence that the
apparel inventory destocking period reached a bottom and demand is
beginning to return to more normalized levels. To help sustain this
momentum, we continue to execute our recently implemented
Profitability Improvement Plan, which has helped lower our expenses
and improve operational efficiencies. We are encouraged by the
initial successes of our Plan, such as our ability to gain
additional market share from our competitors in many of the key
markets that we currently operate, which will help drive meaningful
increases in volume for UNIFI over the next several quarters. We
remain focused on diligently managing our operations, maintaining a
healthy balance sheet, supporting future growth and the opportunity
to expand our beyond apparel initiatives, and increasing our
REPREVE Fiber business.”
Third Quarter Fiscal 2024 Compared to
Third Quarter Fiscal 2023
Net sales decreased to $149.0 million from $156.7 million,
primarily due to lower average selling prices associated with sales
mix changes and lower raw material costs, particularly in the
Americas Segment, which offset higher sales volumes for each
segment. Competitive market share gains helped secure additional
sales volumes in both the Americas Segment and the Brazil
Segment.
Gross profit was $4.8 million compared to $9.7 million. Americas
Segment profitability decreased by $6.7 million, primarily due to
the timing and extent of comparable holiday shutdown periods.
Brazil Segment gross profit improved by $1.5 million, primarily due
to pricing and volume gains. Asia Segment gross profit improved
slightly.
Operating loss was $6.9 million compared to $2.7 million,
following the decrease in gross profit. Net loss was $10.3 million
compared to $5.2 million. Adjusted EPS* was ($0.57) and Adjusted
EBITDA* was ($0.8) million, compared to ($0.25) and $5.0 million,
respectively.
Fourth Quarter Fiscal 2024
Outlook
UNIFI expects the following fourth quarter fiscal 2024
results:
- Net sales between $160.0 million and $165.0 million;
- Adjusted EBITDA** between $4.0 million and $6.0 million;
- Capital expenditures between $4.0 million and $5.0 million;
and
- Continued volatility in the effective tax rate.
Ingle concluded, “As the benefits from our cost reset and
commercial improvements continue to materialize, we anticipate that
we will see improved quarterly net sales and earnings results on a
sequential basis. We remain confident in our position as the
partner of choice to brands and customers across the globe. As we
look ahead to the fourth quarter and fiscal 2025, we will continue
to implement cost-saving measures and invest in areas of our
business that we believe will not only drive growth for UNIFI, but
also deliver value for our stakeholders.”
* Adjusted EBITDA, Adjusted Net Loss, and
Adjusted EPS 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.
** Guidance provided is a non-GAAP figure
presented on an adjusted basis. For further details, see the
non-GAAP financial measures information presented in the schedules
included in this press release.
Third Quarter Fiscal 2024 Earnings
Conference Call
UNIFI will provide additional commentary regarding its third
quarter fiscal 2024 results and other developments during its
earnings conference call on May 9, 2024, at 9:00 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 40
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
March 31, 2024
April 2, 2023
March 31, 2024
April 2, 2023
Net sales
$
148,996
$
156,738
$
424,757
$
472,469
Cost of sales
144,232
147,085
418,932
464,253
Gross profit
4,764
9,653
5,825
8,216
Selling, general and administrative
expenses
11,372
12,063
35,389
35,584
Provision (benefit) for bad debts
179
(56
)
1,259
(38
)
Restructuring costs
—
—
5,101
—
Other operating expense (income), net
139
324
674
(139
)
Operating loss
(6,926
)
(2,678
)
(36,598
)
(27,191
)
Interest income
(432
)
(554
)
(1,710
)
(1,615
)
Interest expense
2,407
2,073
7,505
5,209
Equity in loss (earnings) of
unconsolidated affiliates
604
(158
)
311
(539
)
Loss before income taxes
(9,505
)
(4,039
)
(42,704
)
(30,246
)
Provision for income taxes
790
1,145
707
809
Net loss
$
(10,295
)
$
(5,184
)
$
(43,411
)
$
(31,055
)
Net loss per common share:
Basic
$
(0.57
)
$
(0.29
)
$
(2.40
)
$
(1.72
)
Diluted
$
(0.57
)
$
(0.29
)
$
(2.40
)
$
(1.72
)
Weighted average common shares
outstanding:
Basic
18,169
18,052
18,121
18,029
Diluted
18,169
18,052
18,121
18,029
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
March 31, 2024
July 2, 2023
ASSETS
Cash and cash equivalents
$
27,662
$
46,960
Receivables, net
78,931
83,725
Inventories
134,125
150,810
Income taxes receivable
2,002
238
Other current assets
9,460
12,327
Total current assets
252,180
294,060
Property, plant and equipment, net
204,795
218,521
Operating lease assets
7,500
7,791
Deferred income taxes
4,741
3,939
Other non-current assets
13,402
14,508
Total assets
$
482,618
$
538,819
LIABILITIES AND SHAREHOLDERS’
EQUITY
Accounts payable
$
42,343
$
44,455
Income taxes payable
1,883
789
Current operating lease liabilities
1,956
1,813
Current portion of long-term debt
12,368
12,006
Other current liabilities
19,173
12,932
Total current liabilities
77,723
71,995
Long-term debt
116,058
128,604
Non-current operating lease
liabilities
5,683
6,146
Deferred income taxes
1,906
3,364
Other long-term liabilities
3,439
5,100
Total liabilities
204,809
215,209
Commitments and contingencies
Common stock
1,825
1,808
Capital in excess of par value
70,675
68,901
Retained earnings
263,381
306,792
Accumulated other comprehensive loss
(58,072
)
(53,891
)
Total shareholders’ equity
277,809
323,610
Total liabilities and shareholders’
equity
$
482,618
$
538,819
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Nine Months
Ended
March 31, 2024
April 2, 2023
Cash and cash equivalents at beginning of
period
$
46,960
$
53,290
Operating activities:
Net loss
(43,411
)
(31,055
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Equity in loss (earnings) of
unconsolidated affiliates
311
(539
)
Distribution received from unconsolidated
affiliate
1,000
—
Depreciation and amortization expense
20,780
20,388
Non-cash compensation expense
1,798
2,791
Recovery of income taxes
—
(3,799
)
Deferred income taxes
(2,403
)
(1,199
)
Other, net
(93
)
252
Changes in assets and liabilities
23,178
21,510
Net cash provided by operating
activities
1,160
8,349
Investing activities:
Capital expenditures
(8,566
)
(32,461
)
Other, net
490
(193
)
Net cash used by investing activities
(8,076
)
(32,654
)
Financing activities:
Proceeds from long-term debt
109,700
148,933
Payments on long-term debt
(121,930
)
(127,213
)
Other, net
(6
)
(683
)
Net cash (used) provided by financing
activities
(12,236
)
21,037
Effect of exchange rate changes on cash
and cash equivalents
(146
)
(316
)
Net decrease in cash and cash
equivalents
(19,298
)
(3,584
)
Cash and cash equivalents at end of
period
$
27,662
$
49,706
BUSINESS SEGMENT
INFORMATION
(Unaudited)
(In thousands)
Net sales and gross profit details for
each reportable segment of UNIFI are as follows:
For the Three Months
Ended
For the Nine Months
Ended
March 31, 2024
April 2, 2023
March 31, 2024
April 2, 2023
Americas
$
91,130
$
101,946
$
253,252
$
294,832
Brazil
29,573
27,380
85,543
91,946
Asia
28,293
27,412
85,962
85,691
Consolidated net sales
$
148,996
$
156,738
$
424,757
$
472,469
For the Three Months
Ended
For the Nine Months
Ended
March 31, 2024
April 2, 2023
March 31, 2024
April 2, 2023
Americas
$
(3,514
)
$
3,158
$
(17,632
)
$
(14,795
)
Brazil
3,837
2,382
9,143
10,499
Asia
4,441
4,113
14,314
12,512
Consolidated gross profit
$
4,764
$
9,653
$
5,825
$
8,216
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 to EBITDA and Adjusted EBITDA are set forth
below.
For the Three Months
Ended
For the Nine Months
Ended
March 31, 2024
April 2, 2023
March 31, 2024
April 2, 2023
Net loss
$
(10,295
)
$
(5,184
)
$
(43,411
)
$
(31,055
)
Interest expense, net
1,975
1,519
5,795
3,594
Provision for income taxes
790
1,145
707
809
Depreciation and amortization expense
(1)
6,753
6,871
20,663
20,261
EBITDA
(777
)
4,351
(16,246
)
(6,391
)
Loss on joint venture dissolution (2)
—
—
2,750
—
Severance (3)
—
—
2,351
—
Contract modification costs (4)
—
623
—
623
Adjusted EBITDA
$
(777
)
$
4,974
$
(11,145
)
$
(5,768
)
(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.
(2)
In the second quarter of fiscal 2024,
UNIFI recorded a loss of $2,750 related to the dissolution of a
joint venture.
(3)
In the second quarter of fiscal 2024,
UNIFI incurred certain severance costs in connection with overall
cost reduction efforts in the U.S.
(4)
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.
Adjusted Net Loss
and Adjusted EPS (Non-GAAP Financial Measures)
The tables below set forth reconciliations
of (i) loss before income taxes (“Pre-tax Loss”), provision for
income taxes (“Tax Impact”), and net loss (“Net Loss”) to Adjusted
Net Loss and (ii) Diluted Earnings Per Share (“Diluted EPS”) to
Adjusted EPS. Rounding may impact certain of the below
calculations.
For the Three Months Ended
March 31, 2024
For the Three Months Ended
April 2, 2023
Pre-tax Loss
Tax Impact
Net Loss
Diluted EPS
Pre-tax Loss
Tax Impact
Net Loss
Diluted EPS
GAAP results
$
(9,505
)
$
(790
)
$
(10,295
)
$
(0.57
)
$
(4,039
)
$
(1,145
)
$
(5,184
)
$
(0.29
)
Contract modification costs (1)
—
—
—
—
623
—
623
0.04
Adjusted results
$
(9,505
)
$
(790
)
$
(10,295
)
$
(0.57
)
$
(3,416
)
$
(1,145
)
$
(4,561
)
$
(0.25
)
Weighted average common shares
outstanding
18,169
18,052
For the Nine Months Ended
March 31, 2024
For the Nine Months Ended
April 2, 2023
Pre-tax Loss
Tax Impact
Net Loss
Diluted EPS
Pre-tax Loss
Tax Impact
Net Loss
Diluted EPS
GAAP results
$
(42,704
)
$
(707
)
$
(43,411
)
$
(2.40
)
$
(30,246
)
$
(809
)
$
(31,055
)
$
(1.72
)
Loss on joint venture dissolution (2)
2,750
—
2,750
0.16
—
—
—
—
Severance (3)
2,351
—
2,351
0.13
—
—
—
—
Contract modification costs (1)
—
—
—
—
623
—
623
0.03
Recovery of income taxes (4)
—
—
—
—
—
(3,799
)
(3,799
)
(0.21
)
Adjusted results
$
(37,603
)
$
(707
)
$
(38,310
)
$
(2.11
)
$
(29,623
)
$
(4,608
)
$
(34,231
)
$
(1.90
)
Weighted average common shares
outstanding
18,121
18,029
(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 the second quarter of fiscal 2024,
UNIFI recorded a loss of $2,750 related to the dissolution of a
joint venture.
(3)
In the second quarter of fiscal 2024,
UNIFI incurred certain severance costs in connection with overall
cost reduction efforts in the U.S.
(4)
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:
March 31, 2024
July 2, 2023
Long-term debt
$
116,058
$
128,604
Current portion of long-term debt
12,368
12,006
Unamortized debt issuance costs
244
289
Debt principal
128,670
140,899
Less: cash and cash equivalents
27,662
46,960
Net Debt
$
101,008
$
93,939
Cash and cash equivalents
At March 31, 2024 and July 2, 2023, 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.
This press release also includes certain forward-looking
information that is not presented in accordance with GAAP.
Management believes that a quantitative reconciliation of such
forward-looking information to the most directly comparable
financial measure calculated and presented in accordance with GAAP
cannot be made available without unreasonable efforts because a
reconciliation of these non-GAAP financial measures would require
UNIFI to predict the timing and likelihood of potential future
events such as restructurings, M&A activity, contract
modifications, and other infrequent or unusual gains and losses.
Neither the timing or likelihood of these events, nor their
probable significance, can be quantified with a reasonable degree
of accuracy. Accordingly, a reconciliation of such forward-looking
information to the most directly comparable GAAP financial measure
is not provided.
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
UNIFI's 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, but
not limited to, epidemics or pandemics; the success of UNIFI’s
strategic business initiatives; the volatility of financial and
credit markets, including the impacts of counterparty risk (e.g.,
deposit concentration and recent depositor sentiment and activity);
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/20240508977532/en/
Josh Carroll or Darren Yeun Alpha IR Group 312-445-2870
UFI@alpha-ir.com
Unifi (NYSE:UFI)
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