Unifi, a multi-national manufacturer of textured and other processed yarns, has reported an increase in net income for the 2015 fiscal year, which constituted US 42.2 million, compared to US 28.8 million for the prior fiscal year. 

The company also recorded high sales volumes as compared to the prior year due to increased regional demand for textured polyester and nylon yarns in North and Central America, as well as improvements in Brazil and China.

Gross profit improved to US 90.7 million, or 13.2% of net sales, from US 83.3 million, or 12.1% of net sales, for the prior fiscal year. Adjusted EBITDA amounted to US 63.7 million, an improvement from US 57.6 million for the prior fiscal year. Net sales of US 687.1 million for the 2015 fiscal year were essentially flat compared to the prior fiscal year. 

Focus on sustainability initiatives

“The company's US 34.3 million Adjusted Net Income for the 2015 fiscal year makes this our most profitable year since fiscal year 2000, and is attributable to our strict adherence to our mix enrichment efforts, our focus on recycling and sustainability initiatives, and our commitment to driving operational excellence throughout the organization,” explained Bill Jasper, Chairman and CEO of Unifi.

“Going forward, we will continue to focus on enhancing our manufacturing processes to improve cost and operating efficiencies across our broader, more specialized product offering.   We will also continue to investigate and invest in opportunities that allow us to continue to grow our premier value-added products, expand our business globally, and diversify the Company, with sustainability at the core of what we do.”

Expectations

“Increased demand for our premier value-added yarns, strong operating results from our international businesses, and higher earnings from our equity affiliates helped drive our strong performance,” said Roger Berrier, President and COO of Unifi. 

“We expect that our domestic business will begin to see in fiscal year 2016 the benefits of the strategic capital projects that were completed in the 2015 fiscal year, including the addition of texturing machines to support the growth in demand for synthetic yarns from the CAFTA region, as well as the expansion of our air jet texturing capacity.  We also expect to start seeing the benefits of the recently announced expansions of our Repreve Recycling Center and the backward integration into bottle processing as we enter into our 2017 fiscal year.”

Fourth quarter figures

Net income was US 15.6 million for the fourth quarter ended on 28 June 2015, compared to net income of US 8.8 million for the prior year fourth quarter.  Adjusted EPS for the fourth quarter of fiscal year 2015 improved by US 0.05 to US 0.55 when compared to the prior year fourth quarter period's Adjusted EPS of US 0.50. 

Net sales decreased by US 6.8 million, or 3.7%, to US 175 million for the current year fourth quarter compared to net sales of US 181.8 million for the prior year fourth quarter.

www.unifi.com