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Price
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| New York |
11-2165495
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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P.O. Box 19109 -7201 West Friendly Avenue Greensboro, NC
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27419 |
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(Address of principal executive offices)
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(Zip Code
)
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| Page | ||
| Part I. Financial Information | ||
|
Item 1.
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Financial Statements:
|
|
| Condensed Consolidated Balance Sheets as of March 25, 2012 and June 26, 2011 | 3 | |
|
|
||
| Condensed Consolidated Statements of Operations for the Three Months Ended and Nine Months Ended March 25, 2012 and March 27, 2011 | 4 | |
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Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three
Months and Nine Months Ended March 25, 2012 and March 27, 2011
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5 | |
| Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Nine Months Ended March 25, 2012 | 6 | |
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||
| Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 25, 2012 and March 27, 2011 | 7 | |
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Notes to Condensed Consolidated Financial Statements
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8 | |
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Item 2.
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Management’s Discussion and Analysis of Financial Condition
and Results of Operations
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39
|
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Item 3.
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Quantitative and Qualitative Disclosures about Market Risk
|
53
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Item 4.
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Controls and Procedures
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54
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Part II. Other Information
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||
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Item 1.
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Legal Proceedings
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55
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Item 1A.
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Risk Factors
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55
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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55
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Item 3.
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Defaults Upon Senior Securities
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55
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Item 4.
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Mine Safety Disclosures
|
55
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Item 5.
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Other Information
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55
|
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Item 6.
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Exhibits
|
56
|
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March 25, 2012
|
June 26, 2011
|
|||||||
|
ASSETS
|
||||||||
|
Cash and cash equivalents
|
$ | 35,820 | $ | 27,490 | ||||
|
Receivables, net
|
100,713 | 99,815 | ||||||
|
Inventories
|
112,417 | 134,883 | ||||||
|
Income taxes receivable
|
122 | 578 | ||||||
|
Deferred income taxes
|
4,061 | 5,712 | ||||||
|
Other current assets
|
6,376 | 5,591 | ||||||
|
Total current assets
|
259,509 | 274,069 | ||||||
|
Property, plant and equipment, net
|
134,523 | 151,027 | ||||||
|
Deferred income taxes
|
627 | — | ||||||
|
Intangible assets, net
|
10,364 | 11,612 | ||||||
|
Investments in unconsolidated affiliates
|
97,883 | 91,258 | ||||||
|
Other non-current assets
|
10,006 | 9,410 | ||||||
|
Total assets
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$ | 512,912 | $ | 537,376 | ||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
|
Accounts payable
|
$ | 42,589 | $ | 42,842 | ||||
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Accrued expenses
|
15,451 | 17,495 | ||||||
|
Income taxes payable
|
1,254 | 421 | ||||||
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Current portion of long-term debt
|
37 | 342 | ||||||
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Total current liabilities
|
59,331 | 61,100 | ||||||
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Long-term debt
|
158,722 | 168,322 | ||||||
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Other long-term liabilities
|
4,261 | 4,007 | ||||||
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Deferred income taxes
|
2,943 | 4,292 | ||||||
|
Total liabilities
|
225,257 | 237,721 | ||||||
|
Commitments and contingencies
|
||||||||
|
Common stock, $0.10 par (500,000,000 shares authorized,
20,090,094 and 20,080,253 shares outstanding)
|
2,009 | 2,008 | ||||||
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Capital in excess of par value
|
34,328 | 32,599 | ||||||
|
Retained earnings
|
241,485 | 241,272 | ||||||
|
Accumulated other comprehensive income
|
8,947 | 23,776 | ||||||
|
Total Unifi, Inc. shareholders’ equity
|
286,769 | 299,655 | ||||||
|
Non-controlling interest
|
886 | — | ||||||
|
Total shareholders’ equity
|
287,655 | 299,655 | ||||||
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Total liabilities and shareholders’ equity
|
$ | 512,912 | $ | 537,376 | ||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
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Net sales
|
$ | 179,037 | $ | 179,390 | $ | 517,160 | $ | 516,621 | ||||||||
|
Cost of sales
|
165,447 | 163,789 | 480,858 | 459,984 | ||||||||||||
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Gross profit
|
13,590 | 15,601 | 36,302 | 56,637 | ||||||||||||
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Selling, general and administrative expenses
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11,148 | 10,798 | 32,505 | 33,469 | ||||||||||||
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(Benefit) provision for bad debts
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(144 | ) | 41 | 418 | 86 | |||||||||||
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Restructuring charges
|
— | 9 | — | 1,555 | ||||||||||||
|
Other operating expenses, net
|
669 | 158 | 1,118 | 417 | ||||||||||||
|
Operating income
|
1,917 | 4,595 | 2,261 | 21,110 | ||||||||||||
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Interest income
|
(571 | ) | (584 | ) | (1,713 | ) | (1,995 | ) | ||||||||
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Interest expense
|
4,189 | 5,016 | 12,791 | 15,347 | ||||||||||||
|
Loss on extinguishment of debt
|
— | 2,193 | 462 | 3,337 | ||||||||||||
|
Other non-operating (income) expenses
|
(9 | ) | 78 | (1,488 | ) | 528 | ||||||||||
|
Equity in (earnings) losses of unconsolidated affiliates
|
(9,863 | ) | 2,103 | (14,166 | ) | (11,887 | ) | |||||||||
|
Loss on previously held equity interest
|
— | — | 3,656 | — | ||||||||||||
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Income (loss) before income taxes
|
8,171 | (4,211 | ) | 2,719 | 15,780 | |||||||||||
|
Provision (benefit) for income taxes
|
861 | (166 | ) | 2,940 | 4,205 | |||||||||||
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Net income (loss) including non-controlling interest
|
$ | 7,310 | $ | (4,045 | ) | $ | (221 | ) | $ | 11,575 | ||||||
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Less: net (loss) attributable to non-controlling interest
|
(225 | ) | — | (434 | ) | — | ||||||||||
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Net income (loss) attributable to Unifi, Inc.
|
$ | 7,535 | $ | (4,045 | ) | $ | 213 | $ | 11,575 | |||||||
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Net income (loss) per common share:
|
||||||||||||||||
|
Basic
|
$ | 0.38 | $ | (0.20 | ) | $ | 0.01 | $ | 0.58 | |||||||
|
Diluted
|
$ | 0.37 | $ | (0.20 | ) | $ | 0.01 | $ | 0.57 | |||||||
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For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
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March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Net income (loss) including non-controlling interest
|
$ | 7,310 | $ | (4,045 | ) | $ | (221 | ) | $ | 11,575 | ||||||
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Other comprehensive income (loss) (net of tax):
|
||||||||||||||||
|
Foreign currency translation adjustments
|
2,793 | 2,277 | (15,539 | ) | 10,430 | |||||||||||
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Gain on cash flow hedges
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713 | 1,146 | 710 | 7,873 | ||||||||||||
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Other comprehensive income (loss)
|
3,506 | 3,423 | (14,829 | ) | 18,303 | |||||||||||
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Comprehensive income (loss) including non-controlling interest
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$ | 10,816 | $ | (622 | ) | $ | (15,050 | ) | $ | 29,878 | ||||||
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Less: comprehensive (loss) attributable to non-controlling interest
|
(225 | ) | — | (434 | ) | — | ||||||||||
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Comprehensive income (loss) attributable to Unifi, Inc.
|
$ | 11,041 | $ | (622 | ) | $ | (14,616 | ) | $ | 29,878 | ||||||
|
Common
Stock
|
Capital in
Excess of
Par Value
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income
|
Total
Unifi, Inc.
Shareholders’
Equity
|
Non-
controlling
Interest
|
Total
Shareholders’
Equity
|
||||||||||||||||||||||
|
Balance June 26, 2011
|
$ | 2,008 | $ | 32,599 | $ | 241,272 | $ | 23,776 | $ | 299,655 | $ | — | $ | 299,655 | ||||||||||||||
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Options exercised
|
1 | 48 | — | — | 49 | — | 49 | |||||||||||||||||||||
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Stock-based compensation
|
— | 368 | — | — | 368 | — | 368 | |||||||||||||||||||||
|
Other comprehensive loss
|
— | — | — | (18,194 | ) | (18,194 | ) | — | (18,194 | ) | ||||||||||||||||||
|
Net income
|
— | — | 286 | — | 286 | — | 286 | |||||||||||||||||||||
|
Balance September 25, 2011
|
$ | 2,009 | $ | 33,015 | $ | 241,558 | $ | 5,582 | $ | 282,164 | $ | — | $ | 282,164 | ||||||||||||||
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Options exercised
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— | 11 | — | — | 11 | — | 11 | |||||||||||||||||||||
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Stock-based compensation
|
— | 895 | — | — | 895 | — | 895 | |||||||||||||||||||||
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Other comprehensive loss
|
— | — | — | (141 | ) | (141 | ) | — | (141 | ) | ||||||||||||||||||
|
Acquisition, cost
|
— | — | — | — | — | 1,000 | 1,000 | |||||||||||||||||||||
|
Contributions from non-controlling interest
|
— | — | — | — | — | 120 | 120 | |||||||||||||||||||||
|
Net (loss)
|
— | — | (7,608 | ) | — | (7,608 | ) | (209 | ) | (7,817 | ) | |||||||||||||||||
|
Balance December 25, 2011
|
$ | 2,009 | $ | 33,921 | $ | 233,950 | $ | 5,441 | $ | 275,321 | $ | 911 | $ | 276,232 | ||||||||||||||
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Options exercised
|
— | 11 | — | — | 11 | — | 11 | |||||||||||||||||||||
|
Stock-based compensation
|
— | 396 | — | — | 396 | — | 396 | |||||||||||||||||||||
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Other comprehensive income
|
— | — | — | 3,506 | 3,506 | — | 3,506 | |||||||||||||||||||||
|
Contributions from non-controlling interest
|
— | — | — | — | — | 200 | 200 | |||||||||||||||||||||
|
Net income (loss)
|
— | — | 7,535 | — | 7,535 | (225 | ) | 7,310 | ||||||||||||||||||||
|
Balance March 25, 2012
|
$ | 2,009 | $ | 34,328 | $ | 241,485 | $ | 8,947 | $ | 286,769 | $ | 886 | $ | 287,655 | ||||||||||||||
|
For the Nine Months Ended
|
||||||||
|
March 25, 2012
|
March 27, 2011
|
|||||||
|
Cash and cash equivalents at beginning of year
|
$ | 27,490 | $ | 42,691 | ||||
|
Operating activities:
|
||||||||
|
Net (loss) income including non-controlling interest
|
(221 | ) | 11,575 | |||||
|
Adjustments to reconcile net (loss) income including non-controlling interest to net cash provided by (used in) operating activities:
|
||||||||
|
Equity in earnings of unconsolidated affiliates
|
(14,166 | ) | (11,887 | ) | ||||
|
Dividends received from unconsolidated affiliates
|
4,150 | 4,319 | ||||||
|
Depreciation and amortization expense
|
20,384 | 20,300 | ||||||
|
Net loss on sale of assets
|
212 | 242 | ||||||
|
Loss on extinguishment of debt
|
462 | 3,337 | ||||||
|
Non-cash compensation expense, net
|
2,070 | 1,128 | ||||||
|
Loss on previously held equity interest
|
3,656 | — | ||||||
|
Deferred income taxes
|
(505 | ) | (63 | ) | ||||
|
Other
|
27 | 157 | ||||||
|
Changes in assets and liabilities, excluding effects of foreign currency adjustments:
|
||||||||
|
Receivables, net
|
(4,009 | ) | (11,533 | ) | ||||
|
Inventories
|
16,784 | (22,882 | ) | |||||
|
Other current assets and income taxes receivable
|
(859 | ) | 361 | |||||
|
Accounts payable and accrued expenses
|
(1,574 | ) | 3,742 | |||||
|
Income taxes payable
|
843 | (209 | ) | |||||
|
Net cash provided by (used in) operating activities
|
27,254 | (1,413 | ) | |||||
|
Investing activities:
|
||||||||
|
Capital expenditures
|
(5,329 | ) | (17,334 | ) | ||||
|
Investments in unconsolidated affiliates
|
(360 | ) | (707 | ) | ||||
|
Acquisition, net of cash acquired
|
(356 | ) | — | |||||
|
Return of capital from unconsolidated affiliate
|
— | 500 | ||||||
|
Proceeds from sale of assets
|
224 | 189 | ||||||
|
Proceeds from return of split dollar life insurance premiums
|
14 | 3,241 | ||||||
|
Net cash used in investing activities
|
(5,807 | ) | (14,111 | ) | ||||
|
Financing activities:
|
||||||||
|
Payments of notes payable
|
(10,288 | ) | (47,588 | ) | ||||
|
Payments on revolving credit facility
|
(95,200 | ) | (105,325 | ) | ||||
|
Proceeds from borrowings on revolving credit facility
|
95,600 | 143,125 | ||||||
|
Proceeds from stock option exercises
|
71 | 118 | ||||||
|
Purchase and retirement of Company stock
|
— | (2 | ) | |||||
|
Debt financing fees
|
(194 | ) | (825 | ) | ||||
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Contributions from non-controlling interest
|
320 | — | ||||||
|
Other
|
(319 | ) | (364 | ) | ||||
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Net cash used in financing activities
|
(10,010 | ) | (10,861 | ) | ||||
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Effect of exchange rate changes on cash and cash equivalents
|
(3,107 | ) | 2,836 | |||||
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Net increase (decrease) in cash and cash equivalents
|
8,330 | (23,549 | ) | |||||
|
Cash and cash equivalents at end of period
|
$ | 35,820 | $ | 19,142 | ||||
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Fair value of consideration transferred
|
$ | 500 | ||
|
Fair value of the previously held equity interest
|
1,000 | |||
| 1,500 | ||||
|
Fair value of the non-controlling interest
|
1,000 | |||
|
Total fair value of Renewables
|
$ | 2,500 |
|
Fair value of previously held equity interest
|
$ | 1,000 | ||
|
Less: Investment in Renewables
|
4,656 | |||
|
Loss on previously held equity interest in Renewables
|
$ | (3,656 | ) |
|
Cash
|
$ | 144 | ||
|
Inventory
|
45 | |||
|
Other current assets
|
197 | |||
|
Biomass foundation and feedstock
|
1,611 | |||
|
Property, plant and equipment
|
114 | |||
|
Intangible assets
|
536 | |||
|
Total assets
|
2,647 | |||
|
Current liabilities
|
(147 | ) | ||
|
Total net assets acquired
|
$ | 2,500 |
|
Amortization
Period
|
Estimated
Value
|
|||||
|
Non-compete agreements
|
5 years
|
$ | 243 | |||
|
License to grow FGM
|
8 years
|
261 | ||||
|
Sub-licenses
|
4 years
|
32 | ||||
|
Total
|
$ | 536 | ||||
|
March 25, 2012
|
June 26, 2011
|
|||||||
|
Customer receivables
|
$ | 102,214 | $ | 100,893 | ||||
|
Allowance for uncollectible accounts
|
(1,416 | ) | (1,147 | ) | ||||
|
Reserves for yarn quality claims
|
(542 | ) | (1,101 | ) | ||||
|
Net customer receivables
|
100,256 | 98,645 | ||||||
|
Related party receivables
|
155 | 512 | ||||||
|
Other receivables
|
302 | 658 | ||||||
|
Total receivables, net
|
$ | 100,713 | $ | 99,815 | ||||
|
Allowance
for
Uncollectible
Accounts
|
Reserves for
Yarn Quality
Claims
|
|||||||
|
Balance at June 26, 2011
|
$ | (1,147 | ) | $ | (1,101 | ) | ||
|
Charged to costs and expenses
|
(418 | ) | (527 | ) | ||||
|
Charged to other accounts
|
67 | 19 | ||||||
|
Deductions
|
82 | 1,067 | ||||||
|
Balance at March 25, 2012
|
$ | (1,416 | ) | $ | (542 | ) | ||
|
March 25, 2012
|
June 26, 2011
|
|||||||
|
Raw materials
|
$ | 44,855 | $ | 52,387 | ||||
|
Supplies
|
5,355 | 6,016 | ||||||
|
Work in process
|
7,294 | 7,000 | ||||||
|
Finished goods
|
57,657 | 74,399 | ||||||
|
Gross inventories
|
115,161 | 139,802 | ||||||
|
Inventory reserves
|
(2,744 | ) | (4,919 | ) | ||||
|
Total inventories
|
$ | 112,417 | $ | 134,883 | ||||
|
March 25, 2012
|
June 26, 2011
|
|||||||
|
Value added taxes receivable
|
$ | 2,238 | $ | 3,332 | ||||
|
Prepaid expenses
|
1,344 | 1,281 | ||||||
|
Vendor deposits
|
2,747 | 921 | ||||||
|
Other
|
47 | 57 | ||||||
|
Total other current assets
|
$ | 6,376 | $ | 5,591 | ||||
|
March 25, 2012
|
June 26, 2011
|
|||||||
|
Land
|
$ | 3,300 | $ | 3,454 | ||||
|
Land improvements
|
11,735 | 11,400 | ||||||
|
Buildings and improvements
|
148,857 | 151,503 | ||||||
|
Assets under capital lease
|
9,520 | 9,520 | ||||||
|
Machinery and equipment
|
538,643 | 545,260 | ||||||
|
Computers, software and office equipment
|
17,423 | 19,585 | ||||||
|
Construction in progress
|
3,340 | 4,583 | ||||||
|
Transportation equipment
|
4,891 | 5,162 | ||||||
|
Gross property, plant and equipment
|
737,709 | 750,467 | ||||||
|
Less: accumulated depreciation
|
(594,144 | ) | (590,878 | ) | ||||
|
Less: accumulated amortization – capital lease
|
(9,042 | ) | (8,562 | ) | ||||
|
Total property, plant and equipment, net
|
$ | 134,523 | $ | 151,027 | ||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Depreciation expense
|
$ | 6,035 | $ | 5,884 | $ | 17,734 | $ | 17,380 | ||||||||
|
Internal software development costs amortization
|
59 | 92 | 193 | 284 | ||||||||||||
|
Repair and maintenance expenses
|
3,958 | 4,718 | 11,947 | 13,786 | ||||||||||||
|
Capitalized interest
|
— | — | — | — | ||||||||||||
|
March 25, 2012
|
June 26, 2011
|
|||||||
|
Internal software development costs
|
$ | 2,014 | $ | 1,900 | ||||
|
Accumulated amortization
|
(1,761 | ) | (1,568 | ) | ||||
|
Net internal software development costs
|
$ | 253 | $ | 332 | ||||
|
March 25, 2012
|
June 26, 2011
|
|||||||
|
Customer list
|
$ | 22,000 | $ | 22,000 | ||||
|
Non-compete agreements
|
4,243 | 4,000 | ||||||
|
Licenses
|
293 | — | ||||||
|
Total intangible assets, gross
|
26,536 | 26,000 | ||||||
|
Accumulated amortization - customer list
|
(13,650 | ) | (12,134 | ) | ||||
|
Accumulated amortization - non-compete agreements
|
(2,503 | ) | (2,254 | ) | ||||
|
Accumulated amortization - licenses
|
(19 | ) | — | |||||
|
Total accumulated amortization
|
(16,172 | ) | (14,388 | ) | ||||
|
Total intangible assets, net
|
$ | 10,364 | $ | 11,612 | ||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Customer list amortization expense
|
$ | 505 | $ | 543 | $ | 1,517 | $ | 1,630 | ||||||||
|
Non-compete amortization expense
|
79 | 80 | 249 | 270 | ||||||||||||
|
Licenses amortization expense
|
10 | — | 19 | — | ||||||||||||
|
Total amortization expense
|
$ | 594 | $ | 623 | $ | 1,785 | $ | 1,900 | ||||||||
|
2013
|
2014
|
2015
|
2016
|
2017
|
||||||||||||||||
|
Customer list
|
$ | 1,837 | $ | 1,481 | $ | 1,215 | $ | 969 | $ | 836 | ||||||||||
|
Non-compete agreements
|
313 | 313 | 313 | 313 | 277 | |||||||||||||||
|
License agreements
|
38 | 38 | 38 | 34 | 30 | |||||||||||||||
|
Total intangible amortization
|
$ | 2,188 | $ | 1,832 | $ | 1,566 | $ | 1,316 | $ | 1,143 | ||||||||||
|
March 25, 2012
|
June 26, 2011
|
|||||||
|
Long-term deposits
|
$ | 5,356 | $ | 5,709 | ||||
|
Debt financing fees
|
2,593 | 3,245 | ||||||
|
Biomass foundation and feedstock
|
1,667 | — | ||||||
|
Other
|
390 | 456 | ||||||
|
Total other non-current assets
|
$ | 10,006 | $ | 9,410 | ||||
|
March 25, 2012
|
June 26, 2011
|
|||||||
|
Payroll and fringe benefits
|
$ | 6,192 | $ | 11,119 | ||||
|
Utilities
|
2,187 | 2,237 | ||||||
|
Interest
|
5,233 | 1,900 | ||||||
|
Property taxes
|
467 | 885 | ||||||
|
Retiree medical liability
|
140 | 202 | ||||||
|
Derivative instruments
|
13 | 2 | ||||||
|
Other
|
1,219 | 1,150 | ||||||
|
Total accrued expenses
|
$ | 15,451 | $ | 17,495 | ||||
|
March 25, 2012
|
June 26, 2011
|
|||||||
|
Notes payable
|
$ | 123,722 | $ | 133,722 | ||||
|
Revolving credit facility
|
35,000 | 34,600 | ||||||
|
Capital lease obligation
|
37 | 342 | ||||||
|
Total debt
|
158,759 | 168,664 | ||||||
|
Current portion of long-term debt
|
(37 | ) | (342 | ) | ||||
|
Total long-term debt
|
$ | 158,722 | $ | 168,322 | ||||
|
Date
|
Principal
Amount
|
Redemption
Price
|
Premium
(Discount)
|
Costs and
Other Fees
|
Loss/
(Gain)
|
|||||||||
|
August 5, 2011
|
$
|
10,000
|
102.875%
|
$
|
288
|
$
|
174
|
$
|
462
|
|||||
|
Total – FY 2012
|
$
|
10,000
|
$
|
288
|
$
|
174
|
$
|
462
|
||||||
|
June 30, 2010
|
$
|
15,000
|
105.750%
|
$
|
862
|
$
|
282
|
$
|
1,144
|
|||||
|
February 16, 2011
|
30,000
|
105.750%
|
1,725
|
468
|
2,193
|
|||||||||
|
Total – FY 2011
|
$
|
45,000
|
$
|
2,587
|
$
|
750
|
$
|
3,337
|
||||||
|
September 15, 2009
|
$
|
500
|
86.750%
|
$
|
(66)
|
$
|
12
|
$
|
(54)
|
|||||
|
Total – FY 2010
|
$
|
500
|
$
|
(66)
|
$
|
12
|
$
|
(54)
|
||||||
|
April 3, 2009
|
$
|
8,778
|
100.000%
|
$
|
—
|
$
|
226
|
$
|
226
|
|||||
|
June 3, 2009
|
2,000
|
73.750%
|
(525)
|
48
|
(477)
|
|||||||||
|
Total – FY 2009
|
$
|
10,778
|
$
|
(525)
|
$
|
274
|
$
|
(251)
|
||||||
|
2012
|
2013
|
2014
|
2015
|
2016
|
Thereafter
|
Total
|
||||||||||||||||||||
| $ | 37 | $ | — | $ | 123,722 | $ | — | $ | 35,000 | $ | — | $ | 158,759 | |||||||||||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Interest expense
|
$ | 227 | $ | 235 | $ | 672 | $ | 736 | ||||||||
|
March 25, 2012
|
June 26, 2011
|
|||||||
|
Supplemental post-employment plan
|
$ | 2,212 | $ | 1,866 | ||||
|
Retiree medical liability
|
696 | 696 | ||||||
|
Derivative instruments
|
353 | 408 | ||||||
|
Long-term portion of foreign taxes payable
|
834 | 868 | ||||||
|
Other non-income related taxes
|
166 | 169 | ||||||
|
Total other long-term liabilities
|
$ | 4,261 | $ | 4,007 | ||||
|
Expected terms (years)
|
6.3 | |||
|
Interest rate
|
2.0 | % | ||
|
Volatility
|
68.2 | % | ||
|
Dividend yield
|
— |
|
Under the
1999 LTIP
|
Under the
2008 LTIP
|
Total Shares
|
Weighted-
Average
Grant-Date
Fair Value
|
|||||||||||||
|
Non-vested at June 26, 2011
|
— | 373 | 373 | $ | 3.34 | |||||||||||
|
Granted
|
— | 127 | 127 | 7.88 | ||||||||||||
|
Vested
|
— | (186 | ) | (186 | ) | 3.34 | ||||||||||
|
Forfeited
|
— | (2 | ) | (2 | ) | 3.31 | ||||||||||
|
Non-vested at March 25, 2012
|
— | 312 | 312 | $ | 5.19 | |||||||||||
|
Options Outstanding
|
Options Exercisable | |||||||||||||||||||||||
|
Exercise Price
|
Number of
Options Ou
tstanding
|
Weighted
Average
Exercise Price
|
Weighted
Average
Contractual
Life
Remaining
(Years)
|
Number of
Options
Exercisable
|
Weighted
Average
E
xercise Price
|
|||||||||||||||||||
| $ | 5.73 | - | $ | 10.00 | 833 | $ | 6.27 | 6.0 | 648 | $ | 6.99 | |||||||||||||
| $ | 10.01 | - | $ | 20.00 | 179 | 11.92 | 7.8 | 52 | 10.59 | |||||||||||||||
| $ | 20.01 | - | $ | 29.79 | 20 | 26.63 | 0.4 | 20 | 26.63 | |||||||||||||||
|
Totals
|
1,032 | $ | 8.01 | 6.2 | 720 | $ | 7.79 | |||||||||||||||||
|
Under the
1999 LTIP
|
Under the
2008 LTIP
|
Total
Shares
|
Weighted-
Average
Grant-Date
Fair Value
|
|||||||||||||
|
Non-vested at June 26, 2011
|
494 | 83 | 577 | $ | 5.66 | |||||||||||
|
Granted
|
— | — | — | — | ||||||||||||
|
Vested
|
— | — | — | — | ||||||||||||
|
Forfeited
|
— | (10 | ) | (10 | ) | 7.47 | ||||||||||
|
Non-vested at March 25, 2012
|
494 | 73 | 567 | $ | 5.63 | |||||||||||
|
Options Outstanding
|
Options Exercisable | |||||||||||||||||||||||
|
Exercise Price
|
Number of
Options
Outstanding
|
Weighted
Average
Exercise Price
|
Weighted
Average
Contractual
Life
Remaining
(Years)
|
Number of
Options
Exercisable
|
Weighted
Average
Exercise Price
|
|||||||||||||||||||
| $ | 8.00 | - | $ | 10.00 | 494 | $ | 8.15 | 5.6 | — | $ | — | |||||||||||||
| $ | 10.01 | - | $ | 13.00 | 73 | 12.48 | 6.7 | — | — | |||||||||||||||
|
Totals
|
567 | $ | 8.71 | 5.7 | — | $ | — | |||||||||||||||||
|
Options
Outstanding
|
Weighted
Average
Exercise Price
|
|||||||
|
Shares under option at June 26, 2011
|
1,692 | $ | 9.62 | |||||
|
Granted
|
127 | 12.47 | ||||||
|
Exercised
|
(10 | ) | 7.24 | |||||
|
Expired
|
(198 | ) | 22.36 | |||||
|
Forfeited
|
(12 | ) | 11.35 | |||||
|
Shares under option at March 25, 2012
|
1,599 | $ | 8.26 | |||||
|
Units
|
Weighted-
Average
Grant-Date
Fair Value
|
||||||
|
Non-vested at June 26, 2011
|
21 | $ | 13.89 | ||||
|
Granted
|
49 | 9.10 | |||||
|
Vested
|
(70) | 10.56 | |||||
|
Forfeited
|
— | — | |||||
|
Non-vested at March 25, 2012
|
— | $ | — | ||||
|
Units
|
Weighted-
Average
Grant
-Date
Fair Value
|
||||||
|
Non-vested at June 26, 2011
|
— | $ | — | ||||
|
Granted
|
64 | 12.47 | |||||
|
Vested
|
— | — | |||||
|
Forfeited
|
— | — | |||||
|
Non-vested at March 25, 2012
|
64 | $ | 12.47 | ||||
|
Shares
|
||||
|
Authorized under the 2008 LTIP
|
2,000 | |||
|
Less: Market condition options granted
|
(93 | ) | ||
|
Less: Service condition options granted
|
(694 | ) | ||
|
Less: RSUs granted to non-employee directors
|
(75 | ) | ||
|
Less: RSUs granted to key employees
|
(64 | ) | ||
|
Plus: Options forfeited
|
27 | |||
|
Plus: RSUs forfeited
|
— | |||
|
Available for issuance under the 2008 LTIP
|
1,101 | |||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Matching contribution expenses
|
$ | 427 | $ | 547 | $ | 1,519 | $ | 1,655 | ||||||||
|
March 25, 2012
|
June 26, 2011
|
|||||||
|
Foreign currency translation adjustments
|
$ | 6,736 | $ | 26,621 | ||||
|
Loss on effective portion of derivative instruments
|
(344 | ) | (1,054 | ) | ||||
|
Foreign currency gain (loss) on intercompany loan
|
2,555 | (1,791 | ) | |||||
|
Accumulated other comprehensive income
|
$ | 8,947 | $ | 23,776 | ||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Basic EPS:
|
||||||||||||||||
|
Net income (loss) attributable to Unifi, Inc.
|
$ | 7,535 | $ | (4,045 | ) | $ | 213 | $ | 11,575 | |||||||
|
Weighted average common shares outstanding
|
20,089 | 20,069 | 20,088 | 20,062 | ||||||||||||
|
Basic EPS
|
$ | 0.38 | $ | (0.20 | ) | $ | 0.01 | $ | 0.58 | |||||||
|
Diluted EPS:
|
||||||||||||||||
|
Net income (loss) attributable to Unifi, Inc.
|
$ | 7,535 | $ | (4,045 | ) | $ | 213 | $ | 11,575 | |||||||
|
Weighted average common shares outstanding
|
20,089 | 20,069 | 20,088 | 20,062 | ||||||||||||
|
Potential dilutive common shares outstanding
|
272 | — | 269 | 415 | ||||||||||||
|
Adjusted weighted average common shares outstanding
|
20,361 | 20,069 | 20,357 | 20,477 | ||||||||||||
|
Diluted EPS
|
$ | 0.37 | $ | (0.20 | ) | $ | 0.01 | $ | 0.57 | |||||||
|
Excluded from the calculation of common share equivalents:
|
||||||||||||||||
|
Anti-dilutive common share equivalents
|
213 | 1,146 | 199 | 221 | ||||||||||||
|
Excluded from the calculation of potential diluted common shares:
|
||||||||||||||||
|
Unvested options that vest upon achievement of certain market conditions
|
567 | 577 | 567 | 577 | ||||||||||||
|
As of March 25, 2012:
|
Notional
Amount
|
USD
Equivalent
|
Balance
Sheet
Location
|
Fair
value
|
||||||||||||
|
Foreign exchange contracts
|
MXN
|
4,000 | $ | 300 |
Accrued expenses
|
$ | (13 | ) | ||||||||
|
Interest rate swaps
|
USD
|
$ | 35,000 | $ | 35,000 |
Other long-term liabilities
|
$ | (353 | ) | |||||||
| As of June 26, 2011: |
Notional
Amount
|
USD
Equivalent
|
Balance Sheet Location | Fair value | ||||||||||||
|
Foreign exchange contracts
|
MXN
|
9,200
|
$ |
770
|
Accrued expenses
|
$ |
(2
|
) | ||||||||
|
Interest rate swaps
|
USD
|
$ |
25,000
|
$ |
25,000
|
Other long-term liabilities
|
$ |
(408
|
) | |||||||
|
For the Three Months Ended
|
|||||||||
|
March 25, 2012
|
March 27, 2011
|
||||||||
|
Derivatives not designated as hedges:
|
Classification
|
||||||||
|
Foreign exchange contracts – MXN/USD
|
Other operating expenses, net
|
$ | 32 | $ | 24 | ||||
|
Foreign exchange contracts – EU/USD
|
Other operating expenses, net
|
— | (35 | ) | |||||
|
Total (gain) loss recognized in income
|
$ | 32 | $ | (11 | ) | ||||
|
For the Nine Months Ended
|
|||||||||
|
March 25, 2012
|
March 27, 2011
|
||||||||
|
Derivatives not designated as hedges:
|
Classification
|
||||||||
|
Foreign exchange contracts – MXN/USD
|
Other operating expenses, net
|
$ | (9 | ) | $ | 71 | |||
|
Foreign exchange contracts – USD/$R
|
Other operating expenses, net
|
(2 | ) | 27 | |||||
|
Foreign exchange contracts – EU/USD
|
Other operating expenses, net
|
— | (287 | ) | |||||
|
Total (gain) loss recognized in income
|
$ | (11 | ) | $ | (189 | ) | |||
|
As of March 25, 2012:
|
Level 1
|
Level 2
|
Level 3
|
|||||||||
| Liabilities at fair value: | ||||||||||||
|
Derivatives related to foreign exchange contracts
|
$ | — | $ | (13 | ) | $ | — | |||||
|
Derivatives related to interest rate swaps
|
— | (353 | ) | — | ||||||||
|
Total liabilities at fair value
|
$ | — | $ | (366 | ) | $ | — | |||||
|
As of June 26, 2011:
|
Level 1
|
Level 2
|
Level 3
|
|||||||||
|
Liabilities at fair value:
|
||||||||||||
|
Derivatives related to foreign exchange contracts
|
$ | — | $ | (2 | ) | $ | — | |||||
|
Derivatives related to interest rate swaps
|
— | (408 | ) | — | ||||||||
|
Total liabilities at fair value
|
$ | — | $ | (410 | ) | $ | — | |||||
|
March 25, 2012
|
June 26, 2011
|
|||||||
|
2014 notes – estimated fair value
|
$ | 125,114 | $ | 138,402 | ||||
|
2014 notes – carrying amount
|
123,722 | 133,722 | ||||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||
|
Equipment relocation costs
|
$ | — | $ | 9 | $ | — | $ | 927 | ||||
|
Reinstallation costs
|
— | — | — | 628 | ||||||||
|
Total restructuring charges
|
$ | — | $ | 9 | $ | — | $ | 1,555 | ||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||
|
Net loss on sale or disposal of assets
|
$ | 149 | $ | 189 | 212 | $ | 242 | |||||
|
Foreign currency transaction losses (gains)
|
37 | (13 | ) | 94 | 297 | |||||||
|
Operating expenses for Renewables
|
555 | — | 1,067 | — | ||||||||
|
Other, net
|
(72 | ) | (18 | ) | (255 | ) | (122 | ) | ||||
|
Total other operating expenses, net
|
$ | 669 | $ | 158 | 1,118 | $ | 417 | |||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||
|
Refund of Brazilian non-income related tax
|
$ | (9 | ) | $ | — | (1,488 | ) | $ | — | |||
|
Unsuccessful bond refinancing
|
— | 78 | — | 528 | ||||||||
|
Total other non-operating (income) expenses
|
$ | (9 | ) | $ | 78 | (1,488 | ) | $ | 528 | |||
|
Underlying equity at March 2012
|
$ | 112,786 | ||
|
Initial excess capital contributions
|
53,363 | |||
|
Impairment charge recorded in fiscal year 2007
|
(74,106 | ) | ||
|
Antitrust lawsuit against PAL in which the Company did not participate
|
2,652 | |||
|
EAP adjustments
|
(521 | ) | ||
|
Investment at March 2012
|
$ | 94,174 |
|
For the Nine Months Ended
|
||||||||
|
March 25, 2012
|
March 27, 2011
|
|||||||
|
UNF
|
$ | 10,294 | $ | 16,093 | ||||
|
UNF America
|
12,446 | 14,039 | ||||||
|
Total
|
$ | 22,740 | $ | 30,132 | ||||
|
As of March 25, 2012
|
||||||||||||
|
PAL
|
Other
|
Total
|
||||||||||
|
Current assets
|
$ | 302,550 | $ | 12,193 | $ | 314,743 | ||||||
|
Noncurrent assets
|
135,832 | 784 | 136,616 | |||||||||
|
Current liabilities
|
43,569 | 5,150 | 48,719 | |||||||||
|
Noncurrent liabilities
|
63,091 | — | 63,091 | |||||||||
|
Shareholders’ equity and capital accounts
|
331,722 | 7,827 | 339,549 | |||||||||
|
The Company’s portion of undistributed earnings
|
23,987 | 586 | 24,573 | |||||||||
|
As of June 26, 2011
|
||||||||||||
|
PAL
|
Other
|
Total
|
||||||||||
|
Current assets
|
$ | 398,338 | $ | 13,405 | $ | 411,743 | ||||||
|
Noncurrent assets
|
155,505 | 9,588 | 165,093 | |||||||||
|
Current liabilities
|
100,284 | 5,588 | 105,872 | |||||||||
|
Noncurrent liabilities
|
154,054 | — | 154,054 | |||||||||
|
Shareholders’ equity and capital accounts
|
299,505 | 17,405 | 316,910 | |||||||||
|
For the Three Months Ended March 25, 2012
|
||||||||||||
|
PAL
|
Other
|
Total
|
||||||||||
|
Net sales
|
$ | 239,370 | $ | 6,266 | $ | 245,636 | ||||||
|
Gross profit
|
37,466 | 1,096 | 38,562 | |||||||||
|
Income from operations
|
28,481 | 644 | 29,125 | |||||||||
|
Net income
|
27,721 | 650 | 28,371 | |||||||||
|
Depreciation and amortization expense
|
7,568 | 25 | 7,593 | |||||||||
|
Cash received by PAL under EAP program
|
5,751 | — | 5,751 | |||||||||
|
Earnings recognized by PAL for EAP program
|
5,718 | — | 5,718 | |||||||||
|
Dividends and cash distributions received
|
1,645 | 500 | 2,145 | |||||||||
|
For the Three Months Ended March 27, 2011
|
||||||||||||
|
PAL
|
Other
|
Total
|
||||||||||
|
Net sales
|
$ | 303,964 | $ | 9,579 | $ | 313,543 | ||||||
|
Gross profit
|
9,304 | 1,585 | 10,889 | |||||||||
|
Income from operations
|
5,963 | 828 | 6,791 | |||||||||
|
Net (loss) income
|
(3,743 | ) | 675 | (3,068 | ) | |||||||
|
Depreciation and amortization expense
|
8,278 | 343 | 8,621 | |||||||||
|
Cash received by PAL under EAP program
|
7,092 | — | 7,092 | |||||||||
|
Earnings recognized by PAL for EAP program
|
6,844 | — | 6,844 | |||||||||
|
Dividends and cash distributions received
|
387 | 1,400 | 1,787 | |||||||||
|
For the Nine Months Ended March 25, 2012
|
||||||||||||
|
PAL
|
Other
|
Total
|
||||||||||
|
Net sales
|
$ | 856,255 | $ | 23,123 | $ | 879,378 | ||||||
|
Gross profit
|
61,092 | 2,099 | 63,191 | |||||||||
|
Income from operations
|
42,689 | 357 | 43,046 | |||||||||
|
Net income
|
41,026 | 331 | 41,357 | |||||||||
|
Depreciation and amortization expense
|
25,892 | 106 | 25,998 | |||||||||
|
Cash received by PAL under EAP program
|
17,067 | — | 17,067 | |||||||||
|
Earnings recognized by PAL for EAP program
|
16,961 | — | 16,961 | |||||||||
|
Dividends and cash distributions received
|
3,650 | 500 | 4,150 | |||||||||
|
For the Nine Months Ended March 27, 2011
|
||||||||||||
|
PAL
|
Other
|
Total
|
||||||||||
|
Net sales
|
$ | 726,122 | $ | 31,730 | $ | 757,852 | ||||||
|
Gross profit
|
53,267 | 5,600 | 58,867 | |||||||||
|
Income from operations
|
43,216 | 3,312 | 46,528 | |||||||||
|
Net income
|
34,660 | 2,541 | 37,201 | |||||||||
|
Depreciation and amortization expense
|
23,153 | 1,026 | 24,179 | |||||||||
|
Cash received by PAL under EAP program
|
21,603 | — | 21,603 | |||||||||
|
Earnings recognized by PAL for EAP program
|
33,221 | — | 33,221 | |||||||||
|
Dividends and cash distributions received
|
2,919 | 1,400 | 4,319 | |||||||||
|
March 25, 2012
|
June 26, 2011
|
|||||||
|
Related Party Receivables:
|
||||||||
|
Dillon Yarn Corporation
|
$ | 2 | $ | 6 | ||||
|
Cupron Medical, Inc.
|
4 | — | ||||||
|
American Drawtech Company, Inc.
|
149 | 506 | ||||||
|
Total related party receivables (included within receivables, net)
|
$ | 155 | $ | 512 | ||||
|
Related Party Payables:
|
||||||||
|
Dillon Yarn Corporation
|
$ | 125 | $ | 276 | ||||
|
American Drawtech Company, Inc.
|
22 | 11 | ||||||
|
Salem Leasing Corporation
|
256 | 280 | ||||||
|
Total related party payables (included within accounts payable)
|
$ | 403 | $ | 567 | ||||
|
For the Three Months Ended
|
||||||||
|
Affiliated Entity
|
Transaction Type
|
March 25, 2012
|
March 27, 2011
|
|||||
|
Dillon Yarn Corporation
|
Costs under Sales Service Agreement
|
$ | 131 | $ | 356 | |||
|
Dillon Yarn Corporation
|
Sales
|
15 | 14 | |||||
|
Dillon Yarn Corporation
|
Yarn Purchases
|
462 | 612 | |||||
|
American Drawtech Company
|
Sales
|
391 | 1,390 | |||||
|
American Drawtech Company
|
Yarn Purchases
|
63 | 37 | |||||
|
Salem Leasing Corporation
|
Transportation Equipment Costs
|
756 | 825 | |||||
|
Cupron Medical, Inc.
|
Sales
|
6 | 3 | |||||
|
For the Nine Months Ended
|
||||||||
|
Affiliated Entity
|
Transaction Type
|
March 25, 2012
|
March 27, 2011
|
|||||
|
Dillon Yarn Corporation
|
Costs under Sales Service Agreement
|
$ | 700 | $ | 1,122 | |||
|
Dillon Yarn Corporation
|
Sales
|
118 | 35 | |||||
|
Dillon Yarn Corporation
|
Yarn Purchases
|
1,711 | 1,693 | |||||
|
American Drawtech Company
|
Sales
|
2,436 | 2,631 | |||||
|
American Drawtech Company
|
Yarn Purchases
|
105 | 106 | |||||
|
Salem Leasing Corporation
|
Transportation Equipment Costs
|
2,287 | 2,588 | |||||
|
Cupron Medical, Inc.
|
Sales
|
102 | 14 | |||||
|
|
●
|
The Polyester segment manufactures recycled Chip, POY, textured, dyed, twisted and beamed yarns with sales primarily to other yarn manufacturers, knitters and weavers that produce yarn and/or fabric for the apparel, automotive upholstery, hosiery, home furnishings, industrial and other end-use markets. The Polyester segment consists of manufacturing operations in the U.S. and El Salvador.
|
|
|
●
|
The Nylon segment manufactures textured nylon and covered spandex yarns with sales to knitters and weavers that produce fabric for the apparel, hosiery, sock and other end-use markets. The Nylon segment consists of manufacturing operations in the U.S. and Colombia.
|
|
|
●
|
The International segment’s products primarily include textured polyester and various types of resale yarns. The International segment sells its yarns to knitters and weavers that produce fabric for the apparel, automotive upholstery, home furnishings, industrial and other end-use markets primarily in the South American and Asian regions. This segment includes manufacturing and sales offices in Brazil and a sales office in China.
|
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Polyester
|
$ | 102,061 | $ | 96,483 | $ | 289,694 | $ | 267,754 | ||||||||
|
Nylon
|
39,181 | 40,034 | 118,958 | 121,021 | ||||||||||||
|
International
|
37,795 | 42,873 | 108,508 | 127,846 | ||||||||||||
|
Segment sales to external customers
|
$ | 179,037 | $ | 179,390 | $ | 517,160 | $ | 516,621 | ||||||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Polyester
|
$ | 303 | $ | 10 | $ | 1,193 | $ | 2,589 | ||||||||
|
Nylon
|
(3 | ) | 140 | 224 | 1,062 | |||||||||||
|
International
|
459 | 470 | 1,020 | 1,082 | ||||||||||||
|
Intersegment sales
|
$ | 759 | $ | 620 | $ | 2,437 | $ | 4,733 | ||||||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Polyester
|
$ | (697 | ) | $ | (2,396 | ) | $ | (7,387 | ) | $ | (1,666 | ) | ||||
|
Nylon
|
1,137 | 1,582 | 5,691 | 8,125 | ||||||||||||
|
International
|
2,002 | 5,608 | 5,493 | 15,154 | ||||||||||||
|
Segment operating profit
|
2,442 | 4,794 | 3,797 | 21,613 | ||||||||||||
|
(Benefit) provision for bad debts
|
(144 | ) | 41 | 418 | 86 | |||||||||||
|
Other operating expenses, net
|
669 | 158 | 1,118 | 417 | ||||||||||||
|
Consolidated operating income
|
1,917 | 4,595 | 2,261 | 21,110 | ||||||||||||
|
Interest income
|
(571 | ) | (584 | ) | (1,713 | ) | (1,995 | ) | ||||||||
|
Interest expense
|
4,189 | 5,016 | 12,791 | 15,347 | ||||||||||||
|
Loss on extinguishment of debt
|
— | 2,193 | 462 | 3,337 | ||||||||||||
|
Other non-operating (income) expenses
|
(9 | ) | 78 | (1,488 | ) | 528 | ||||||||||
|
Equity in (earnings) losses of unconsolidated affiliates
|
(9,863 | ) | 2,103 | (14,166 | ) | (11,887 | ) | |||||||||
|
Loss on previously held equity interest
|
— | — | 3,656 | — | ||||||||||||
|
Income (loss) before income taxes
|
$ | 8,171 | $ | (4,211 | ) | $ | 2,719 | $ | 15,780 | |||||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Polyester
|
$ | 4,693 | $ | 4,744 | $ | 14,227 | $ | 14,219 | ||||||||
|
Nylon
|
788 | 804 | 2,341 | 2,493 | ||||||||||||
|
International
|
1,176 | 1,044 | 3,075 | 2,837 | ||||||||||||
|
Segment depreciation and amortization expense
|
6,657 | 6,592 | 19,643 | 19,549 | ||||||||||||
|
Depreciation and amortization included in other operating expenses, net
|
32 | 7 | 69 | 15 | ||||||||||||
|
Amortization included in interest expense
|
227 | 235 | 672 | 736 | ||||||||||||
|
Consolidated depreciation and amortization expense
|
$ | 6,916 | $ | 6,834 | $ | 20,384 | $ | 20,300 | ||||||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Polyester
|
$ | — | $ | 9 | $ | — | $ | 1,555 | ||||||||
|
Nylon
|
— | — | — | — | ||||||||||||
|
International
|
— | — | — | — | ||||||||||||
|
Segment restructuring charges
|
$ | — | $ | 9 | $ | — | $ | 1,555 | ||||||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Polyester
|
$ | 50 | $ | — | $ | 50 | $ | — | ||||||||
|
Nylon
|
— | — | — | — | ||||||||||||
|
International
|
278 | — | 382 | — | ||||||||||||
|
Segment other adjustments¹
|
$ | 328 | $ | — | $ | 432 | $ | — | ||||||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Polyester
|
$ | 4,046 | $ | 2,357 | $ | 6,890 | $ | 14,108 | ||||||||
|
Nylon
|
1,925 | 2,386 | 8,032 | 10,618 | ||||||||||||
|
International
|
3,456 | 6,652 | 8,950 | 17,991 | ||||||||||||
|
Segment adjusted profit
|
$ | 9,427 | $ | 11,395 | $ | 23,872 | $ | 42,717 | ||||||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Polyester
|
$ | 1,122 | $ | 3,420 | $ | 2,799 | $ | 11,941 | ||||||||
|
Nylon
|
185 | 51 | 375 | 479 | ||||||||||||
|
International
|
423 | 515 | 1,430 | 4,479 | ||||||||||||
|
Segment capital expenditures
|
1,730 | 3,986 | 4,604 | 16,899 | ||||||||||||
|
Unallocated corporate capital expenditures
|
340 | 24 | 725 | 435 | ||||||||||||
|
Consolidated capital expenditures
|
$ | 2,070 | $ | 4,010 | $ | 5,329 | $ | 17,334 | ||||||||
|
March 25, 2012
|
June 26, 2011
|
|||||||
|
Polyester
|
$ | 206,239 | $ | 219,723 | ||||
|
Nylon
|
75,923 | 81,132 | ||||||
|
International
|
103,715 | 125,248 | ||||||
|
Segment total assets
|
385,877 | 426,103 | ||||||
|
All other current assets
|
16,348 | 6,637 | ||||||
|
Unallocated corporate PP&E
|
9,762 | 9,711 | ||||||
|
All other non-current assets
|
3,042 | 3,667 | ||||||
|
Investments in unconsolidated affiliates
|
97,883 | 91,258 | ||||||
|
Consolidated total assets
|
$ | 512,912 | $ | 537,376 | ||||
|
For the Nine Months Ended
|
|||||||
|
March 25, 2012
|
March 27, 2011
|
||||||
|
Interest, net of capitalized interest
|
$ | 8,775 | $ | 11,123 | |||
|
Income taxes, net of refunds
|
2,132 | 4,932 | |||||
|
●
|
Parent company, the issuer of the guaranteed obligations;
|
|
●
|
Guarantor subsidiaries, on a combined basis, as specified in the Indenture;
|
|
●
|
Non-guarantor subsidiaries, on a combined basis;
|
|
●
|
Consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions, (b) eliminate intercompany profit in inventory, (c) eliminate investments in its subsidiaries and (d) record consolidating entries; and
|
|
●
|
Parent company, on a consolidated basis.
|
|
Parent
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||
|
ASSETS
|
|||||||||||||||
|
Cash and cash equivalents
|
$ | 17,093 | $ | (5,037 | ) | $ | 23,764 | $ | — | $ | 35,820 | ||||
|
Receivables, net
|
— | 74,334 | 26,379 | — | 100,713 | ||||||||||
|
Intercompany accounts receivable
|
328,812 | (319,583 | ) | 2,779 | (12,008 | ) | — | ||||||||
|
Inventories
|
— | 74,785 | 37,632 | — | 112,417 | ||||||||||
|
Income taxes receivable
|
— | — | 122 | — | 122 | ||||||||||
|
Deferred income taxes
|
2,841 | — | 1,220 | — | 4,061 | ||||||||||
|
Other current assets
|
116 | 994 | 5,266 | — | 6,376 | ||||||||||
|
Total current assets
|
348,862 | (174,507 | ) | 97,162 | (12,008 | ) | 259,509 | ||||||||
|
Property, plant and equipment, net
|
8,689 | 101,253 | 24,581 | — | 134,523 | ||||||||||
|
Deferred income taxes
|
— | — | 627 | — | 627 | ||||||||||
|
Intangible assets, net
|
— | 9,871 | 493 | — | 10,364 | ||||||||||
|
Investments in unconsolidated affiliates
|
— | 94,174 | 3,568 | 141 | 97,883 | ||||||||||
|
Investments in consolidated subsidiaries
|
438,841 | — | — | (438,841 | ) | — | |||||||||
|
Intercompany notes receivable
|
— | — | 20,098 | (20,098 | ) | — | |||||||||
|
Other non-current assets
|
2,953 | 3,089 | 3,964 | — | 10,006 | ||||||||||
|
Total assets
|
$ | 799,345 | $ | 33,880 | $ | 150,493 | $ | (470,806 | ) | $ | 512,912 | ||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||||||||||||
|
Accounts payable
|
$ | 60 | $ | 35,531 | $ | 6,998 | $ | — | $ | 42,589 | |||||
|
Intercompany accounts payable
|
343,983 | (339,277 | ) | 7,302 | (12,008 | ) | — | ||||||||
|
Accrued expenses
|
5,713 | 7,142 | 2,596 | — | 15,451 | ||||||||||
|
Income taxes payable
|
18 | — | 1,236 | — | 1,254 | ||||||||||
|
Current portion of long-term debt
|
— | 37 | — | — | 37 | ||||||||||
|
Total current liabilities
|
349,774 | (296,567 | ) | 18,132 | (12,008 | ) | 59,331 | ||||||||
|
Long-term debt
|
158,722 | — | — | — | 158,722 | ||||||||||
|
Intercompany notes payable
|
— | — | 20,098 | (20,098 | ) | — | |||||||||
|
Other long-term liabilities
|
353 | 2,909 | 999 | — | 4,261 | ||||||||||
|
Deferred income taxes
|
2,841 | — | 102 | — | 2,943 | ||||||||||
|
Total liabilities
|
511,690 | (293,658 | ) | 39,331 | (32,106 | ) | 225,257 | ||||||||
|
Total Unifi, Inc. shareholders’ equity
|
286,769 | 327,538 | 111,162 | (438,700 | ) | 286,769 | |||||||||
|
Non-controlling interest
|
886 | — | — | — | 886 | ||||||||||
|
Total shareholders’ equity
|
287,655 | 327,538 | 111,162 | (438,700 | ) | 287,655 | |||||||||
|
Total liabilities and shareholders’ equity
|
$ | 799,345 | $ | 33,880 | $ | 150,493 | $ | (470,806 | ) | $ | 512,912 | ||||
|
Parent
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||
|
ASSETS
|
|||||||||||||||
|
Cash and cash equivalents
|
$ | 1,656 | $ | 323 | $ | 25,511 | $ | — | $ | 27,490 | |||||
|
Receivables, net
|
— | 69,800 | 30,015 | — | 99,815 | ||||||||||
|
Intercompany accounts receivable
|
3 | 6,755 | 500 | (7,258 | ) | — | |||||||||
|
Inventories
|
— | 84,193 | 50,690 | — | 134,883 | ||||||||||
|
Income taxes receivable
|
419 | — | 159 | — | 578 | ||||||||||
|
Deferred income taxes
|
3,482 | — | 2,230 | — | 5,712 | ||||||||||
|
Other current assets
|
122 | 588 | 4,881 | — | 5,591 | ||||||||||
|
Total current assets
|
5,682 | 161,659 | 113,986 | (7,258 | ) | 274,069 | |||||||||
|
Property, plant and equipment, net
|
8,889 | 114,510 | 27,628 | — | 151,027 | ||||||||||
|
Intangible assets, net
|
— | 11,612 | — | — | 11,612 | ||||||||||
|
Investments in unconsolidated affiliates
|
— | 82,955 | 8,303 | — | 91,258 | ||||||||||
|
Investments in consolidated subsidiaries
|
456,288 | — | — | (456,288 | ) | — | |||||||||
|
Intercompany notes receivable
|
— | — | 16,545 | (16,545 | ) | — | |||||||||
|
Other non-current assets
|
3,619 | 3,048 | 2,743 | — | 9,410 | ||||||||||
|
Total assets
|
$ | 474,478 | $ | 373,784 | $ | 169,205 | $ | (480,091 | ) | $ | 537,376 | ||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||||||||||||
|
Accounts payable
|
$ | 164 | $ | 35,207 | $ | 7,471 | $ | — | $ | 42,842 | |||||
|
Intercompany accounts payable
|
409 | — | 6,849 | (7,258 | ) | — | |||||||||
|
Accrued expenses
|
2,037 | 11,717 | 3,741 | — | 17,495 | ||||||||||
|
Income taxes payable
|
— | — | 421 | — | 421 | ||||||||||
|
Current portion of long-term debt
|
— | 342 | — | — | 342 | ||||||||||
|
Total current liabilities
|
2,610 | 47,266 | 18,482 | (7,258 | ) | 61,100 | |||||||||
|
Long-term debt
|
168,322 | — | — | — | 168,322 | ||||||||||
|
Intercompany notes payable
|
— | — | 16,545 | (16,545 | ) | — | |||||||||
|
Other long-term liabilities
|
409 | 2,562 | 1,036 | — | 4,007 | ||||||||||
|
Deferred income taxes
|
3,482 | — | 810 | — | 4,292 | ||||||||||
|
Total liabilities
|
174,823 | 49,828 | 36,873 | (23,803 | ) | 237,721 | |||||||||
|
Shareholders’ equity
|
299,655 | 323,956 | 132,332 | (456,288 | ) | 299,655 | |||||||||
|
Total liabilities and shareholders’ equity
|
$ | 474,478 | $ | 373,784 | $ | 169,205 | $ | (480,091 | ) | $ | 537,376 | ||||
|
Parent
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||
|
Net sales
|
$ | — | $ | 130,734 | $ | 48,748 | $ | (445 | ) | $ | 179,037 | ||||
|
Cost of sales
|
— | 121,472 | 44,643 | (668 | ) | 165,447 | |||||||||
|
Gross profit
|
— | 9,262 | 4,105 | 223 | 13,590 | ||||||||||
|
Equity in subsidiaries
|
(7,346 | ) | — | — | 7,346 | — | |||||||||
|
Selling, general and administrative expenses
|
— | 8,468 | 2,680 | — | 11,148 | ||||||||||
|
Benefit for bad debts
|
— | (67 | ) | (77 | ) | — | (144 | ) | |||||||
|
Other operating expenses, net
|
(4,301 | ) | 4,389 | 575 | 6 | 669 | |||||||||
|
Operating income (loss)
|
11,647 | (3,528 | ) | 927 | (7,129 | ) | 1,917 | ||||||||
|
Interest income
|
— | (79 | ) | (693 | ) | 201 | (571 | ) | |||||||
|
Interest expense
|
4,184 | 5 | 201 | (201 | ) | 4,189 | |||||||||
|
Other non-operating income
|
— | — | (9 | ) | — | (9 | ) | ||||||||
|
Equity in (earnings) losses of unconsolidated affiliates
|
— | (9,719 | ) | (326 | ) | 182 | (9,863 | ) | |||||||
|
Income (loss) before income taxes
|
7,463 | 6,265 | 1,754 | (7,311 | ) | 8,171 | |||||||||
|
Provision for income taxes
|
153 | — | 708 | — | 861 | ||||||||||
|
Net income (loss) including non-controlling interest
|
$ | 7,310 | $ | 6,265 | $ | 1,046 | $ | (7,311 | ) | $ | 7,310 | ||||
|
Less: net (loss) attributable to non-controlling interest
|
(225 | ) | — | (225 | ) | 225 | (225 | ) | |||||||
|
Net income (loss) attributable to Unifi, Inc.
|
$ | 7,535 | $ | 6,265 | $ | 1,271 | $ | (7,536 | ) | $ | 7,535 | ||||
|
Parent
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||
|
Net income (loss) including non-controlling interest
|
$ | 7,310 | $ | 6,265 | $ | 1,046 | $ | (7,311 | ) | $ | 7,310 | ||||
|
Other comprehensive income (loss) (net of tax):
|
|||||||||||||||
|
Foreign currency translation adjustments
|
2,793 | — | 2,793 | (2,793 | ) | 2,793 | |||||||||
|
Gain (loss) on cash flow hedges
|
713 | 725 | — | (725 | ) | 713 | |||||||||
|
Other comprehensive income (loss)
|
3,506 | 725 | 2,793 | (3,518 | ) | 3,506 | |||||||||
|
Comprehensive income (loss) including non-controlling interest
|
$ | 10,816 | $ | 6,990 | $ | 3,839 | $ | (10,829 | ) | $ | 10,816 | ||||
|
Less: comprehensive (loss) attributable to non-controlling interest
|
(225 | ) | — | (225 | ) | 225 | (225 | ) | |||||||
|
Comprehensive income (loss) attributable to Unifi, Inc.
|
$ | 11,041 | $ | 6,990 | $ | 4,064 | $ | (11,054 | ) | $ | 11,041 | ||||
|
Parent
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||
|
Net sales
|
$ | — | $ | 126,831 | $ | 53,122 | $ | (563 | ) | $ | 179,390 | ||||
|
Cost of sales
|
— | 119,657 | 45,008 | (876 | ) | 163,789 | |||||||||
|
Gross profit
|
— | 7,174 | 8,114 | 313 | 15,601 | ||||||||||
|
Equity in subsidiaries
|
6,292 | — | — | (6,292 | ) | — | |||||||||
|
Selling, general and administrative expenses
|
— | 7,709 | 3,089 | — | 10,798 | ||||||||||
|
(Benefit) provision for bad debts
|
— | (357 | ) | 398 | — | 41 | |||||||||
|
Restructuring charges
|
— | 9 | — | — | 9 | ||||||||||
|
Other operating (income) expenses, net
|
(7,244 | ) | 7,322 | 100 | (20 | ) | 158 | ||||||||
|
Operating income (loss)
|
952 | (7,509 | ) | 4,527 | 6,625 | 4,595 | |||||||||
|
Interest income
|
— | (63 | ) | (670 | ) | 149 | (584 | ) | |||||||
|
Interest expense
|
4,873 | 9 | 283 | (149 | ) | 5,016 | |||||||||
|
Loss on early extinguishment of debt
|
2,193 | — | — | — | 2,193 | ||||||||||
|
Other non-operating expenses
|
78 | — | — | — | 78 | ||||||||||
|
Equity in losses (earnings) of unconsolidated affiliates
|
— | 2,450 | (419 | ) | 72 | 2,103 | |||||||||
|
(Loss) income before income taxes
|
(6,192 | ) | (9,905 | ) | 5,333 | 6,553 | (4,211 | ) | |||||||
|
(Benefit) provision for income taxes
|
(2,147 | ) | — | 1,981 | — | (166 | ) | ||||||||
|
Net (loss) income including non-controlling interest
|
$ | (4,045 | ) | $ | (9,905 | ) | $ | 3,352 | $ | 6,553 | $ | (4,045 | ) | ||
|
Less: net (loss) attributable to non-controlling interest
|
— | — | — | — | — | ||||||||||
|
Net (loss) income attributable to Unifi, Inc.
|
$ | (4,045 | ) | $ | (9,905 | ) | $ | 3,352 | $ | 6,553 | $ | (4,045 | ) | ||
|
Parent
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||
|
Net (loss) income including non-controlling interest
|
$ | (4,045 | ) | $ | (9,905 | ) | $ | 3,352 | $ | 6,553 | $ | (4,045 | ) | ||
|
Other comprehensive income (loss) (net of tax):
|
|||||||||||||||
|
Foreign currency translation adjustments
|
2,277 | — | 2,277 | (2,277 | ) | 2,277 | |||||||||
|
Gain on cash flow hedges
|
1,146 | 1,403 | — | (1,403 | ) | 1,146 | |||||||||
|
Other comprehensive income (loss)
|
3,423 | 1,403 | 2,277 | (3,680 | ) | 3,423 | |||||||||
|
Comprehensive (loss) income including non-controlling interest
|
$ | (622 | ) | $ | (8,502 | ) | $ | 5,629 | $ | 2,873 | $ | (622 | ) | ||
|
Less: comprehensive (loss) attributable to non-controlling interest
|
— | — | — | — | — | ||||||||||
|
Comprehensive (loss) income attributable to Unifi, Inc.
|
$ | (622 | ) | $ | (8,502 | ) | $ | 5,629 | $ | 2,873 | $ | (622 | ) | ||
|
Parent
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||
|
Net sales
|
$ | — | $ | 377,704 | $ | 140,533 | $ | (1,077 | ) | $ | 517,160 | ||||
|
Cost of sales
|
— | 354,006 | 128,521 | (1,669 | ) | 480,858 | |||||||||
|
Gross profit
|
— | 23,698 | 12,012 | 592 | 36,302 | ||||||||||
|
Equity in subsidiaries
|
(775 | ) | — | — | 775 | — | |||||||||
|
Selling, general and administrative expenses
|
— | 24,658 | 7,847 | — | 32,505 | ||||||||||
|
Provision (benefit) for bad debts
|
— | 548 | (130 | ) | — | 418 | |||||||||
|
Other operating (income) expenses, net
|
(13,568 | ) | 13,581 | 1,097 | 8 | 1,118 | |||||||||
|
Operating income (loss)
|
14,343 | (15,089 | ) | 3,198 | (191 | ) | 2,261 | ||||||||
|
Interest income
|
— | (203 | ) | (2,062 | ) | 552 | (1,713 | ) | |||||||
|
Interest expense
|
12,758 | 33 | 552 | (552 | ) | 12,791 | |||||||||
|
Loss on extinguishment of debt
|
462 | — | — | — | 462 | ||||||||||
|
Other non-operating income
|
— | — | (1,488 | ) | — | (1,488 | ) | ||||||||
|
Equity in (earnings) losses of unconsolidated affiliates
|
— | (14,213 | ) | (203 | ) | 250 | (14,166 | ) | |||||||
|
Loss on previously held equity interest
|
— | — | 3,656 | — | 3,656 | ||||||||||
|
Income (loss) before income taxes
|
1,123 | (706 | ) | 2,743 | (441 | ) | 2,719 | ||||||||
|
Provision for income taxes
|
1,344 | — | 1,596 | — | 2,940 | ||||||||||
|
Net income (loss) including non-controlling interest
|
$ | (221 | ) | $ | (706 | ) | $ | 1,147 | $ | (441 | ) | $ | (221 | ) | |
|
Less: net (loss) attributable to non-controlling interest
|
(434 | ) | — | (434 | ) | 434 | (434 | ) | |||||||
|
Net income (loss) attributable to Unifi, Inc.
|
$ | 213 | $ | (706 | ) | $ | 1,581 | $ | (875 | ) | $ | 213 | |||
|
Parent
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||
|
Net (loss) income including non-controlling interest
|
$ | (221 | ) | $ | (706 | ) | $ | 1,147 | $ | (441 | ) | $ | (221 | ) | |
|
Other comprehensive (loss) income (net of tax):
|
|||||||||||||||
|
Foreign currency translation adjustments
|
(15,539 | ) | — | (15,539 | ) | 15,539 | (15,539 | ) | |||||||
|
Gain (loss) on cash flow hedges
|
710 | 655 | — | (655 | ) | 710 | |||||||||
|
Other comprehensive (loss) income
|
(14,829 | ) | 655 | (15,539 | ) | 14,884 | (14,829 | ) | |||||||
|
Comprehensive (loss) income including non-controlling interest
|
$ | (15,050 | ) | $ | (51 | ) | $ | (14,392 | ) | $ | 14,443 | $ | (15,050 | ) | |
|
Less: comprehensive (loss) attributable to non-controlling interest
|
(434 | ) | — | (434 | ) | 434 | (434 | ) | |||||||
|
Comprehensive (loss) income attributable to Unifi, Inc.
|
$ | (14,616 | ) | $ | (51 | ) | $ | (13,958 | ) | $ | 14,009 | $ | (14,616 | ) | |
|
Parent
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||
|
Net sales
|
$ | — | $ | 363,271 | $ | 154,703 | $ | (1,353 | ) | $ | 516,621 | ||||
|
Cost of sales
|
— | 328,842 | 133,103 | (1,961 | ) | 459,984 | |||||||||
|
Gross profit
|
— | 34,429 | 21,600 | 608 | 56,637 | ||||||||||
|
Equity in subsidiaries
|
(10,711 | ) | — | — | 10,711 | — | |||||||||
|
Selling, general and administrative expenses
|
— | 23,998 | 9,471 | — | 33,469 | ||||||||||
|
(Benefit) provision for bad debts
|
— | (559 | ) | 645 | — | 86 | |||||||||
|
Restructuring charges
|
— | 1,555 | — | — | 1,555 | ||||||||||
|
Other operating (income) expenses, net
|
(19,311 | ) | 17,238 | 660 | 1,830 | 417 | |||||||||
|
Operating income (loss)
|
30,022 | (7,803 | ) | 10,824 | (11,933 | ) | 21,110 | ||||||||
|
Interest income
|
— | (193 | ) | (2,154 | ) | 352 | (1,995 | ) | |||||||
|
Interest expense
|
15,147 | 43 | 509 | (352 | ) | 15,347 | |||||||||
|
Loss on extinguishment of debt
|
3,337 | — | — | — | 3,337 | ||||||||||
|
Other non-operating expenses
|
528 | — | — | — | 528 | ||||||||||
|
Equity in (earnings) losses of unconsolidated affiliates
|
— | (10,607 | ) | (1,614 | ) | 334 | (11,887 | ) | |||||||
|
Income (loss) before income taxes
|
11,010 | 2,954 | 14,083 | (12,267 | ) | 15,780 | |||||||||
|
(Benefit) provision for income taxes
|
(565 | ) | — | 4,770 | — | 4,205 | |||||||||
|
Net income (loss) including non-controlling interest
|
$ | 11,575 | $ | 2,954 | $ | 9,313 | $ | (12,267 | ) | $ | 11,575 | ||||
|
Less: net (loss) attributable to non-controlling interest
|
— | — | — | — | — | ||||||||||
|
Net income (loss) attributable to Unifi, Inc.
|
$ | 11,575 | $ | 2,954 | $ | 9,313 | $ | (12,267 | ) | $ | 11,575 | ||||
|
Parent
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||
|
Net income (loss) including non-controlling interest
|
$ | 11,575 | $ | 2,954 | $ | 9,313 | $ | (12,267 | ) | $ | 11,575 | ||||
|
Other comprehensive income (loss) (net of tax):
|
|||||||||||||||
|
Foreign currency translation adjustments
|
10,430 | — | 10,430 | (10,430 | ) | 10,430 | |||||||||
|
Gain (loss) on cash flow hedges
|
7,873 | 8,129 | — | (8,129 | ) | 7,873 | |||||||||
|
Other comprehensive income (loss)
|
18,303 | 8,129 | 10,430 | (18,559 | ) | 18,303 | |||||||||
|
Comprehensive income (loss) including non-controlling interest
|
$ | 29,878 | $ | 11,083 | $ | 19,743 | $ | (30,826 | ) | $ | 29,878 | ||||
|
Less: comprehensive (loss) attributable to non-controlling interest
|
— | — | — | — | — | ||||||||||
|
Comprehensive income (loss) attributable to Unifi, Inc.
|
$ | 29,878 | $ | 11,083 | $ | 19,743 | $ | (30,826 | ) | $ | 29,878 | ||||
|
Parent
|
Guarantor Subsidiaries
|
Non-Guarantor Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||
|
Operating activities:
|
|||||||||||||||
|
Net cash provided by (used in) operating activities
|
$ | 17,199 | $ | (3,733 | ) | $ | 13,788 | $ | — | $ | 27,254 | ||||
|
Investing activities:
|
|||||||||||||||
|
Capital expenditures
|
(56 | ) | (1,421 | ) | (3,860 | ) | 8 | (5,329 | ) | ||||||
|
Investments in unconsolidated affiliates
|
— | — | (360 | ) | — | (360 | ) | ||||||||
|
Acquisition, net of cash acquired
|
— | — | (356 | ) | — | (356 | ) | ||||||||
|
Proceeds from sale of assets
|
— | 113 | 119 | (8 | ) | 224 | |||||||||
|
Proceeds from return of split dollar life insurance premiums
|
14 | — | — | — | 14 | ||||||||||
|
Net cash used in investing activities
|
(42 | ) | (1,308 | ) | (4,457 | ) | — | (5,807 | ) | ||||||
|
Financing activities:
|
|||||||||||||||
|
Payments of notes payable
|
(10,288 | ) | — | — | — | (10,288 | ) | ||||||||
|
Payments on revolving credit facility
|
(95,200 | ) | — | — | — | (95,200 | ) | ||||||||
|
Proceeds from borrowings on revolving credit facility
|
95,600 | — | — | — | 95,600 | ||||||||||
|
Debt financing fees
|
(194 | ) | — | — | — | (194 | ) | ||||||||
|
Proceeds from stock option exercises
|
71 | — | — | — | 71 | ||||||||||
|
Contributions from non-controlling interest
|
— | — | 320 | — | 320 | ||||||||||
|
Dividends paid
|
8,291 | — | (8,291 | ) | — | — | |||||||||
|
Other
|
— | (319 | ) | — | — | (319 | ) | ||||||||
|
Net cash used in financing activities
|
(1,720 | ) | (319 | ) | (7,971 | ) | — | (10,010 | ) | ||||||
|
Effect of exchange rate changes on cash and cash equivalents
|
— | — | (3,107 | ) | — | (3,107 | ) | ||||||||
|
Net increase (decrease) in cash and cash equivalents
|
15,437 | (5,360 | ) | (1,747 | ) | — | 8,330 | ||||||||
|
Cash and cash equivalents at beginning of the year
|
1,656 | 323 | 25,511 | — | 27,490 | ||||||||||
|
Cash and cash equivalents at end of the period
|
$ | 17,093 | $ | (5,037 | ) | $ | 23,764 | $ | — | $ | 35,820 | ||||
|
Parent
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||
|
Operating activities:
|
|||||||||||||||
|
Net cash (used in) provided by operating activities
|
$ | (2,556 | ) | $ | 4,709 | $ | (3,678 | ) | $ | 112 | $ | (1,413 | ) | ||
|
Investing activities:
|
|||||||||||||||
|
Capital expenditures
|
— | (11,935 | ) | (5,399 | ) | — | (17,334 | ) | |||||||
|
Investments in unconsolidated affiliates
|
— | — | (707 | ) | — | (707 | ) | ||||||||
|
Return of capital from unconsolidated affiliate
|
— | — | 500 | — | 500 | ||||||||||
|
Proceeds from sale of assets
|
— | 9 | 180 | — | 189 | ||||||||||
|
Proceeds from return of split dollar life insurance premiums
|
3,241 | — | — | — | 3,241 | ||||||||||
|
Net cash (used in) provided by investing activities
|
3,241 | (11,926 | ) | (5,426 | ) | — | (14,111 | ) | |||||||
|
Financing activities:
|
|||||||||||||||
|
Payments of notes payable
|
(47,588 | ) | — | — | — | (47,588 | ) | ||||||||
|
Payments on revolving credit facility
|
(105,325 | ) | — | — | — | (105,325 | ) | ||||||||
|
Proceeds from borrowings on revolving credit facility
|
143,125 | — | — | — | 143,125 | ||||||||||
|
Proceeds from stock option exercises
|
118 | — | — | — | 118 | ||||||||||
|
Dividends paid
|
— | 5,909 | (5,909 | ) | — | — | |||||||||
|
Purchase and retirement of Company stock
|
(2 | ) | — | — | — | (2 | ) | ||||||||
|
Debt financing fees
|
(825 | ) | — | — | — | (825 | ) | ||||||||
|
Other
|
— | (364 | ) | — | — | (364 | ) | ||||||||
|
Net cash (used in) provided by financing activities
|
(10,497 | ) | 5,545 | (5,909 | ) | — | (10,861 | ) | |||||||
|
Effect of exchange rate changes on cash and cash equivalents
|
— | — | 2,948 | (112 | ) | 2,836 | |||||||||
|
Net decrease in cash and cash equivalents
|
(9,812 | ) | (1,672 | ) | (12,065 | ) | — | (23,549 | ) | ||||||
|
Cash and cash equivalents at beginning of the year
|
9,938 | 1,832 | 30,921 | — | 42,691 | ||||||||||
|
Cash and cash equivalents at end of the period
|
$ | 126 | $ | 160 | $ | 18,856 | $ | — | $ | 19,142 | |||||
|
|
●
|
the competitive nature of the textile industry and the impact of worldwide 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 the Company competes, such as recession and other economic and political factors over which the Company has no control;
|
|
|
●
|
changes in consumer spending, customer preferences, fashion trends and end-uses;
|
|
|
●
|
the ability to reduce production costs;
|
|
|
●
|
changes in currency exchange rates, interest and inflation rates;
|
|
|
●
|
the financial condition of the Company’s customers;
|
|
|
●
|
the ability to sell excess assets;
|
|
|
●
|
technological advancements and the continued availability of financial resources to fund capital expenditures;
|
|
|
●
|
the operating performance of joint ventures, alliances and other equity investments;
|
|
|
●
|
the accurate financial reporting of information from equity method investees;
|
|
|
●
|
the impact of environmental, health and safety regulations;
|
|
|
●
|
the loss of a material customer(s);
|
|
|
●
|
the ability to protect intellectual property;
|
|
|
●
|
employee relations;
|
|
|
●
|
volatility of financial and credit markets;
|
|
|
●
|
the continuity of the Company’s leadership;
|
|
|
●
|
availability of and access to credit on reasonable terms;
|
|
|
●
|
the possibility that the Company is unable to meet the closing conditions under the new senior secured credit facility and Term B loan; and
|
|
|
●
|
the success of the Company’s strategic business initiatives.
|
|
|
●
|
sales volume for the Company and for each of its reportable segments;
|
|
|
●
|
gross profits and gross margin for the Company and for each of its reportable segments;
|
|
|
●
|
Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) represents net income or loss attributable to Unifi, Inc. before net interest expense, income tax expense and depreciation and amortization expense (excluding interest portion of amortization);
|
|
|
●
|
Adjusted EBITDA Including Equity Affiliates represents EBITDA adjusted to exclude restructuring charges, startup costs, non-cash compensation expense net of distributions, gains or losses on extinguishment of debt, loss on previously held equity interest, and other adjustments. Other adjustments include gains or losses on sales or disposals of property, plant, or equipment (“PP&E”), currency and derivative gains or losses, employee severance and other non-operating income or expense. The Company may, from time to time, change the items included within Adjusted EBITDA;
|
|
|
●
|
Adjusted EBITDA represents Adjusted EBITDA Including Equity Affiliates excluding the earnings of unconsolidated affiliates;
|
|
|
●
|
Segment Adjusted Profit equals segment gross profit plus segment depreciation and amortization less segment selling, general, and administrative expenses (“SG&A”), net of segment other adjustments;
|
|
|
●
|
Adjusted Working Capital (receivables plus inventory less accounts payable and certain accrued expenses) and Adjusted Working Capital as a percentage of net sales are indicators of the Company’s production efficiency and ability to manage its inventory and receivables; and
|
|
|
●
|
Working Capital represents current assets less current liabilities.
|
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Net income (loss) attributable to Unifi, Inc.
|
$ | 7,535 | $ | (4,045 | ) | $ | 213 | $ | 11,575 | |||||||
|
Provision (benefit) for income taxes
|
861 | (166 | ) | 2,940 | 4,205 | |||||||||||
|
Interest expense, net
|
3,618 | 4,432 | 11,078 | 13,352 | ||||||||||||
|
Depreciation and amortization expense
|
6,677 | 6,599 | 19,692 | 19,564 | ||||||||||||
|
EBITDA
|
18,691 | 6,820 | 33,923 | 48,696 | ||||||||||||
|
Restructuring charges
|
— | 9 | — | 1,555 | ||||||||||||
|
Startup costs (1)
|
315 | 502 | 602 | 2,540 | ||||||||||||
|
Non-cash compensation expense, net
|
609 | 392 | 2,004 | 1,095 | ||||||||||||
|
Loss on extinguishment of debt
|
— | 2,193 | 462 | 3,337 | ||||||||||||
|
Loss on previously held equity interest
|
— | — | 3,656 | — | ||||||||||||
|
Other
|
504 | 253 | (751 | ) | 1,066 | |||||||||||
|
Adjusted EBITDA Including Equity Affiliates
|
$ | 20,119 | $ | 10,169 | $ | 39,896 | $ | 58,289 | ||||||||
|
Equity in (earnings) losses of unconsolidated affiliates
|
(9,863 | ) | 2,103 | (14,166 | ) | (11,887 | ) | |||||||||
|
Adjusted EBITDA
|
$ | 10,256 | $ | 12,272 | $ | 25,730 | $ | 46,402 | ||||||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Adjusted EBITDA
|
$ | 10,256 | $ | 12,272 | $ | 25,730 | $ | 46,402 | ||||||||
|
Depreciation included in other operating (income) expense, net
|
(4 | ) | (6 | ) | (17 | ) | (14 | ) | ||||||||
|
Startup costs
|
— | (502 | ) | — | (2,540 | ) | ||||||||||
|
Non-cash compensation expense, net
|
(609 | ) | (392 | ) | (2,004 | ) | (1,095 | ) | ||||||||
|
(Benefit) provision for bad debts
|
(144 | ) | 41 | 418 | 86 | |||||||||||
|
Other, net
|
(72 | ) | (18 | ) | (255 | ) | (122 | ) | ||||||||
|
Segment Adjusted Profit
|
$ | 9,427 | $ | 11,395 | $ | 23,872 | $ | 42,717 | ||||||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Polyester
|
$ | 4,046 | $ | 2,357 | $ | 6,890 | $ | 14,108 | ||||||||
|
Nylon
|
1,925 | 2,386 | 8,032 | 10,618 | ||||||||||||
|
International
|
3,456 | 6,652 | 8,950 | 17,991 | ||||||||||||
|
Total Segment Adjusted Profit
|
$ | 9,427 | $ | 11,395 | $ | 23,872 | $ | 42,717 | ||||||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Polyester
|
$ | 102,061 | $ | 96,483 | $ | 289,694 | $ | 267,754 | ||||||||
|
Nylon
|
39,181 | 40,034 | 118,958 | 121,021 | ||||||||||||
|
International
|
37,795 | 42,873 | 108,508 | 127,846 | ||||||||||||
|
Subtotal segment net sales
|
$ | 179,037 | $ | 179,390 | $ | 517,160 | $ | 516,621 | ||||||||
|
Consolidated net sales
|
$ | 179,037 | $ | 179,390 | $ | 517,160 | $ | 516,621 | ||||||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Polyester
|
$ | 5,859 | $ | 3,738 | $ | 11,810 | $ | 19,222 | ||||||||
|
Nylon
|
3,401 | 3,644 | 12,279 | 14,559 | ||||||||||||
|
International
|
4,330 | 8,219 | 12,213 | 22,856 | ||||||||||||
|
Subtotal segment gross profit
|
$ | 13,590 | $ | 15,601 | $ | 36,302 | $ | 56,637 | ||||||||
|
Consolidated gross profit
|
$ | 13,590 | $ | 15,601 | $ | 36,302 | $ | 56,637 | ||||||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Polyester
|
$ | 6,555 | $ | 6,125 | $ | 19,196 | $ | 19,332 | ||||||||
|
Nylon
|
2,263 | 2,062 | 6,588 | 6,434 | ||||||||||||
|
International
|
2,330 | 2,611 | 6,721 | 7,703 | ||||||||||||
|
Subtotal segment SG&A expenses
|
$ | 11,148 | $ | 10,798 | $ | 32,505 | $ | 33,469 | ||||||||
|
Consolidated SG&A expenses
|
$ | 11,148 | $ | 10,798 | $ | 32,505 | $ | 33,469 | ||||||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Polyester
|
$ | 4,693 | $ | 4,744 | $ | 14,227 | $ | 14,219 | ||||||||
|
Nylon
|
788 | 804 | 2,341 | 2,493 | ||||||||||||
|
International
|
1,176 | 1,044 | 3,075 | 2,837 | ||||||||||||
|
Subtotal segment depreciation and amortization expense
|
$ | 6,657 | $ | 6,592 | $ | 19,643 | $ | 19,549 | ||||||||
|
Depreciation and amortization included in other operating (income) expense, net
|
32 | 7 | 69 | 15 | ||||||||||||
|
Amortization included in interest expense
|
227 | 235 | 672 | 736 | ||||||||||||
|
Consolidated depreciation and amortization expense
|
$ | 6,916 | $ | 6,834 | $ | 20,384 | $ | 20,300 | ||||||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
March 25, 2012
|
March 27, 2011
|
March 25, 2012
|
March 27, 2011
|
|||||||||||||
|
Polyester
|
$ | 50 | $ | — | $ | 50 | $ | — | ||||||||
|
Nylon
|
— | — | — | — | ||||||||||||
|
International
|
278 | — | 382 | — | ||||||||||||
|
Segment other adjustments¹
|
$ | 328 | $ | — | $ | 432 | $ | — | ||||||||
|
For the Three Months Ended
|
||||||||||||
|
March 25, 2012
|
March 27, 2011
|
|||||||||||
|
% to
Net Sales
|
% to
Net Sales
|
%
Change
|
||||||||||
|
Net sales
|
$
|
179,037
|
100.0
|
$
|
179,390
|
100.0
|
(0.2)
|
|||||
|
Cost of sales
|
165,447
|
92.4
|
163,789
|
91.3
|
1.0
|
|||||||
|
Gross profit
|
13,590
|
7.6
|
15,601
|
8.7
|
(12.9)
|
|||||||
|
Selling, general and administrative expenses
|
11,148
|
6.2
|
10,798
|
6.0
|
3.2
|
|||||||
|
(Benefit) provision for bad debts
|
(144)
|
—
|
41
|
—
|
—
|
|||||||
|
Restructuring charges
|
—
|
—
|
9
|
—
|
—
|
|||||||
|
Other operating expenses, net
|
669
|
0.3
|
158
|
0.1
|
—
|
|||||||
|
Operating income
|
1,917
|
1.1
|
4,595
|
2.6
|
(58.3)
|
|||||||
|
Interest expense, net
|
3,618
|
2.0
|
4,432
|
2.5
|
(18.4)
|
|||||||
|
Other non-operating (income) expenses, net
|
(9)
|
—
|
2,271
|
1.2
|
100.4
|
|||||||
|
Equity in (earnings) losses from unconsolidated affiliates
|
(9,863)
|
(5.5)
|
2,103
|
1.2
|
568.9
|
|||||||
|
Income (loss) before income taxes
|
8,171
|
4.6
|
(4,211)
|
(2.3)
|
294.0
|
|||||||
|
Provision (benefit) for income taxes
|
861
|
0.5
|
(166)
|
—
|
618.7
|
|||||||
|
Net income (loss) including non-controlling interest
|
7,310
|
4.1
|
(4,045)
|
(2.3)
|
280.7
|
|||||||
|
Less: net (loss) attributable to non-controlling interest
|
(225)
|
(0.1)
|
—
|
—
|
—
|
|||||||
|
Net income (loss) attributable to Unifi, Inc.
|
$
|
7,535
|
4.2
|
$
|
(4,045)
|
(2.3)
|
286.3
|
|||||
|
For the Three Months Ended
|
||||||||||||
|
March 25, 2012
|
March 27, 2011
|
|||||||||||
|
% to
Net Sales
|
% to
Net Sales
|
%
Change
|
||||||||||
|
Net sales
|
$
|
102,061
|
100.0
|
$
|
96,483
|
100.0
|
5.8
|
|||||
|
Cost of sales
|
96,202
|
94.3
|
92,745
|
96.1
|
3.7
|
|||||||
|
Gross profit
|
$
|
5,859
|
5.7
|
$
|
3,738
|
3.9
|
56.7
|
|||||
|
For the Three Months Ended
|
||||||||||||
|
March 25, 2012
|
March 27, 2011
|
|||||||||||
|
% to
Net Sales
|
% to
Net Sales
|
%
Change
|
||||||||||
|
Net sales
|
$
|
39,181
|
100.0
|
$
|
40,034
|
100.0
|
(2.1)
|
|||||
|
Cost of sales
|
35,780
|
91.3
|
36,390
|
90.9
|
(1.7)
|
|||||||
|
Gross profit
|
$
|
3,401
|
8.7
|
$
|
3,644
|
9.1
|
(6.7)
|
|||||
|
For the Three Months Ended
|
||||||||||||
|
March 25, 2012
|
March 27, 2011
|
|||||||||||
|
% to
Net Sales
|
% to
Net Sales
|
%
Change
|
||||||||||
|
Net sales
|
$
|
37,795
|
100.0
|
$
|
42,873
|
100.0
|
(11.8)
|
|||||
|
Cost of sales
|
33,465
|
88.5
|
34,654
|
80.8
|
(3.4)
|
|||||||
|
Gross profit
|
$
|
4,330
|
11.5
|
$
|
8,219
|
19.2
|
(47.3)
|
|||||
|
For the Three Months Ended
|
||||||||
|
March 25, 2012
|
March 27, 2011
|
|||||||
|
Net loss on sale of assets
|
$ | 149 | $ | 189 | ||||
|
Foreign currency transaction losses (gains)
|
37 | (13 | ) | |||||
|
Operating expenses for Renewables
|
555 | — | ||||||
|
Other, net
|
(72 | ) | (18 | ) | ||||
|
Other operating expenses, net
|
$ | 669 | $ | 158 | ||||
|
For the Nine Months Ended
|
||||||||||||
|
March 25, 2012
|
March 27, 2011
|
|||||||||||
|
% to
Net Sales
|
% to
Net Sales
|
%
Change
|
||||||||||
|
Net sales
|
$
|
517,160
|
100.0
|
$
|
516,621
|
100.0
|
0.1
|
|||||
|
Cost of sales
|
480,858
|
93.0
|
459,984
|
89.0
|
4.5
|
|||||||
|
Gross profit
|
36,302
|
7.0
|
56,637
|
11.0
|
(35.9)
|
|||||||
|
Selling, general and administrative expenses
|
32,505
|
6.3
|
33,469
|
6.6
|
(2.9)
|
|||||||
|
Provision for bad debts
|
418
|
0.1
|
86
|
—
|
386.0
|
|||||||
|
Restructuring charges
|
—
|
—
|
1,555
|
0.3
|
—
|
|||||||
|
Other operating expenses, net
|
1,118
|
0.2
|
417
|
—
|
168.1
|
|||||||
|
Operating income
|
2,261
|
0.4
|
21,110
|
4.1
|
(89.3)
|
|||||||
|
Interest expense, net
|
11,078
|
2.1
|
13,352
|
2.6
|
(17.0)
|
|||||||
|
Other non-operating (income) expenses
|
(1,026)
|
(0.2)
|
3,865
|
0.8
|
126.5
|
|||||||
|
Equity in earnings from unconsolidated affiliates
|
(14,166)
|
(2.7)
|
(11,887)
|
(2.3)
|
19.2
|
|||||||
|
Loss on previously held equity interest
|
3,656
|
0.7
|
—
|
—
|
—
|
|||||||
|
Income before income taxes
|
2,719
|
0.5
|
15,780
|
3.0
|
(82.7)
|
|||||||
|
Provision for income taxes
|
2,940
|
0.5
|
4,205
|
0.8
|
(30.1)
|
|||||||
|
Net (loss) income including non-controlling interest
|
(221)
|
—
|
11,575
|
2.2
|
(101.9)
|
|||||||
|
Less: net (loss) attributable to non-controlling interest
|
(434)
|
—
|
—
|
—
|
—
|
|||||||
|
Net income attributable to Unifi, Inc.
|
$
|
213
|
—
|
$
|
11,575
|
2.2
|
(98.2)
|
|||||
|
For the Nine Months Ended
|
||||||||||||
|
March 25, 2012
|
March 27, 2011
|
|||||||||||
|
% to
Net Sales
|
% to
Net Sales
|
%
Change
|
||||||||||
|
Net sales
|
$
|
289,694
|
100.0
|
$
|
267,754
|
100.0
|
8.2
|
|||||
|
Cost of sales
|
277,884
|
95.9
|
248,532
|
92.8
|
11.8
|
|||||||
|
Gross profit
|
$
|
11,810
|
4.1
|
$
|
19,222
|
7.2
|
(38.6)
|
|||||
|
For the Nine Months Ended
|
||||||||||||
|
March 25, 2012
|
March 27, 2011
|
|||||||||||
|
% to
Net Sales
|
% to
Net Sales
|
%
Change
|
||||||||||
|
Net sales
|
$
|
118,958
|
100.0
|
$
|
121,021
|
100.0
|
(1.7)
|
|||||
|
Cost of sales
|
106,679
|
89.7
|
106,462
|
88.0
|
0.2
|
|||||||
|
Gross profit
|
$
|
12,279
|
10.3
|
$
|
14,559
|
12.0
|
(15.6)
|
|||||
|
For the Nine Months Ended
|
||||||||||||
|
March 25, 2012
|
March 27, 2011
|
|||||||||||
|
% to
Net Sales
|
% to
Net Sales
|
%
Change
|
||||||||||
|
Net sales
|
$
|
108,508
|
100.0
|
$
|
127,846
|
100.0
|
(15.1)
|
|||||
|
Cost of sales
|
96,295
|
88.7
|
104,990
|
82.1
|
(8.3)
|
|||||||
|
Gross profit
|
$
|
12,213
|
11.3
|
$
|
22,856
|
17.9
|
(46.6)
|
|||||
|
For the Nine Months Ended
|
|||||||||
|
March 25, 2012
|
March 27, 2011
|
||||||||
|
Net loss on sale of assets
|
$ | 212 | $ | 242 | |||||
|
Foreign currency transaction losses
|
94 | 297 | |||||||
|
Operating expenses for Renewables
|
1,067 | — | |||||||
|
Other, net
|
(255 | ) | (122 | ) | |||||
|
Other operating expenses, net
|
$ | 1,118 | $ | 417 | |||||
|
U.S.
|
Brazil
|
All Others
|
Total
|
|||||||||||||
|
Working capital
|
$ | 116,356 | $ | 61,592 | $ | 22,230 | $ | 200,178 | ||||||||
|
Long-term debt, including current portion
|
$ | 158,759 | $ | — | $ | — | $ | 158,759 | ||||||||
|
Cash and cash equivalents
|
$ | 12,056 | $ | 16,275 | $ | 7,489 | $ | 35,820 | ||||||||
|
Borrowings available under revolving credit facility
|
52,955 | — | — | 52,955 | ||||||||||||
|
Liquidity
|
$ | 65,011 | $ | 16,275 | $ | 7,489 | $ | 88,775 | ||||||||
|
March 25, 2012
|
June 26, 2011
|
||||||||
|
Receivables, net
|
$ | 100,713 | $ | 99,815 | |||||
|
Inventory
|
112,417 | 134,883 | |||||||
|
Accounts payable
|
(42,589 | ) | (42,842 | ) | |||||
|
Accrued expenses (1)
|
(10,218 | ) | (15,595 | ) | |||||
|
Adjusted Working Capital
|
160,323 | 176,261 | |||||||
|
Cash
|
35,820 | 27,490 | |||||||
|
Other current assets
|
10,559 | 11,881 | |||||||
|
Accrued interest
|
(5,233 | ) | (1,900 | ) | |||||
|
Other current liabilites
|
(1,291 | ) | (763 | ) | |||||
|
Working Capital
|
$ | 200,178 | $ | 212,969 | |||||
|
|
(1)
|
Excludes accrued interest
|
|
Expected Maturity Date on a Fiscal Year Basis
|
||||||||||||||||||
|
2012
|
2013
|
2014
|
2015
|
2016
|
2017
|
|||||||||||||
|
Existing Long-Term Debt:
|
||||||||||||||||||
|
2014 Notes Payable
|
$ | 123,722 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
|
Revolving Credit Facility
|
$ | 35,000 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
|
Maturities for Planned Refinancing:
|
||||||||||||||||||
|
ABL Revolver
|
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 60,000 | ||||||
|
ABL Term Loan
|
$ | — | $ | 7,200 | $ | 7,200 | $ | 7,200 | $ | 7,200 | $ | 21,200 | ||||||
|
Term B Loan
|
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 30,000 | ||||||
|
For the Nine Months Ended
|
||||||
|
March 25, 2012
|
March 27, 2011
|
|||||
|
Plus cash receipts:
|
||||||
|
Receipts from customers
|
$ | 512,953 | $ | 505,078 | ||
|
Dividends from unconsolidated affiliates
|
4,150 | 4,319 | ||||
|
Other receipts
|
2,058 | 2,275 | ||||
|
Less cash payments:
|
||||||
|
Payments to suppliers and other operating cost
|
395,825 | 408,326 | ||||
|
Payments for salaries, wages, and benefits
|
84,882 | 86,320 | ||||
|
Payments for restructuring and severance
|
293 | 1,856 | ||||
|
Payments for other non-operating expense
|
— | 528 | ||||
|
Payments for interest
|
8,775 | 11,123 | ||||
|
Payments for taxes
|
2,132 | 4,932 | ||||
|
Net cash provided by (used in) operations
|
$ | 27,254 | $ | (1,413 | ) | |
|
Period
|
Total Number
of Shares
Purchased
|
Average
Price Paid
per Share
|
Total Number
of Shares
Purchased
as Part
of Publicly
Announced
Plans or
Programs
|
Maximum
Number of
Shares that
may Yet Be
Purchased
Under the
Plans or
Programs
|
||||||||||||
|
12/26/11 – 01/25/12
|
— | — | — | 2,269,080 | ||||||||||||
|
01/26/12 – 02/25/12
|
— | — | — | 2,269,080 | ||||||||||||
|
02/26/12 – 03/25/12
|
— | — | — | 2,269,080 | ||||||||||||
|
Total
|
— | — | — | |||||||||||||
|
Exhibit Number
|
Description
|
|
10.1
|
Amendment No. 1 to the Change in Control Agreement for William L. Jasper effective December 31, 2011 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (Reg. No. 001-10542) dated January 3, 2012).
|
|
10.2
|
Amendment No. 1 to the Change in Control Agreement for R. Roger Berrier effective December 31, 2011 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (Reg. No. 001-10542) dated January 3, 2012).
|
|
10.3
|
Amendment No. 1 to the Change in Control Agreement for Thomas H. Caudle effective December 31, 2011 (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (Reg. No. 001-10542) dated January 3, 2012).
|
|
10.4
|
Amendment No. 1 to the Change in Control Agreement for Charles F. McCoy effective December 31, 2011 (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K (Reg. No. 001-10542) dated January 3, 2012).
|
|
10.5
|
Amendment No. 1 to the Change in Control Agreement for Ronald L. Smith effective December 31, 2011 (incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K (Reg. No. 001-10542) dated January 3, 2012).
|
|
31.1
|
Chief Executive Officer’s certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2
|
Chief Financial Officer’s certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Chief Executive Officer’s certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
32.2
|
Chief Financial Officer’s certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101
|
The following materials from Unifi, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended March 25, 2012, formatted in eXtensbile Business Reporting Language (“XBRL”): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss), (iv) the Condensed Consolidated Statements of Changes in Shareholders’ Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) the Notes to the Condensed Consolidated Financial Statements (tagged as blocks of text).
|
|
UNIFI, INC.
(Registrant)
|
||
| Date: May 3, 2012 |
/s/ RONALD L. SMITH
Ronald L. Smith
Vice President and Chief Financial Officer
(Principal Financial Officer and Duly Authorized Officer)
|
|
| Date: May 3, 2012 |
/s/ JAMES M. OTTERBERG
James M. Otterberg
Chief Accounting Officer
(Principal Accounting Officer and Duly Authorized Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|