Conditions within the textile supply chain continued to improve throughout the fiscal fourth quarter for Unifi, Inc., as excess inventory levels are being depleted and production levels are becoming more closely aligned with consumer demand.
Unifi reported net sales for their fourth quarter of 2009 were $139.8 million, which represents a 26% decrease from the prior years quarter of $189.6 million. The net loss in the fourth quarter was $9.5 million, or 15 cents per share, which compares to net income of $771,000, or 1 penny per share, for the prior years quarter. In addition to the negative impact caused by year-over-year volume declines, the current quarter was also negatively impacted by a temporary increase in polyester raw materials prices caused by the curtailment of key production facilities.
Net sales for fiscal year 2009 were $553.7 million, a 22% slide compared to net sales of $713.3 million for the prior fiscal year.
Net loss for fiscal year 2009 was $52.3 million or 85 cents per share compared to a net loss of $16.2 million or 27 cents per share for the prior fiscal year. Included in the loss for the current fiscal year are $20.4 million in non-cash impairment charges associated with goodwill, the company's former investment in China and property plant and equipment and $3.5 million in charges related to asset consolidation and optimization.
Bill Jasper, president and CEO, said, “The company has significantly improved the strength of its balance sheet despite an unprecedented economic downturn, which provides us with the wherewithal to stay the course during a slow and protracted recovery.”
