Unifi Inc. announced that on Friday, June 13, 2003, it received a ruling from the Arbitration Panel concerning the Company’s arbitration with DuPont relating to the two companies manufacturing alliance for the production of partially oriented polyester filament yarn, or POY.
Upon reviewing submissions from both companies, the Arbitration Panel has awarded damages to DuPont, inclusive of interest, in the amount of approximately $16 million. As a result, in addition to the $2 million charge taken in its fiscal third quarter, the Company expects to take a charge of approximately $14 million in its fiscal fourth quarter ending June 29, 2003.
