USA: Rationalisation Helps Unifi Narrow Q4 Losses
Textured yarn major Unifi Inc has posted a narrowed fourth-quarter loss as it continues to rationalise its production capabilities.
The North Carolina-based polyester maker said net losses in the three months to 27 June fell to $11.0 million from a loss of $30.5 million in the prior year quarter.
Net income for the current quarter was hit by a $7.0 million charge associated with the restructuring of its operations based in Altamahaw, NC.
Net sales for quarter fell 7 per cent to $191.7 million.
For the 2004 fiscal year the company reported a net loss of $74.8 million or $1.43 per share versus a net loss of $27.2 million or $0.51 cents per share for the prior year.
Net sales for the 2004 fiscal year were $746.5 million, a decrease of 12.1 per cent over last year's $849.1 million.
Pre-tax charges totalling $67.3 million for restructuring and asset impairment ate into profits.
In the last year the company has taken several steps to reposition its business - including a supply chain agreement with Sara Lee Branded Apparel, the purchase of Invista's polyester filament manufacturing assets, and consolidation plans in Europe.
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