Manufacturer Unifi has reported net losses for both the final quarter and full-year 2006, but the company was pleased with improvements over the period.
 
The producer and processor of multi-filament polyester and nylon textured yarns had a fourth quarter net loss of $5.4m or $0.10 per share, improving on a net loss of $9.0m or $0.17 during the prior-year period.

Unifi also reported a net loss from continuing operations of $14.7m or $0.28 per share for 2006 fiscal year, which compares favourably to the net loss of $19.7m or $0.38 per share for the 2005 financial year.
 
"Our results for the current fiscal year mark the second straight year of improvement. We have reduced our net loss by $55.4 million, which improvement has been driven by continued successful execution of our internal plans," said Bill Lowe, chief operating officer and CFO for Unifi.

"We also successfully refinanced our long-term debt during this last fiscal quarter providing the flexibility and time to execute our longer-term external strategies."
 
Net sales for the fourth quarter were $183.2m, a decrease of $17.2m or 8.6% compared to net sales of $200.4m for the prior-year quarter. Net sales of $738.8m for the 2006 fiscal year represent a decrease of $55.0m, or 6.9%, over 2005 fiscal year net sales of $793.8m.
 
Unifi chairman and CEO Brian Parke said, "In an environment of rising raw material prices, the ability to exceed our forecast and improve the results of our underlying business during the 2006 fiscal year, reflects the soundness of the strategies that have been in place for more than two years.

"We will continue to stay the course in terms of our domestic and global growth plans, as we evaluate and pursue additional opportunities to consolidate the domestic industry. We remain keenly aware of the need to return to profitability and create value to our shareholders."