UNIFI INC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>UNIFI INC filed its quarterly 10-Q report detailing financial performance and position as of March 31, 2024.</b>

AI Summary

UNIFI INC (UFI) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. UNIFI INC filed a 10-Q report for the period ending March 31, 2024. The filing covers financial information for the period from January 1, 2024, to March 31, 2024. It also includes comparative data for the prior year's quarter (January 2, 2023, to April 2, 2023). Key segments mentioned include Asia, Brazil, and UNIFI America. The report details various financial instruments and equity components, including common stock and retained earnings.

Why It Matters

For investors and stakeholders tracking UNIFI INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial data for UNIFI INC, crucial for assessing the company's performance and making informed investment decisions. The detailed segment information (Asia, Brazil, UNIFI America) allows for a granular understanding of where the company generates its revenue and its operational focus.

Risk Assessment

Risk Level: medium — UNIFI INC shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine disclosure for public companies. The risk is medium due to the inherent uncertainties in financial reporting and market conditions that could impact the company's future performance, as detailed in the full report.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue trends and profitability drivers for UNIFI INC.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-09 — Filing Date (Filed as of date)
• 2023-01-02 — Prior Year Start Date (Comparative period start date)
• 2023-04-02 — Prior Year End Date (Comparative period end date)

Key Players & Entities

• UNIFI INC (company) — Filer of the 10-Q report
• 2024-03-31 (date) — Conformed period of report
• 2024-05-09 (date) — Filed as of date
• 0000100726 (company) — Central Index Key for UNIFI INC
• TEXTILE MILL PRODUCTS [2200] (industry) — Standard Industrial Classification
• NY (location) — State of incorporation
• GREENSBORO (location) — City for business address
• NC (location) — State for business address

FAQ

Industry Context

UNIFI INC operates in the textile mill products industry, focusing on the production of recycled and virgin synthetic yarns.

Regulatory Implications

The filing is a standard 10-Q, a quarterly report required by the SEC for publicly traded companies to provide updates on their financial condition.

What Investors Should Do

1. Analyze the revenue and profitability by segment (Asia, Brazil, UNIFI America) to identify growth drivers and potential risks.
2. Examine the balance sheet details, including assets, liabilities, and equity, for the period ending March 31, 2024.
3. Review any disclosures related to debt, equity, or other financial instruments mentioned in the filing.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-09: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, providing the latest quarterly financial information.

Key Financial Figures

• $0.10 — ch registered Common Stock, par value $0.10 per share UFI New York Stock Exchan

Filing Documents

• ufi-20240331.htm (10-Q) — 2639KB
• ufi-ex31_1.htm (EX-31.1) — 15KB
• ufi-ex31_2.htm (EX-31.2) — 15KB
• ufi-ex32.htm (EX-32) — 17KB
• 0000950170-24-056853.txt (&nbsp;) — 9171KB
• ufi-20240331.xsd (EX-101.SCH) — 1035KB
• ufi-20240331_htm.xml (XML) — 1731KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that relate to our plans, objectives, estimates, and goals. Statements expressing expectations regarding our future, or projections or estimates relating to products, sales, revenues, expenditures, costs, strategies, initiatives, or earnings, are typical of such statements and are made under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's beliefs, assumptions, and expectations about our future performance, considering the information currently available to management. The words "believe," "may," "could," "will," "should," "would," "anticipate," "plan," "estimate," "project," "expect," "intend," "seek," "strive," and words of similar import, or the negative of such words, identify or signal the presence of forward-looking statements. These statements are not statements of historical fact; they involve risks and uncertainties that may cause our actual results, performance, or financial condition to differ materially from the expectations of future results, performance, or financial condition that we express or imply in any forward-looking statement. Factors that could contribute to such differences include, but are not limited to: the competitive nature of the textile industry and the impact of global 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, including economic and political factors over which the Company has no control; changes in consumer spending, customer preferences, fashion trends, and end-uses for the Company's products; the finan

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of March 31, 2024 and July 2, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months and Nine Months Ended March 31, 2024 and April 2, 2023 2 Condensed Consolidated Statements of Shareholders' Equity for the Three Months and Nine Months Ended March 31, 2024 and April 2, 2023 3 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2024 and April 2, 2023 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 27

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 5. Other Information 28 Item 6. Exhibits 28

—FINAN CIAL INFORMATION

PART I—FINAN CIAL INFORMATION

Financial Statements

Item 1. Financial Statements CONDENSED CONSOLIDATED BA LANCE SHEETS (Unaudited) (In thousands, except share and per share amounts) March 31, 2024 July 2, 2023 ASSETS Cash and cash equivalents $ 27,662 $ 46,960 Receivables, net 78,931 83,725 Inventories 134,125 150,810 Income taxes receivable 2,002 238 Other current assets 9,460 12,327 Total current assets 252,180 294,060 Property, plant and equipment, net 204,795 218,521 Operating lease assets 7,500 7,791 Deferred income taxes 4,741 3,939 Other non-current assets 13,402 14,508 Total assets $ 482,618 $ 538,819 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 42,343 $ 44,455 Income taxes payable 1,883 789 Current operating lease liabilities 1,956 1,813 Current portion of long-term debt 12,368 12,006 Other current liabilities 19,173 12,932 Total current liabilities 77,723 71,995 Long-term debt 116,058 128,604 Non-current operating lease liabilities 5,683 6,146 Deferred income taxes 1,906 3,364 Other long-term liabilities 3,439 5,100 Total liabilities 204,809 215,209 Commitments and contingencies Common stock, $ 0.10 par value ( 500,000,000 shares authorized; 18,249,837 and 18,081,538 shares issued and outstanding as of March 31, 2024 and July 2, 2023, respectively) 1,825 1,808 Capital in excess of par value 70,675 68,901 Retained earnings 263,381 306,792 Accumulated other comprehensive loss ( 58,072 ) ( 53,891 ) Total shareholders' equity 277,809 323,610 Total liabilities and shareholders' equity $ 482,618 $ 538,819 See accompanying notes to condensed consolidated financial statements. 1 CONDENSED CONSOLIDATED STATE MENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (In thousands, except per share amounts) For the Three Months Ended For the Nine Months Ended March 31, 2024 April 2, 2023

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View this 10-Q filing on SEC EDGAR