UNIFI INC Files Q1 FY25 10-Q

TL;DR

UNIFI INC's Q1 FY25 10-Q is in. Financials look steady, check retained earnings and common stock.

AI Summary

UNIFI INC filed its 10-Q for the period ending September 29, 2024. The filing details financial information for the first quarter of fiscal year 2025, including assets, liabilities, and equity. Key figures such as retained earnings and common stock are reported, with comparative data from the previous fiscal year.

Why It Matters

This filing provides investors with the latest financial performance and position of UNIFI INC, crucial for understanding the company's health and making investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024-09-29 — Reporting Period End Date (Indicates the latest financial snapshot)
• 2023-07-03 — Previous Fiscal Year Start Date (Provides a basis for year-over-year comparison)

Key Players & Entities

• UNIFI INC (company) — Filer of the 10-Q
• 2024-09-29 (date) — End of the reporting period
• 2023-07-03 (date) — Comparative period start date
• 0000100726 (company) — Central Index Key for UNIFI INC

FAQ

Key Financial Figures

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

Filing Documents

• ufi-20240929.htm (10-Q) — 1732KB
• ufi-ex10_1.htm (EX-10.1) — 115KB
• ufi-ex10_2.htm (EX-10.2) — 80KB
• ufi-ex10_3.htm (EX-10.3) — 121KB
• ufi-ex10_4.htm (EX-10.4) — 86KB
• ufi-ex31_1.htm (EX-31.1) — 16KB
• ufi-ex31_2.htm (EX-31.2) — 16KB
• ufi-ex32.htm (EX-32) — 17KB
• 0000950170-24-121858.txt ( ) — 7834KB
• ufi-20240929.xsd (EX-101.SCH) — 1031KB
• ufi-20240929_htm.xml (XML) — 1262KB

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 September 29, 2024 and June 30, 2024 1 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended September 29, 2024 and October 1, 2023 2 Condensed Consolidated Statements of Shareholders' Equity for the Three Months Ended September 29, 2024 and October 1, 2023 3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended September 29, 2024 and October 1, 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 21 Item 4.

Controls and Procedures

Controls and Procedures 22

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 24 Item 5. Other Information 24 Item 6. Exhibits 24

—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) September 29, 2024 June 30, 2024 ASSETS Cash and cash equivalents $ 13,703 $ 26,805 Receivables, net 77,885 79,165 Inventories 145,350 131,181 Income taxes receivable 1,355 164 Other current assets 12,923 11,618 Total current assets 251,216 248,933 Property, plant and equipment, net 189,744 193,723 Operating lease assets 8,411 8,245 Deferred income taxes 5,156 5,392 Other non-current assets 12,452 12,951 Total assets $ 466,979 $ 469,244 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 41,250 $ 43,622 Income taxes payable 1,510 754 Current operating lease liabilities 2,434 2,251 Current portion of long-term debt 12,153 12,277 Other current liabilities 18,923 17,662 Total current liabilities 76,270 76,566 Long-term debt 119,324 117,793 Non-current operating lease liabilities 6,092 6,124 Deferred income taxes 1,869 1,869 Other long-term liabilities 3,715 3,507 Total liabilities 207,270 205,859 Commitments and contingencies Common stock, $ 0.10 par value ( 500,000,000 shares authorized; 18,257,103 and 18,251,545 shares issued and outstanding as of September 29, 2024 and June 30, 2024, respectively) 1,826 1,825 Capital in excess of par value 71,419 70,952 Retained earnings 251,765 259,397 Accumulated other comprehensive loss ( 65,301 ) ( 68,789 ) Total shareholders' equity 259,709 263,385 Total liabilities and shareholders' equity $ 466,979 $ 469,244 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 September 29, 2024 October 1, 2023 Net sales

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