In This Story
Unifi Inc. (UFI-1.75%) has submitted its 10-Q filing for the quarterly period ended December 29, 2024.
The filing reports net sales of $138,880,000 for the quarter, a 1.4% increase from $136,917,000 in the same quarter of the previous year. The increase is attributed to improved sales volumes across all segments, despite a weaker sales mix in Asia.
Cost of sales for the quarter was $138,346,000, representing 99.6% of sales, compared to 98.8% in the same quarter of the previous year. This reflects a decrease in gross profit to $534,000 from $1,636,000.
The company recorded a gain of $4,296,000 from the sale of a warehouse in Yadkinville, North Carolina.
Selling, general, and administrative expenses increased to $12,921,000 from $12,408,000, while the provision for bad debts showed a benefit of $96,000 compared to a provision of $1,289,000 in the previous year.
Net loss for the quarter was $11,392,000, compared to $19,846,000 in the previous year. The improvement is attributed to gains from asset sales and lower bad debt expenses.
Cash used in operating activities was $15,004,000, while cash provided by investing activities was $3,150,000, primarily from the sale of assets. Financing activities provided $4,598,000.
Unifi had a working capital of $163,939,000 as of December 29, 2024. The company continues to focus on managing its liquidity and capital resources effectively.
The filing details various financial agreements, including a new credit facility with Wells Fargo Bank for $25,000,000, which is collateralized by assets pledged by a board member.
Unifi does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its market share and improving profitability through strategic initiatives and cost management efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Unifi Inc. quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.