$UFI
UNIFI INC

2020 Q3 Form 10-Q Financial Statement

#000156459020050255 Filed on November 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $141.5M $179.9M
YoY Change -21.36%
Cost Of Revenue $126.9M $162.5M
YoY Change -21.88%
Gross Profit $14.56M $17.44M
YoY Change -16.52%
Gross Profit Margin 10.29% 9.69%
Selling, General & Admin $11.36M $10.98M
YoY Change 3.5%
% of Gross Profit 78.04% 62.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.112M $5.685M
YoY Change 7.51%
% of Gross Profit 41.98% 32.59%
Operating Expenses $11.36M $10.98M
YoY Change 3.5%
Operating Profit $2.906M $6.346M
YoY Change -54.21%
Interest Expense $871.0K $1.257M
YoY Change -30.71%
% of Operating Profit 29.97% 19.81%
Other Income/Expense, Net
YoY Change
Pretax Income $2.253M $4.433M
YoY Change -49.18%
Income Tax -$1.179M $721.0K
% Of Pretax Income -52.33% 16.26%
Net Earnings $3.432M $3.712M
YoY Change -7.54%
Net Earnings / Revenue 2.43% 2.06%
Basic Earnings Per Share $0.19 $0.20
Diluted Earnings Per Share $0.18 $0.20
COMMON SHARES
Basic Shares Outstanding 18.45M 18.48M
Diluted Shares Outstanding 18.70M 18.73M

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $78.10M $34.12M
Short-Term Investments
Other Short-Term Assets $9.760M
YoY Change
Inventory $104.8M
Prepaid Expenses
Receivables $64.93M $82.48M
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $200.2M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $492.2M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $16.62M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $9.214M
YoY Change
Total Long-Term Liabilities $9.214M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $9.214M
Total Liabilities
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity
YoY Change
Total Liabilities & Shareholders Equity
YoY Change

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $3.432M $3.712M
YoY Change -7.54%
Depreciation, Depletion And Amortization $6.112M $5.685M
YoY Change 7.51%
Cash From Operating Activities $7.922M $23.82M
YoY Change -66.75%
INVESTING ACTIVITIES
Capital Expenditures $1.864M $4.585M
YoY Change -59.35%
Acquisitions
YoY Change
Other Investing Activities $21.00K
YoY Change
Cash From Investing Activities -$1.864M -$4.606M
YoY Change -59.53%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.452M -6.523M
YoY Change -47.08%
NET CHANGE
Cash From Operating Activities 7.922M 23.82M
Cash From Investing Activities -1.864M -4.606M
Cash From Financing Activities -3.452M -6.523M
Net Change In Cash 2.828M 11.89M
YoY Change -76.22%
FREE CASH FLOW
Cash From Operating Activities $7.922M $23.82M
Capital Expenditures $1.864M $4.585M
Free Cash Flow $6.058M $19.24M
YoY Change -68.51%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q3 us-gaap Nature Of Operations
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">1.  Background</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unifi, Inc., a New York corporation formed in 1969 (together with its subsidiaries, “UNIFI,” the “Company,” “we,” “us” or “our”), is a multinational company that manufactures and sells innovative recycled and synthetic products made from polyester and nylon primarily to other yarn manufacturers and knitters and weavers (UNIFI’s direct customers) that produce yarn and/or fabric for the apparel, hosiery, home furnishings, automotive, industrial and other end-use markets (UNIFI’s indirect customers).  We refer to these indirect customers as “brand partners.” Polyester products include partially oriented yarn (“POY”), textured, solution and package dyed, twisted, beamed and draw wound yarns, and each is available in virgin or recycled varieties. Recycled solutions, made from both pre-consumer and post-consumer waste, include plastic bottle flake (“Flake”), polyester polymer beads (“Chip”) and staple fiber.  Nylon products include virgin or recycled textured, solution dyed and spandex covered yarns.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">UNIFI maintains one of the textile industry’s most comprehensive product offerings that include a range of specialized, value-added and commodity solutions, with principal geographic markets in the Americas, Asia and Europe. UNIFI has direct manufacturing operations in four countries and participates in joint ventures with operations in Israel and the United States (“U.S.”). </p>
CY2020Q3 us-gaap Number Of Countries In Which Entity Operates
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4
CY2020Q3 us-gaap Basis Of Accounting
BasisOfAccounting
<p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">2.  Basis of Presentation; Condensed Notes</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) for interim financial information. As contemplated by the instructions of the SEC to Form 10-Q, the following notes have been condensed and, therefore, do not contain all disclosures required in connection with annual financial statements.  Reference should be made to UNIFI’s year-end audited consolidated financial statements and related notes thereto contained in its Annual Report on Form 10-K for the fiscal year ended June 28, 2020 (the “2020 Form 10-K”).</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The financial information included in this report has been prepared by UNIFI, without audit.  In the opinion of management, all adjustments, which consist of normal, recurring adjustments, considered necessary for a fair statement of the results for interim periods have been included.  Nevertheless, the results shown for interim periods are not necessarily indicative of results to be expected for the full year.  The preparation of financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the amounts reported and certain financial statement disclosures.  Actual results may vary from these estimates.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">All amounts, except per share amounts, are presented in thousands (000s), except as otherwise noted.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The fiscal quarter for each of Unifi, Inc., its primary domestic operating subsidiaries and its subsidiary in El Salvador ended on September 27, 2020, the Sunday nearest to September 30, 2020. Unifi, Inc.’s remaining material operating subsidiaries’ fiscal quarter ended on September 30, 2020. There were no significant transactions or events that occurred between Unifi, Inc.’s fiscal quarter end and such wholly owned subsidiaries’ subsequent fiscal quarter end. The three-month periods ended September 27, 2020 and September 29, 2019 both consisted of 13 weeks. <span style="font-family:Times New Roman;font-size:10pt;"> </span></p>
CY2020Q3 us-gaap Fiscal Period
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The fiscal quarter for each of Unifi, Inc., its primary domestic operating subsidiaries and its subsidiary in El Salvador ended on September 27, 2020, the Sunday nearest to September 30, 2020. Unifi, Inc.’s remaining material operating subsidiaries’ fiscal quarter ended on September 30, 2020. There were no significant transactions or events that occurred between Unifi, Inc.’s fiscal quarter end and such wholly owned subsidiaries’ subsequent fiscal quarter end. The three-month periods ended September 27, 2020 and September 29, 2019 both consisted of 13 weeks.
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CY2020Q3 ufi Finance Lease Obligations Range End Month And Year
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NumberOfInterestRateSwaps
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1177000
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1177000
CY2020Q2 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
1112000
CY2020Q3 us-gaap Other Sundry Liabilities Noncurrent
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2878000
CY2020Q2 us-gaap Other Sundry Liabilities Noncurrent
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1924000
CY2020Q3 us-gaap Other Liabilities Noncurrent
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9214000
CY2020Q2 us-gaap Other Liabilities Noncurrent
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8606000
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-1179000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
721000
CY2020Q3 ufi Global Intangible Low Tax Income Measurement Period Adjustment Income Tax Expense Benefit
GlobalIntangibleLowTaxIncomeMeasurementPeriodAdjustmentIncomeTaxExpenseBenefit
-4789000
CY2020Q3 ufi Change In Valuation Allowance Income Tax Expense Benefit
ChangeInValuationAllowanceIncomeTaxExpenseBenefit
2127000
CY2020Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
84
CY2020Q3 ufi Stock Repurchased And Retired During Period Average Price Paid Per Share
StockRepurchasedAndRetiredDuringPeriodAveragePricePaidPerShare
23.72
CY2020Q3 ufi Approximate Value That May Yet Be Repurchased Under The Plans Or Programs
ApproximateValueThatMayYetBeRepurchasedUnderThePlansOrPrograms
48008000
CY2020Q3 ufi Number Of Interest Rate Swaps
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3
CY2020Q3 us-gaap Interest Expense
InterestExpense
871000
CY2019Q3 us-gaap Interest Expense
InterestExpense
1257000
CY2020Q3 us-gaap Increase Decrease In Fair Value Of Interest Rate Fair Value Hedging Instruments1
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-332000
CY2019Q3 us-gaap Increase Decrease In Fair Value Of Interest Rate Fair Value Hedging Instruments1
IncreaseDecreaseInFairValueOfInterestRateFairValueHedgingInstruments1
328000
CY2020Q3 ufi Impact Of Interest Rate Swaps On Interest Expense
ImpactOfInterestRateSwapsOnInterestExpense
329000
CY2019Q3 ufi Impact Of Interest Rate Swaps On Interest Expense
ImpactOfInterestRateSwapsOnInterestExpense
-63000
CY2020Q3 ufi Fair Value Assets And Liabilities Transfers Among Level1 Level2 And Level3 Amount
FairValueAssetsAndLiabilitiesTransfersAmongLevel1Level2AndLevel3Amount
0
CY2019Q3 ufi Fair Value Assets And Liabilities Transfers Among Level1 Level2 And Level3 Amount
FairValueAssetsAndLiabilitiesTransfersAmongLevel1Level2AndLevel3Amount
0
CY2020Q3 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
0
CY2020Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-63806000
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
72000
CY2020Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-63734000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
3432000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
3712000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18447000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18481000
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
251000
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
245000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18698000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18726000
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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546000
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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340000
CY2020Q3 ufi Unvested Stock Options That Vest Upon Achievement Of Certain Market Conditions
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333000
CY2020Q3 ufi Unconsolidated Entities Number
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2
CY2004Q3 ufi The Term Of A Former Ground Lease
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P99Y
CY2019Q2 ufi Net Monitoring And Reporting Costs Reveived
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180000
CY2020Q3 us-gaap Number Of Reportable Segments
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4
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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141505000
CY2020Q3 us-gaap Cost Of Goods And Services Sold
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126944000
CY2020Q3 us-gaap Gross Profit
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14561000
CY2020Q3 us-gaap Cost Of Goods And Services Sold Depreciation
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5439000
CY2020Q3 ufi Segment Profit Loss
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20000000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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179949000
CY2019Q3 us-gaap Cost Of Goods And Services Sold
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162506000
CY2019Q3 us-gaap Gross Profit
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17443000
CY2019Q3 us-gaap Cost Of Goods And Services Sold Depreciation
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4946000
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22389000
CY2020Q3 us-gaap Gross Profit
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14561000
CY2019Q3 us-gaap Gross Profit
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17443000
CY2020Q3 us-gaap Selling General And Administrative Expense
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11364000
CY2019Q3 us-gaap Selling General And Administrative Expense
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10980000
CY2020Q3 us-gaap Provision For Doubtful Accounts
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-887000
CY2019Q3 us-gaap Provision For Doubtful Accounts
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9000
CY2020Q3 us-gaap Other Operating Income Expense Net
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-1178000
CY2019Q3 us-gaap Other Operating Income Expense Net
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-108000
CY2020Q3 us-gaap Operating Income Loss
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2906000
CY2019Q3 us-gaap Operating Income Loss
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6346000
CY2020Q3 us-gaap Investment Income Interest
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125000
CY2019Q3 us-gaap Investment Income Interest
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210000
CY2020Q3 us-gaap Interest Expense
InterestExpense
871000
CY2019Q3 us-gaap Interest Expense
InterestExpense
1257000
CY2020Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
93000
CY2019Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-866000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2253000
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4433000
CY2020Q3 us-gaap Interest Paid Net
InterestPaidNet
836000
CY2019Q3 us-gaap Interest Paid Net
InterestPaidNet
1290000
CY2020Q3 us-gaap Disposal Group Including Discontinued Operation Capital Leased Assets
DisposalGroupIncludingDiscontinuedOperationCapitalLeasedAssets
1406000
CY2020Q2 us-gaap Disposal Group Including Discontinued Operation Capital Leased Assets
DisposalGroupIncludingDiscontinuedOperationCapitalLeasedAssets
1503000
CY2020Q3 us-gaap Assets
Assets
492237000
CY2020Q2 us-gaap Assets
Assets
474162000
CY2020Q3 us-gaap Interest Paid Capitalized
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45000
CY2019Q3 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
31000
CY2020Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
602000
CY2019Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1275000
CY2020Q3 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
800000
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
630000
CY2019Q3 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
847000
CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1329000
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
878000

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