Unifi (UFI) has reported 28.98 percent fall in profit for the quarter ended Dec. 25, 2016. The company has earned $4.59 million, or $0.25 a share in the quarter, compared with $6.46 million, or $0.35 a share for the same period last year. On an adjusted basis, net profit for the quarter was $6.25 million, when compared with $6.88 million in the last year period.
Revenue during the quarter went down marginally by 0.76 percent to $155.16 million from $156.34 million in the previous year period. Gross margin for the quarter expanded 31 basis points over the previous year period to 14.26 percent. Total expenses were 94.17 percent of quarterly revenues, down from 94.48 percent for the same period last year. This has led to an improvement of 31 basis points in operating margin to 5.83 percent.
Operating income for the quarter was $9.04 million, compared with $8.63 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $14.47 million compared with $14.36 million in the prior year period. At the same time, adjusted EBITDA margin improved 14 basis points in the quarter to 9.32 percent from 9.19 percent in the last year period.
Operating cash flow improvesUnifi has generated cash of $17.30 million from operating activities during the first half, up 12.37 percent or $1.90 million, when compared with the last year period. The company has spent $19.52 million cash to meet investing activities during the first six months as against cash outgo of $26.02 million in the last year period.
Cash flow from financing activities was $14.42 million for the first six months, down 32.04 percent or $6.80 million, when compared with the last year period.
Cash and cash equivalents stood at $28.49 million as on Dec. 25, 2016, up 46.73 percent or $9.07 million from $19.42 million on Dec. 27, 2015.
Working capital increases
Unifi has recorded an increase in the working capital over the last year. It stood at $164.12 million as at Dec. 25, 2016, up 8.77 percent or $13.24 million from $150.89 million on Dec. 27, 2015. Current ratio was at 3.43 as on Dec. 25, 2016, up from 3.38 on Dec. 27, 2015.
Cash conversion cycle (CCC) has decreased to 52 days for the quarter from 97 days for the last year period. Days sales outstanding went down to 48 days for the quarter compared with 49 days for the same period last year.
Days inventory outstanding has decreased to 38 days for the quarter compared with 75 days for the previous year period. At the same time, days payable outstanding went up to 33 days for the quarter from 27 for the same period last year.
Debt comes down marginallyUnifi has recorded a decline in total debt over the last one year. It stood at $134 million as on Dec. 25, 2016, down 2.11 percent or $2.89 million from $136.89 million on Dec. 27, 2015. Total debt was 24.33 percent of total assets as on Dec. 25, 2016, compared with 27.50 percent on Dec. 27, 2015. Debt to equity ratio was at 0.39 as on Dec. 25, 2016, down from 0.46 as on Dec. 27, 2015. Interest coverage ratio deteriorated to 9.89 for the quarter from 10.57 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
