Unifi Announces Third Quarter Fiscal 2020 Results and Sale of Ownership Interest in Parkdale Joint Venture
Unifi, Inc. New (UFI)
Last unifi, inc. new earnings: 4/30 05:15 pm
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US:NYSE Investor Relations:
investor.unifi.com/investor-overview
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Source: PR Newswire
GREENSBORO, N.C., April 30, 2020 /PRNewswire/ -- Unifi, Inc. (NYSE: UFI), one of the world's leading innovators in recycled and synthetic yarns, today released operating results for the third quarter of fiscal 2020 ended March 29, 2020 and announced the April 29, 2020 completed sale of its 34% interest in Parkdale America, LLC ("PAL") to the existing majority partner, Parkdale, Incorporated ("Parkdale"), in an all-cash transaction for $60.0 million.Third Quarter Fiscal 2020 OverviewNet sales of $171.0 million decreased 5.0%, compared to $180.0 million for the third quarter of fiscal 2019. Revenues from premium value-added ("PVA") products represented 52% of consolidated net sales. Gross margin was 9.0%, compared to 7.7% in the third quarter of fiscal 2019. Operating income was $3.1 million, compared to $0.8 million in the third quarter of fiscal 2019. Net loss of $41.1 million and basic earnings per share ("EPS") of ($2.23), which includes the impact of a $45.2 million impairment char
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