Unifi slashes quarterly guidance, sees 2009 upturn
-- Home Textiles Today, 12/22/2008 12:24:00 PM
Greensboro, N.C. – Polyester and nylon textured yarn producer Unifi Inc. reduced its adjusted EBITDA guidance for its 2009 second fiscal quarter, which will end Dec. 28, to a range of $2 to $4 million from the previous guidance of $8 to $9 million.
“The revised guidance is a result of significant decreases in consumer spending coupled with high supply chain inventories,” Unifi said.
“We are disappointed in having to revise our guidance at this time, particularly after the significant improvements we have made to our business in the past year,” said Bill Jasper, president and ceo.
Jasper noted, “We expect sales to recover somewhat during the first six months of calendar 2009, as supply chain inventories get replenished, even though consumer spending is expected to remain weak. Accordingly, we now expect Adjusted EBITDA for the 2009 fiscal year to be in the range of $40 to $45 million.”
Unifi also said it closed on the sale of some of its Yadkinville, N.C. plant and related assets for $7.0 million.
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