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Unifi Receives Distribution From Parkdale America LLC

GREENSBORO, N.C., Feb. 15 /PRNewswire/ -- Unifi, Inc., (NYSE: UFI)("Unifi") and Parkdale Mills Inc. ("Mills") have completed a restructuring of the balance sheet of their jointly owned company, Parkdale America, LLC("America"). As a result of the restructuring, a distribution in the form of a return of capital has been made by America to Unifi and Mills in amounts proportionate to their respective percentage ownership interests in America.The distribution received by Unifi of $49.2 million will be applied to the retirement of outstanding debt. Following completion of the restructuring and distribution, Unifi will retain a 34% ownership interest in America. Unifi is the largest producer and processor of textured yarns in the world. Its primary business is the texturing, dyeing, twisting, covering, and beaming of multi-filament polyester and nylon yarns. Unifi's textured yarnsare found in home furnishings, apparel and industrial fabrics, automotive,upholstery, hosiery, and sewing thread. CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS Certain statements included herein are "forward-looking statements" within the meaning of the federal securities laws. Management cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause the actual results of operations or financial condition of the Company to differ include, but are not necessarily limited to, sourcing and pricing of raw materials, pressures on sales prices and volumes due to competition and economic conditions,reliance on and financial viability of significant customers, technological advancements, employee relations, changes in construction spending and capital expenditures (including those related to unforeseen acquisition opportunities), continued availability of financial resources through financing arrangements and operations, negotiation of new or modifications of existing contracts for asset management and for property and equipment construction and acquisition, regulations governing tax laws, other governmental and authoritative bodies' policies and legislation, the continuation and the magnitude of the Company's common stock repurchase program and proceeds received from the sale of assets held for disposal. In addition to these representative factors, forward-looking statements could be impacted by general domestic and international economic and industry conditions in the markets where the Company competes, such as changes incurrency exchange rates, interest and inflation rates, recession and other economic and political factors over which the Company has no control.Investors are also directed to consider the risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission.SOURCE Unifi, Inc.Web Site: http://www.unifi-inc.com Copyright 2001 PR Newswire




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