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Unifi Announces Earnings

Unifi Inc., Greensboro, N.C., held on to a net income of $2.2 million on net sales of $423.4 million for the first half of fiscal 2003, despite posting a second quarter loss of $2.2 million on sales of $201.9 million. These figures compare with respective net losses of $38.7 million on sales of $444.7 million, and $3.5 million on sales of $221.7 million in fiscal 2002.

Reduced sales prices and a change in product mix account for the decline in sales dollars in fiscal 2003. Year-to-date 2003 global sales volumes are up by 0.6 percent over the first half of 2002, and include a 5.5-percent drop in the second quarter 2003 over year-earlier sales volumes. Unifi ended the quarter with no amounts outstanding under its bank credit facility and with cash on hand of $48.3 million.

"Our strengthening balance sheet will continue to provide a competitive advantage for Unifi, allowing us to aggressively pursue the challenge of driving growth throughout the world and permitting us to weather the current economic environment and successfully manage the realities of our industry," said Brian Parke, CEO.

April 2003