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Unifi Reports Q4 Year-End Losses

Unifi Reports Q4, Year-End LossesUnifi Inc., Greensboro, reported a net loss of $30.5 million, or 57 cents per share, for the quarter ending June 29, 2003. The figure includes pre-tax restructuring charges of $16.9 million and $13.9 million related to the outcome of arbitration with Wilmington, Del.-based DuPont concerning their alliance for the manufacture of partially oriented polyester filament yarn. Net sales of $206.1 million compared with year-earlier net sales of $256.5 million.For the fiscal year ending June 29, 2003, Unifi posted a net loss of $27.2 million, or 51 cents per share, on net sales of $849.1 million compared with 2002 net sales of $914.7 million.Unifi ended the year with $76.8 million cash on hand and with no outstanding amounts under its bank credit facility. We have continued to make progress in strengthening our balance sheet, and remain focused on improving the overall performance of our operating results, said Brian Parke, CEO. We have the right product, global expansion and marketing strategies in place, supported by an organization that is leaner, faster and more efficient than ever.In order to better serve apparel manufacturers operating in the Caribbean Basin, Parke said Unifi is working to improve its transportation logistics and inventory management in that region. In addition, our operations in Brazil have outperformed expectations, as strong demand for our products throughout that region has resulted in greater than anticipated results, he said. September 2003




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