101 added · 97 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
Vacant Properties In addition to the above sites, the Company owns approximately 184 acres in the Americas Segment, split approximately equally between Rockingham and Yadkin Counties and approximately 26 acres in the Brazil Segment as of June 29, 2025.
June 26, 2020 June 25, 2021 July 1, 2022 June 30, 2023 June 28, 2024 June 27, 2025 Unifi, Inc. $ 100.00 $ 212.08 $ 120.14 $ 69.15 $ 50.47 $ 44.90 S&P SmallCap 600 100.00 175.43 144.56 154.72 165.03 169.79 NYSE Composite 100.00 146.72 131.89 146.69 170.51 196.53 Item 6. [Re served] 20 Item 7.
As the Asia market improves, the volume of low-cost Asian imports into Brazil is expected to decrease. 21 The following developments and trends occurred or were occurring in fiscal 2025: • Demand levels for the majority of our business lines in the Americas and Asia Segments were below expectations, as a result of lower global demand amid consumer and macroeconomic uncertainty including most recently the tariffs and retaliatory tariffs. • Our REPREVE family of products continued to gain momentum with brands, retailers, and mill partners who value sustainability and UNIFI’s ability to produce leading-edge products with in-demand technologies. • The Americas Segment experienced lower than anticipated manufacturing utilization and production levels, despite stable raw material costs during fiscal 2025.
In response to these challenges, we initiated a plan to transition the Madison, North Carolina manufacturing operations to other production facilities in North and Central America. • The Brazil Segment incurred selling price pressures from low-cost imports for most of the fiscal year, but sales volumes and margins remained strong. • The Asia Segment's sales volumes slowed in fiscal 2025, along with continued margin pressure, due to customer-demand headwinds and recent volatility from uncertainty related to tariffs; however, there remains healthy demand for REPREVE, generating continued portfolio expansion.
The RMB to USD weighted average exchange rate was 7.21, 7.22, and 6.94 for fiscal 2025, 2024, and 2023, respectively. 22 Key Performance Indicators and Non-GAAP Financial Measures UNIFI continuously reviews performance indicators to measure its success.
See “Non-GAAP Reconciliations” below for reconciliations of each non-GAAP metrics to the most directly comparable GAAP metric. 23 Review of Results of Operations for Fiscal 2025, 2024 and 2023 UNIFI’s fiscal 2025, 2024 and 2023 each consisted of 52 weeks, with no impacts to net sales, gross profit, and selling, general, and administrative ("SG&A") expenses due to extra weeks.
Fiscal 2025 Fiscal 2024 Fiscal 2023 Net loss $ (20,348 ) $ (47,395 ) $ (46,344 ) Interest expense, net 8,632 7,726 5,468 Provision for income taxes 1,719 1,858 901 Depreciation and amortization expense (1) 25,064 27,513 27,020 EBITDA 15,067 (10,298 ) (12,955 ) Transition costs (2) 13,485 — — Gain on sales of assets (3) (40,103 ) — — Restructuring costs (4) — 5,101 — Asset abandonment (5) — — 8,247 Contract modification costs (6) — — 623 Adjusted EBITDA $ (11,551 ) $ (5,197 ) $ (4,085 ) (1) Within this reconciliation, depreciation and amortization expense excludes the amortization of debt issuance costs, which are reflected in interest expense, net.
(2) In fiscal 2025, UNIFI incurred various transition costs totaling $13,485 in connection with the consolidation of its yarn manufacturing operations including (i) facility closure and equipment relocation costs (including asset impairments and disposals) of $5,896, (ii) inventory write-downs of $2,923, (iii) excess fixed manufacturing costs of $1,638, (iv) employee separation or retention costs of $1,580, and (v) forfeitures of deposits for texturing machinery of $1,448.
In the fourth quarter of fiscal 2025, UNIFI recorded a gain of $35,807 related to the sale of a manufacturing facility in Madison, North Carolina. 24 (4) In fiscal 2024, UNIFI incurred severance costs of $2,351 in connection with the Profitability Improvement Plan in the U.S. and a loss of $2,750 related to the dissolution of a nylon joint venture.
Fiscal 2025 Pre-tax Loss Tax Impact Net Loss Diluted EPS GAAP results $ (18,629 ) $ (1,719 ) $ (20,348 ) $ (1.11 ) Transition costs (1) 13,485 — 13,485 0.74 Gain on sales of assets (2) (40,103 ) — (40,103 ) (2.19 ) Recovery of income taxes (3) — (893 ) (893 ) (0.05 ) Adjusted results $ (45,247 ) $ (2,612 ) $ (47,859 ) $ (2.61 ) Weighted average common shares outstanding 18,314 Fiscal 2024 Pre-tax Loss Tax Impact Net Loss Diluted EPS GAAP results $ (45,537 ) $ (1,858 ) $ (47,395 ) $ (2.61 ) Restructuring costs (4) 5,101 — 5,101 0.28 Adjusted results $ (40,436 ) $ (1,858 ) $ (42,294 ) $ (2.33 ) Weighted average common shares outstanding 18,154 Fiscal 2023 Pre-tax Loss Tax Impact Net Loss Diluted EPS GAAP results $ (45,443 ) $ (901 ) (46,344 ) $ (2.57 ) Asset abandonment (5) 8,247 — 8,247 0.46 Contract modification costs (6) 623 — 623 0.03 Recovery of income taxes (7) — (3,799 ) (3,799 ) (0.21 ) Adjusted results $ (36,573 ) $ (4,700 ) $ (41,273 ) $ (2.29 ) Weighted average common shares outstanding 18,037 (1) In fiscal 2025, UNIFI incurred various transition costs totaling $13,485 in connection with the consolidation of its yarn manufacturing operations including (i) facility closure and equipment relocation costs (including asset impairments and disposals) of $5,896, (ii) inventory write-downs of $2,923, (iii) excess fixed manufacturing costs of $1,638, (iv) employee separation or retention costs of $1,580, and (v) forfeitures of deposits for texturing machinery of $1,448.
(3) In fiscal 2025, following a favorable preliminary court injunction, UNIFI recorded a recovery of income taxes in connection with ICMS deductibility for Brazil's federal income tax return relating to the income taxes paid in prior fiscal years.
Additionally, $4,561 of transition costs were incurred during fiscal 2025, recorded in Cost of sales, related to (i) inventory write-downs of $2,923, and (ii) excess fixed manufacturing costs of $1,638. • For the Brazil Segment, gross profit increased primarily due to (i) higher selling prices and (ii) higher sales volumes from market share gains, which were partially offset by (a) increased raw material costs and (b) an unfavorable foreign currency translation impact.
No longer disclosed
Fiscal 2024 Fiscal 2023 Fiscal 2022 Net (loss) income $ (47,395 ) $ (46,344 ) $ 15,171 Depreciation and amortization expense 27,669 27,186 26,207 Equity in loss (earnings) of unconsolidated affiliates 390 (896 ) (605 ) Impairment for asset abandonment — 8,247 — Recovery of taxes, net — (3,799 ) 815 Non-cash compensation expense 2,074 2,805 3,555 Deferred income taxes (3,543 ) (2,788 ) (3,119 ) Subtotal (20,805 ) (15,589 ) 42,024 Distributions received from unconsolidated affiliates 1,000 — 750 Change in inventories 13,879 24,431 (34,749 ) Other changes in assets and liabilities 8,018 (4,102 ) (7,645 ) Net cash provided by operating activities $ 2,092 $ 4,740 $ 380 Fiscal 2024 Compared to Fiscal 2023 The decrease in operating cash flows was primarily due to weaker earnings in fiscal 2024 compared to fiscal 2023, partially offset by working capital improvements.
The SEC has defined a company’s most critical accounting policies as those involving accounting estimates that require management to make assumptions about matters that are highly uncertain at the time and where different reasonable estimates or changes in the accounting estimate from quarter to qua
June 28, 2019 June 26, 2020 June 25, 2021 July 1, 2022 June 30, 2023 June 28, 2024 Unifi, Inc. $ 100.00 $ 64.23 $ 136.21 $ 77.16 $ 44.41 $ 32.42 S&P SmallCap 600 100.00 82.70 145.09 119.55 127.96 136.48 NYSE Composite 100.00 91.20 133.80 120.28 133.78 155.51 Item 6. [Re served] 19 Item 7.
Significant Developments and Trends Key drivers of our recent financial results include: • During fiscal 2019, our operations in the U.S. were unfavorably impacted by (i) rising raw material costs and (ii) a surge of imported polyester textured yarn that depressed our pricing, market share, and fixed cost absorption. • During fiscal 2020, our financial results began to improve following more stable import and raw material cost environments.
As the Asia market improves, the volume of low-cost Asian imports into Brazil is expected to decrease. 20 The following developments and trends occurred or were occurring in fiscal 2024: • Demand levels for the majority of our business lines in the Americas and Asia Segments were below historical trends, as a result of lower global demand amid consumer and macroeconomic uncertainty. • Our REPREVE family of products continued to gain momentum with brands, retailers, and mill partners who value sustainability and UNIFI’s ability to produce leading-edge products with in-demand technologies. • The Americas Segment experienced continued weak demand and weak fixed cost absorption in connection with lower production, despite stable raw material costs during fiscal 2024. • The Brazil Segment was able to capture market share, but incurred selling price pressures from low-cost imports in the first half of the fiscal year. • The Asia Segment's sales growth slowed in fiscal 2024, due to a slowdown in global demand; however, there remains healthy demand for REPREVE, generating continued portfolio expansion.
See “Non-GAAP Reconciliations” below for reconciliations of each non-GAAP metrics to the most directly comparable GAAP metric. 22 Review of Results of Operations for Fiscal 2024, 2023, and 2022 UNIFI’s fiscal 2024 and 2023 each consisted of 52 weeks, while its fiscal 2022 consisted of 53 weeks.
Fiscal 2024 Fiscal 2023 Fiscal 2022 Net (loss) income $ (47,395 ) $ (46,344 ) $ 15,171 Interest expense, net 7,726 5,468 1,561 Provision for income taxes 1,858 901 11,657 Depreciation and amortization expense (1) 27,513 27,020 25,986 EBITDA (10,298 ) (12,955 ) 54,375 Loss on joint venture dissolution (2) 2,750 — — Severance (3) 2,351 — — Asset abandonment (4) — 8,247 — Contract modification costs (5) — 623 — Recovery of non-income taxes, net (6) — — 815 Adjusted EBITDA $ (5,197 ) $ (4,085 ) $ 55,190 (1) Within this reconciliation, depreciation and amortization expense excludes the amortization of debt issuance costs, which are reflected in interest expense, net.
(6) In fiscal 2022, UNIFI reduced an estimated benefit based on additional clarity and the review of the recovery process in Brazil. 23 Adjusted Net (Loss) Income and Adjusted EPS (Non-GAAP Financial Measures) The tables below set forth reconciliations of (i) (Loss) Income Before Income Taxes (“Pre-tax (Loss) Income”), Provision for Income Taxes (“Tax Impact”) and Net (Loss) Income to Adjusted Net (Loss) Income and (ii) Diluted EPS to Adjusted EPS.
Fiscal 2024 Pre-tax Loss Tax Impact Net Loss Diluted EPS GAAP results $ (45,537 ) $ (1,858 ) $ (47,395 ) $ (2.61 ) Loss on joint venture dissolution (1) 2,750 — 2,750 0.15 Severance (2) 2,351 — 2,351 0.13 Adjusted results $ (40,436 ) $ (1,858 ) $ (42,294 ) $ (2.33 ) Weighted average common shares outstanding 18,154 Fiscal 2023 Pre-tax Loss Tax Impact Net Loss Diluted EPS GAAP results $ (45,443 ) $ (901 ) $ (46,344 ) $ (2.57 ) Asset abandonment (3) 8,247 — 8,247 0.46 Contract modification costs (4) 623 — 623 0.03 Recovery of income taxes (5) — (3,799 ) (3,799 ) (0.21 ) Adjusted results $ (36,573 ) $ (4,700 ) $ (41,273 ) $ (2.29 ) Weighted average common shares outstanding 18,037 Fiscal 2022 Pre-tax Income Tax Impact Net Income Diluted EPS GAAP results $ 26,828 $ (11,657 ) $ 15,171 $ 0.80 Recovery of non-income taxes, net (6) 815 (257 ) 558 0.03 Recovery of income taxes, net (7) — (1,446 ) (1,446 ) (0.07 ) Adjusted results $ 27,643 $ (13,360 ) $ 14,283 $ 0.76 Weighted average common shares outstanding 18,868 (1) In the second quarter of fiscal 2024, UNIFI recorded a loss of $2,750 related to the dissolution of a nylon joint venture.
Although raw material costs for the Americas Segment decreased meaningfully in the fiscal year 2023, the associated benefit was muted by low production levels, weak demand, and higher priced raw material inventory impacting gross margins in the first half of the fiscal year. • For the Americas Segment, gross profit decreased due to (i) weaker global demand, (ii) weak fixed cost absorption in connection with lower production, and (iii) overall higher raw material cost levels in beginning inventory, despite a decrease in raw material costs during fiscal 2023. • For the Brazil Segment, gross profit decreased primarily due to the combination of high priced raw material inventory impacting gross margins in the first half of the fiscal year and decreasing market prices in Brazil due to low-cost import competition. • For the Asia Segment, gross profit decreased primarily due to lower sales volumes in connection with weaker global demand and pandemic-related lockdowns in Asia.
SG&A Expenses The changes in SG&A expenses were as follows: SG&A for fiscal 2022 $ 52,489 Net decrease in incentive expenses (2,768 ) Net decrease in professional fees (1,104 ) Net decrease in marketing expenses (497 ) Other net decreases (775 ) SG&A for fiscal 2023 $ 47,345 SG&A for fiscal 2023 $ 47,345 Net decrease in marketing expenses (848 ) Net decrease in amortization expenses (763 ) Net increase in professional fees 587 Other net increases 311 SG&A for fiscal 2024 $ 46,632 25 Fiscal 2024 vs.
Fiscal 2022 The decrease in the effective tax rate from fiscal 2022 to fiscal 2023 was primarily attributable to lower income for foreign subsidiaries, in combination with the impact of further losses in the U.S. and the associated valuation allowance for deferred tax assets in fiscal 2023.