SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8‑K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):
May 12, 2005

UNIFI, INC.
(Exact name of registrant as specified in its charter)

7201 West Friendly Avenue
Greensboro, North Carolina 27410
(Address of principal executive offices)

(336) 294-4410
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

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Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]   Written communications pursuant to Rule 425 under the Securities Act  (17 CFR 230.425)

[ ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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ITEM 8.01.  OTHER EVENTS

            On May 12, 2005, Unifi, Inc. (the "Company") issued a press release concerning its China joint venture signing timeline.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

ITEM 9.01  FINANCIAL STATEMENTS AND EXHIBITS

             (c)  Exhibits

            99.1 Unifi, Inc. News release dated May 12, 2005

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:  May 12, 2005

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INDEX TO EXHIBITS

 

 

Exhibit No.	Description of Exhibit
99.1	Unifi, Inc. News Release dated May 12, 2005

EXHIBIT 99.1

 

                                                                        For more information, contact:
William M. Lowe, Jr.
Vice President
Chief Operating Officer
Chief Financial Officer
336.316.5664

UNIFI ANNOUNCES CHINA JOINT VENTURE SIGNING TIMELINE

      GREENSBORO, N.C. - May 12, 2005 - Unifi, Inc. (NYSE: UFI) announced today that the Company's and Sinopec Yizheng Chemical Fiber Co., Ltd.'s (YCFC) boards of directors have authorized their managements to sign the agreements regarding the previously announced joint venture between the two companies.  The Company indicated on its last earnings conference call that it expected the signing of the agreements and the required notices to occur in mid-May.  The Company has been informed by YCFC that due to internal issues at YCFC, not related to the joint venture, the signing of the joint venture contract and issuance of certain required notices are anticipated to take place sometime in June.  Based on this timeline, the establishment of the joint venture will probably occur sometime in the Company's first quarter fiscal 2006. 

     The companies are forming a joint venture to manufacture, process, and market polyester filament yarn through YCFC's Plant 5 facilities in Yizheng, Jiangsu Province, P.R. China.  The joint venture will be owned 50 percent by each company.  Unifi's investment in the proposed joint venture is estimated to be $30 million.  The proposed joint venture will focus on the production of higher margin specialty yarns for use within China and Asia.

     Unifi, Inc. (NYSE: UFI) is a diversified producer and processor of multi-filament polyester and nylon textured yarns and related raw materials.  The Company adds value to the supply chain and enhances consumer demand for its products through the development and introduction of branded yarns that provide unique performance, comfort and aesthetic advantages.  Key Unifi brands include, but are not limited to: Sorbtek^®, A.M.Y.^®, Mynx™ UV, Reflexx^®, MicroVista^® and Satura^®.  Unifi's yarns and brands are readily found in home furnishings, apparel, legwear and sewing thread, as well as industrial, automotive, military and medical applications.  For more information about Unifi, visit www.unifi.com.

 

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Unifi Announces China Joint Venture Signing Timeline - page 2

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

Certain statements included herein contain forward-looking statements within the meaning of federal security laws about Unifi, Inc.'s (the "Company") financial condition and results of operations that are based on management's current expectations, estimates and projections about the markets in which the Company operates, as well as management's beliefs and assumptions.  Words such as "expects," "anticipates," "believes," "estimates," variations of such words and other similar expressions are intended to identify such forward-looking statements.  These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict.  Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements.  Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof.  The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.

Factors that may cause actual outcome and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to, availability, 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, operating performance of joint ventures, alliances and other equity investments, technological advancements, employee relations, changes in construction spending, capital expenditures and long-term investments (including those related to unforeseen acquisition opportunities), continued availability of financial resources through financing arrangements and operations, outcomes of pending or threatened legal proceedings, 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 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 in currency exchange rates, interest and inflation rates, recession and other economic and political factors over which the Company has no control.  Other risks and uncertainties may be described from time to time in the Company's other reports and filings with the Securities and Exchange Commission.