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FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 27, 1998
[] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 1-10542
UNIFI, INC.
(Exact name of registrant as specified its charter)
New York 11-2165495
(State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification No.)
P.O. Box 19109 - 7201 West Friendly Avenue
Greensboro, NC 27419
(Address of principal executive offices) (Zip Code)
(336) 294-4410
(Registrant's telephone number, including area code)
Same
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's class of
common stock, as of the latest practicable date.
Class Outstanding at November 1,1998
Common Stock, par value $.10 per share 61,075,386 Shares
Part I. Financial Information
UNIFI, INC.
Condensed Consolidated Balance Sheets
September 27, June 28,
1998 1998
(Unaudited) (Note)
(Amounts in Thousands)
ASSETS:
Current assets:
Cash and cash equivalents $17,612 $8,372
Receivables 200,343 222,310
Inventories:
Raw materials and supplies 51,444 45,044
Work in process 15,573 14,800
Finished goods 77,935 77,357
Other current assets 1,975 1,308
Total current assets 364,882 369,191
Property, plant and equipment 1,191,988 1,145,622
Less: accumulated depreciation 517,870 497,042
674,118 648,580
Equity investments in 212,691 212,448
unconsolidated affiliates
Other noncurrent assets 100,154 108,585
Total assets $1,351,845 $1,338,804
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable $81,315 $93,922
Accrued expenses 32,618 43,939
Income taxes payable 9,585 5,218
Current maturities of long-term
debt and other current liabilities 16,231 16,234
Total current liabilities 139,749 159,313
Long-term debt and other
liabilities 478,026 463,967
Deferred income taxes 66,023 62,970
Minority interests 18,696 16,357
Shareholders' equity:
Common stock 6,121 6,163
Capital in excess of par value 11,151 22,454
Retained earnings 636,390 618,128
Accumulated other comprehensive
income (loss) (4,311) (10,548)
Total shareholders' equity 649,351 636,197
Total liabilities and
shareholders' equity $1,351,845 $1,338,804
Note: The balance sheet at June 28, 1998, has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for
complete financial statements.
See Accompanying Notes to Condensed Consolidated Financial Statements.
UNIFI, INC.
Condensed Consolidated Statements of Income
(Unaudited)
For the Quarters Ended
September 27, September 28,
1998 1997
(Amounts in Thousands,
Except Per Share Date)
Net sales $328,815 $329,842
Cost of goods sold 281,338 280,324
Selling, general & admin. expense 11,563 9,895
Operating income 35,914 39,623
Interest expense 6,586 3,271
Interest income 476 458
Other (income) expense 551 (290)
Equity in earnings of unconsolidated
affiliates 1,744 4,621
Income before income taxes 30,997 41,721
Provision for income taxes 9,967 14,196
Income before cumulative effect of
accounting change 21,030 27,525
Cumulative effect of accounting
change, net of tax 2,768 --
Net income $18,262 $27,525
Earnings per common share:
Income before cumulative effect
of accounting change $.34 $.45
Cumulative effect of accounting
change, net of tax .04 --
Net income per common share $.30 $.45
Earnings per common share -
assuming dilution:
Income before cumulative effect
of accounting change $.34 $.45
Cumulative effect of accounting
change, net of tax .04 --
Net income per common share -
assuming dilution $.30 $.45
Cash dividends per share $ -- $.14
See Accompanying Notes to Condensed Consolidated Financial Statements.
UNIFI, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
For the Quarter Ended
September 27, September 28,
1998 1997
(Amounts in Thousands)
Cash and cash equivalents provided by
operating activities $44,174 $54,946
Investing activities:
Capital expenditures (45,168) (59,022)
Investments in unconsolidated equity
affiliates (10,000) (34,027)
Sale of capital assets 75 203
Proceeds from notes receivable 505 137
Other 971 (361)
Net investing activities (53,617) (93,070)
Financing activities:
Borrowing of long-term debt 35,000 75,000
Repayment of long-term debt (5,285) (10,120)
Issuance of Company common stock 641 608
Stock option tax benefit -- 1,443
Purchase and retirement of Company
common stock (11,986) (17,394)
Cash dividends paid -- (8,557)
Other (48) (27)
Net financing activities 18,322 40,953
Currency translation adjustment 361 (128)
Net increase (decrease) in cash and cash
equivalents 9,240 2,701
Cash and cash equivalents - beginning 8,372 9,514
Cash and cash equivalents - ending $17,612 $12,215
See Accompanying Notes to Condensed Consolidated Financial Statements.
UNIFI, INC.
Notes to Condensed Consolidated Financial Statements
(a)Basis of Presentation
The information furnished is unaudited and reflects all adjustments which
are, in the opinion of management, necessary to present fairly the financial
position at September 27, 1998, and the results of operations and cash flows
for the periods ended September 27, 1998, and September 28, 1997. Such
adjustments consisted of normal recurring items except for the cumulative
effect of accounting change recorded in the current quarter as described
further in Note (e). Interim results are not necessarily indicative of
results for a full year. It is suggested that the condensed consolidated
financial statements be read in conjunction with the financial statements
and notes there to included in the Company's latest annual report on
Form 10-K. The Company has reclassified the presentation of certain prior
year information to conform with the current presentation format.
(b)Income Taxes
Deferred income taxes have been provided for the temporary differences
between financial statement carrying amounts and tax basis of existing
assets and liabilities.
The difference between the statutory federal income tax rate and the
effective tax rate is primarily due to the realization of state and
federal tax credits and the results of foreign subsidiaries which are
taxed at rates below those of U.S. operations.
(c)Earnings per share
The following table sets forth the reconciliation of the numerators and
denominators of the basic and diluted earnings per share computations:
Quarters Ended
September 27, September 28,
1998 1997
Numerator:
Income before cumulative
effect of accounting
change $21,030 $27,525
Cumulative effect of
accounting change, net
of tax 2,768 --
Net income $18,262 $27,525
Quarters Ended
September 27, September 28,
1998 1997
Denominator:
Denominator for basic
earnings per share -
weighted average shares 61,401 61,009
Effect of dilutive
securities:
Stock options 6 689
Dilutive potential common
shares Denominator for
diluted earnings per
share-adjusted weighted
average shares and
assumed conversions 61,407 61,698
(d) Comprehensive Income
In June 1997, the FASB issued Statement of Financial Accounting Standards
No. 130,``Reporting Comprehensive Income,''(SFAS 130) which the Company
has adopted in the current quarter. The adoption of this Statement had no
impact on the Company's net income or shareholders' equity. SFAS 130
requires the reporting of comprehensive income and its components in
complete general purpose financial statements as well as requires certain
interim comprehensive income information be disclosed.Comprehensive income
represents the change in net assets of a business during a period from non
-owner sources. Such non-owner changes in net assets that are not included
in net income include, among others, foreign currency translation
adjustments, unrealized gains and losses on available-for-sale securities
and certain minimum pension liabilities. Prior year statements have been
reclassified to conform to SFAS 130.
During the first quarter of fiscal 1999 and 1998, total comprehensive
income (loss) amounted to $6.2 million and $(2.9) million, respectively and
was comprised of foreign currency translation adjustments. The Company
does not provide income taxes on the impact of currency translations as
earnings from foreign subsidiaries are deemed to be permanently invested.
(e) Cumulative Effect of Accounting Change
In April 1998, the AICPA issued SOP 98-5, ``Reporting on the Costs of
Start-Up Activities,'' (SOP 98-5) which requires start-up costs, as
defined, to be expensed as incurred. In accordance with this SOP, any
previously capitalized start-up costs are required to be written-off as a
cumulative effect of a change in accounting principle. The Company, upon
adoption of this SOP in the current quarter, has written off the
unamortized balance of such previously capitalized start-up costs as of
June 29, 1998, of $4.5 million ($2.8 million after tax) or $.04 per diluted
share as a cumulative catch-up adjustment.
(f) Recent Accounting Pronouncements
In June 1997, the FASB issued Statement of Financial Accounting Standards
No. 131, ``Disclosures about Segments of an Enterprise and Related
Information,'' (SFAS 131) which is required to be adopted in the fourth
quarter of fiscal 1999. SFAS 131 establishes standards for public
companies for the reporting of financial information from operating
segments in annual and interim financial statements as well as establishes
standards for related disclosures about products and services, geographic
areas and major customers. Operating segments are defined in SFAS 131 as
components of an enterprise about which separate financial information is
available to the chief operating decision maker for purposes of assessing
performance and allocating resources. The Company has not completed its
analysis of the effect that the adoption of this standard will have on its
financial statement disclosure; however, the adoption of SFAS 131 will not
affect consolidated results of operations or financial position.
In March 1998, the AICPA issued SOP 98-1, ``Accounting for the Cost of
Computer Software Developed for or Obtained for Internal-Use,'' (SOP 98-1).
This SOP is effective for the Company in the first quarter of fiscal
year 2000 if not previously adopted. SOP 98-1 will require the
capitalization of certain costs incurred after the date of adoption in
connection with developing or obtaining software for internal use. The
Company currently expenses certain of these internal costs when incurred.
The Company has not yet assessed what the impact of the SOP will be on the
Company's future earnings or financial position.
In June 1998, the FASB issued Statement of Financial Accounting Standards
No. 133,``Accounting for Derivative Instruments and Hedging Activities,''
(SFAS 133) which the Company is required to adopt in fiscal year 2000.
SFAS 133 permits early adoption as of the beginning of any fiscal quarter
after its issuance. SFAS 133 will require the Company to recognize all
derivatives on the balance sheet at fair value. Derivatives that are not
hedges must be adjusted to fair value through income. If the derivative is
a hedge, depending on the nature of the hedge, changes in the fair value of
derivatives will either be offset against the change in fair value of the
hedged assets, liabilities, or firm commitments through earnings or
recognized in other comprehensive income until the hedged item is
recognized in earnings. The ineffective portion of a derivative's change
in fair value will be immediately recognized in earnings. The Company has
not yet determined what the effect of Statement 133 will be on the earnings
and financial position of the Company.
Management's Discussion and Analysis of
Financial Condition and Results of Operations
The following is Management's discussion and analysis of certain significant
factors that have affected the Company's operations and material changes in
financial condition during the periods included in the accompanying Condensed
Consolidated Financial Statements.
Results of Operations
Consolidated net sales decreased 0.3% in the quarter from $329.8 million to
$328.8 million. Unit volume for the quarter increased 6.1% while average
unit sales prices, based on product mix, declined 6.0%. The increase in unit
volumes during the quarter is primarily due to the formation of a limited
liability company with Burlington Industries, Inc. (Burlington) on
May 29, 1998, and the acquisition on November 14, 1997, of SI Holding
Company (Spanco).
Domestically, polyester and nylon yarn net sales declined 1.3% for the
quarter due primarily to reductions in unit price, based on product mix. Our
performance year over year was negatively impacted by the continuing effects
of the Asian financial crisis, as imports of yarns, fabrics and garments put
pressure on margins and affected both domestic and export polyester yarn
volumes. In addition, volume in our dyed polyester yarns for automotive
upholstery was greatly reduced as a result of the General Motors strike.
Internationally, sales in local currency increased 13.6% for the quarter due
to both increased unit volume and sales prices.
Gross profit decreased 4.1% to $47.5 million for the quarter while gross
margin (gross profit as a percentage of net sales) declined 0.6% to 14.4%.
The decline in gross margin reflects lower average selling prices and
increased manufacturing and packaging costs, which were partially offset by
lower average raw material costs.
Selling, general and administrative expenses as a percentage of net sales
increased from 3.0% in last year's quarter to 3.5% this quarter. On a dollar
basis, selling, general and administrative expense increased $1.7 million to
$11.6 million for the quarter. Higher selling, general and administrative
expenses for the current year quarter reflects cost increases associated with
the prior year acquisition of Spanco, the formation of the limited liability
company with Burlington discussed above and higher sales costs for our
international operations as we try to penetrate new markets.
Interest expense increased $3.3 million to $6.6 million in the current
quarter. The increase in interest expense reflects higher levels of
outstanding debt at higher average interest rates and the reduction of
interest capitalized for major construction projects as certain significant
projects in process in the prior year fiscal quarter have been substantially
completed. In February 1998, the Company issued $250.0 million of debt
securities with a coupon rate of 6.5%, the proceeds of which were utilized to
repay a portion of the revolving credit facility.
Equity in the earnings of our unconsolidated affiliates, Parkdale America,
LLC (``the LLC'') and Micell Technologies, Inc., (Micell) net of the minority
interest in our limited liability company formed with Burlington amounted to
$1.7 million in the first quarter of fiscal 1999 compared with $4.6 million
in the first quarter of fiscal 1998. The decline is primarily attributable
to the inclusion of the minority interest of Burlington and reduced earnings
from the LLC. The operating results of the LLC are expected to be lower in
the next few quarters due to pricing pressures on spun cotton products
associated with anticipated weaker demand and excess capacity issues.
The effective tax rate has decreased from 34.0% to 32.2% in the current
quarter primarily due to earnings of Irish operations, which are taxed at a
10.0% effective rate, increasing as a percentage of pre-tax earnings of the
Company. The difference between the statutory federal income tax rate and
the effective tax rate is primarily due to the realization of state and
federal tax credits and the results of foreign subsidiaries which are taxed
at rates below those of U.S. operations.
In April 1998, the AICPA issued SOP 98-5, ``Reporting on the Costs of Start-
Up Activities,'' (SOP 98-5) which requires start-up costs, as defined, to be
expensed as incurred. In accordance with this SOP, any previously
capitalized start-up costs are required to be written-off as a cumulative
effect of a change in accounting principle. The Company, upon adoption of
this SOP in the current quarter, has written off the unamortized balance of
such previously capitalized start-up costs as of June 29, 1998, of $4.5
million ($2.8 million after tax) or $.04 per diluted share as a cumulative
catch-up adjustment.
In June 1997, the FASB issued Statement of Financial Accounting Standards
No. 131,``Disclosures about Segments of an Enterprise and Related
Information,''(SFAS 131) which is required to be adopted in the fourth quarter
offiscal 1999. SFAS 131 establishes standards for public companies for the
reporting of financial information from operating segments in annual and
interim financial statements as well as establishes standards for related
disclosures about products and services, geographic areas and major customers.
The Company has not completed its analysis of the effect that the adoption of
this standard will have on its financial statement disclosure; however, the
adoption of SFAS 131 will not affect consolidated results of operations or
financial position.
In March 1998, the AICPA issued SOP 98-1,``Accounting for the Cost of
Computer Software Developed for or Obtained for Internal-Use,'' (SOP 98-1).
This SOP is effective for the Company in the first quarter of fiscal year
2000 if not previously adopted. SOP 98-1 will require the capitalization of
certain costs incurred after the date of adoption in connection with
developing or obtaining software for internal use. The Company currently
expenses certain of these internal costs when incurred. The Company has not
yet assessed what the impact of the SOP will be on the Company's future
earnings or financial position.
In June 1998, the FASB issued Statement of Financial Accounting Standards
No. 133,``Accounting for Derivative Instruments and Hedging Activities,''
(SFAS 133) which the Company is required to adopt in fiscal year 2000.
SFAS 133 permits early adoption as of the beginning of any fiscal quarter
after its issuance. SFAS 133 will require the Company to recognize all
derivatives on the balance sheet at fair value. Derivatives that are not
hedges must be adjusted to fair value through income. If the derivative is a
hedge, depending on the nature of the hedge, changes in the fair value of
derivatives will either be offset against the change in fair value of the
hedged assets, liabilities, or firm commitments through earnings or
recognized in other comprehensive income until the hedged item is recognized
in earnings. The ineffective portion of a derivative's change in fair value
will be immediately recognized in earnings. The Company has not yet
determined what the effect of Statement 133 will be on the earnings and
financial position of the Company.
As a result of the above, the Company realized during the current quarter net
income of $18.3 million, or diluted earnings per share of $.30, compared to
$27.5 million, or $.45 per share, for the corresponding quarter of the prior
year. For the current quarter, income before the cumulative effect of the
accounting change was $21.0 million, or $.34 per diluted share, respectively.
Liquidity and Capital Resources
Cash provided by operations continues to be a primary source of funds to
finance operating needs and capital expenditures. Cash generated from
operations was $44.2 million for the quarter ended September 27, 1998,
compared to $54.9 million for the prior year corresponding period. The
primary sources of cash from operations, other than net income, were a
decrease in accounts receivable of $23.7 million and an increase in current
income taxes payable of $5.9 million and non-cash adjustments aggregating
$26.7 million. Depreciation and amortization of $21.3 million, the after-tax
cumulative accounting change of $2.8 million and the deferred income tax
provision of $3.0 million, offset by earnings of unconsolidated affiliates of
$0.3 million, were the primary components of the non-cash adjustments to cash
provided by operations. Offsetting these sources were an increase in
inventory of $6.6 million and a decrease in accounts payable and accruals of
$23.0 million. All working capital changes have been adjusted to exclude the
effects of currency translation.
Working capital levels are more than adequate to meet the operating
requirements of the Company. The Company ended the current quarter with
working capital of $225.1 million, which included cash and cash equivalents
of $17.6 million.
The Company utilized $53.6 million for net investing activities and obtained
$18.3 million from net financing activities during the quarter ended
September 27, 1998. Significant expenditures during this period included
$45.2 million for capacity expansions and upgrading of facilities, $10.0 for
investments in equity affiliates and $12.0 million for the purchase and
retirement of Company common stock. The Company obtained proceeds from net
borrowings under its long-term debt agreements of $29.7 million which
partially offset these cash expenditures.
At September 27, 1998, the Company has committed approximately $79.9 million
for the purchase and upgrade of equipment and facilities, which is scheduled
to be expended during the remainder of fiscal year 1999 and in fiscal year
2000. A significant component of these committed funds as well as a major
component of the year-to-date capital expenditures is the continuing
construction of a new nylon texturing and covering facility in Madison, North
Carolina. This plant will consolidate the existing capacity at several
locations, replacing older equipment with state-of-the-art technology, and
will provide for additional capacity and expansion capabilities. Certain
construction and machinery components of this project are still under
negotiation.
Effective July 16, 1998, the Board of Directors terminated the previously-
established policy of paying cash dividends equal to approximately 30% of
the Company's after-tax earnings for the previous year. In lieu of this cash
dividend, the Board of Directors has authorized management to utilize cash
equal to the same 30% of previous year's earnings to purchase shares of the
Company's stock as management deems advisable. The Board of Directors also
increased the remaining authorization pursuant to a resolution originally
established on October 21, 1993, to purchase 10 million shares of Unifi's
common stock. During the current quarter,the Company purchased 454,000 shares.
Accordingly, there remains an authorization to repurchase approximately
9.5 million shares. The Company will continue to operate its stock buy-back
program from time to time as it deems appropriate, based on prevailing
financial and market conditions.
Management believes the current financial position of the Company in
connection with its operations and its access to debt and equity markets are
sufficient to meet anticipated capital expenditure, strategic acquisition,
working capital, Company common stock repurchases and other financial needs.
Year 2000 Compliance Status
The Company continues to actively address the business issues associated with
the year 2000 that impact information technology systems and non-information
technology systems (i.e., embedded technology) both internally and in
relation to our external customers, suppliers and other business associates.
Factors involved in addressing such business issues include the evaluation,
testing and implementation of the Company's enterprise-wide systems;
evaluation, upgrading and certifying of non-information technology systems;
assessing and testing significant customers' and vendors' compliance
strategies and monitoring the status thereof (including electronic commerce
with these companies); and, evaluating and monitoring the compliance plans of
businesses in which the Company maintains investments in their operations.
The Company has created a team of professionals with the responsibility of
addressing business issues associated with the year 2000. The Company does
not believe any material exposures or contigencies exist with respect to its
internal information systems as the installation of the remaining enterprises-
wide software is anticipated to be completed in the necessary time frame. At
present, the Company estimates it is approximately two-thirds complete with
its enterprise-wide software implementation efforts. Additionally, as a
precautionary measure, back-up plans are in process of being formulated in the
event certain enterprise-wide applications are not fully implemented by the
end of the 1999 fiscal year. Also, the Company has completely inventoried its
manufacturing plant applications and is in process of testing year 2000
compliance of some of these systems. Embedded technology devices are also in
process of being inventoried and detailed plans are being established to
evaluate and test those identified.
The Company has requested information on the year 2000 compliance plans and
status from its significant vendors and equity affiliates and is presently not
aware of any material exposures or contingencies. The Company is also in
process of surveying its major customers to identify any customers at risk
requiring further discussion.
The Company is requesting assurance from its major suppliers that they are
addressing the year 2000 issues to avoid disruption of products and services.
Certain suppliers, although not indicating any problems or concerns at the
present time, are unwilling to provide any guarantees or assurances.
Consequently, the Company cannot predict the likelihood or impact on its
business resulting from noncompliance by such parties.
Costs incurred in the Company's year 2000 compliance efforts are being
expensed as incurred. Anticipated expenditures related to year 2000
compliance readiness, in addition to those associated with the enterprise-wide
software implementation, are expected to be approximately $0.5 million for the
fiscal year ending June 27, 1999.
Euro Conversion
The Company conducts business in multiple currencies, including the currencies
of various European countries in European Union which will be participating in
the single European currency by adopting the Euro as their common currency as
of January 1, 1999. Additionally, the functional currency of our Irish
operation and several sales office locations will change before
January 1, 2002, from their historical currencies to the Euro. During the
period January 1, 1999, to January 1, 2002, the existing currencies of the
member countries will remain legal tender and customers and vendors of the
Company may continue to use these currencies when conducting business.
Currency rates during this period, however, will no longer be computed from
one legacy currency to another but instead will first be converted into the
Euro. The Company is currently evaluating the Euro conversion and the impact
on its business, both strategically and operationally. At this time,
management has not completed its assessment of the impact of the conversion;
however, the conversion to the Euro is not expected to have a material adverse
effect on the financial condition or results of operations of the Company.
Forward Looking Statements
Certain statements in this Management's Discussion and Analysis of Financial
Condition and Results of Operations and other sections of this quarterly
report contain forward-looking statements within the meaning of federal
security laws about the Company's 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, management's
beliefs and assumptions made by managements. 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 judgement only as of the date hereof. The Company
undertakes no obligations 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 due to competition and economic
conditions, reliance on and financial viability of significant customers,
technological advancements, employee relations, changes in construction
spending and capital equipment expenditures (including those related to
unforeseen acquisition opportunities), the timely completion of construction
and expansion projects planned or in process, continued availability of
financial resources through financing arrangements and operations,
negotiations 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 statments 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.
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K
(27) Financial Data Schedule
(b) No reports on Fom 8-K have been filed during the quarter ended
September 27, 1998.
UNIFI,INC.
Signatures
Pursuant to the requiremnts of the Securities Exchange Act of 1934, the
Registrant has caused this report to be signed on its behalf by the
undersigned there unto duly authorized.
UNIFI,INC.
Date: 11-12-1998 WILLIS C. MOORE, III
---------------- --------------------
Willis C. Moore, III
Senior-Vice President and
Chief Financial Officer (Mr.
Moore is the Principal
Financial and Accounting
Officer and been duly
authorized to sign on behalf
of the Registrant.)