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ITEM 5. OTHER EVENTS.

          On December 29, 2003, Unifi, Inc. issued a news release announcing that discussions related to a joint venture with Kaiping Polyester Enterprises Group ("Kaiping") are continuing into 2004, a copy of which is attached hereto as Exhibit 99.1.
 
 

ITEM 7. EXHIBITS.

99.1            News Release disseminated on December 29, 2003 by Unifi, Inc.

          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.

                                                                                 UNIFI, INC.

                                                                                 By: /S/ WILLIE M. WOOLDRIDGE
                                                                                             Willie M. Wooldridge, Vice President
 
 
 

Dated: December 30, 2003
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

             GREENSBORO, N.C. - December 29, 2003 - Unifi, Inc. (NYSE: UFI) today announced that discussions related to a joint venture with Kaiping Polyester Enterprises Group ("Kaiping") are continuing into 2004. The company originally announced that negotiations were expected to conclude by the end of calendar 2003.

            Brian Parke, chief executive officer for Unifi said, "The negotiations are continuing with satisfactory progress and results. However, this is an extremely complicated deal that requires an extraordinary amount of work to bring to the point of closure and implementation. We are moving toward the approval stage, but we want to be realistic in our expectations as to how long this final process may take. Obviously, at this time there are no assurances that we will close the proposed deal."

           Unifi Inc. (NYSE: UFI) is one of the world's largest producers and processors of textured yarns. The company's primary business is the texturing, dyeing, twisting, covering, and beaming of multi-filament polyester and nylon yarns. Unifi's textured yarns are found in home furnishings, apparel, and industrial fabrics, automotive, upholstery, hosiery, and sewing thread. For more information about Unifi, visit www.unifi-inc.com.
 
 

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, management's beliefs and assumptions made by management. 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.

Unifi Updates Timetable for Completion of Kaiping Joint Venture - Page 2
 
 

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.