Unifi Manufacturing recently released the preliminary operating results for the first quarter ending on Sept. 27, 2015.
Net income for the first quarter closed at $8.0 million or $0.45 per basic share. During the same quarter in 2014, Unifi reported a net income of $7.1 million or $0.39 per basic share.
Unifi announced an adjusted net income of $8.1 million or around $0.45 of adjusted EPS for the first quarter of the fiscal year 2016. In the same quarter in fiscal year 2015, Unifi announced an adjusted net income of $6.8 million.
Market experts concluded that these results shows improved performance of Unifi's consolidated operations as well as lower effective tax rate.
On the report, Unifi highlighted some of its achievements for the first quarter of the 2016 fiscal year. This includes, gross profit improvement from $20.5 million to $21.0 million or 11.6 percent to 12.8 percent of net sales. Unifi's stock repurchase program managed to repurchase 179,025 shares of common stock amounting to $5.4 million.
Unifi President and chief operating officer Roger Berrier told Market Watch, "The Company is supporting the growth of its premier value-added products with several capital investments, including the expansion of our existing REPREVE Recycling Center and the construction of plastic bottle processing plant scheduled to start-up in May 2016."
Unifi announced earlier this month that it is expanding its plastic recycling facility. The project will add millions of pounds to the company's yearly capacity and add more room for future growth.
Unifi provided additional commentary about its first quarter results and other developments on a conference call scheduled on Oct. 22. The call was broadcasted live on Unifi's official website. Supporting materials and information regarding Unifi's recent financial report is also available on the website.