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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Jun. 28, 2015
Mar. 29, 2015
Dec. 28, 2014
Sep. 28, 2014
Jun. 29, 2014
Mar. 30, 2014
Dec. 29, 2013
Sep. 29, 2013
Jun. 28, 2015
Jun. 29, 2014
Jun. 30, 2013
Net sales $ 174,951 [1] $ 172,187 [1] $ 164,422 [1] $ 175,561 [1] $ 181,752 $ 176,864 $ 160,617 $ 168,669 $ 687,121 $ 687,902 $ 713,962
Cost of sales                 596,416 604,640 640,858
Gross profit 25,319 [1] 22,007 [1] 22,929 [1] 20,450 [1] 25,021 19,759 18,497 19,985 90,705 83,262 73,104
Selling, general and administrative expenses                 49,672 46,203 47,386
Provision (benefit) for bad debts                 947 287 (154)
Other operating expense, net                 1,600 5,289 3,409
Operating income                 38,486 31,483 22,463
Interest income                 (916) (1,790) (698)
Interest expense                 4,025 4,329 4,489
Loss on extinguishment of debt                 1,040   1,102
Other non-operating expense                   126  
Equity in earnings of unconsolidated affiliates                 (19,475) (19,063) (11,444)
Income before income taxes                 53,812 47,881 29,014
Provision for income taxes                 13,346 20,161 13,344
Net income including non-controlling interest 14,910 9,759 9,122 6,675 8,436 4,454 6,211 8,619 40,466 27,720 15,670
Less: net (loss) attributable to non-controlling interest (730) (257) (296) (402) (331) (289) (232) (251) (1,685) (1,103) (965)
Net income attributable to Unifi, Inc. $ 15,640 [2] $ 10,016 [2] $ 9,418 [2] $ 7,077 [2] $ 8,767 $ 4,743 $ 6,443 $ 8,870 $ 42,151 $ 28,823 $ 16,635
Net income attributable to Unifi, Inc. per common share:                      
Basic (in Dollars per share) $ 0.86 [3] $ 0.55 [3] $ 0.52 [3] $ 0.39 [3] $ 0.48 [3] $ 0.25 [3] $ 0.34 [3] $ 0.46 [3] $ 2.32 $ 1.52 $ 0.84
Diluted (in Dollars per share) $ 0.83 [3] $ 0.53 [3] $ 0.50 [3] $ 0.37 [3] $ 0.46 [3] $ 0.24 [3] $ 0.32 [3] $ 0.44 [3] $ 2.24 $ 1.47 $ 0.80
[1] Net sales and gross profit for the fiscal quarters ended September 28, 2014, December 28, 2014 and March 29, 2015 have been revised to reflect revenues presented for All Other (as described in more detail in "Note 26. Business Segment Information"). Such income had been previously recorded as an offset to cost of sales or other operating expense due to the insignificance of the underlying business activities to the consolidated financial statements.
[2] Net income attributable to Unifi, Inc. for the quarter ended September 28, 2014 includes a bargain purchase gain recorded by PAL (of which $729 is recognized by the Company). Net income attributable to Unifi, Inc. for the quarter ended December 28, 2014 includes a net change in deferred tax valuation allowances of $630 recorded as a benefit to the income tax provision. Net income attributable to Unifi, Inc. for the quarter ended March 29, 2015 includes the following: a.a net change in deferred tax valuation allowances of $924 recorded as a benefit to the income tax provision, b.renewable energy tax credits of $782 recorded as a benefit to the income tax provision and c.an after-tax loss on extinguishment of debt of approximately $676. Net income attributable to Unifi, Inc. for the quarter ended June 28, 2015 includes the following: a.a net change in deferred tax valuation allowances of $1,749 recorded as a benefit to the income tax provision, b.a change of $7,822 in the deferred tax liability related to the Company's indefinite reinvestment assertion, c.the reversal of a $3,008 deferred tax asset related to certain intercompany foreign currency transactions which originated in prior years and were settled in the fourth quarter of fiscal year 2015, d.a net change in uncertain tax positions of $3,046 recorded to provision for income taxes and e.a bargain purchase gain recorded by PAL (of which $1,962 is recognized by the Company).
[3] Income per share is computed independently for each of the periods presented. The sum of the income per share amounts for the quarters may not equal the total for the year.