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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Jun. 26, 2016
Mar. 27, 2016
Dec. 27, 2015
Sep. 27, 2015
Jun. 28, 2015
Mar. 29, 2015
Dec. 28, 2014
Sep. 28, 2014
Jun. 26, 2016
Jun. 28, 2015
Jun. 29, 2014
Net sales $ 163,858 $ 161,278 $ 156,336 $ 162,165 $ 174,951 [1] $ 172,187 [1] $ 164,422 [1] $ 175,561 [1] $ 643,637 $ 687,121 $ 687,902
Cost of sales                 550,005 596,416 604,640
Gross profit 27,471 23,364 21,813 20,984 25,319 [1] 22,007 [1] 22,929 [1] 20,450 [1] 93,632 90,705 83,262
Selling, general and administrative expenses                 47,502 49,672 46,203
Provision for bad debts                 1,684 947 287
Other operating expense, net                 2,248 1,600 5,289
Operating income                 42,198 38,486 31,483
Interest income                 (610) (916) (1,790)
Interest expense                 3,528 4,025 4,329
Loss on extinguishment of debt                 1,040
Other non-operating expense                 126
Equity in earnings of unconsolidated affiliates                 (8,963) (19,475) (19,063)
Income before income taxes                 48,243 53,812 47,881
Provision for income taxes                 15,073 13,346 20,161
Net income including non-controlling interest 9,915 9,275 6,194 7,786 14,910 9,759 9,122 6,675 33,170 40,466 27,720
Less: net loss attributable to non-controlling interest (322) (414) (270) (239) (730) (257) (296) (402) (1,245) (1,685) (1,103)
Net income attributable to Unifi, Inc. $ 10,237 [2] $ 9,689 [2] $ 6,464 [2] $ 8,025 [2] $ 15,640 [3] $ 10,016 [3] $ 9,418 [3] $ 7,077 [3] $ 34,415 $ 42,151 $ 28,823
Net income attributable to Unifi, Inc. per common share:                      
Basic (in dollars per share) $ 0.57 [4] $ 0.54 [4] $ 0.36 [4] $ 0.45 [4] $ 0.86 [4] $ 0.55 [4] $ 0.52 [4] $ 0.39 [4] $ 1.93 $ 2.32 $ 1.52
Diluted (in dollars per share) $ 0.56 [4] $ 0.53 [4] $ 0.35 [4] $ 0.43 [4] $ 0.83 [4] $ 0.53 [4] $ 0.50 [4] $ 0.37 [4] $ 1.87 $ 2.24 $ 1.47
[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). 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] Includes the unfavorable impact of key employee transition costs of approximately $840, $270 and $400 for the quarters ended June 26, 2016, March 27, 2016 and December 27, 2015, respectively
[3] Net income attributable to Unifi, Inc. for the quarter ended September 28, 2014 includes a bargain purchase gain recorded by PAL (of which $1,506 was 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 $7,822 reversal of 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 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 $3,190 is recognized by the Company).
[4] 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.