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Prospector
Profile
1221-08
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| Unifi, Inc. |
NAICS |
325000 |
| P.O. Box 19109
Greensboro, NC 27419 |
Description |
Yarns Mfg. |
| (336) 294-4410 |
Employees |
3275 |
| http://www.unifi-inc.com/ |
Revenue |
(mil) |
690.3100 |
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Income |
(mil) |
-116.3100 |
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Assets |
(mil) |
660.9300 |
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Liability |
(mil) |
361.0000 |
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(for the year ended 2007-06-24) |
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Category:
Low Rating
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Event:
Moody's Investors Service downgraded the ratings of Unifi, Inc.'s $190 million senior secured notes due 2014 to Caa2 (LGD 4, 64%) from Caa1(LGD 4, 61%); lowered the company's Corporate Family Rating to Caa1 from B3 and Downgraded to Caa1 from B3 its Probability of Default Rating. Concurrently, Moody's changed the outlook for the ratings to negative. The downgrade reflects ongoing uncertainty with respect to the company's implementation of its business strategy, which includes consolidating US synthetic yarn production; shortfalls in Unifi's financial results relative to Moody's expectations; and Unifi's weakening liquidity position. In Moody's opinion, management turnover during the year added to the increased business risk which is incorporated in the ratings and outlook. Moody's believes that the company's liquidity position and flexibility to execute in a potentially slower economic environment has deteriorated over the last four quarters. The downgrade also reflects continuing industry overcapacity, weak gross margins on the bulk of Unifi's products and ongoing pricing pressures from imports of final goods.
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Intellectual Property:
The Company has a limited number of patents and 26 U.S. registered trademarks, none of which are material to its business taken as a whole. The Company licenses certain trademarks, including DacronŽ and Softectm from INVISTA S.a.r.l. [SEC Filing 10-K 09-07-07]
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Description:
The Company is a diversified producer and processor of multi-filament polyester and nylon textured yarns with manufacturing operations in the U.S. and South America.
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Officers:
Brian R. Parke (Chair, Pres. & CEO); William Lowe, Jr. (VP, COO & CFO); Benny Holder (VP); Charles Mccoy (VP, Asst. Sec. & Gen. Counsel); William J. Armfield, IV (Dir.); R. Wiley Bourne, Jr. (Dir.); Charles R. Carter (Dir.); Sue W. Cole (Dir.); J.B. Davis (Dir.); Kenneth G. Langone (Dir.); Donald F. Orr (Dir.)
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Auditor:
Ernst & Young LLP
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Securities:
Common Stock Symbol UFI; NYSE; 60,541,800 common shares outstanding as of November 1, 2007.
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