Unifi, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended December 25, 2017. For the quarter, the company announced net sales of $167,478,000 compared to $155,155,000 for the same period a year ago. Operating income was $7,774,000 compared to $9,038,000 for the same period a year ago. Income before income taxes was $6,976,000 compared to $6,278,000 for the same period a year ago. Net income attributable to the company was $11,802,000 compared to $4,591,000 for the same period a year ago. Diluted net income per share was $0.63 compared to $0.25 for the same period a year ago. EBITDA was $13,517,000 compared to $12,061,000 for the same period a year ago. Adjusted EBITDA was $13,893,000 compared to $14,468,000 for the same period a year ago. Net debt (debt principal less cash and cash equivalents) was $84.9 million at December 24, 2017, compared to $94.0 million at June 25, 2017, as cash and cash equivalents grew from $35.4 million at June 25, 2017 to $48.6 million at December 24, 2017. Adjusted net income was $7,995,000 compared to $6,253,000 for the same period a year ago. Diluted net income per share was $0.43 compared to $0.34 for the same period a year ago.

For the six months, the company announced net sales of $331,720,000 compared to $315,124,000 for the same period a year ago. Operating income was $17,947,000 compared to $21,612,000 for the same period a year ago. Income before income taxes was $19,132,000 compared to $19,146,000 for the same period a year ago. Net income attributable to the company was $20,762,000 compared to $13,994,000 for the same period a year ago. Diluted net income per share was $1.12 compared to $0.76 for the same period a year ago. Adjusted net income was $16,995,000 compared to $15,656,000 for the same period a year ago. Diluted net income per share was $0.91 compared to $0.85 for the same period a year ago. EBITDA was $32,194,000 compared to $30,286,000 for the same period a year ago. Adjusted EBITDA was $29,716,000 compared to $32,379,000 for the same period a year ago. Net cash provided by operating activities was $20,389,000 compared to $17,296,000 for the same period a year ago. Capital expenditures were $11,360,000 compared to $19,343,000 for the same period a year ago.

Fiscal 2018 outlook is updated by raising top-line expectations and adjusting operating income and earnings guidance to reflect higher costs. Revenue growth in the low- to mid-single digit percentage range, driven by volume growth from continued strategic investments; Operating income broadly in-line with fiscal 2017; Earnings, excluding Parkdale America, LLC, (i.e. Adjusted EBITDA) flat to mid-single digit percentage growth; Capital expenditures of approximately $30 million against $35 million of its previous guidance; and An effective tax rate for ongoing business, exclusive of significant fluctuations, in the mid-20% range.