Unifi Inc. (UFI: Quote) posted second-quarter net income attributable to the company of $2.4 million or $0.12 per share, compared to net loss of $7.6 million or $0.38 per share in the comparable quarter last year.
Net sales for the quarter were $172.07 million, up 3.0 percent from $167.11 million in the prior year quarter.
Separately, the company announced that its Board of Directors approved a new stock repurchase program to acquire up to $50 million of the company’s common stock. The new repurchase program replaces the existing program, which authorized the repurchase of up to 3.33 million shares of common stock, but which had been suspended since November 2003.
Unifi said that repurchases are expected to be financed through cash from operations and borrowings under the company’s revolving credit facility and are subject to applicable limitations and requirements set forth in the company’s credit facility.
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by RTT Staff Writer
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