LOS ANGELES, Jan. 27, 2021 /PRNewswire/ — The Los Angeles Area Chamber of Commerce hosts its 133rd annual Inaugural Awards, a celebration of bold leadership and hope for our region. The event themed, «Together for Tomorrow,» also marks the Chambers’ vision for regional economic recovery for the year ahead.

«The last year has been difficult on many levels. Not only did the pandemic disrupt business and decimate small businesses, but it also shed light on the deep inequities in our communities of color. This annual awards program is an opportunity to focus on the critical work in the coming year for recovery and to celebrate those whose work inspire us. Our event theme, Together for Tomorrow, is a signal of hope, we still believe that together, our region can create a better tomorrow,» said Maria S. Salinas, President & CEO of the L.A. Area Chamber. 

The Inaugural Awards also marks the installation of the incoming 2021 Chamber Board Chair, Raul A. Anaya, President of Business Banking at Bank of America and Market President for Greater Los Angeles where he oversees the bank’s local corporate and social responsibility activities, including philanthropic giving, community development lending and investing, as well as support for the bank’s 8,000 employees in the Greater Los Angeles area. During a time when economic recovery will be a top priority, Raul joins a long line of Chamber leadership dedicated to the Los Angeles region.

Local and statewide civic leaders, business thought leaders and philanthropists will be in attendance. The event will recognize extraordinary leadership with the presentation of the Civic Medal of Honor, Corporate Leadership, and Beacon of Light Award.

Awards Presented:

• Corporate Leadership Award will be presented to Ralphs, the Southern California supermarket chain, inspired us with their response to the pandemic, dedicated to feeding the human spirit through their Zero Hunger Zero Waste program. Their work in feeding communities in need during the pandemic, providing rapid antibody tests to customers and as essential workers during the pandemic provided a safety net our communities could rely upon.
• Civic Medal of Honor will be presented to Constance L. Rice, for her incomparable work as a civil rights activist, author, lawyer, advocate and leader, known and respected for fighting systemic injustice, equity and advancing democracy.
• Beacon of Light Awards will be presented to our championship teams who have given us hope of a brighter tomorrow, the LA Dodgers and the LA Lakers. As champions, on and off the field, they inspire, support our communities, provide entertainment and hope, not only to sports fans but to all of us.

The event is virtual this year, open to the public and free to attend. We encourage everyone to join us as we celebrate the bright road ahead of the Los Angeles region in 2021. Additional information may be found at https://lachamber.com/inaugural-dinner/.

About Los Angeles Area Chamber of Commerce
The Los Angeles Area Chamber of Commerce represents the interests of business in the Los Angeles region. The Chamber’s mission is to design and advance opportunities and solutions for a thriving regional economy that is inclusive and globally competitive. Founded in 1888, the Chamber is the oldest and largest business association in the region. Its member companies work together to promote a prosperous economy and quality of life in the Los Angeles region.

For more information, visit www.lachamber.com 

CONTACT: Shannon Smith, 213-580-7532, ssmith@lachamber.com

 

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SOURCE Los Angeles Area Chamber of Commerce

WEYMOUTH, Mass., Jan. 27, 2021 /PRNewswire-PRWeb/ — LKB has exciting infrastructure projects underway, bringing their engineering design, construction administration, environmental, and energy consulting services together on projects around the state. LKB’s clients in the public sector include: the NYS Office of Parks, Recreation & Historic Preservation; the New York State Thruway Authority; the New York State Department of Transportation; and several county Public Works Departments. Their projects include overpasses, bridges, roadways and state parks among others. Some notable projects include the award-winning NYS Route 347 Design-Build project, for which LKB served as the lead designer. This $36 million fast-track highway improvement project was completed in under 18 months, and received the highest sustainable design rating under the GreenLITES program, as well as the 2018 Outstanding Engineering Achievement Award from the New York State Society of Professional Engineers (NYSSPE), Long Island Chapter. LKB has also been involved in construction administration for numerous high profile highway and bridge projects, such as the complex $40 million replacement of the historic Crane Road Bridge in Scarsdale, NY. This multi-span concrete «mushroom bridge» was originally constructed in 1925 and required significant improvements. In addition, they have managed the construction of approximately 15 miles of a High Occupancy Vehicle (HOV) lane along the Long Island Expressway (LIE), under four separate construction contracts totaling over $200 million. This work included widening the mainline of the LIE, upgrading services roads, as well as reconstruction, replacement, and removal of bridges.

LKB also includes a broad team of mechanical, electrical and environmental engineers and technical professionals who support the public and private sector on real estate development and renovations such as: medical buildings, industrial properties, museums, marinas, airports, offices, and higher education campuses to list a few.

For Vertex, this acquisition augments its East Coast presence and expands its services in engineering and construction administration. «We could not be more excited about the acquisition of LKB. Founded in 1889 and in operation for over 130 years, LKB is a piece of engineering history. We are honored to have them as part of our team» said Jeffrey Picard President of Vertex. «Since my first meeting with LKB’s owners and executives, it was abundantly clear that our corporate cultures were in alignment, and LKB’s various practices would complement and expand Vertex’s core services, particularly in New York. Our mutual dedication to our clients, our teammates, and our ever-commitment to deliver first-class professional services will allow us to continue our growth journey into the future.»

For LKB, Vertex provides the right fit, as it is an employee-owned company that offers the expanded resources of a multi-disciplinary firm throughout its North American presence. Andre Haddad, President and CEO of LKB said, «Vertex offers LKB a tremendous geographical presence and breadth of resources enabling us to provide an expanded array of services to our clients. Together, the combination of our distinctive resources and areas of expertise give us a great advantage to provide unparalleled service to the industry.»

Steve Hanuszek, Executive Vice President of LKB said, «The complimentary nature of the specialized services offered by each firm generates an excellent environment for collaborative development. I truly believe this venture will benefit each organization and will provide tremendous opportunities, not only for the growth of both companies, but also for the professional advancement of our employees.»

Andrew Chagnon, managing director of Vertex said of the acquisition, «Being growth focused has shown Vertex that with growth comes opportunity. We see the addition of LKB to the Vertex team not only as a great opportunity for both organizations, but more importantly for the people that truly are the organizations. In addition, we have a deep respect for the Lockwood Kessler & Bartlett legacy, and we look forward to working together to extend this legacy for decades to come.»

Vertex is an employee-owned AEC firm that offers forensic consulting, design engineering, environmental services, construction services, and digital solutions throughout the globe. Vertex is value driven and cares about its clients and employee-owners. Since incorporation in 1995, Vertex has maintained an annual growth rate of over 20 percent and is routinely ranked by ENR as a top construction, environmental, and engineering design firm. Also, for the past five years, industry benchmarks based on employee surveys have ranked Vertex one of the best firms to work for.

VERTEX is pleased to have worked with The Environmental Financial Consulting Group (EFCG), which initiated this transaction and served as VERTEX’s financial advisor.

Media Contact

Lisa Dehner, The Vertex Companies, Inc., +1 978-618-5853, ldehner@vertexeng.com

Bill McConnell, The Vertex Companies, Inc., 303-623-9116, wmcconnell@vertexeng.com

Twitter, Facebook

 

SOURCE The Vertex Companies, Inc.

GREENSBORO, N.C., Jan. 27, 2021 /PRNewswire/ — Unifi, Inc. (NYSE: UFI), one of the world’s leading innovators in recycled and synthetic yarns, today released operating results for the second quarter of fiscal 2021, which ended December 27, 2020.

Second Quarter Fiscal 2021 Overview

• Net sales were $162.8 million, a decrease of 4.0% year-over-year, but an increase of 15.0% sequentially from the first quarter of fiscal 2021.
• Revenues from REPREVE^® Fiber products represented 37% of consolidated net sales, a new quarterly record.
• Gross profit was $25.9 million, a 66% increase year-over-year, while gross margin was 15.9% of net sales, an increase of 670 basis points year-over-year, despite the year-over-year decline in sales, influenced by the strong performance from the Brazil Segment.
• Net income was $7.5 million, or $0.40 of diluted earnings per share («EPS»), and reflected the best quarterly earnings performance since June 2018, up from net income of $0.4 million and EPS of $0.02 year-over-year.
• Adjusted EBITDA¹ was $19.2 million, the highest quarterly achievement since June 2016 and the best fiscal second quarter in more than ten years.
• Operating cash flows were $11.8 million, improving sequentially from $7.9 million generated in the first quarter of fiscal 2021.
• On December 27, 2020, debt principal was $92.9 million while cash and cash equivalents were $83.3 million, resulting in Net Debt¹ of $9.6 million, the lowest level for the Company in more than 20 years.
• After the close of the fiscal second quarter, the Company completed a strategic acquisition of the nylon assets of Fiber and Yarn Products, Inc. («FNY»); financial terms were not disclosed and did not impact second quarter fiscal 2021.

¹ Adjusted EBITDA and Net Debt are non-GAAP financial measures. The schedules included in this press release reconcile each non-GAAP financial measure to its most directly comparable GAAP financial measure.

Eddie Ingle, Chief Executive Officer of Unifi, said, «Second quarter fiscal 2021 results reflected stronger than expected performance across each of our key geographies and reinforced the resilience of our global business model. We delivered significant sequential net sales improvement in each of our segments. Most impressive is the year-over-year improvement in our gross margin, especially with the record set by the Brazil Segment. The team has been diligently positioning our business to capitalize on industry recovery as we near normal demand levels. Additionally, we have been able to sustain many of the efficiencies implemented during the beginning of the pandemic, which have begun to positively impact our long-term profitability and inventory levels as sales volumes returned. The demand for sustainable solutions continues to grow, and we remain intently focused on leveraging our strong global operations and solid financial position to drive momentum for sustainable, long-term growth.» 

Second Quarter Fiscal 2021 Compared to Second Quarter Fiscal 2020

Net sales were $162.8 million, compared to $169.5 million, while consolidated sales volumes increased by 1.0% due to agility and responsiveness during demand recovery in Brazil. The net sales decline resulted from lower selling prices in connection with lower raw material costs and unfavorable foreign currency translation.

Gross profit increased to $25.9 million from $15.7 million in the second quarter of fiscal 2020, primarily due to an improvement in sales mix, raw material and pricing stability, and recent manufacturing efficiency gains. Each segment achieved higher-than-anticipated performance, led by a 32.9% gross margin for the Brazil Segment.

Operating income for the second quarter of fiscal 2021 was $13.1 million, compared to $2.6 million, primarily due to the $10.2 million, or 65.6%, increase in gross profit. Operating income for the second quarter of fiscal 2021 includes certain benefits: (i) the record profitability performance for the Brazil Segment; (ii) raw material and pricing stability; and (iii) lack of discretionary spending due to continued travel restrictions and limitations.

Net income was $7.5 million, or $0.40 per share compared to $0.4 million, or $0.02 per share.

Debt principal was $92.9 million on December 27, 2020, compared to $129.3 million on December 29, 2019. Cash and cash equivalents increased to $83.3 million on December 27, 2020, up from $37.2 million on December 29, 2019, resulting in Net Debt of $9.6 million compared to $92.1 million, respectively. The favorable cash and liquidity positions on December 27, 2020 benefited from the $60.0 million of proceeds from the April 2020 sale of the Company’s minority interest in Parkdale America, LLC («PAL»), while generating operating cash flows during the COVID-19 pandemic.

Year-To-Date Fiscal 2021 Compared to Year-To-Date Fiscal 2020

Net sales were $304.3 million for the first six months of fiscal 2021, compared to $349.5 million. Gross margin was 13.3% for the first six months of fiscal 2021, compared to 9.5%. Operating income was $16.0 million for the first six months of fiscal 2021, compared to $8.9 million. Net income was $10.9 million for the first six months of fiscal 2021, compared to $4.1 million.

After the close of the fiscal second quarter, the Company acquired certain nylon assets of FNY to enhance and expand the Company’s existing nylon yarn portfolio. Financial terms were not disclosed and did not impact second quarter fiscal 2021.

Outlook

Because of the continued global economic impact and uncertainty associated with the COVID-19 pandemic, the Company’s outlook for the third quarter of fiscal 2021 is limited to the following expectations:

• Net sales trends continue to improve sequentially, including sales of REPREVE^® Fiber, with net sales returning to the pre-pandemic level of the March 2020 quarter; and
• Adjusted EBITDA improves by a low double-digit percentage from the pre-pandemic level of the March 2020 quarter by maintaining the underlying business momentum that has occurred in fiscal 2021, with consideration for the following factors that are expected to differ from the December 2020 quarter:
• Continued strong performance by the Brazil Segment, albeit tempered from the record setting December 2020 quarter;
• Unfavorable seasonal domestic shutdown impacts to gross profit for the Polyester and Nylon Segments;
• Unfavorable impact of the Chinese New Year holiday for the Asia Segment; and
• Raw material cost pressures due to recent increases in petroleum prices.

For full year fiscal 2021, the Company expects $22.0 to $24.0 million of capital expenditures, excluding acquisition-related amounts.

Update on Recent Trade Developments

Following antidumping and countervailing duties applied to imports of polyester textured yarn from China and India in January 2020, similar imports from Indonesia, Malaysia, Thailand, and Vietnam surged in calendar 2020, replacing the subject imports from China and India.

In December 2020, the United States International Trade Commission («USITC») determined that there is a reasonable indication of material injury from imports of polyester textured yarn from Indonesia, Malaysia, Thailand, and Vietnam, which are allegedly sold in the U.S. at less than fair value.

As a result of the USITC’s affirmative determinations, the U.S. Department of Commerce will continue its investigations of imports of polyester textured yarn from Indonesia, Malaysia, Thailand, and Vietnam, with its preliminary antidumping duty determinations expected in the second quarter of calendar 2021.

Second Quarter Fiscal 2021 Earnings Conference Call

The Company will provide additional commentary regarding its second quarter fiscal 2021 results and other developments during its earnings conference call on January 28, 2021, at 8:30 a.m., Eastern Time. The call can be accessed via a live audio webcast on the Company’s website at http://investor.unifi.com. Additional supporting materials and information related to the call will also be available on the Company’s website.

About Unifi

Unifi, Inc. (NYSE: UFI) is a global textile solutions provider and one of the world’s leading innovators in manufacturing synthetic and recycled performance fibers. Through REPREVE^®, one of Unifi’s proprietary technologies and the global leader in branded recycled performance fibers, Unifi has transformed more than 23 billion plastic bottles into recycled fiber for new apparel, footwear, home goods and other consumer products. The Company’s proprietary PROFIBER™ technologies offer increased performance, comfort, and style advantages, enabling customers to develop products that perform, look, and feel better. Unifi continually innovates technologies to meet consumer needs in moisture management, thermal regulation, antimicrobial protection, UV protection, stretch, water resistance, and enhanced softness. Unifi collaborates with many of the world’s most influential brands in the sports apparel, fashion, home, automotive, and other industries. For more information about Unifi, visit www.Unifi.com.

Financial Statements, Business Segment Information and Reconciliations of Reported Results to Adjusted Results to Follow

 

 

 

 

 

Adjusted Net Income and Adjusted EPS

The tables below set forth reconciliations of (i) income before income taxes («Pre-tax Income»), provision for income taxes («Tax Impact») and net income («Net Income») to Adjusted Net Income and (ii) Diluted Earnings Per Share («Diluted EPS») to Adjusted EPS. Rounding may impact certain of the below calculations.

Net Debt

Reconciliations of Net Debt are as follows:

Cash and cash equivalents

At December 27, 2020 and June 28, 2020, the Company’s domestic operations held approximately 60% and 54% of consolidated cash and cash equivalents, respectively.

Non-GAAP Financial Measures 

Certain non-GAAP financial measures included herein are designed to complement the financial information presented in accordance with GAAP. These non-GAAP financial measures include Earnings Before Interest, Taxes, Depreciation and Amortization («EBITDA»), Adjusted EBITDA, Adjusted Net  Income, Adjusted EPS and Net Debt (together, the «non-GAAP financial measures»).

• EBITDA represents Net income before net interest expense, income tax expense, and depreciation and amortization expense.
• Adjusted EBITDA represents EBITDA adjusted to exclude equity in loss of PAL and, from time to time, certain other adjustments necessary to understand and compare the underlying results of UNIFI.
• Adjusted Net Income represents Net income calculated under GAAP adjusted to exclude certain amounts. Management believes the excluded amounts do not reflect the ongoing operations and performance of UNIFI and/or exclusion may be necessary to understand and compare the underlying results of UNIFI.
• Adjusted EPS represents Adjusted Net Income divided by UNIFI’s weighted average common shares outstanding.
• Net Debt represents debt principal less cash and cash equivalents.

The non-GAAP financial measures are not determined in accordance with GAAP and should not be considered a substitute for performance measures determined in accordance with GAAP. The calculations of the non-GAAP financial measures are subjective, based on management’s belief as to which items should be included or excluded in order to provide the most reasonable and comparable view of the underlying operating performance of the business. We may, from time to time, modify the amounts used to determine our non-GAAP financial measures.

We believe that these non-GAAP financial measures better reflect Unifi’s underlying operations and performance and that their use, as operating performance measures, provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles, and ages of related assets, among otherwise comparable companies.

Management uses Adjusted EBITDA (i) as a measurement of operating performance because it assists us in comparing our operating performance on a consistent basis, as it removes the impact of (a) items directly related to our asset base (primarily depreciation and amortization) and (b) items that we would not expect to occur as a part of our normal business on a regular basis; (ii) for planning purposes, including the preparation of our annual operating budget; (iii) as a valuation measure for evaluating our operating performance and our capacity to incur and service debt, fund capital expenditures, and expand our business; and (iv) as one measure in determining the value of other acquisitions and dispositions. Adjusted EBITDA is a key performance metric utilized in the determination of variable compensation. We also believe Adjusted EBITDA is an appropriate supplemental measure of debt service capacity, because it serves as a high-level proxy for cash generated from operations. Equity in loss of PAL is excluded from Adjusted EBITDA because such results do not reflect our operating performance.

Management uses Adjusted Net Income and Adjusted EPS (i) as measurements of net operating performance because they assist us in comparing such performance on a consistent basis, as they remove the impact of (a) items that we would not expect to occur as a part of our normal business on a regular basis and (b) components of the provision for income taxes that we would not expect to occur as a part of our underlying taxable operations; (ii) for planning purposes, including the preparation of our annual operating budget; and (iii) as measures in determining the value of other acquisitions and dispositions.

Management uses Net Debt as a liquidity and leverage metric to determine how much debt would remain if all cash and cash equivalents were used to pay down debt principal.

In evaluating non-GAAP financial measures, investors should be aware that, in the future, we may incur expenses similar to the adjustments included herein. Our presentation of non-GAAP financial measures should not be construed as indicating that our future results will be unaffected by unusual or non-recurring items. Each of our non-GAAP financial measures has limitations as an analytical tool, and investors should not consider it in isolation or as a substitute for analysis of our results or liquidity measures as reported under GAAP. Some of these limitations are (i) it is not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows; (ii) it does not reflect the impact of earnings or charges resulting from matters we consider not indicative of our ongoing operations; (iii) it does not reflect changes in, or cash requirements for, our working capital needs; (iv) it does not reflect the cash requirements necessary to make payments on our debt; (v) it does not reflect our future requirements for capital expenditures or contractual commitments; (vi) it does not reflect limitations on or costs related to transferring earnings from our subsidiaries to us; and (vii) other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, these non-GAAP financial measures should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or as a measure of cash that will be available to us to meet our obligations, including those under our outstanding debt obligations. Investors should compensate for these limitations by relying primarily on our GAAP results and using these measures only as supplemental information.

Cautionary Statement on Forward-Looking Statements

Certain statements included herein contain «forward-looking statements» within the meaning of federal securities laws about the financial condition and results of operations of Unifi that are based on management’s beliefs, assumptions and expectations about our future economic performance, considering the information currently available to management.  An example of such forward-looking statements include, among others, guidance pertaining to our financial outlook. The words «believe,» «may,» «could,» «will,» «should,» «would,» «anticipate,» «plan,» «estimate,» «project,» «expect,» «intend,» «seek,» «strive» and words of similar import, or the negative of such words, identify or signal the presence of forward-looking statements.  These statements are not statements of historical fact, and they involve risks and uncertainties that may cause our actual results, performance or financial condition to differ materially from the expectations of future results, performance or financial condition that we express or imply in any forward-looking statement.

Factors that could contribute to such differences include, but are not limited to: the competitive nature of the textile industry and the impact of global competition; changes in the trade regulatory environment and governmental policies and legislation; the availability, sourcing and pricing of raw materials; general domestic and international economic and industry conditions in markets where Unifi competes, including economic and political factors over which Unifi has no control; changes in consumer spending, customer preferences, fashion trends and end uses for products; the financial condition of Unifi’s customers; the loss of a significant customer or brand partner; natural disasters, industrial accidents, power or water shortages, extreme weather conditions and other disruptions at one of our facilities; the disruption of operations, global demand, or financial performance as a result of catastrophic or extraordinary events, including epidemics or pandemics such as the recent strain of coronavirus; the success of Unifi’s strategic business initiatives; the volatility of financial and credit markets; the ability to service indebtedness and fund capital expenditures and strategic business initiatives; the availability of and access to credit on reasonable terms; changes in foreign currency exchange, interest and inflation rates; fluctuations in production costs; the ability to protect intellectual property; the strength and reputation of our brands; employee relations; the ability to attract, retain and motivate key employees; the impact of environmental, health and safety regulations; the impact of tax laws, the judicial or administrative interpretations of tax laws and/or changes in such laws or interpretations; the operating performance of joint ventures and other equity method investments; and the accurate financial reporting of information from equity method investees.

All such factors are difficult to predict, contain uncertainties that may materially affect actual results and may be beyond our control.  New factors emerge from time to time, and it is not possible for management to predict all such factors or to assess the impact of each such factor on Unifi.  Any forward-looking statement speaks only as of the date on which such statement is made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, except as may be required by federal securities laws. The above and other risks and uncertainties are described in Unifi’s most recent Annual Report on Form 10-K, and additional risks or uncertainties may be described from time to time in other reports filed by Unifi with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended.

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SOURCE Unifi, Inc.