Unifi Inc. (NYSE:UFI) Q1 2020 Earnings Conference Call - Final Transcript

Oct 29, 2019 • 08:30 am ET


Unifi Inc. (NYSE:UFI) Q1 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the First Quarter 2020 Unifi, Inc. Earnings Conference Call. At this time, all participant lines are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]

I would now like to hand the conference over to your speaker today A.J. Eaker, Vice President of Finance and Investor Relations. Please go ahead, sir.

A.J. Eaker

Thank you, operator and good morning everyone. On the call today is Al Carey, Executive Chairman; Tom Caudle, President and Chief Operating Officer; and Craig Creaturo, Executive Vice President and Chief Financial Officer. During this call, management will be referencing a webcast presentation that can be found at unifi.com and by clicking the first quarter conference call link.

Management advises you that certain statements included in today's call will be forward-looking statements within the meaning of the federal securities laws. Management cautions that these statements are based on current expectations, estimates and/or projections about the markets in which Unifi operates. These statements are not guarantees of future performance and involve certain risks that are difficult to predict. Actual outcomes and results may differ materially from what is expressed, forecast or implied by these statements. You are directed to the disclosures filed with the SEC on Unifi's Forms 10-Q and 10-K regarding various factors that may impact these results.

Also, please be advised that certain non-GAAP financial measures such as adjusted EBITDA, adjusted working capital and net debt may be discussed on this call, and non-GAAP reconciliations can be found in the schedules to the webcast presentation.

I will now turn the call over to Al Carey.

Albert P. Carey

Thanks A.J. and good morning everyone. I want to thank you for joining us today. Our first quarter results delivered on our expectations, and there are positive sign that we're focusing on the right things to move our business forward and to begin to capture the underlying sales and profit opportunities. The significant year-over-year improvements we achieved continue to validate that we're focusing on our core competencies. We're revitalizing the Americas and better aligning our cost structure. And we're pleased to see that Unifi is making progress to fulfill its vision as one of the world's leading innovators in recycled and synthetic yarns.

We believe the recent trade developments, including antidumping and countervailing duties, are set to reshape our industry and provide meaningful opportunities over the next few quarters. The timing of the final determinations of dumping, subsidization and injury is unchanged and is expected to be by the end of calendar 2019. So we'll provide you with updates when appropriate.

Lastly, we're excited to welcome Craig Creaturo, our new Executive Vice President and Chief Financial Officer. His skill set and his experience complement the team's operational and strategic focus. And with the addition of Craig, we feel that we have a very well-rounded group of senior leaders that will best position our Company for