--- schema_version: "secwatch.filing_event.v1" accession: "0001564590-22-036640" form_type: "8-K" ticker: "UFI" cik: "0000100726" company_name: "UNIFI INC" filed_at: "2022-11-03T23:59:59+00:00" generated_at: "2026-06-22T07:35:35.407091+00:00" event_type: "earnings" sentiment: "negative" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # Unifi Q1 net loss $0.44/share vs profit $0.46; sales fall 8.4%; new $230M credit facility ## Summary - Net loss $7.8M ($0.44 per share) vs net income $8.7M ($0.46) in Q1 fiscal 2022. - Net sales $179.5M, down 8.4% YoY; REPREVE fiber revenue fell to $49.2M (27% of sales) from $71.9M (37%). - Gross margin collapsed to 3.7% from 13.3% on lower facility utilization and inventory destocking. - Entered new $230M ABL facility ( $115M revolver + $115M term loan) maturing Oct 2027, replacing prior facility. - Adjusted EBITDA declined to $2.3M from $19.8M; shareholders elected all nine director nominees and ratified KPMG as auditor. ## SEC filing metadata - accession: 0001564590-22-036640 - form_type: 8-K - ticker: UFI - cik: 0000100726 - company_name: UNIFI INC - filed_at: 2022-11-03T23:59:59+00:00 - event_type: earnings - sentiment: negative - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 1.01, 2.02, 2.03, 5.07, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/100726/000156459022036640/0001564590-22-036640-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/100726/000156459022036640/ufi-8k_20221028.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001564590-22-036640 - JSON: https://secwatch.observer/filing/0001564590-22-036640.json - Plain text: https://secwatch.observer/filing/0001564590-22-036640.txt ## Key facts - Debt Financings UNIFI INC incurred credit facility of $230.0 million senior secured credit facility with Wells Fargo Bank, National Association at Base Rate plus an Applicable Margin of 0.25% to 0.75% or Adjusted Term SOFR plus maturing October 28, 2027. - Instrument: credit facility - Principal: $230.0 million senior secured credit facility - Counterparty: Wells Fargo Bank, National Association - Rate: Base Rate plus an Applicable Margin of 0.25% to 0.75% or Adjusted Term SOFR plus - Maturity: October 28, 2027 - Event: incurrence source text: entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”) for a $230.0 million senior secured credit facility (the “ABL Facility”) with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, sole lead arranger and sole book runner, and Wells Fargo; Bank of America, N.A; and First National Bank, as lenders. evidence_url: https://www.sec.gov/Archives/edgar/data/100726/000156459022036640/0001564590-22-036640-index.htm - Earnings Releases UNIFI INC reported the first fiscal quarter ended October 2, 2022 results: revenue $179.5 million, net income $7.8 million, EPS $0.44 per share. - Period: the first fiscal quarter ended October 2, 2022 - Revenue: $179.5 million - Net income: $7.8 million - EPS: $0.44 per share - Result: reported results source text: in recycled and synthetic yarns, today released operating results for the first fiscal quarter ended October 2, 2022. First Quarter Fiscal 2023 Overview • Net sales were $179.5 million, a decrease of 8.4% from the first quarter of fiscal 2022, primarily attributable to temporary demand disruption in the Americas and Asia Segments from inventory destocking evidence_url: https://www.sec.gov/Archives/edgar/data/100726/000156459022036640/0001564590-22-036640-index.htm - Material Agreements UNIFI INC entered into Second Amended and Restated Credit Agreement with Wells Fargo Bank, National Association; Bank of America, N.A; First National Bank valued at $230.0 million senior secured credit facility (effective 2022-10-28). - Action: entry - Agreement: credit facility - Counterparty: Wells Fargo Bank, National Association; Bank of America, N.A; First National Bank - Value: $230.0 million senior secured credit facility - Effective: 2022-10-28 source text: On October 28, 2022 , (the “Effective Date”), Unifi Manufacturing, Inc., a beneficially owned subsidiary of Unifi, Inc. (the “Company”), and certain of its domestic affiliates (collectively, the “Borrowers”), as borrowers, entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”) for a $230.0 million senior secured credit facility (the “ABL Facility”) with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, sole lead arranger and sole book runner, and Wells Fargo; Bank of America, N.A; and First National Bank, as lenders. evidence_url: https://www.sec.gov/Archives/edgar/data/100726/000156459022036640/0001564590-22-036640-index.htm - Shareholder Votes UNIFI INC shareholders approved Ratification of the appointment of KPMG LLP to serve as the Company’s independent registered public accounting firm for fiscal 2023 at the 2022-11-02 meeting. - Proposal: auditor ratification - Outcome: passed - Meeting: 2022-11-02 source text: 3 . Ratification of the appointment of KPMG LLP to serve as the Company’s independent registered public accounting firm for fiscal 2023: Votes For Votes Against Abstentions Broker Non-Votes 14,824,326 178,090 2,759 0 evidence_url: https://www.sec.gov/Archives/edgar/data/100726/000156459022036640/0001564590-22-036640-index.htm - Shareholder Votes UNIFI INC shareholders approved Advisory vote to approve the Company’s named executive officer compensation in fiscal 2022 at the 2022-11-02 meeting. - Proposal: say on pay - Outcome: passed - Meeting: 2022-11-02 source text: 2. Advisory vote to approve the Company’s named executive officer compensation in fiscal 2022: Votes For Votes Against Abstentions Broker Non-Votes 13,104,247 115,393 3,388 1,782,147 evidence_url: https://www.sec.gov/Archives/edgar/data/100726/000156459022036640/0001564590-22-036640-index.htm - Shareholder Votes UNIFI INC shareholders approved Election of directors at the 2022-11-02 meeting. - Proposal: director election - Outcome: passed - Meeting: 2022-11-02 source text: 1. Election of directors: Nominee Votes For Votes Against Abstentions Broker Non-Votes Emma S. Battle 12,980,106 240,465 2,457 1,782,147 Francis S. Blake 13,060,364 160,007 2,657 1,782,147 Albert P. Carey 12,825,512 394,884 2,632 1,782,147 Archibald Cox, Jr. 12,643,900 576,496 2,632 1,782,147 Edmund M. Ingle 12,862,451 357,934 2,643 1,782,147 Kenneth G. Langone 12,671,968 548,750 2,310 1,782,147 Suzanne M. Present 12,881,691 338,704 2,633 1,782,147 Rhonda L. Ramlo 13,039,168 181,220 2,640 1,782,147 Eva T. Zlotnicka 12,848,117 372,508 2,403 1,782,147 evidence_url: https://www.sec.gov/Archives/edgar/data/100726/000156459022036640/0001564590-22-036640-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.