Unifi Inc. (NYSE: UFI) Director, Kenneth G. Langone, bought 4,556 shares of UFI common stock at $19.55 per share, according to a SEC filing made this week.
Langone made a total investment of $89,070. Langone has now bought UFI shares on seven different occasions in the last one year. The latest purchase came a few days after Unifi reported its financial results for the third quarter of fiscal 2013.
Unifi, which is engaged in the sale of fibers made from polyester and nylon filament, reported net income of $1.4 million, or $0.07 per share for the third quarter ended March 24, 2013. This compares to net income of $7.5 million, or $0.38 per share reported for the same period in the previous year.
The company’s net sales for the quarter stood at $168 million, compared to $179 million reported for the same period in the previous year. Adjusted EBITDA for the quarter was $8.4 million.
During the third quarter, the company paid off the $13.8 million remaining on its Term B loan. The company also improved its Polyester and Nylon working capital levels, sales volumes and capacity utilization during the quarter.
Bill Jasper, Chairman and CEO of Unifi, last week said that the company improved margins during the third quarter despite operating an environment where raw material prices increased more sharply than anticipated, and the company aggressively managed its inventories and cash. Jasper added that the ongoing stability of the domestic economy, improvements in the company’s operational efficiencies, signs of recovery in global operations, and continued growth of premier value-added products all point to a strong June 2013 quarter, which should create positive momentum leading into 2014 fiscal year.
UFI shares have edged higher in trading today. At last check, the stock was trading 1.33% higher at $19.74 on volume of 73,342.