Lower Demand, Bigger Shortfall: even with $33M loss, Unifi says it is poised to ride out recession

April 30, 2009

Published: May 1, 2009

Softer consumer demand for its premium yarns led to a larger quarterly loss for Unifi Inc. in its third quarter, the yarn manufacturer reported yesterday.

The company, based in Greensboro, reported a $33 million loss in the quarter, which ended March 29. By comparison, Unifi had net income of $12,000 in the third quarter of 2008.

Unifi said that its sales were down 30 percent to $119.1 million, affected primarily by a decline in demand as customers tried to sell excess inventory in the quarter.

The manufacturer also took a noncash charge of $18.6 million in the quarter to write off goodwill value associated with its purchase of Dillon Yarns in 2007.

Higher raw-material costs also affected expenses.


Foxx Scrutinized for “Hoax” Remark About Shepard Case

April 30, 2009

Congresswoman Virginia Foxx has issued an apology after using the word “hoax” to describe the details surrounding Matthew Shepard’s death in 1998.

Several human rights organizations have expressed discontent with Foxx’ statements.

While on the House Floor on Wednesday, the Republican said, “The hate crime bill that is called the Matthew Shepard Bill is named after a very unfortunate incident that happened where a young man was killed, but we know that that young man was killed in the commitment of a robbery.  


Foxx under fire for rejecting gay man’s killing as hate crime

April 30, 2009

Published: April 30, 2009

U.S. Rep. Virginia Foxx came under fire yesterday for saying that the 1998 murder of Matthew Shepard, a gay man in Wyoming, was not a hate crime.

Foxx, R-5th, who was arguing against a bill that would expand a federal hate crimes law to include acts motivated by sexual orientation, giving gay and lesbians more federal protection, said that attempts to call the murder a hate crime were “a hoax.”

“The hate-crime bill that’s called the Matthew Shepard Bill is named after a very unfortunate incident that happened where a young man was killed — but we know that that young man was killed in the commitment of a robbery,” Foxx said yesterday on the floor of Congress. “It wasn’t because he was gay. The bill was named for him — the hate-crimes bill was named for him — but it’s really a hoax that continues to be used as an excuse for passing these bills.”


Obama urges passage as Kennedy introduces hate crimes bill in Senate

April 29, 2009

As U.S. House lawmakers made preparations Tuesday for a floor vote on hate crimes legislation, Sen. Ted Kennedy (D-Mass.) introduced similar legislation in the Senate.

The new Senate bill, called the Matthew Shepard Hate Crimes Prevention Act, is named after a gay college student who was murdered near Laramie, Wyo., in 1998 because of his sexual orientation. Like the House bill, it would enable the Justice Department to prosecute hate crimes committed against LGBT people.

In a statement Tuesday, Kennedy said the legislation is “long overdue” and “hate crimes are especially poisonous.”

“They are acts of domestic terrorism that target whole communities, not just individuals,” he said. “This bill will bring greater protection to our citizens and much-needed resources for state and local law enforcement to fight these vicious crimes.”


Reynolds reports decline in first-quarter net income

April 29, 2009

Published: April 29, 2009

Updated: 04/29/2009 01:21 pm

A substantial charge taken to reflect lower trademark values for some nongrowth cigarette and smokeless brands contributed to Reynolds American Inc. posting just $8 million in net income for the first quarter today.

The trademark impairment charge of $453 million, which the company said was noncash, contributed to a $285 million decline in net income.

Diluted earnings were 3 cents a share compared with $1.71 a share a year ago. The earnings from the first quarter of 2008 included a gain of 71 cents from the dissolution of Reynolds’ Gallaher joint venture.

Excluding the trademark charge, Reynolds reported $293 million in net income and diluted earnings of $1 a share – the same earnings as a year ago.


PPG cutting 110 jobs in Triad

April 28, 2009

Published: April 28, 2009

A Davidson County manufacturing plant received another in a long line of employment blows yesterday.

PPG Industries Inc. said that it is eliminating 110 jobs, or 26 percent, of the work force at its fiberglass plant in Lexington. The job cuts will be effective June 30, spokesman Jeremy Neuhart said.

When the work-force reduction is done, the plant will have about 310 employees — or about 1,000 fewer than it had in June 1998. The plant experienced a 400-job cut in August 2001 and several smaller job cuts over the past 11 years.


Hanesbrands will shed 440 local jobs

April 28, 2009

Published: April 28, 2009

A fourth major hometown job cut, affecting 440 employees, will leave Hanesbrands Inc. with barely half of the Forsyth County work force it began independent life with in 2006.

The company is eliminating 200 jobs at its headquarters at 1000 E. Hanes Mill Road. Most of those employees in finance, human resources, sales and marketing and supply-chain management will be let go by the end of the week, spokesman Matt Hall said.