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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Delta Apparel Inc | AMEX:DLA | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.07 | 2.98% | 2.42 | 2.52 | 2.28 | 2.39 | 18,276 | 01:00:00 |
Robert W. Humphreys, the Company’s Chairman and Chief Executive Officer, commented, “We were pleased to deliver another quarter of top-line growth despite challenges from unseasonable weather in key markets and this year’s later spring break selling period. Our Delta Group segment posted a nice sales increase for the quarter and our fast-growing digital print business, DTG2Go, was once again a bright spot, with sales growth of 177%.”
Mr. Humphreys continued, “Both our Delta Group and Salt Life Group segments achieved top-line growth for the first half of the year and we are off to a strong start to the second half. We see exciting opportunities for growth and increased profitability across all of our businesses as we leverage our investments in manufacturing technology and distribution, and expand into additional sales channels. We continue to believe Delta Apparel is uniquely positioned to succeed in today’s dynamic retail environment.”
For the second quarter ended March 30, 2019:
For the six months ended March 30, 2019:
During the quarter, the Company spent approximately $1.9 million on capital expenditures and $717 thousand to repurchase 35,353 shares of its stock. Total debt, including capital lease financing, as of the end of the first six months of fiscal 2019 was $143.9 million, up approximately $32 million from the end of our 2018 fiscal year due principally to the Company’s recent digital print acquisition, capital expenditures, share repurchases and our seasonal build in inventory. Total inventory at the end of the first six months of fiscal 2019 was $186.5 million compared with $172.2 million a year ago due primarily to increased units on hand from the recent digital print acquisitions as well as higher costs per unit driven by product mix and the inflationary environment.
Conference CallThe Company will hold a conference call with senior management to discuss its financial results today at 4:30 PM ET. The Company invites you to join the call by dialing 866-575-6539. If calling from outside the United States, please dial 323-794-2423. A live webcast of the conference call will be available at www.deltaapparelinc.com. Please visit the website at least 15 minutes early to register for the teleconference webcast and download any necessary software. A replay of the call will be available through June 6, 2019. To access the telephone replay, participants should dial toll-free 844-512-2921. International callers can dial 412-317-6671. The access code for the replay is 9980067.
About Delta Apparel, Inc. Delta Apparel, Inc., along with its operating subsidiaries, Salt Life, LLC, M. J. Soffe, LLC, and DTG2Go, LLC, is an international design, marketing, manufacturing, and sourcing company that features a diverse portfolio of core activewear and lifestyle apparel and related accessory products. The Company specializes in selling casual and athletic products through a variety of distribution channels and distribution tiers, including department stores, mid and mass channels, e-retailers, sporting goods and outdoor retailers, independent and specialty stores, and the U.S. military. The Company’s products are also made available direct-to-consumer at its branded retail stores and on its websites at www.saltlife.com, www.coastapparel.com, www.soffe.com and www.deltaapparel.com. The Company’s operations are located throughout the United States, Honduras, El Salvador, and Mexico, and it employs approximately 8,100 people worldwide. Additional information about the Company is available at www.deltaapparelinc.com.
Cautionary Note Regarding Forward-Looking StatementsThis press release may contain “forward-looking” statements that involve risks and uncertainties. Any number of factors could cause actual results to differ materially from anticipated or forecasted results, including, but not limited to, the volatility and uncertainty of cotton and other raw material prices; the general U.S. and international economic conditions; competitive conditions in the apparel industry; restrictions on our ability to borrow capital or service our indebtedness; deterioration in the financial condition of our customers and suppliers and changes in the operations and strategies of our customers and suppliers; changing consumer preferences or trends; our ability to successfully open and operate new retail stores; changes in economic, political or social stability at our offshore locations; significant interruptions within our manufacturing or distribution facilities or other operations; our ability to attract and retain key management; significant changes in our effective tax rate; interest rate fluctuations increasing our obligations under our variable rate indebtedness; the ability to raise additional capital; the ability to grow, achieve synergies and realize the expected profitability of acquisitions; the volatility and uncertainty of energy, fuel and other costs; material disruptions in our information systems; compromises of our data security; significant litigation in either domestic or international jurisdictions; recalls, claims and negative publicity associated with product liability issues; the ability to protect our trademarks and other intellectual property; and the other factors set forth in the "Risk Factors" contained in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. Except as may be required by law, Delta Apparel, Inc. expressly disclaims any obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
Company Contact:
Deborah Merrill, 864-232-5200 x6620investor.relations@deltaapparel.com
Investor Relations and Media Contact: ICR, Inc.
Investors:Tom Filandro, 646-277-1235
Media:Jessica Liddell, 203-682-8208DLAPR@icrinc.com
SELECTED FINANCIAL DATA: | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
Mar 30, 2019 | Mar 31, 2018 | Mar 30, 2019 | Mar 31, 2018 | |||||||||||||
Net Sales | $ | 102,838 | $ | 100,004 | $ | 204,513 | $ | 190,346 | ||||||||
Cost of Goods Sold | 83,930 | 77,769 | 167,036 | 151,741 | ||||||||||||
Gross Profit | 18,908 | 22,235 | 37,477 | 38,605 | ||||||||||||
Selling, General and Administrative | 17,056 | 16,737 | 33,841 | 31,717 | ||||||||||||
Other (Income) Expense, Net | (843 | ) | (116 | ) | 902 | (464 | ) | |||||||||
Operating Income | 2,695 | 5,614 | 2,734 | 7,352 | ||||||||||||
Interest Expense, Net | 1,985 | 1,350 | 3,750 | 2,685 | ||||||||||||
Income (Loss) Income Before Provision for Income Taxes | 710 | 4,264 | (1,016 | ) | 4,667 | |||||||||||
(Benefit From) Provision for Income Taxes | (115 | ) | 632 | (614 | ) | 10,988 | ||||||||||
Consolidated Net Income (Loss) | 825 | 3,632 | (402 | ) | (6,321 | ) | ||||||||||
Net Loss Attributable to Non-Controlling Interest | (117 | ) | - | (193 | ) | - | ||||||||||
Net Income (Loss) Attributable to Shareholders | $ | 942 | $ | 3,632 | $ | (209 | ) | $ | (6,321 | ) | ||||||
Weighted Average Shares Outstanding | ||||||||||||||||
Basic | 6,943 | 7,195 | 6,933 | 7,231 | ||||||||||||
Diluted | 7,103 | 7,496 | 6,933 | 7,231 | ||||||||||||
Net Income (Loss) per Common Share | ||||||||||||||||
Basic | $ | 0.14 | $ | 0.50 | $ | (0.03 | ) | $ | (0.87 | ) | ||||||
Diluted | $ | 0.13 | $ | 0.48 | $ | (0.03 | ) | $ | (0.87 | ) | ||||||
Mar 30, 2019 | Sep 29, 2018 | Mar 31, 2018 | ||||||||||||||
(Unaudited) | (Audited) | (Unaudited) | ||||||||||||||
Current Assets | ||||||||||||||||
Cash | $ | 1,777 | $ | 460 | $ | 434 | ||||||||||
Receivables, Net | 59,946 | 46,879 | 60,083 | |||||||||||||
Income Tax Receivable | - | 38 | - | |||||||||||||
Inventories, Net | 186,526 | 174,983 | 172,213 | |||||||||||||
Prepaids and Other Assets | 3,002 | 3,062 | 4,185 | |||||||||||||
Total Current Assets | 251,251 | 225,422 | 236,915 | |||||||||||||
Noncurrent Assets | ||||||||||||||||
Property, Plant & Equipment, Net | 54,311 | 52,114 | 50,093 | |||||||||||||
Goodwill and Other Intangibles, Net | 60,151 | 53,715 | 50,602 | |||||||||||||
Deferred Income Taxes | 1,924 | 1,374 | 1,996 | |||||||||||||
Investment in Joint Venture | 9,731 | 8,980 | 4,140 | |||||||||||||
Other Noncurrent Assets | 1,687 | 2,004 | 2,148 | |||||||||||||
Total Noncurrent Assets | 127,804 | 118,187 | 108,979 | |||||||||||||
Total Assets | $ | 379,055 | $ | 343,609 | $ | 345,894 | ||||||||||
Current Liabilities | ||||||||||||||||
Accounts Payable and Accrued Expenses | $ | 73,857 | $ | 64,750 | $ | 63,984 | ||||||||||
Income Tax Payable | - | - | 256 | |||||||||||||
Current Portion of Contingent Consideration | 3,190 | 638 | - | |||||||||||||
Current Portion of Capital Lease Financing | 5,308 | 3,846 | 2,336 | |||||||||||||
Current Portion of Long-Term Debt | 7,435 | 6,577 | 6,356 | |||||||||||||
Total Current Liabilities | 89,790 | 75,811 | 72,932 | |||||||||||||
Noncurrent Liabilities | ||||||||||||||||
Long-Term Taxes Payable | 3,451 | 4,259 | 7,414 | |||||||||||||
Long-Term Contingent Consideration | 6,104 | 9,904 | 5,850 | |||||||||||||
Long-Term Capital Lease Financing | 11,150 | 9,302 | 8,402 | |||||||||||||
Long-Term Debt | 120,043 | 92,083 | 105,798 | |||||||||||||
Deferred Income Taxes | 2,192 | 2,132 | - | |||||||||||||
Other Noncurrent Liabilities | 658 | - | - | |||||||||||||
Total Noncurrent Liabilities | 143,598 | 117,680 | 127,464 | |||||||||||||
Common Stock | 96 | 96 | 96 | |||||||||||||
Additional Paid-In Capital | 59,121 | 61,979 | 60,561 | |||||||||||||
Equity Attributable to Non-Controlling Interest | (100 | ) | 93 | - | ||||||||||||
Retained Earnings | 128,486 | 128,695 | 121,032 | |||||||||||||
Accumulated Other Comprehensive (Loss) Income | (493 | ) | 136 | 167 | ||||||||||||
Treasury Stock | (41,443 | ) | (40,881 | ) | (36,358 | ) | ||||||||||
Equity Attributable to Delta Apparel, Inc. | 145,667 | 150,118 | 145,498 | |||||||||||||
Total Liabilities and Equity | $ | 379,055 | $ | 343,609 | $ | 345,894 | ||||||||||
1 Year Delta Apparel Chart |
1 Month Delta Apparel Chart |
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