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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 | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.58 | 0 | 00:00:00 |
From Jan 2024 to Jan 2025
Delta Apparel, Inc. (NYSE American: DLA), a provider of core activewear, lifestyle apparel, and on-demand digital print strategies, today announced financial results for its fiscal year 2024 second quarter ended March 30, 2024.
For the second quarter ended March 30, 2024:
No Conference Call
The Company will not be holding a conference call to discuss its financial results for its fiscal year 2024 second quarter.
Non-GAAP Financial Measures
Reconciliations of GAAP gross margins to non-GAAP gross margins, GAAP operating income to non-GAAP operating income, GAAP net income to non-GAAP net income, GAAP net income to non-GAAP EBITDA, GAAP net income to non-GAAP adjusted EBITDA, and GAAP operating income to non-GAAP EBITDA and adjusted EBITDA are presented in tables accompanying the selected financial data included in this release and provide useful information to evaluate the Company’s operational performance. A description of the amounts excluded on a non-GAAP basis are provided in conjunction with these tables. Non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP EBITDA and non-GAAP adjusted EBITDA should be evaluated in light of the Company’s financial statements prepared in accordance with GAAP.
About Delta Apparel, Inc.
Delta Apparel, Inc., along with its operating subsidiaries DTG2Go, LLC, Salt Life, LLC, and M.J. Soffe, LLC, is a vertically-integrated, international apparel company that designs, manufactures, sources, and markets a diverse portfolio of core activewear and lifestyle apparel products under the primary brands of Salt Life®, Soffe®, and Delta. The Company is a market leader in the direct-to-garment digital print and fulfillment industry, bringing proprietary DTG2Go technology and innovation to customer supply chains. The Company specializes in selling casual and athletic products through a variety of distribution channels and tiers, including outdoor and sporting goods retailers, independent and specialty stores, better department stores and mid-tier retailers, mass merchants and e-retailers, the U.S. military, and through its business-to-business e-commerce sites. The Company’s products are also made available direct-to-consumer on its websites at www.saltlife.com, www.soffe.com and www.deltaapparel.com as well as through its branded retail stores. The Company’s operations are located throughout the United States, Honduras and El Salvador. Additional information about the Company is available at www.deltaapparelinc.com.
Cautionary Note Regarding Forward-Looking Statements
This 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, our ability to obtain necessary liquidity and/or access capital or that such liquidity or capital will be available on terms acceptable to us or at all; the general U.S. and international economic conditions; the impact of the COVID-19 pandemic and government/social actions taken to contain its spread on our operations, financial condition, liquidity, and capital investments, including recent labor shortages, inventory constraints, and supply chain disruptions; significant interruptions or disruptions within our manufacturing, distribution or other operations; deterioration in the financial condition of our customers and suppliers and changes in the operations and strategies of our customers and suppliers; the volatility and uncertainty of cotton and other raw material prices and availability; the competitive conditions in the apparel industry; our ability to predict or react to changing consumer preferences or trends; our ability to successfully open and operate new retail stores in a timely and cost-effective manner; the ability to grow, achieve synergies and realize the expected profitability of acquisitions; changes in economic, political or social stability at our offshore locations or in areas in which we, or our suppliers or vendors, operate; our ability to attract and retain key management; the volatility and uncertainty of energy, fuel and related costs; material disruptions in our information systems related to our business operations; compromises of our data security; significant changes in our effective tax rate; 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; changes in international trade regulations; our ability to comply with trade regulations; changes in employment laws or regulations or our relationship with employees; negative publicity resulting from violations of manufacturing standards or labor laws or unethical business practices by our suppliers and independent contractors; the inability or refusal of suppliers or other third-parties, including those related to transportation, to fulfill the terms of their contracts with us; continued operating losses and restrictions on our ability to borrow capital or service our indebtedness; interest rate fluctuations increasing our obligations under our variable rate indebtedness; the ability to raise additional capital; the impairment of acquired intangible assets; foreign currency exchange rate fluctuations; the illiquidity of our shares; price volatility in our shares and the general volatility of the stock market; 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 and as updated in our subsequently filed Quarterly Reports on Form 10-Q. 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.
SELECTED FINANCIAL DATA: (In thousands, except per share amounts) Three Months Ended Six Months Ended March 2024 March 2023 March 2024 March 2023 Net Sales$
78,936
$
110,335
$
158,869
$
217,630
Cost of Goods Sold
75,580
94,126
146,767
187,798
Gross Profit
3,356
16,209
12,102
29,832
Selling, General and Administrative Expenses
17,961
19,298
36,576
38,168
Impairment of Goodwill
8,780
-
8,780
-
Other Expense (Income), Net
1,051
2,265
(3,870
)
(356
)
Operating Loss
(24,436
)
(5,354
)
(29,384
)
(7,980
)
Interest Expense, Net
3,471
3,723
7,047
6,613
Loss Before Provision For (Benefit From) Income Taxes
(27,907
)
(9,077
)
(36,431
)
(14,593
)
Provision for (Benefit From) Income Taxes
8,393
(2,079
)
8,403
(3,996
)
Consolidated Net Loss
(36,300
)
(6,998
)
(44,834
)
(10,597
)
Net Loss Attributable to Non-Controlling Interest
6
6
12
40
Net Loss Attributable to Shareholders
$
(36,294
)
$
(6,992
)
$
(44,822
)
$
(10,557
)
Weighted Average Shares Outstanding Basic
7,051
7,001
7,027
6,978
Diluted
7,051
7,001
7,027
6,978
Net Loss per Common Share Basic
$
(5.15
)
$
(1.00
)
$
(6.38
)
$
(1.51
)
Diluted
$
(5.15
)
$
(1.00
)
$
(6.38
)
$
(1.51
)
March 2024 September 2023 March 2023 Current Assets Cash$
705
$
187
$
625
Receivables, Net
37,133
47,868
64,825
Inventories, Net
156,894
212,365
243,167
Prepaids and Other Assets
3,298
2,542
4,096
Total Current Assets
198,030
262,962
312,713
Noncurrent Assets Property, Plant & Equipment, Net
59,741
65,611
70,739
Goodwill and Other Intangibles, Net
40,473
50,391
60,731
Deferred Income Taxes
-
7,822
1,342
Operating Lease Assets
54,534
55,464
56,174
Investment in Joint Venture
10,052
10,082
9,036
Other Noncurrent Assets
3,069
2,906
2,239
Total Noncurrent Assets
167,869
192,276
200,261
Total Assets
$
365,899
$
455,238
$
512,974
Current Liabilities Accounts Payable and Accrued Expenses
$
74,701
$
80,321
$
84,652
Income Taxes Payable
869
710
671
Current Portion of Finance Leases
7,880
8,442
8,843
Current Portion of Operating Leases
9,886
9,124
8,861
Current Portion of Long-Term Debt
103,026
16,567
8,962
Total Current Liabilities
196,362
115,164
111,989
Noncurrent Liabilities Long-Term Taxes Payable
1,184
2,131
2,131
Deferred Income Taxes
559
-
337
Long-Term Finance Leases
10,250
14,029
17,483
Long-Term Operating Leases
45,837
47,254
48,804
Long-Term Debt
5,757
126,465
159,591
Total Noncurrent Liabilities
63,587
189,879
228,346
Common Stock
96
96
96
Additional Paid-In Capital
60,916
61,315
60,912
Equity Attributable to Non-Controlling Interest
(719
)
(707
)
(696
)
Retained Earnings
88,566
133,387
156,043
Accumulated Other Comprehensive Gain (Loss)
-
-
180
Treasury Stock
(42,909
)
(43,896
)
(43,896
)
Total Equity
105,950
150,195
172,639
Total Liabilities and Equity
$
365,899
$
455,238
$
512,974
Reconciliation of Gross Margin, Operating Loss, and Net Loss to Non-GAAP Measures Adjusted Gross Margin, Adjusted Operating Loss, and Adjusted Net Loss Unaudited (in thousands) Reconciliation of Gross Margin to Adjusted Gross Margin – Unaudited Three Months Ending Six Months Ending March 2024 March 2023 March 2024 March 2023 Gross Margin
$
3,356
$
16,209
$
12,102
$
29,832
Production Curtailment Costs (1)
8,027
879
9,375
4,249
Adjusted Gross Margin
$
11,383
$
17,088
$
21,477
$
34,081
14.4
%
15.5
%
13.5
%
15.7
%
Reconciliation of Operating Loss to Adjusted Operating Loss – Unaudited Three Months Ending Six Months Ending March 2024 March 2023 March 2024 March 2023 Operating Loss$
(24,436
)
$
(5,354
)
$
(29,384
)
$
(7,980
)
Production Curtailment Costs (1)
8,027
879
9,375
4,249
Restructuring Costs (2)
1,664
813
2,477
813
Goodwill Impairment Charges (3)
8,780
-
8,780
-
Adjusted Operating Loss
$
(5,965
)
$
(3,662
)
$
(8,752
)
$
(2,918
)
Reconciliation of Net Loss to Adjusted Net Loss – Unaudited Three Months Ending Six Months Ending March 2024 March 2023 March 2024 March 2023 Net Loss$
(36,294
)
$
(6,992
)
$
(44,822
)
$
(10,557
)
Production Curtailment Costs (1)
8,027
879
9,375
4,249
Restructuring Costs (2)
1,664
813
2,477
813
Goodwill Impairment Charges (3)
8,780
-
8,780
-
Tax Impact
9
(387
)
12
(1,392
)
Adjusted Net Loss$
(17,814
)
$
(5,687
)
$
(24,178
)
$
(6,887
)
Reconciliation of Delta Group Segment Gross Margin to Delta Group Segment Adjusted Gross Margin - Unaudited Three Months Ending Six Months Ending March 2024 March 2023 March 2024 March 2023 Gross Margin$
(4,017
)
$
5,000
$
40
$
12,759
Production Curtailment Costs (1)
8,027
879
9,375
4,249
Adjusted Gross Margin
$
4,010
$
5,879
$
9,415
$
17,008
6.3
%
6.4
%
7.1
%
9.0
%
Reconciliation of Delta Group Segment Operating Loss to Delta Group Segment Adjusted Operating Loss - Unaudited Three Months Ending Six Months Ending March 2024 March 2023 March 2024 March 2023 Operating Income$
(22,350
)
$
(7,487
)
$
(21,860
)
$
(7,363
)
Production Curtailment Costs (1)
8,027
879
9,375
4,249
Restructuring Costs (2)
1,664
813
2,477
813
Goodwill Impairment Charges (3)
8,780
-
8,780
-
Adjusted Operating Loss
$
(3,879
)
$
(5,795
)
$
(1,228
)
$
(2,301
)
(1) Production Curtailment Costs consist of unabsorbed fixed costs, temporary unemployment benefit payments, and other expense items resulting from the Company’s decision to reduce production levels. (2) Restructuring Costs consist of employee severance benefits paid in connection with the transition of our more expensive Mexico manufacturing capacity to our more efficient Central America manufacturing platform, employee severance benefits paid in connection with restructuring, and additional cost items incurred from restructuring activities. (3) Goodwill Impairment Charges consists of non-cash charge associated with our DTG2Go business.Reconciliations of GAAP Net Loss and GAAP Operating Loss to Non-GAAP Measure Earnings Before Interest Taxes Depreciation and Amortization ("EBITDA") and Adjusted Net Loss and Adjusted Operating (Loss) Income to Adjusted EBITDA
Unaudited (in thousands) Reconciliation of Net Loss to EBITDA and Adjusted Net Loss to Adjusted EBITDA – Unaudited Three Months Ending Six Months Ending March 2024 March 2024 Net Loss$
(36,294
)
$
(44,822
)
Interest Expense, Net
3,471
7,047
Provision For Income Taxes
8,393
8,403
Delta Group Segment Depreciation and Amortization
2,916
5,957
Salt Life Group Segment Depreciation and Amortization
547
1,081
Unallocated Depreciation and Amortization
57
115
EBITDA
(20,910
)
(22,219
)
Production Curtailment Costs (1)
8,027
9,375
Restructuring Costs (2)
1,664
2,477
Goodwill Impairment Charges (3)
8,780
8,780
Tax Impact
9
12
Adjusted Net Loss
(17,814
)
(24,178
)
Interest Expense, Net
3,471
7,047
Benefit From Income Taxes
8,384
8,391
Delta Group Segment Depreciation and Amortization
2,916
5,957
Salt Life Group Segment Depreciation and Amortization
547
1,081
Unallocated Depreciation and Amortization
57
115
Adjusted EBITDA
$
(2,439
)
$
(1,587
)
Reconciliation of Delta Group Segment Operating Loss to Delta Group Segment EBITDA and Adjusted Delta Group Segment Operating Loss to Adjusted Delta Group Segment EBITDA – Unaudited Three Months Ending Six Months Ending March 2024 March 2024 Delta Group Segment Operating Income$
(22,350
)
$
(21,860
)
Delta Group Segment Depreciation and Amortization
2,916
5,957
Delta Group Segment EBITDA
(19,434
)
(15,903
)
Production Curtailment Costs (1)
8,027
9,375
Restructuring Costs (2)
1,664
2,477
Goodwill Impairment Charges (3)
8,780
8,780
Adjusted Delta Group Segment Operating Income
(3,879
)
(1,228
)
Delta Group Segment Depreciation and Amortization
2,916
5,957
Adjusted Delta Group Segment EBITDA
$
(963
)
$
4,729
Reconciliation of Salt Life Group Segment Operating Income (Loss) to Salt Life Group Segment EBITDA – Unaudited Three Months Ending Six Months Ending March 2024 March 2024 Salt Life Group Segment Operating Income (Loss)
$
197
$
(1,933
)
Salt Life Group Segment Depreciation and Amortization
547
1,081
Salt Life Group Segment EBITDA
$
744
$
(852
)
(1) Production Curtailment Costs consist of unabsorbed fixed costs, temporary unemployment benefit payments, and other expense items resulting from the Company’s decision to reduce production levels. (2) Restructuring Costs consist of employee severance benefits paid in connection with the transition of our more expensive Mexico manufacturing capacity to our more efficient Central America manufacturing platform, employee severance benefits paid in connection with restructuring, and additional cost items incurred from restructuring activities. (3) Goodwill Impairment Charges consists of non-cash charge associated with our DTG2Go business.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240508438976/en/
Company Contact: Justin Grow, 864-232-5200 x6604 investor.relations@deltaapparel.com
Investor Relations Contact: ICR, Inc.
Investors: Tom Filandro, 646-277-1235
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