During the first quarter of fiscal year 2012, the Company used $1.5 million to repurchase 92,756 shares at an average price of $15.73 per share. As of October 1, 2011, approximately $7.0 million remained available for future stock repurchases pursuant to the Company's Stock Repurchase Program.
Fiscal 2012 Guidance
The Company is maintaining its fiscal year 2012 outlook for sales and earnings. For the fiscal year ending June 30, 2012, the Company still expects net sales to be in the range of $500 to $520 million and earnings to be in the range of $2.00 to $2.15 per diluted share.
The Company continues to operate in a weak economy and faces challenging conditions as it manages through higher priced cotton and other inflationary pressures. Although the Company believes it has taken these risks, as well as other factors, into consideration in determining the guidance for fiscal year 2012, the significance of the challenges, many of which are outside of the Company's control, creates heightened risk of earnings volatility during the fiscal year.
Mr. Humphreys concluded, “We are focused on maintaining our trend of annual sales and earnings growth in fiscal year 2012. We are facing short-term challenges as we navigate through the weak marketplace and historically high raw material costs. That said, we continue to be optimistic about Delta Apparel's many long-term opportunities. Our brands are well recognized by a broad consumer base and our creative talent remains consistent in developing new products that resonate well with consumers. We continue to be innovative in our manufacturing operations to lower our product costs while maintaining our high quality standards. We believe we have a strong foundation to support further revenue growth and earnings expansion to provide significant and sustained value for our shareholders.”
The Company will hold a conference call with senior management to discuss the financial results at 4:30 p.m. ET today. The Company invites you to join the call by dialing (719) 457-2705. 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 November 26, 2011. To access the telephone replay, participants should dial (858) 384-5517. The access code for the replay is: 1927342.