About Delta Apparel, Inc.
Delta Apparel, Inc., along with its operating subsidiaries, M. J. Soffe, LLC, Junkfood Clothing Company, To The Game, LLC, Art Gun, LLC and TCX, LLC, is an international design, marketing, manufacturing, and sourcing company that features a diverse portfolio of lifestyle branded activewear apparel and headwear, and produces high quality private label programs. The Company specializes in selling casual and athletic products across distribution tiers and in most store types, including specialty stores, boutiques, department stores, mid-tier and mass chains. From a niche distribution standpoint, the Company also has strong distribution at college bookstores and the U.S. military. The Company's products are made available direct-to-consumer on its websites at www.soffe.com, www.junkfoodclothing.com, www.saltlife.com and www.deltaapparel.com. Additional products can be viewed at www.2thegame.com and www.thecottonexchange.com. The Company's operations are located throughout the United States, Honduras, El Salvador, and Mexico, and it employs approximately 7,200 people worldwide. Additional information about the Company is available at www.deltaapparelinc.com.
Statements and other information in this press release that are not reported financial results or other historical information are forward-looking statements subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. These are based on our expectations and are necessarily dependent upon assumptions, estimates and data that we believe are reasonable and accurate but may be incorrect, incomplete or imprecise. Forward-looking statements are also subject to a number of business risks and uncertainties, any of which could cause actual results to differ materially from those set forth in or implied by the forward-looking statements. The risks and uncertainties include, among others, the general U.S and international economic conditions; the ability to grow, achieve synergies and realize the expected profitability of recent acquisitions; the volatility and uncertainty of raw material, transportation and energy prices and the availability of these products and services; changes in consumer confidence, consumer spending, and demand for apparel products; the ability of our brands and products to meet consumer preferences within the prevailing retail environment; significant interruptions in our distribution network or information systems; the financial difficulties encountered by our customers and higher credit risk exposure; the competitive conditions in the apparel and textile industries; changes in environmental, tax, trade, employment and other laws and regulations; changes in the economic, political and social stability of our offshore locations; significant litigation in either domestic or international jurisdictions, the relative strength of the United States dollar as against other currencies; and other risks described from time to time in our reports filed with the Securities and Exchange Commission. Accordingly, any forward-looking statements do not purport to be predictions of future events or circumstances and may not be realized. Further, any forward-looking statements are made only as of the date of this press release and we do not undertake publicly to update or revise the forward-looking statements even if it becomes clear that any projected results will not be realized.
|SELECTED FINANCIAL DATA:|
|(In thousands, except per share amounts)|
|Three Months Ended|
|Oct 1, 2011||Oct 2, 2010|
|Cost of Goods Sold||92,270||82,007|
|Selling, General and Administrative||24,562||22,896|
|Other (Income) Expense, Net||(7||)||57|
|Interest Expense, Net||893||601|
|Income Before Provision for Income Taxes||5,805||2,355|
|Provision for Income Taxes||1,393||707|
|Weighted Average Shares Outstanding|
|Net Income per Common Share|
|Oct 1, 2011||Jul 2, 2011||Oct 2, 2010|
|Prepaids and Other Assets||4,392||4,059||3,697|
|Deferred Income Taxes||2,838||2,931||2,981|
|Total Current Assets||260,656||243,676||198,703|
|Property, Plant & Equipment, Net||39,396||39,756||38,482|
|Goodwill and Other Intangibles, Net||24,065||24,217||25,285|
|Other Noncurrent Assets||3,994||4,216||3,212|
|Total Noncurrent Assets||67,455||68,189||66,979|
|Accounts Payable and Accrued Expenses||$||73,218||$||79,262||$||58,305|
|Income Tax Payable||55||969||179|
|Current Portion of Long-Term Debt||3,042||2,799||5,718|
|Total Current Liabilities||76,315||83,030||64,202|
|Deferred Income Taxes||3,307||2,877||1,948|
|Other Noncurrent Liabilities||235||19||1,597|
|Total Noncurrent Liabilities||105,833||86,870||74,492|
|Total Liabilities and Shareholders' Equity||$||328,111||$||311,865||$||265,682|
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