0001157523-11-004398.txt : 20110728 0001157523-11-004398.hdr.sgml : 20110728 20110728160022 ACCESSION NUMBER: 0001157523-11-004398 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110728 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110728 DATE AS OF CHANGE: 20110728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DELTA APPAREL, INC CENTRAL INDEX KEY: 0001101396 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-APPAREL, PIECE GOODS & NOTIONS [5130] IRS NUMBER: 582508794 STATE OF INCORPORATION: GA FISCAL YEAR END: 0703 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15583 FILM NUMBER: 11993707 BUSINESS ADDRESS: STREET 1: 322 S. MAIN STREET CITY: GREENVILLE STATE: SC ZIP: 29601 BUSINESS PHONE: 864-232-5200 MAIL ADDRESS: STREET 1: 322 S. MAIN STREET CITY: GREENVILLE STATE: SC ZIP: 29601 FORMER COMPANY: FORMER CONFORMED NAME: DELTA APPAREL INC DATE OF NAME CHANGE: 19991221 8-K 1 a6811169.htm DELTA APPAREL, INC. 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934


DATE OF REPORT (Date of earliest event reported):   July 28, 2011

Delta Apparel, Inc.
(Exact name of registrant as specified in its charter)

Georgia

(State or Other Jurisdiction

of Incorporation)

 

1-15583

 

58-2508794

(Commission File Number)

(IRS Employer Identification No.)


322 South Main Street, Greenville, South Carolina

 

29601

(Address of principal executive offices)

(Zip Code)


 

(864) 232-5200

 

(Registrant's Telephone Number

Including Area Code)


Not Applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below)

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Item 2.02.       Results of Operations and Financial Condition.

On July 28, 2011, Delta Apparel, Inc. (the “Company”) issued a press release containing a discussion of the Company’s preliminary results of operations for the quarter and fiscal year ended July 2, 2011 and guidance for fiscal year 2012.  The press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.

Item 9.01.       Financial Statements and Exhibits.

(d)  Exhibits.

Exhibit Number

Description

 
99.1 Press release issued by Delta Apparel, Inc. on July 28, 2011


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DELTA APPAREL, INC.

 

 

Date:

July 28, 2011

/s/ Deborah H. Merrill

Deborah H. Merrill

Vice President, Chief Financial Officer and Treasurer


EXHIBIT INDEX

Exhibit Number

Description

 
99.1

Press release dated July 28, 2011

EX-99.1 2 a6811169ex99_1.htm EXHIBIT 99.1

Exhibit 99.1

Delta Apparel Announces Strong Preliminary Results for Fiscal Year 2011

– Full Year Revenue Grows 12% to Approximately $475 Million –

– Full Year Diluted EPS Now Expected to Increase over 40% to Range of $1.96 to $1.98 –

– Company Introduces Sales and Earnings Outlook for Fiscal Year 2012 –

GREENVILLE, S.C.--(BUSINESS WIRE)--July 28, 2011--Delta Apparel, Inc. (NYSE Amex: DLA) today reported sales of approximately $475 million for the 52-week fiscal year ended July 2, 2011, an increase of 12% compared to $424.4 million in the 53-week fiscal year 2010.

The sales increase was driven by organic growth of approximately 7% as well as sales from the acquisition of The Cotton Exchange, which was acquired in July 2010. The Company expects full year 2011 earnings to be in the range of $1.96 to $1.98 per diluted share, an increase of over 40% from the $1.40 earnings per diluted share in the prior year. The Company plans to report fiscal 2011 full year results on Wednesday, August 31, 2010 after the market closes.

Robert W. Humphreys, Chairman and Chief Executive Officer, commented, “Fiscal year 2011 was another strong year for Delta Apparel, Inc., marking our eighth consecutive year of revenue growth and an all-time record earnings for our Company. In addition to completing the acquisition of The Cotton Exchange and the Salt Life exclusive license, we continued to invest in other marketing and merchandising initiatives, driving growth in both our basics and branded segments. We expanded the capacity and further improved the performance within our vertically integrated manufacturing platform. Although we are in a challenging economic environment, we believe we are positioned well for continued growth in the upcoming year.”

Fiscal 2012 Guidance

For the fiscal year ending June 30, 2012, the Company expects net sales to be in the range of $500 to $520 million, an increase of 5% to 9%, all of which is expected to be organic growth. Earnings are expected to be in the range of $2.00 to $2.15 per diluted share in fiscal year 2012.

The Company remains concerned about the challenging market conditions resulting from the volatile cotton market, inflationary pressures and general economic conditions which continue to impact consumer demand for apparel. In determining its expectations for the upcoming year, the Company believes it has taken these heightened risk factors as well as other factors such as anticipated tax rates into consideration.

Mr. Humphreys added, “While we are facing challenges in fiscal year 2012, we believe that Delta Apparel, Inc. is positioned for continued sales growth and earnings expansion. Our brands appeal to a large and growing consumer base and we expect to see significant revenue growth in some of our newer branded apparel lines. We expect to continue the expansion of our manufacturing platform to support our anticipated growth and further leverage our fixed costs. While we will have higher raw material costs flowing through cost of sales in the upcoming year, we believe we can mitigate the impact of this through our continuous process improvement initiatives and leveraging of our fixed administrative expenses. In addition, our strong balance sheet gives us the strength and flexibility to continue to make prudent strategic investments towards our growth in the future.”

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 high quality branded and private label activewear apparel and headwear. The Company specializes in selling a variety of casual and athletic products through most distribution channels for these types of goods. Its products are sold to specialty and boutique shops, upscale and traditional department stores, mid-tier retailers, sporting goods stores, screen printers, and private label accounts. In addition, certain products are sold to college bookstores and to the U.S. military. Through Art Gun, LLC, the Company provides shoppers a “virtual art studio” to create customized graphics on apparel products. Many of the Company’s products are available direct to consumers on its websites at www.soffe.com, www.junkfoodclothing.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 7,400 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. 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, including market conditions; the ability to grow, achieve synergies and realize the expected profitability of recent acquisitions; 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; the financial difficulties encountered by our customers and higher credit risk exposure; the ability to obtain and renew our significant license agreements; the competitive conditions in the apparel and textile industries; changes in environmental, tax, trade, employment and other laws and regulations; any restrictions to our ability to borrow capital or obtain financing; the uncertainty of raw material, transportation and energy prices; changes in our information systems related to our business operations; any significant interruptions with our distribution network; changes in the economic, political and social stability at our offshore locations; 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. 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.

CONTACT:
Delta Apparel, Inc.
Deborah Merrill, Chief Financial Officer
864-232-5200, ext. 6620
or
Investor Relations Contact:
ICR, Inc.
Brendon Frey, 203-682-8200