-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, e8nrXMHRm9sVIHcOP60IRFIx3cDKF0ZfHP8dHl1eDe/jRIcZeHt5M7WnKRb4+/6T PSQgRowUTrxMtnUMfws5Kw== 0000806624-95-000004.txt : 19950622 0000806624-95-000004.hdr.sgml : 19950622 ACCESSION NUMBER: 0000806624-95-000004 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950401 FILED AS OF DATE: 19950621 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: DELTA WOODSIDE INDUSTRIES INC /SC/ CENTRAL INDEX KEY: 0000806624 STANDARD INDUSTRIAL CLASSIFICATION: BROADWOVEN FABRIC MILLS, COTTON [2211] IRS NUMBER: 570535180 STATE OF INCORPORATION: SC FISCAL YEAR END: 0628 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-10095 FILM NUMBER: 95548263 BUSINESS ADDRESS: STREET 1: 233 N MAIN ST STREET 2: HAMMOND SQUARE STE 200 CITY: GREENVILLE STATE: SC ZIP: 29601 BUSINESS PHONE: 8038791580 10-Q/A 1 AMENDMENT NO. 1 TO 10Q FILED FOR QUARTER ENDED 4/1/95 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q/A No. 1 [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 1, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File number 1-10095 DELTA WOODSIDE INDUSTRIES, INC. (Exact name of registrant as specified in its charter) SOUTH CAROLINA 57-0535180 (State or other jurisdiction of (I.R.S. Employer Incorporation or organization) Identification No.) 233 North Main Street Hammond Square, Suite 200 Greenville, South Carolina 29601 (Address of principal executive offices) (Zip Code) 803/232-8301 Registrant's telephone number, including area code Not Applicable Former name, former address and former fiscal year, if changed since last report. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No . Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, $.01 Par Value-- 24,355,078 shares as of May 10, 1995. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS DELTA WOODSIDE INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS April 1, July 2, 1995 1994 (Unaudited) (In thousands) ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,022 $ 2,077 Accounts receivable: Factor 44,894 55,440 Trade 72,190 64,921 117,084 120,361 Less allowances for doubtful accounts and returns 3,123 3,275 113,961 117,086 Inventories Finished goods 139,249 112,101 Work in process 66,104 69,402 Raw materials and supplies 26,561 22,300 231,914 203,803 Prepaid and other current assets 2,615 1,942 Deferred income taxes 15,153 12,028 TOTAL CURRENT ASSETS 364,665 336,936 PROPERTY, PLANT AND EQUIPMENT Cost 298,524 279,813 Less accumulated depreciation 105,720 89,782 192,804 190,031 EXCESS OF COST OVER ASSIGNED VALUE OF NET ASSETS ACQUIRED 27,529 28,164 OTHER ASSETS 11,522 11,872 $596,520 $567,003 DELTA WOODSIDE INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS--Continued April 1, July 2, 1995 1994 (Unaudited) (In thousands) LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Trade accounts payable $ 41,127 $ 46,712 Accrued and sundry liabilities 43,476 48,274 TOTAL CURRENT LIABILITIES 84,603 94,986 LONG-TERM DEBT, less current portion 199,099 161,948 DEFERRED INCOME TAXES AND OTHER LIABILITIES 28,938 25,192 SHAREHOLDERS' EQUITY Common Stock, par value $.01-- authorized 50,000,000 shares, issued and outstanding 24,325,000 shares at April 1, 1995 and 24,246,000 shares at July 2, 1994 243 242 Additional paid-in capital 162,930 162,114 Retained earnings 120,707 122,521 283,880 284,877 $596,520 $567,003 See notes to condensed consolidated financial statements DELTA WOODSIDE INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended Nine Months Ended April 1, April 2, April 1, April 2, 1995 1994 1995 1994 (In thousands, except per share data) data) Net sales $ 150,894 $ 155,194 $ 434,689 $ 450,964 Cost of goods sold 127,138 127,038 363,873 380,450 Gross profit on sales 23,756 28,156 70,816 70,514 Selling, general and administrative expenses 18,572 20,008 55,195 62,641 Litigation charge (credit) (5,904) 27,096 Restructuring charge (credit) (559) (533) 12,101 5,184 14,611 16,154 (31,324) Other expense (income): Interest expense 3,885 2,346 10,009 6,195 Interest income and other (234) (1,029) (2,742) (2,101) 3,651 1,317 7,267 4,094 INCOME (LOSS) BEFORE INCOME TAXES 1,533 13,294 8,907 (35,418) Income taxes (benefit) 590 6,713 3,429 (11,798) NET INCOME (LOSS)$ 943 $ 6,581 5,478 $ (23,620) Net income per share $ .04 $ .27 $ .23 $ (.96) Dividends per share of common stock $ .10 $ .10 $ .30 $ .30 Weighted average shares outstanding 24,316 24,240 24,304 24,651 See notes to condensed consolidated financial statements DELTA WOODSIDE INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended April 1, April 2, 1995 1994 (In thousands) OPERATING ACTIVITIES Net income (loss) $ 5,478 $ (23,620) Depreciation 17,167 13,977 Amortization 1,636 1,282 Other (3,106) (548) Changes in operating assets and liabilities (30,338) 13,115 NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (9,163) 4,206 INVESTING ACTIVITIES Acquisition of business net of cash acquired (1,600) Property, plant and equipment purchases (21,883) (22,102) Other 1,137 (355) NET CASH (USED) BY INVESTING ACTIVITIES (20,746) (24,057) FINANCING ACTIVITIES Net proceeds from short-term line of credit 28,688 Proceeds from revolving line of credit 238,792 33,000 Principal payments on revolving line of credit (201,446) (11,000) Scheduled principal payments of long-term debt and capital lease obligations (756) (1,424) Repurchase of Common Stock (25,312) Dividends paid (7,292) (7,361) Other (444) 110 NET CASH PROVIDED BY FINANCING ACTIVITIES 28,854 16,701 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,055) (3,150) Cash and cash equivalents at beginning of period 2,077 3,730 CASH AND CASH EQUIVALENTS AT END 1,022 $ 580 OF PERIOD See notes to condensed consolidated financial statements DELTA WOODSIDE INDUSTRIES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) April 1, 1995 NOTE A--BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Delta Woodside Industries, Inc. ("the Company") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended April 1, 1995 are not necessarily indicative of the results that may be expected for the year ending July 1, 1995. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended July 2, 1994. NOTE B--LITIGATION AND RESTRUCTURING CHARGES During fiscal 1994 the Company recognized certain litigation and restructuring charges which are described in Note J of the Company's annual report for the fiscal year 1994. During the third quarter of fiscal 1995 the Alabama Supreme Court further reduced the jury verdict in the case of three former independent sales representatives of the Company by $3,500,000. The Company has elected to retain the reserves associated with this reduction to cover legal and other expenses associated with ongoing judicial review proceedings. NOTE C--DEBT On May 15, 1995 the Company obtained a waiver from its lenders respecting the ratio of adjusted pretax income to interest expense for the quarter ended April 1, 1995. Each quarter the Company is required to maintain a ratio not less than 2.5 to 1. NOTE D--OTHER In the first quarter of fiscal 1995 the Company recognized certain life insurance proceeds which resulted in a pretax gain of $2,204,000. During the first six months of fiscal 1994 the Company repurchased 2.3 million shares of its Common Stock for $25.3 million. 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 thereunto duly authorized. Delta Woodside Industries, Inc. (Registrant) Date June 6, 1995 /s/ Douglas J. Stevens Douglas J. Stevens Controller and Assistant Secretary -----END PRIVACY-ENHANCED MESSAGE-----