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Delta Apparel, Inc (DLA) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, October 1, 2022

Delta Apparel, Inc

CIK: 1101396 Ticker: DLA

Exhibit 99.1

 

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Delta Apparel Reports Fourth Quarter and Full Year Fiscal 2022 Results

Full Year Net Sales Increase 11%, Full Year Diluted EPS of $2.80

 

Delta Apparel, Inc. (NYSE American: DLA), a leading provider of core activewear and lifestyle apparel products and direct-to-garment digital printing, today announced financial results for its 2022 fiscal fourth quarter and full year ended October 1, 2022.

 

Robert W. Humphreys, the Company’s Chairman and Chief Executive Officer, commented, “We are pleased to announce results marking our second consecutive year of strong organic growth. The combination of our diversified go-to-market strategies with our vertically integrated manufacturing and service platforms allowed us to successfully navigate a dynamic business and economic environment. All five of our market channels - Delta Direct, Global Brands, Retail Direct, DTG2Go, and Salt Life - delivered year-over-year sales growth in fiscal 2022.

 

Within our Delta Group segment, we continued to see solid growth in our regional screen print and ad specialty businesses along with increasing interest in the supply chain solutions offered in our Global Brands and Retail Direct channels. Our DTG2Go print-on-demand business continues to grow, with a strong double-digit sales increase on the year, and order flow for our digital first strategy exceeds our current capacity. We remain extremely focused on increasing output to meet demand in this important growth area.

 

Our Salt Life segment achieved another record year of sales and operating results, with overall sales outpacing the prior year by 21%. The Salt Life brand’s ability to connect with consumers across its many marketing touchpoints led to organic growth in all three Salt Life omni-channel markets – wholesale, retail and eCommerce – in the fourth quarter. We ended the year with 21 Salt Life branded retail doors open for business across the U.S. coastline from Southern California to Key West and up the eastern seaboard to Rehoboth Beach, Delaware.

 

The flexibility of our vertical, near-shore manufacturing platform enabled us to quickly respond to market fluidity and adjust production levels to manage inventory and mitigate higher input costs. We currently plan to operate some of our facilities at less than full capacity in the first half of fiscal 2023 until inventories better align with overall demand.

 

Mr. Humphreys concluded, “I remain incredibly proud of our associates as they continue to respond to the ever-changing needs of our business. Thanks to their hard work and dedication, we move into our new fiscal year with a highly resilient and diversified business model ready to seize opportunities and meet the challenges ahead."

 

For the fourth quarter ended October 1, 2022:

 

 

Net sales were $115.5 million, a slight increase over prior year period net sales of $114.7 million. Net sales in the Salt Life Group segment increased 15.6% over the prior year period, while net sales in the Delta Group segment decreased 1.1%.

 

 

The following information was filed by Delta Apparel, Inc (DLA) on Thursday, November 17, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Delta Apparel, Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Shareholders' Equity (Unaudited)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Note 1 - The Company
Note 1 - The Company (Details Textual)
Note 10 - Leases
Note 10 - Leases (Details Textual)
Note 10 - Leases (Tables)
Note 10 - Leases - Future Payments Due For Lease Liabilities (Details)
Note 10 - Leases - Total Lease Cost (Details)
Note 11 - Employee Benefit Plans
Note 11 - Employee Benefit Plans (Details Textual)
Note 11 - Employee Benefit Plans (Tables)
Note 11 - Employee Benefit Plans - Benefit Obligation (Details)
Note 12 - Stock-Based Compensation
Note 12 - Stock-Based Compensation (Details Textual)
Note 12 - Stock-Based Compensation (Tables)
Note 12 - Stock-Based Compensation - Summary Of Restricted Stock Unit And Performance Unit Award Activity (Details)
Note 12 - Stock-Based Compensation - Unvested Restricted Stock Units And Performance Units (Details)
Note 13 - Business Segments
Note 13 - Business Segments (Details Textual)
Note 13 - Business Segments (Tables)
Note 13 - Business Segments - Long-Lived Assets By Geographical Area (Details)
Note 13 - Business Segments - Schedule Of Segment Information (Details)
Note 13 - Business Segments - Segment Operating Income To The Consolidated Income Before Provision For Income Taxes (Details)
Note 14 - Repurchase Of Common Stock
Note 14 - Repurchase Of Common Stock (Details Textual)
Note 15 - Commitments And Contingencies
Note 15 - Commitments And Contingencies (Details Textual)
Note 15 - Commitments And Contingencies (Tables)
Note 15 - Commitments And Contingencies - Fair Value Of Derivative Instruments (Details)
Note 15 - Commitments And Contingencies - Financial Assets (Liabilities) Measured At Fair Value (Details)
Note 15 - Commitments And Contingencies - Minimum Payments Under Contracts (Details)
Note 15 - Commitments And Contingencies - Outstanding Instruments (Details)
Note 16 - Subsequent Events
Note 2 - Significant Accounting Policies
Note 2 - Significant Accounting Policies (Details Textual)
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition (Tables)
Note 3 - Revenue Recognition - Disaggregation Of Revenue (Details)
Note 4 - Inventories
Note 4 - Inventories (Details Textual)
Note 4 - Inventories (Tables)
Note 4 - Inventories - Inventories (Details)
Note 5 - Property, Plant And Equipment
Note 5 - Property, Plant And Equipment (Tables)
Note 5 - Property, Plant And Equipment - Property, Plant And Equipment (Details)
Note 6 - Goodwill And Intangible Assets
Note 6 - Goodwill And Intangible Assets (Details Textual)
Note 6 - Goodwill And Intangible Assets (Tables)
Note 6 - Goodwill And Intangible Assets - Goodwill And Components Of Intangible Assets (Details)
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses (Details Textual)
Note 7 - Accrued Expenses (Tables)
Note 7 - Accrued Expenses - Accrued Expenses (Details)
Note 8 - Long-Term Debt
Note 8 - Long-Term Debt (Details Textual)
Note 8 - Long-Term Debt (Tables)
Note 8 - Long-Term Debt - Aggregate Maturities Of Debt (Details)
Note 8 - Long-Term Debt - Long-Term Debt (Details)
Note 8 - Long-Term Debt - Long-Term Debt (Details) (Parentheticals)
Note 9 - Income Taxes
Note 9 - Income Taxes (Details Textual)
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes - Deferred Tax Assets And Liabilities (Details)
Note 9 - Income Taxes - Income Before Provision For Income Taxes (Details)
Note 9 - Income Taxes - Provision For Income Taxes (Details)
Note 9 - Income Taxes - Reconciliation Of Provision For Income Taxes (Details)
Note 9 - Income Taxes - Reconciliation Of Provision For Income Taxes (Details) (Parentheticals)
Significant Accounting Policies (Policies)
Ticker: DLA
CIK: 1101396
Form Type: 10-K Annual Report
Accession Number: 0001437749-22-027827
Submitted to the SEC: Mon Nov 21 2022 2:30:17 PM EST
Accepted by the SEC: Mon Nov 21 2022
Period: Saturday, October 1, 2022
Industry: Wholesale Apparel Piece Goods And Notions

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