Delta Apparel, Inc (DLA) 10-K Annual Report September 2012

GREENVILLE, SC - September 5, 2012 - Delta Apparel, Inc. (NYSE MKT: DLA) today reported record revenue for the fiscal year ended June 30, 2012. This is the ninth consecutive year in which Delta's revenues have reached record levels.

Net sales for the 2012 fiscal year increased approximately 3.0 percent to $489.9 million from $475.2 million in fiscal 2011. Fiscal 2012 includes the second quarter $16.2 million inventory markdown in the Basics segment, which resulted in a net loss for the year of $2.4 million or $0.29 per diluted share. This compares with net income for fiscal 2011 of $17.3 million or $1.98 per diluted share.

Gains in net sales for the year, which occurred in both of Delta's business segments, were driven primarily by record revenues in The Game, Junkfood, FunTees and Art Gun businesses. This was somewhat offset by Delta's catalog business, which continued to feel the effects of cotton price volatility and customer destocking. While net income continued to recover in the 2012 fourth quarter, it wasn't enough to offset the affects of Delta's second quarter inventory markdown which was necessitated by unprecedented increases in cotton prices.

For the fiscal 2012 fourth quarter, net sales were $135.4 million, compared with $137.6 million in the 2011 fourth quarter. Net income for the 2012 fourth quarter was $4.8 million or $0.55 per diluted share, compared to $8.5 million or $0.97 per diluted share in the fourth quarter of 2011.

While cotton prices continued their return to more normal levels in the fourth quarter, some residual affects still remained. Increased retail prices, reflecting the high cost of cotton earlier in the year, hampered sell-through, and department store inventories have not reduced as rapidly as expected. Therefore, replenishment orders were lower than anticipated, primarily in the Company's Soffe product line.

Branded Segment Review

Branded segment sales for fiscal 2012 advanced to $235.2 million, a 6.1 percent increase over 2011 sales of $221.7 million. The Game registered another strong performance with a sales increase of 26.3 percent over the previous year. The Junkfood brand followed closely with a 25.8 percent increase, and Art Gun, while currently representing less than $4 million of revenue, grew 207 percent year-over-year. Revenues in our Soffe brand fell off 8.6 percent as a result of customer destocking, which continued through the fourth quarter.

The following information was filed by Delta Apparel, Inc (DLA) on Thursday, September 6, 2012 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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Material Contracts, Statements, Certifications & more

Delta Apparel, Inc provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidiaries Of Delta Apparel, Inc.

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: DLA
CIK: 1101396
Form Type: 10-K Annual Report
Accession Number: 0001101396-12-000027
Submitted to the SEC: Fri Sep 28 2012 4:45:49 PM EST
Accepted by the SEC: Fri Sep 28 2012
Period: Saturday, June 30, 2012
Industry: Wholesale Apparel Piece Goods And Notions