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Delta Apparel, Inc (DLA) SEC Filing 10-K Annual report for the fiscal year ending Saturday, September 30, 2017

Delta Apparel, Inc

CIK: 1101396 Ticker: DLA

    
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Company Contact:
Deborah Merrill
 
Chief Financial Officer
 
(864)232-5200 x 6620
 
 
Investor Relations Contact:
Sally Wallick, CFA
 
(404)806-1398
 
investor.relations@deltaapparel.com

                
Delta Apparel Reports Fiscal 2017 Fourth Quarter and Year-End Results
Full year earnings up 19% in challenging market conditions

GREENVILLE, SC - November 28, 2017 - Delta Apparel, Inc. (NYSE American: DLA), a leading provider of basic and branded apparel, headwear and related accessories, today announced financial results for the fourth quarter and fiscal year ended September 30, 2017.

Full Year Results
For the fiscal year ended September 30, 2017, net income increased to $10.5 million, or $1.33 per diluted share, compared with $9.0 million, or $1.12 per diluted share, in fiscal year 2016, a 19% increase. Net sales for the 2017 fiscal year were $385.1 million, compared to $425.2 million in the prior year. The divestiture of the Company’s Junkfood business during the year was largely responsible for the sales decline. Adjusting for the Junkfood divestiture, net sales were down 1.4% year-over-year primarily due to continued retail weakness, customer bankruptcies and severe weather-related market disruptions. Despite gross margin improvement in both the basics and branded segments, overall gross margins declined 100 basis points from a higher mix of basics sales during the year.

Quarterly Results
For the fourth quarter ended September 30, 2017, net income was $2.1 million, or $0.27 per diluted share, compared to $2.3 million, or $0.29 per diluted share, in the prior year quarter. Net sales during the quarter were $91.3 million, compared with $114.4 million in the prior year fourth quarter. The divestiture of Junkfood, which generated net sales of nearly $17 million in the prior year fourth quarter, principally drove the decline. Severe weather disruptions, along with the general impact of retail door closings in the market, also contributed to the lower sales in the quarter. Despite solid quarter-over-quarter margin growth in the Salt Life and Activewear businesses, overall gross margins were down to 18.2% from 20.9% in the prior year period, while SG&A as a percentage of sales improved to 16.3% from 17.7% in the 2016 fourth quarter, both primarily resulting from the divestiture of Junkfood.



The following information was filed by Delta Apparel, Inc (DLA) on Tuesday, November 28, 2017 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii - Consolidated Valuation And Qualifying Accounts
Schedule Ii - Consolidated Valuation And Qualifying Accounts (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
(stock-based Compensation-exercise Price Range) (details)
Accrued Expenses
Accrued Expenses (accrued Expenses) (details)
Accrued Expenses (tables)
Business Segments
Business Segments (details)
Business Segments (tables)
Commitments And Contingencies
Commitments And Contingencies (derivatives And Contingent Consideration) (details)
Commitments And Contingencies (letters Of Credit) (details)
Commitments And Contingencies (license Agreements) (details)
Commitments And Contingencies (purchase Contracts) (details)
Commitments And Contingencies (tables)
Divestitures
Divestitures (details)
Employee Benefit Plans
Employee Benefit Plans (details)
Employee Benefit Plans (tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (details)
Goodwill And Intangible Assets (tables)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (provision For Income Taxes And Deferred Tax Assets And Liabilities) (details)
Income Taxes (tables)
Inventories
Inventories (details)
Inventories (tables)
Leases
Leases (details)
Leases (tables)
Long-term Debt
Long-term Debt (narrative) (details)
Long-term Debt (schedule Of Aggregate Maturities) (details)
Long-term Debt (schedule Of Debt Instruments) (details)
Long-term Debt (tables)
Property, Plant And Equipment
Property, Plant And Equipment (details)
Property, Plant And Equipment (tables)
Quarterly Financial Information (unaudited)
Quarterly Financial Information (unaudited) (details)
Quarterly Financial Information (unaudited) (tables)
Repurchase Of Common Stock
Repurchase Of Common Stock (narrative) (details)
Repurchase Of Common Stock (shares Repurchased) (details)
Repurchase Of Common Stock (tables)
Restructuring Plan
Restructuring Plan (details)
Restructuring Plan (tables)
Significant Accounting Policies
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Stock-based Compensation
Stock-based Compensation (narrative) (details)
Stock-based Compensation (summary Of Nonvested Options) (details)
Stock-based Compensation (summary Of Stock Option Activity) (details)
Stock-based Compensation (tables)
Subsequent Events
Subsequent Events (details)
The Company
Ticker: DLA
CIK: 1101396
Form Type: 10-K Annual Report
Accession Number: 0001101396-17-000045
Submitted to the SEC: Tue Nov 28 2017 5:00:31 PM EST
Accepted by the SEC: Tue Nov 28 2017
Period: Saturday, September 30, 2017
Industry: Wholesale Apparel Piece Goods And Notions

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