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Delta Apparel, Inc (DLA) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 30, 2019

Delta Apparel, Inc

CIK: 1101396 Ticker: DLA

    
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Company Contact:
Deborah Merrill
 
(864)232-5200 x 6620
 
investor.relations@deltaapparel.com
 
 
Investor Relations and Media Contact: ICR, Inc.
 
Investor:
Tom Filandro
 
(203)682-8200
 
 
Tom.Filandro@icrinc.com
 
Media:
Jessica Liddell
 
 
(203)682-8208
 
 
DLAPR@irinc.com

Delta Apparel Reports Fiscal 2019 Second Quarter and Six-Month Results
Company achieves year-over-year sales growth for quarter
GREENVILLE, S.C., May 6, 2019 -- Delta Apparel, Inc. (NYSE American: DLA), a leading provider of core activewear and lifestyle apparel products, today announced financial results for its fiscal year 2019 second quarter and first six months ended March 30, 2019.

Robert W. Humphreys, the Company’s Chairman and Chief Executive Officer, commented, “We were pleased to deliver another quarter of top-line growth despite challenges from unseasonable weather in key markets and this year’s later spring break selling period. Our Delta Group segment posted a nice sales increase for the quarter and our fast-growing digital print business, DTG2Go, was once again a bright spot, with sales growth of 177%.”

Mr. Humphreys continued, “Both our Delta Group and Salt Life Group segments achieved top-line growth for the first half of the year and we are off to a strong start to the second half. We see exciting opportunities for growth and increased profitability across all of our businesses as we leverage our investments in manufacturing technology and distribution, and expand into additional sales channels. We continue to believe Delta Apparel is uniquely positioned to succeed in today’s dynamic retail environment.”

For the second quarter ended March 30, 2019:
Net sales were $102.8 million, up almost 3% from $100.0 million in the prior year second quarter. Net sales in the Delta Group segment increased almost 4% over the prior year period and net sales in the Salt Life Group segment declined approximately 4% from the prior year period.
Gross margin sequentially improved 10 basis points from the first quarter to 18.4% in the second quarter, but declined compared to 22.2% in the prior year second quarter. Anticipated transition costs from changes in the private label product mix and higher-cost raw materials in the Delta Group segment, coupled with higher than expected digital print acquisition integration expenses and delayed spring sales in the Salt Life Group segment, drove a decline in gross profit to $18.9 million from $22.2 million in the prior year period. The majority of these cost impacts are now behind us and we expect gross profit to improve in the back half of the year.
Selling, general and administrative ("SG&A") expenses as a percentage of sales were 16.6%, compared to 16.7% in the prior year second quarter.
The above-referenced cost impacts drove a decline in operating income for the quarter to $2.8 million compared to $5.6 million in the prior year second quarter, with Delta Group segment operating income declining $2.4 million and Salt Life Group segment operating income declining $0.1 million. We expect profitability to increase in the second half of the year as we enter our traditionally strong selling season with an expanding product mix and better balance between selling prices and raw material costs.


The following information was filed by Delta Apparel, Inc (DLA) on Monday, May 6, 2019 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Shareholders' Equity
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Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Purchase Price (Details)
Acquisitions - Purchase Price Allocation (Details)
Basis Of Presentation And Description Of Business
Business Segments
Business Segments (Tables)
Business Segments - Narrative (Details)
Business Segments - Schedule Of Segment Information (Details)
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Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of Debt (Details)
Derivatives And Fair Value Measurements
Derivatives And Fair Value Measurements (Tables)
Derivatives And Fair Value Measurements - Fair Value Of Derivative Instruments (Details)
Derivatives And Fair Value Measurements - Financial Assets (Liabilities) Measured At Fair Value (Details)
Derivatives And Fair Value Measurements - Narrative (Details)
Derivatives And Fair Value Measurements - Outstanding Instruments (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Narrative (Details)
Goodwill And Intangible Assets - Schedule Of Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Legal Proceedings
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New Accounting Standards
New Accounting Standards (Tables)
New Accounting Standards - Adoption Of New Accounting Standard (Details)
New Accounting Standards - Disaggregation Of Revenue (Details)
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Purchase Contracts
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Purchase Contracts (Tables)
Repurchase Of Common Stock
Repurchase Of Common Stock - Narrative (Details)
Repurchase Of Common Stock - Summary Of Purchases Of Common Stock (Details)
Repurchase Of Common Stock Equity (Tables)
Selling, General And Administrative Expense
Selling, General And Administrative Expense (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Subsequent Events

Material Contracts, Statements, Certifications & more

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

Ticker: DLA
CIK: 1101396
Form Type: 10-Q Quarterly Report
Accession Number: 0001101396-19-000067
Submitted to the SEC: Mon May 06 2019 12:35:45 PM EST
Accepted by the SEC: Mon May 06 2019
Period: Saturday, March 30, 2019
Industry: Wholesale Apparel Piece Goods And Notions

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