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Delta Apparel declares Q4 & fiscal year results

24 Aug '05
4 min read

High quality branded and private label activewear apparel marketer, manufacturer and distributor Delta Apparel Inc reported financial results for the fourth fiscal quarter and fiscal year ended July 2, 2005.

For the three months ended July 2, 2005, net sales were $66.3 million compared to $72.9 million in the prior year's fourth quarter. The three months ended July 2, 2005 included 13 weeks of operations, compared to the 14 weeks of operations in the fourth fiscal quarter of the prior year. Net income for the fiscal quarter was $3.2 million compared to the prior year's level of $5.4 million. Diluted earnings per share for the quarter ended July 2, 2005 was $0.37 compared to $0.64 in the fourth quarter of the prior year. Earnings per share results reflect the Company's 2-for-1 stock split that occurred on May 31, 2005.

For the twelve months ended July 2, 2005, net sales increased 9.6 percent to a record $228.1 million compared to $208.1 million in the prior year. Net income for fiscal year 2005 increased 15.5 percent to $11.2 million, or $1.33 per diluted share, compared to $9.7 million, or $1.16 per diluted share for fiscal year 2004. The current fiscal year results included 52 weeks of operations compared to 53 weeks of operations in the prior year. The prior year results included nine months of operations from M. J. Soffe Co, which was acquired on October 3, 2003.

The Delta business reported sales of $40.7 million for the three months ended July 2, 2005, a 2.6 percent decrease from the prior year quarter. For fiscal year 2005, the Delta business achieved record sales of $143.4 million, compared to $137.4 million in the prior year. Operating income for the fourth quarter of 2005 was $2.0 million compared to $3.9 million in the prior year.

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