Delta Apparel Inc (DLA, Financial) filed Quarterly Report for the period ended 2009-12-26.
Delta Apparel Inc has a market cap of $114.97 million; its shares were traded at around $13.5 with a P/E ratio of 12.86 and P/S ratio of 0.32. DLA is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., Chuck Royce of ROYCE & ASSOCIATES.
Our net sales for the first six months of fiscal year 2010 grew 15.5% to $190.3 million, an increase of $25.5 million over the same period of fiscal year 2009. Both the activewear and retail-ready segments contributed to the growth with sales increases of $1.6 million and $23.9 million, respectively. The sales growth in our retail-ready segment includes the addition of our headwear business which was acquired during the fourth quarter of fiscal year 2009.
Operating income for the second quarter of fiscal year 2010 was $2.2 million, an increase of $0.7 million from the second quarter of the prior year. For the first six months of fiscal year 2010 operating income was $6.7 million, a $2.8 million increase over the fiscal year 2009 operating income for the first six months of $3.9 million.
Net interest expense for the second quarter of fiscal year 2010 was $0.9 million, a reduction of $0.3 million compared to the second quarter of fiscal year 2009. For the first six months of fiscal year 2010 net interest expense declined by $0.8 million to $1.9 million compared to the first six months of fiscal year 2009. The decrease in net interest expense was due to lower debt levels and lower average interest rates.
Capital expenditures in the second quarter of fiscal year 2010 were $0.9 million compared to $1.0 million in the second quarter of the prior year. Capital expenditures for the first six months of fiscal year 2010 were $2.2 million compared to $2.0 million in expenditures for the first six months of fiscal year 2009. Expenditures for the first six months of fiscal years 2010 and 2009 were primarily for continued improvements in our information technology in our retail-ready segment and capital expenditures intended to lower costs in our manufacturing facilities in our activewear segment. Total capital expenditures are expected to be approximately $4 million in fiscal year 2010.
Capital expenditures for the first six months of fiscal year 2010 were $2.2 million compared to $2.0 million for the first six months of the prior year. Expenditures for the first six months of fiscal years 2010 and 2009 were primarily for continued improvements in our information technology in our retail-ready segment and capital expenditures intended to lower costs in our manufacturing facilities in our activewear segment. During the first quarter of fiscal year 2010, we also made the final payment of $0.7 million associated with the acquisition of To The Game, LLC. During the first quarter of fiscal year 2009, we paid an earnout payment of $2.6 million to the former Junkfood shareholders based on the performance of Junkfood for the fiscal year ended June 28, 2008.
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Delta Apparel Inc has a market cap of $114.97 million; its shares were traded at around $13.5 with a P/E ratio of 12.86 and P/S ratio of 0.32. DLA is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., Chuck Royce of ROYCE & ASSOCIATES.
Highlight of Business Operations:
Based on the stronger sales and earnings in the first half of the year, on January 11, 2010, we raised our expectations of net sales and earnings for the fiscal year ending July 3, 2010. We reiterate our expectation for net sales to be in the range of $375 million to $385 million and earnings to be in the range of $0.95 to $1.10 per diluted share. This compares to our fiscal year 2009 net sales of $355.2 million and earnings of $0.76 per diluted share.Our net sales for the first six months of fiscal year 2010 grew 15.5% to $190.3 million, an increase of $25.5 million over the same period of fiscal year 2009. Both the activewear and retail-ready segments contributed to the growth with sales increases of $1.6 million and $23.9 million, respectively. The sales growth in our retail-ready segment includes the addition of our headwear business which was acquired during the fourth quarter of fiscal year 2009.
Operating income for the second quarter of fiscal year 2010 was $2.2 million, an increase of $0.7 million from the second quarter of the prior year. For the first six months of fiscal year 2010 operating income was $6.7 million, a $2.8 million increase over the fiscal year 2009 operating income for the first six months of $3.9 million.
Net interest expense for the second quarter of fiscal year 2010 was $0.9 million, a reduction of $0.3 million compared to the second quarter of fiscal year 2009. For the first six months of fiscal year 2010 net interest expense declined by $0.8 million to $1.9 million compared to the first six months of fiscal year 2009. The decrease in net interest expense was due to lower debt levels and lower average interest rates.
Capital expenditures in the second quarter of fiscal year 2010 were $0.9 million compared to $1.0 million in the second quarter of the prior year. Capital expenditures for the first six months of fiscal year 2010 were $2.2 million compared to $2.0 million in expenditures for the first six months of fiscal year 2009. Expenditures for the first six months of fiscal years 2010 and 2009 were primarily for continued improvements in our information technology in our retail-ready segment and capital expenditures intended to lower costs in our manufacturing facilities in our activewear segment. Total capital expenditures are expected to be approximately $4 million in fiscal year 2010.
Capital expenditures for the first six months of fiscal year 2010 were $2.2 million compared to $2.0 million for the first six months of the prior year. Expenditures for the first six months of fiscal years 2010 and 2009 were primarily for continued improvements in our information technology in our retail-ready segment and capital expenditures intended to lower costs in our manufacturing facilities in our activewear segment. During the first quarter of fiscal year 2010, we also made the final payment of $0.7 million associated with the acquisition of To The Game, LLC. During the first quarter of fiscal year 2009, we paid an earnout payment of $2.6 million to the former Junkfood shareholders based on the performance of Junkfood for the fiscal year ended June 28, 2008.
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