Delta Apparel Inc (DLA, Financial) filed Quarterly Report for the period ended 2010-10-02.
Delta Apparel Inc has a market cap of $118.7 million; its shares were traded at around $13.85 with a P/E ratio of 9.9 and P/S ratio of 0.3. Delta Apparel Inc had an annual average earning growth of 1.4% over the past 10 years.DLA is in the portfolios of John Buckingham of Al Frank Asset Management, Inc..
Net sales for the first quarter of fiscal year 2011 increased by $8.8 million to $107.9 million, an increase of 8.9% from the first quarter of the prior year. Activewear segment sales were $49.5 million for the first quarter of fiscal year 2011, an increase of 5.1% compared to the $47.1 million in sales in the first quarter of fiscal year 2010, driven by sales growth in both catalog and private label products. These sales increases resulted from an increase of approximately 10% in average selling prices, partially offset by a 5% decline in unit sales. Retail-Ready segment sales were $58.4 million for the three months ended October 2, 2010, an increase of 12.3% over the prior year first quarter sales of $52.0 million. The sales growth resulted from revenue in The Cotton Exchange, which we acquired on July 12, 2010, partially offset by a 1.1% organic sales decline. The slight sales decline was driven by lower sales of licensed graphic tees and fleece products, partially offset by strong sales of our exclusively-licensed outdoor brands, Realtree Outfitters and Realtree Outfitters by The Game.
Net interest expense for the first quarter of fiscal year 2011 was $0.6 million, a reduction of $0.4 million compared to the first quarter of fiscal year 2010. The decrease in net interest expense was due to the expiration of our $15.0 million interest rate swap at 5.06% and
Capital expenditures in the first quarter of fiscal year 2011 were $1.5 million compared to $1.3 million in the first quarter of the prior year. Expenditures for the first quarter of fiscal year 2011 were primarily for adding new digital printing machines associated with the start-up of Art Gun and to continue to increase capacity and lower costs in our textile facilities. Total capital expenditures are expected to be approximately $8.0 million in fiscal year 2011.
Capital expenditures for the first three months of fiscal year 2011 were $1.5 million compared to $1.3 million for the first three months of the prior year. Expenditures for the first three months of fiscal year 2011 were primarily from adding new digital printing machines associated with the start-up of Art Gun and to continue to increase capacity and lower costs in our textile facilities. During the first quarter of fiscal year 2011, we acquired The Cotton Exchange for $9.9 million (See Note MThe Cotton Exchange Acquisition). During the first quarter of the prior year, we made the final payment of $0.7 million associated with the acquisition of To The Game, LLC.
Our Board of Directors has authorized our management to use up to $15.0 million to repurchase Delta Apparel stock in open market transactions under our Stock Repurchase Program. During the three months ended October 2, 2010, we purchased 51,640 shares of our common stock for a total cost of $0.7 million. Since the inception of the Stock Repurchase Program, we have purchased 1,076,411 shares of our common stock for an aggregate of $9.8 million. All purchases were made at the discretion of our management. As of October 2, 2010, $5.2 million remained available for future purchases under our Stock Repurchase Program. Our Stock Repurchase Program does not have an expiration date.
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Delta Apparel Inc has a market cap of $118.7 million; its shares were traded at around $13.85 with a P/E ratio of 9.9 and P/S ratio of 0.3. Delta Apparel Inc had an annual average earning growth of 1.4% over the past 10 years.DLA is in the portfolios of John Buckingham of Al Frank Asset Management, Inc..
Highlight of Business Operations:
We reiterate our fiscal year 2011 outlook for sales and earnings. For the year ending July 2, 2011, we still expect net sales to be in the range of $455 to $465 million and earnings to be in the range of $1.55 to $1.70 per diluted share. The sales outlook for fiscal 2011 includes anticipated organic growth of approximately 3% to 6% after adjusting for one less week of operations in fiscal year 2010, and approximately $25 million in additional revenues from The Cotton Exchange, which we acquired on July 12, 2010.Net sales for the first quarter of fiscal year 2011 increased by $8.8 million to $107.9 million, an increase of 8.9% from the first quarter of the prior year. Activewear segment sales were $49.5 million for the first quarter of fiscal year 2011, an increase of 5.1% compared to the $47.1 million in sales in the first quarter of fiscal year 2010, driven by sales growth in both catalog and private label products. These sales increases resulted from an increase of approximately 10% in average selling prices, partially offset by a 5% decline in unit sales. Retail-Ready segment sales were $58.4 million for the three months ended October 2, 2010, an increase of 12.3% over the prior year first quarter sales of $52.0 million. The sales growth resulted from revenue in The Cotton Exchange, which we acquired on July 12, 2010, partially offset by a 1.1% organic sales decline. The slight sales decline was driven by lower sales of licensed graphic tees and fleece products, partially offset by strong sales of our exclusively-licensed outdoor brands, Realtree Outfitters and Realtree Outfitters by The Game.
Net interest expense for the first quarter of fiscal year 2011 was $0.6 million, a reduction of $0.4 million compared to the first quarter of fiscal year 2010. The decrease in net interest expense was due to the expiration of our $15.0 million interest rate swap at 5.06% and
Capital expenditures in the first quarter of fiscal year 2011 were $1.5 million compared to $1.3 million in the first quarter of the prior year. Expenditures for the first quarter of fiscal year 2011 were primarily for adding new digital printing machines associated with the start-up of Art Gun and to continue to increase capacity and lower costs in our textile facilities. Total capital expenditures are expected to be approximately $8.0 million in fiscal year 2011.
Capital expenditures for the first three months of fiscal year 2011 were $1.5 million compared to $1.3 million for the first three months of the prior year. Expenditures for the first three months of fiscal year 2011 were primarily from adding new digital printing machines associated with the start-up of Art Gun and to continue to increase capacity and lower costs in our textile facilities. During the first quarter of fiscal year 2011, we acquired The Cotton Exchange for $9.9 million (See Note MThe Cotton Exchange Acquisition). During the first quarter of the prior year, we made the final payment of $0.7 million associated with the acquisition of To The Game, LLC.
Our Board of Directors has authorized our management to use up to $15.0 million to repurchase Delta Apparel stock in open market transactions under our Stock Repurchase Program. During the three months ended October 2, 2010, we purchased 51,640 shares of our common stock for a total cost of $0.7 million. Since the inception of the Stock Repurchase Program, we have purchased 1,076,411 shares of our common stock for an aggregate of $9.8 million. All purchases were made at the discretion of our management. As of October 2, 2010, $5.2 million remained available for future purchases under our Stock Repurchase Program. Our Stock Repurchase Program does not have an expiration date.
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