$DLAPQ
DELTA APPAREL, INC

2012 Q3 Form 10-Q Financial Statement

#000110139612000035 Filed on November 06, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q4
Revenue $130.1M $123.5M
YoY Change -5.47% 14.46%
Cost Of Revenue $98.26M $105.3M
YoY Change -1.84% 28.46%
Gross Profit $31.85M $31.25M
YoY Change -15.25% 20.63%
Gross Profit Margin 24.48% 25.3%
Selling, General & Admin $25.86M $20.18M
YoY Change 0.24% -11.85%
% of Gross Profit 81.19% 64.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.950M $1.795M
YoY Change 5.98% 1.58%
% of Gross Profit 6.12% 5.74%
Operating Expenses $25.86M $20.18M
YoY Change -0.53% -11.85%
Operating Profit $5.836M -$19.99M
YoY Change -49.64% -776.22%
Interest Expense $1.076M $992.0K
YoY Change -234.5% 65.06%
% of Operating Profit 18.44%
Other Income/Expense, Net -$156.0K $52.00K
YoY Change -178.0% -48.0%
Pretax Income $4.760M -$20.98M
YoY Change -55.93% -990.91%
Income Tax $1.196M -$7.389M
% Of Pretax Income 25.13%
Net Earnings $3.564M $4.412M
YoY Change -58.26% 167.72%
Net Earnings / Revenue 2.74% 3.57%
Basic Earnings Per Share $0.42 $0.52
Diluted Earnings Per Share $0.41 -$1.61
COMMON SHARES
Basic Shares Outstanding 8.398M shares 8.465M shares
Diluted Shares Outstanding 8.652M shares 8.465M shares

Balance Sheet

Concept 2012 Q3 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.800M $300.0K
YoY Change 157.14% -50.0%
Cash & Equivalents $1.840M $355.0K
Short-Term Investments
Other Short-Term Assets $7.800M $7.200M
YoY Change 11.43% 7.46%
Inventory $161.8M $182.9M
Prepaid Expenses
Receivables $69.30M $51.39M
Other Receivables $7.300M $0.00
Total Short-Term Assets $248.0M $251.1M
YoY Change 1.79% 26.36%
LONG-TERM ASSETS
Property, Plant & Equipment $39.27M $39.43M
YoY Change -1.22% 2.41%
Goodwill $16.81M $16.81M
YoY Change 0.0%
Intangibles $6.645M $7.101M
YoY Change -10.26%
Long-Term Investments
YoY Change
Other Assets $3.780M $3.912M
YoY Change -10.34% 22.25%
Total Long-Term Assets $66.51M $67.25M
YoY Change -2.46% 0.38%
TOTAL ASSETS
Total Short-Term Assets $248.0M $251.1M
Total Long-Term Assets $66.51M $67.25M
Total Assets $314.6M $318.3M
YoY Change 0.86% 19.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.90M $46.51M
YoY Change -19.18% 14.27%
Accrued Expenses $21.40M $15.63M
YoY Change -9.76% -11.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.529M $3.286M
YoY Change 26.08% -42.35%
Total Short-Term Liabilities $69.82M $65.43M
YoY Change -15.91% 1.91%
LONG-TERM LIABILITIES
Long-Term Debt $99.05M $117.2M
YoY Change 17.95% 65.33%
Other Long-Term Liabilities $224.0K $147.0K
YoY Change 1078.95% -90.81%
Total Long-Term Liabilities $99.27M $117.4M
YoY Change 18.19% 61.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $69.82M $65.43M
Total Long-Term Liabilities $99.27M $117.4M
Total Liabilities $172.6M $186.4M
YoY Change 1.6% 34.38%
SHAREHOLDERS EQUITY
Retained Earnings $94.39M $84.10M
YoY Change 1.2%
Common Stock $96.00K $96.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $13.11M $11.84M
YoY Change 17.61%
Treasury Stock Shares 1.284M shares 1.197M shares
Shareholders Equity $141.9M $131.9M
YoY Change
Total Liabilities & Shareholders Equity $314.6M $318.3M
YoY Change 0.86% 19.81%

Cashflow Statement

Concept 2012 Q3 2011 Q4
OPERATING ACTIVITIES
Net Income $3.564M $4.412M
YoY Change -58.26% 167.72%
Depreciation, Depletion And Amortization $1.950M $1.795M
YoY Change 5.98% 1.58%
Cash From Operating Activities $15.99M -$16.61M
YoY Change 19.48% -595.67%
INVESTING ACTIVITIES
Capital Expenditures $1.687M $1.319M
YoY Change -184.77% -14.18%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.687M -$1.319M
YoY Change -15.23% -88.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.025M $1.459M
YoY Change 98.5%
Debt Paid & Issued, Net $136.8M $146.0M
YoY Change 20.24%
Cash From Financing Activities -$12.93M $17.60M
YoY Change 13.69% 119.98%
NET CHANGE
Cash From Operating Activities $15.99M -$16.61M
Cash From Investing Activities -$1.687M -$1.319M
Cash From Financing Activities -$12.93M $17.60M
Net Change In Cash $1.373M -$333.0K
YoY Change 6765.0% 369.01%
FREE CASH FLOW
Cash From Operating Activities $15.99M -$16.61M
Capital Expenditures $1.687M $1.319M
Free Cash Flow $14.30M -$17.93M
YoY Change -6.97% -1088.37%

Facts In Submission

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CY2012Q3 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Accounting Standards</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Recently Adopted Standards</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2011, the Financial Accounting Standards Board ("FASB"), issued Accounting Standards Update ("ASU") No. 2011-05, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Comprehensive Income (Topic 220) - Presentation of Comprehensive Income</font><font style="font-family:inherit;font-size:10pt;"> ("ASU 2011-05"). This new guidance gives companies two choices on how to present items of net income, items of other comprehensive income and total comprehensive income: companies can create one continuous statement of comprehensive income or two separate consecutive statements. Other comprehensive income is no longer allowed to be presented solely in the statement of stockholders' equity. Earnings per share continues to be based on net income. ASU 2011-05 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and applied on a retrospective basis. ASU 2011-05 was adopted on July 1, 2012, and the Condensed Consolidated Statements of Comprehensive Income herein comply with this guidance.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In December 2011, the FASB issued No. ASU 2011-12, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05 </font><font style="font-family:inherit;font-size:10pt;">("ASU 2011-12"). ASU 2011-12 indefinitely defers the new provisions under ASU 2011-05, which required entities to present reclassification adjustments out of accumulated other comprehensive income by component in both the statement in which net income is presented and the statement in which other comprehensive income is presented for both interim and annual financial statements. ASU 2011-12 is effective for the years beginning after December 15, 2011. ASU 2011-12 was adopted on July 1, 2012, and the Condensed Consolidated Statements of Comprehensive Income comply with this guidance.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In September 2011, the FASB issued ASU No. 2011-08, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles - Goodwill and Other (Topic 350), Testing Goodwill for Impairment </font><font style="font-family:inherit;font-size:10pt;">("ASU 2011-08"). FASB decided to simplify how companies are required to test goodwill for impairment. Companies now have the option to first assess qualitative factors to determine whether it is more likely than not (likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount. If after considering the totality of events and circumstances a company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it will not have to perform the two-step impairment test. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. ASU 2011-08 was adopted on July 1, 2012, and the adoption had no impact on our financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2011, the FASB issued ASU No. 2011-04, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS</font><font style="font-family:inherit;font-size:10pt;"> ("ASU 2011-04"). The new guidance results in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards. Additional disclosure requirements in ASU 2011-04 include: (a) for Level 3 fair value measurements, quantitative information about unobservable inputs used, a description of the valuation processes used, and a qualitative discussion about the sensitivity of the measurements to changes in the unobservable inputs; (b) for the use of a nonfinancial asset that is different from the asset&#8217;s highest and best use, the reason for the difference; (c) for financial instruments not measured at fair value but for which disclosure of fair value is required, the fair value hierarchy level in which the fair value measurements were determined; and (d) the disclosure of all transfers between Level 1 and Level 2 of the fair value hierarchy. ASU 2011-04 is effective for interim periods beginning after December 15, 2011, and applied on a prospective basis. ASU 2011-04 was adopted on January 1, 2012, and did not have a material effect on our financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Standards Not Yet Adopted</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2012, FASB issued ASU No. 2011-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles - Goodwill and Other (Topic 350), Testing Indefinite-Lived Intangible Assets for Impairment</font><font style="font-family:inherit;font-size:10pt;">, ("ASU 2011-02"). This new guidance adds an optional qualitative assessment for determining whether an indefinite-lived intangible asset is impaired. Companies have the option to first perform a qualitative assessment to determine whether it is more likely than not (likelihood of more than 50%) that an indefinite-lived intangible is impaired. If a company determines that it is more likely than not that the fair value of such an asset exceeds its carrying amount, it would not need to calculate whether the fair value of such an asset exceeds its carrying amount and it would not need to calculate the fair value of the asset in that year. However, if the Company determines otherwise, it must calculate the fair value of the asset, compare that value with its carrying amount and record an impairment charge, if any. ASU 2011-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. ASU 2011-02 is therefore effective for our fiscal year ending June 28, 2014.</font></div></div>
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CY2012Q3 us-gaap Liabilities
Liabilities
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CY2012Q2 us-gaap Liabilities
Liabilities
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CY2012Q2 us-gaap Liabilities And Stockholders Equity
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CY2012Q3 us-gaap Liabilities And Stockholders Equity
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CY2012Q3 us-gaap Liabilities Current
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CY2012Q2 us-gaap Liabilities Current
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CY2012Q3 us-gaap Long Term Debt Current
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CY2012Q3 us-gaap Net Cash Provided By Used In Operating Activities
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CY2011Q4 us-gaap Net Income Loss
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CY2011Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2012Q3 us-gaap Other Liabilities Noncurrent
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CY2012Q2 us-gaap Other Liabilities Noncurrent
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CY2012Q3 us-gaap Other Nonoperating Income Expense
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CY2011Q4 us-gaap Other Nonoperating Income Expense
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CY2012Q3 us-gaap Payments For Repurchase Of Common Stock
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CY2011Q4 us-gaap Payments For Repurchase Of Common Stock
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CY2012Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1687000 USD
CY2011Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1319000 USD
CY2012Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2012Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2012Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2012Q2 us-gaap Preferred Stock Shares Authorized
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CY2012Q3 us-gaap Preferred Stock Shares Issued
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CY2012Q3 us-gaap Preferred Stock Value
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0 USD
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CY2012Q3 us-gaap Prepaid Expense And Other Assets Current
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CY2012Q2 us-gaap Prepaid Expense And Other Assets Current
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3770000 USD
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CY2012Q3 us-gaap Proceeds From Issuance Of Long Term Debt
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124913000 USD
CY2011Q4 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
20000 USD
CY2012Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2012Q3 us-gaap Property Plant And Equipment Net
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39272000 USD
CY2012Q2 us-gaap Property Plant And Equipment Net
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39425000 USD
CY2012Q3 us-gaap Treasury Stock Shares
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CY2012Q3 us-gaap Repayments Of Long Term Debt
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CY2011Q4 us-gaap Repayments Of Long Term Debt
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CY2012Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2012Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2012Q3 us-gaap Royalty Expense
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CY2011Q4 us-gaap Royalty Expense
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CY2011Q4 us-gaap Sales Revenue Goods Net
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CY2012Q3 us-gaap Sales Revenue Goods Net
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CY2012Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2011Q4 us-gaap Selling General And Administrative Expense
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CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
25861000 USD
CY2012Q3 us-gaap Share Based Compensation
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456000 USD
CY2011Q4 us-gaap Share Based Compensation
ShareBasedCompensation
672000 USD
CY2012Q3 us-gaap Significant Purchase Commitment Remaining Minimum Amount Committed
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CY2012 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
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CY2012Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
5400000 USD
CY2012Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
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4700000 USD
CY2012Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
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5400000 USD
CY2012Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
4700000 USD
CY2012Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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CY2011Q4 us-gaap Stock Repurchased During Period Shares
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CY2011Q4 us-gaap Stock Repurchased During Period Value
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CY2012Q3 us-gaap Stock Repurchased During Period Value
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CY2012Q3 us-gaap Stockholders Equity
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CY2012Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
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CY2012Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
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CY2012Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2012Q3 us-gaap Treasury Stock Shares Acquired
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CY2012Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
72854 shares
CY2012Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
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CY2012Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
43782 shares
CY2012Q3 us-gaap Treasury Stock Value
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13107000 USD
CY2012Q2 us-gaap Treasury Stock Value
TreasuryStockValue
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CY2011Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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310000 shares
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
254000 shares
CY2011Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8760000 shares
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8652000 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8398000 shares
CY2011Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8450000 shares
CY2012Q3 dla Fiscal Period Weeks In Fiscal Year Range Maximum
FiscalPeriodWeeksInFiscalYearRangeMaximum
P53W
CY2012Q3 dla Fiscal Period Weeks In Fiscal Year Range Minimum
FiscalPeriodWeeksInFiscalYearRangeMinimum
P52W
CY2012Q3 dla License Agreements Future Minimum Payments Due
LicenseAgreementsFutureMinimumPaymentsDue
9374000 USD
CY2012Q3 dla License Agreements Future Minimum Payments Due Current
LicenseAgreementsFutureMinimumPaymentsDueCurrent
1998000 USD
CY2012Q3 dla License Agreements Future Minimum Payments Due In Five Years
LicenseAgreementsFutureMinimumPaymentsDueInFiveYears
0 USD
CY2012Q3 dla License Agreements Future Minimum Payments Due In Four Years
LicenseAgreementsFutureMinimumPaymentsDueInFourYears
770000 USD
CY2012Q3 dla License Agreements Future Minimum Payments Due In Three Years
LicenseAgreementsFutureMinimumPaymentsDueInThreeYears
2345000 USD
CY2012Q3 dla License Agreements Future Minimum Payments Due In Two Years
LicenseAgreementsFutureMinimumPaymentsDueInTwoYears
4261000 USD
CY2011Q2 dla Line Of Credit Facility Available Borrowing Capacity
LineOfCreditFacilityAvailableBorrowingCapacity
200000000 USD
CY2011Q2 dla Line Of Credit Facility Average Excess Availability Base Amount
LineOfCreditFacilityAverageExcessAvailabilityBaseAmount
145000000 USD
CY2012Q2 dla Retained Earnings No Restrictions
RetainedEarningsNoRestrictions
14800000 USD
CY2012Q3 dla Retained Earnings No Restrictions
RetainedEarningsNoRestrictions
15600000 USD
CY2012Q3 dla Selling General And Administrative Distribution Costs Excluding Freight Costs
SellingGeneralAndAdministrativeDistributionCostsExcludingFreightCosts
4400000 USD
CY2011Q4 dla Selling General And Administrative Distribution Costs Excluding Freight Costs
SellingGeneralAndAdministrativeDistributionCostsExcludingFreightCosts
3800000 USD
CY2012Q3 dla Stock Repurchase Program Aggregate Shares Repurchased Value
StockRepurchaseProgramAggregateSharesRepurchasedValue
15300000 USD
CY2012Q3 dla Stock Repurchase Program Aggregated Number Of Shares Repurchased
StockRepurchaseProgramAggregatedNumberOfSharesRepurchased
1442501 shares
CY2012Q3 dla Stock Repurchase Program Number Of Shares Purchased As Part Of Publicly Announced Plans
StockRepurchaseProgramNumberOfSharesPurchasedAsPartOfPubliclyAnnouncedPlans
28772 shares
CY2012Q3 dla Stock Repurchase Program Number Of Shares Purchased As Part Of Publicly Announced Plans
StockRepurchaseProgramNumberOfSharesPurchasedAsPartOfPubliclyAnnouncedPlans
300 shares
CY2012Q3 dla Stock Repurchase Program Number Of Shares Purchased As Part Of Publicly Announced Plans
StockRepurchaseProgramNumberOfSharesPurchasedAsPartOfPubliclyAnnouncedPlans
72854 shares
CY2012Q3 dla Stock Repurchase Program Number Of Shares Purchased As Part Of Publicly Announced Plans
StockRepurchaseProgramNumberOfSharesPurchasedAsPartOfPubliclyAnnouncedPlans
43782 shares
CY2012Q3 dei Amendment Flag
AmendmentFlag
false
CY2012Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-29
CY2012Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2012Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2012Q3 dei Document Period End Date
DocumentPeriodEndDate
2012-09-29
CY2012Q3 dei Document Type
DocumentType
10-Q
CY2012Q3 dei Entity Central Index Key
EntityCentralIndexKey
0001101396
CY2012Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
8319352 shares
CY2012Q3 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2012Q3 dei Entity Registrant Name
EntityRegistrantName
DELTA APPAREL, INC

Files In Submission

Name View Source Status
0001101396-12-000035-index-headers.html Edgar Link pending
0001101396-12-000035-index.html Edgar Link pending
0001101396-12-000035.txt Edgar Link pending
0001101396-12-000035-xbrl.zip Edgar Link pending
dla-20120929.xml Edgar Link completed
dla-20120929.xsd Edgar Link pending
dla-20120929_cal.xml Edgar Link unprocessable
dla-20120929_def.xml Edgar Link unprocessable
dla-20120929_lab.xml Edgar Link unprocessable
dla-20120929_pre.xml Edgar Link unprocessable
dla-ex311_20120929xq1.htm Edgar Link pending
dla-ex312_20120929xq1.htm Edgar Link pending
dla-ex321_20120929xq1.htm Edgar Link pending
dla-ex322_20120929xq1.htm Edgar Link pending
dla_20120929-10q.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
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report.css Edgar Link pending
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