The company sold its branded collegiate headwear and apparel business – The Game to David Peyser Sportswear in the month of April, 2015. The deal involved $14.5 million at the time of closing and an additional $0.5 payment.
On an unadjusted basis, net sales for the company in the fiscal year 2015 were $449.1 million as compared to $452.9 million in fiscal year 2014.
Net income for fiscal 2015 was $8.1 million or $1.00 per diluted share as compared to the net loss of $960,000 or $0.12 per diluted share last fiscal.
Operating profit for fiscal 2015 was $16.1 million as compared to an operating loss of $1.7 million in fiscal 2014.
Commenting on the results, Robert W Humphreys, chairman and CEO of Delta Apparel said, “We saw net sales growth in the third and fourth quarters, and gross margins expanded sequentially through the year and year-over-year. These improvements are supported by various initiatives during the year that have generated a growth trend we see continuing in fiscal 2016 despite persistent softness in the retail marketplace.”
“Looking ahead, we believe there will be a continuation of the soft retail environment. But, we believe we are positioned to further improve our operating results in 2016,” he said. (MCJ)
Fibre2Fashion News Desk – India
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