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Delta Apparel reports Q2 sales
25
Jan '08
Delta Apparel Inc reported financial results for its second fiscal quarter ended December 29, 2007. The Company's results are in-line with the preliminary results announced on January 14, 2008.

Net sales for the three months ended December 29, 2007 were $68.8 million compared to $72.9 million in the prior year's second quarter. The decrease was due to lower FunTees sales, offset partially by higher sales in the Delta catalog, Soffe and Junkfood businesses.

Gross margins declined 630 basis points to 15.8% compared to 22.1% in the prior year second quarter primarily as a result of textile restructuring related costs, higher raw material prices, increased transportation costs and sales of a more basic mix in the t-shirt business. Net loss for the second quarter was $2.8 million, or ($0.33) per diluted share, compared to the prior year's net income of $0.6 million, or $0.07 per diluted share.

The Company previously announced on July 18, 2007 an overall restructuring plan which included the closing of its Fayette, Alabama manufacturing facility, the expensing of excess manufacturing costs with the FunTees integration and the expensing of start-up costs stemming from the opening of its Honduran textile facility.

The restructuring plan began in the fourth quarter of fiscal 2007 and is expected to be completed by the end of the third quarter of fiscal 2008 for a total cost of approximately $11.9 million, or $0.90 per diluted share. In the second quarter of fiscal 2008 the Company expensed $2.0 million, or $0.15 per diluted share, predominantly related to excess textile manufacturing costs and start-up costs from the opening of its Honduran textile facility.


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