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Delta Galil narrows loss in Q1

10
May '06
Intimate apparel retailer Delta Galil Industries Ltd has reported first quarter 2006 revenues of $172.1 million, a decrease of 1 percent compared to the $173.5 million in revenues reported in the first quarter of 2005.

Loss for the first quarter of 2006 was $1.0 million or $0.05 diluted loss per share, compared to loss of $3.0 million or $0.16 diluted loss per share in the first quarter of last year.

Operating profit in the first quarter of 2006 was $3.1 million, compared to an operating loss of $1.7 million in the first quarter of last year. Operating cash flow in the first quarter of 2005 was negative $3.6 million compared to negative cash flow of $18.8 million in the first quarter of last year.

Dov Lautman, Chairman and CEO of Delta stated, "The first quarter 2006 results were positively affected by the continued efforts of our re- organization plan. An increase in quantities enabled revenues to remain stable, despite continued erosion in selling prices, mainly in the European operation. In addition to implementing our re-organization plan, we also are in the midst of implementing a change in our organizational structure.”

“We are doing this in order to better match the Company's structure to the business environment. We believe that these two measures will return Delta to profitability," he added.

Delta Galil is a leading global manufacturer of quality apparel sold under brands such as Calvin Klein, Hugo Boss, Nike, Ralph Lauren. Recognized for product innovation and development, Delta's products are sold worldwide through retailers including Wal-Mart, Marks & Spencer, Target, Victoria's Secret, JC Penney, Hema, and others.

Headquartered in Israel, Delta operates manufacturing facilities in Israel, Jordan, Egypt, Turkey, Eastern Europe, North and Central America, the Caribbean and the Far East.

Delta Galil Industries Ltd


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