Delta Apparel Reports FY13 Fourth Quarter and Year-End Results
"We continue to improve our other businesses as well. We have consolidated our bookstore business into The Game, integrating the merchandising, selling and administrative functions along with the decoration and retail packaging operations. We also moved our FunTees print development offshore and have expanded our El Salvador printing operations. In addition, we completed the conversion of the FunTees ERP system onto the Catalog platform, which has streamlined operations, consolidated administrative functions, and reduced costs."
"Earlier today we announced the acquisition of the Salt Life brand. This acquisition furthers our strategy of building lifestyle brands that can take advantage of our creative capabilities, vertical manufacturing platform and international sourcing competencies. With Salt Life on board and operating as a division of To The Game, we can fully benefit from its popularity and rapid growth potential."
"Finally, we are changing our fiscal year-end from June to September in order to better align the company's planning, financial and reporting functions with the seasonality of our business. This, we believe, will provide investors with more timely information that better reflects the operations of the business," Mr. Humphreys said.
The company's fiscal year will end on the Saturday closest to September 30. In connection with the change, the company will have a three-month bridge period that will end on September 28, 2013, and its fiscal year 2014 will then begin on September 29, 2013 and end on September 27, 2014.
Fiscal 2014 Guidance
For the three-month bridge period ending September 28, 2013, the company anticipates sales will be in the range of $130 million to $132 million, with earnings per diluted share expected to be in the range of $0.30 to $0.35. The earnings per share guidance is net of approximately $0.14 per share for one-time costs, comprising $0.11 related to the Wendell facility closing and $0.03 related to the Salt Life acquisition.