Delta Apparel : Non-GAAP Reconciliation Q3 2023
|
|
|
Change of 5-days | First January Change | |
|
8.300 USD |
+2.09% |
-5.79% |
-21.77% |
|
RECONCILIATION GROSS MARGINS, OPERATING MARGINS, AND NET RESULTS TO NON GAAP MEASURES ADJUSTED GROSS MARGINS, ADJUSTED OPERATING RESULTS, AND ADJUSTED NET RESULTS
Unaudited (in thousands)
|
Reconciliation between Gross Margin and Adjusted Gross margin – Unaudited |
Three Months ending |
Nine Months ending |
||||||
|
June 2023 |
June 2022 |
June 2023 |
June 2022 |
|||||
|
Gross Margin |
$ |
13,935 |
$ |
30,693 |
$ |
43,768 |
$ |
87,219 |
|
Production Curtailment Costs (1) |
3,340 |
– |
7,589 |
– |
||||
|
Cotton Costs (2) |
6,906 |
– |
22,027 |
– |
|
Adjusted Gross Margin |
$ |
24,181 |
$ |
30,693 |
$ |
73,384 |
$ |
87,219 |
|
22.7% |
24.2% |
22.7% |
23.6% |
|||||
|
Unaudited Reconciliation of Adjusted Operating Profit to Operating Income |
Three Months ending |
Nine Months ending |
||||||
|
June 2023 |
June 2022 |
June 2023 |
June 2022 |
|||||
|
Operating (Loss) Income |
$ |
(4,461) |
$ |
9,295 |
$ |
(12,438) |
$ |
29,553 |
|
Production Curtailment Costs (1) |
3,340 |
– |
7,589 |
– |
||||
|
Cotton Costs (2) |
6,906 |
– |
22,027 |
– |
||||
|
Restructuring Costs (3) |
32 |
– |
3,344 |
– |
||||
|
Adjusted Operating Income |
$ |
5,817 |
$ |
9,295 |
$ |
20,522 |
$ |
29,553 |
|
Reconciliation of Adjusted Net income to Net Income (Unaudited) |
Three Months ending |
Nine Months ending |
||||||
|
June 2023 |
June 2022 |
June 2023 |
June 2022 |
|||||
|
Net (Loss) Income |
$ |
(6,287) |
$ |
6,240 |
$ |
(16,841) |
$ |
20,023 |
|
Production Curtailment Costs (1) |
3,340 |
– |
7,589 |
– |
||||
|
Cotton Costs (2) |
6,906 |
– |
22,027 |
– |
||||
|
Restructuring Costs (3) |
32 |
– |
3,344 |
– |
||||
|
Tax Impact |
(2,775) |
– |
(8,950) |
– |
||||
|
Adjusted Net Income |
$ |
1,216 |
$ |
6,240 |
$ |
7,169 |
$ |
20,023 |
|
Reconciliation of Delta Group segment Gross Margin with Delta Group segment Adjusted Gross Margin (Unaudited) |
||||||||
|
Three Months ending |
Nine Months ending |
|||||||
|
June 2023 |
June 2022 |
June 2023 |
June 2022 |
|||||
|
Gross Margin |
$ |
5,254 |
$ |
20,227 |
$ |
18,013 |
$ |
63,470 |
|
Production Curtailment Costs (1) |
3,340 |
– |
7,589 |
– |
||||
|
Cotton Costs (2) |
6,906 |
– |
22,027 |
– |
||||
|
Adjusted Gross Margin |
$ |
15,500 |
$ |
20,227 |
$ |
47,629 |
$ |
63,470 |
|
17.4% |
19.1% |
17.2% |
19.6% |
|||||
|
Reconciliation of Delta Group Segment operating income to Delta Group Adjusted Operating income – Unaudited |
||||||||
|
Three Months ending |
Nine Months ending |
|||||||
|
June 2023 |
June 2022 |
June 2023 |
June 2022 |
|||||
|
Operating (Loss) Income |
$ |
(3,621) |
$ |
10,701 |
$ |
(10,979) |
$ |
33,557 |
|
Production Curtailment Costs (1) |
3,340 |
– |
7,589 |
– |
||||
|
Cotton Costs (2) |
6,906 |
– |
22,027 |
– |
||||
|
Restructuring Costs (3) |
32 |
– |
3,344 |
– |
||||
|
Adjusted Operating Income |
$ |
6,657 |
$ |
10,701 |
$ |
21,981 |
$ |
33,557 |
|
7.5% |
10.1% |
7.9% |
10.4% |
- The Company has decided to reduce production to better align itself with the reduced demand in the activewear sector due to the high inventory levels resulting from heavy replenishment following the recent recession. Supply chain challenges related to pandemics
- Cotton Costs are the excess of the Company’s sales cost over the average cotton price per pound for a recent period. Cotton Costs are calculated based on the average cost per pound over the 10-year period (0.78), as well as an estimate of the cost associated with what is known in the industry as “basis”, a material that must be purchased for cotton delivery ($0.15 per kilogram). Cotton Costs are the cost of cotton sales above $0.93 per pound.
- Restructuring costs consist of employee benefits paid for the transfer of Mexico’s more expensive manufacturing capacity to Central America’s more efficient manufacturing platform. Employee benefits are also paid as part of leadership restructuring.
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Delta Apparel Inc. This content is published on 03 August 2023 Distributed by and is solely liable for the information contained in it. Distributed by PublicThe original, unaltered version of the work. The UTC time for 3 August 2023 is 21:40:41..
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Delta Apparel, Inc., is an apparel company that has vertical integration. It designs and manufactures a wide range of lifestyle and activewear apparel under the primary brands Salt Life and Delta. On-demand digital print and fulfillment. It is divided into two segments, Salt Life Group and Delta Group. The Delta Group segment is made up of business units that are primarily focused activewear styles, including DTG2Go and Delta Activewear. The company offers apparel and accessories under its Delta Direct brand, including the Delta and Soffe labels. It also offers other brands via its digital platform and fulfillment centers. Salt Life Group’s lifestyle brands are focused on a variety of apparel garments and accessories that meet consumer needs and fashion trends. This segment includes the Salt Life and Coast businesses, marketed by its lifestyle brands Salt Life and COAST.
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