Delta Mills, Inc. Announces Second Quarter Fiscal 2002 Results.Business Editors/Apparel & Textile textile Any filament, fibre, or yarn that can be made into fabric or cloth, and the resulting material itself. The word originally referred only to woven fabrics but now includes knitted, bonded, felted, and tufted fabrics as well. Writers GREENVILLE Greenville. 1 City (1990 pop. 45,226), seat of Washington co., W Miss., on Lake Ferguson, a deepwater harbor adjoining the Mississippi River; inc. 1886. , S.C.--(BUSINESS WIRE)--Jan. 21, 2002 Delta Mills, Inc. reported net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $44.1 million for the quarter ended December December: see month. 29, 2001 compared to net sales of $59.7 million for the quarter ended December 30, 2000. The net sales for the current quarter of $44.1 million represents a 19% increase over net sales for the previous quarter of $37.0 million. The Company reported an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $1.1 million compared to an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $2.3 million in the previous year quarter and an operating loss of $10.2 million last quarter. Last quarter's operating loss included asset impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. and restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $8.6 million associated with closing the Furman Furman may refer to the following: Places:
For the six months ended December 29, 2001 the Company reported net sales of $81.1 million compared to net sales of $122.9 million for the six months ended December 30, 2000. The Company reported an operating loss of $11.3 million and a net loss of $10.6 million for the six months ended December 29, 2001 compared to an operating profit of $8.6 million and net income of $3.8 million for the six months ended December 30, 2000. The Company's net income for the six months ended December 30, 2000 included an after tax extraordinary gain of $1.6 million. The net loss for the six months ended December 29, 2001 included asset impairment and continuing costs associated with closed facilities of $5.9 million. The Company also reported a cash position of $10.2 million with no borrowings against the $50.0 million revolving loan facility. The Company is in compliance with all of the loan facility covenants. Delta Mills, Inc., headquartered in Greenville, South Carolina
Greenville is a mid-sized city located in the upstate of South Carolina. It is the county seat of Greenville CountyGR6 , manufactures and sells textile products for the apparel industry. The Company, which employs about 1,800 people, operates six plants located in North and South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. .
Delta Mills, Inc
Pro forma Statement of Operating (Loss)
(unaudited) (,000)
Three Months Ended Six Months Ended
December 29, 2001 December 29, 2001
------------------ -----------------
Operating Loss $ (1,145) $ (11,328)
Asset Impairment and
Restructuring expenses (8,683)
Continuing Costs of Closed
Facilities (329) (329)
------------------ -----------------
Pro Forma Operating Loss $ (816) $ (2,316)
CONSOLIDATED STATEMENTS OF OPERATIONS
Delta Mills Inc.
(In Thousands)
3 Mths 3 Mths 6 Mths 6 Mths
Ended Ended Ended Ended
Dec. 29, Dec. 30, Dec. 29, Dec. 30,
2001 2000 2001 2000
--------- ---------- ----------- ----------
Net sales $ 44,140 $ 59,697 $ 81,117 $ 122,896
Cost of goods sold 42,432 53,780 78,330 107,705
--------- ---------- ----------- ----------
Gross profit 1,708 5,917 2,787 15,191
Selling, general and
administrative expenses 2,871 3,593 5,463 6,934
Impairment and
restructuring expenses 8,683
Other income 18 4 31 377
--------- --------- ----------- ----------
OPERATING PROFIT (LOSS) (1,145) 2,328 (11,328) 8,634
Other (expense) income:
Interest expense (2,544) (2,687) (4,999) (5,636)
Interest income 36 146 133 408
---------- ---------- ----------- ----------
(2,508) (2,541) (4,866) (5,228)
INCOME(LOSS) BEFORE
INCOME TAXES AND
EXTRAORDINARY ITEMS (3,653) (213) (16,194) 3,406
---------- ---------- ----------- ----------
Income tax expense
(benefit) (1,251) (64) (5,639) 1,221
---------- ---------- ----------- ----------
INCOME (LOSS) BEFORE
EXTRAORDINARY ITEMS (2,402) (149) (10,555) 2,185
Extraordinary gain
(net of taxes) 946 1,585
NET INCOME (LOSS) $ (2,402) $ 797 $ (10,555) $ 3,770
========== ========== =========== ==========
CONSOLIDATED BALANCE SHEETS
Delta Mills Inc.
(In Thousands) December 29, June 30,
2001 2001
----------------- -------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 10,213 $ 11,715
Accounts receivable:
Factor and other 38,176 37,621
Due from Affiliates 34
Less allowances for doubtful
accounts and returns 51 51
------------------ -------------
38,125 37,604
Inventories
Finished goods 9,443 13,241
Work in process 20,085 23,195
Raw materials and supplies 5,850 6,766
------------------ -------------
35,378 43,202
Deferred income taxes 2,707 1,968
Other assets 299 547
------------------ -------------
TOTAL CURRENT ASSETS 86,722 95,036
PROPERTY, PLANT AND EQUIPMENT,
at cost 168,910 166,226
Less accumulated depreciation 93,957 81,195
------------------ -------------
74,953 85,031
DEFERRED LOAN COSTS AND OTHER
ASSETS 1,470 1,680
$ 163,145 $ 181,747
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December 29, June 30,
2001 2001
------------------ -------------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable $ 7,111 $ 8,571
Payable to Affiliates 118 -
Accrued employee compensation 1,121 2,339
Accrued and sundry liabilities 19,067 19,856
------------------ -------------
TOTAL CURRENT LIABILITIES 27,417 30,766
LONG-TERM DEBT 83,815 83,815
DEFERRED INCOME TAXES 6,114 11,186
DEFERRED COMPENSATION 6,973 6,599
SHAREHOLDERS' EQUITY
Common Stock -- par value $.01 a
share -- authorized
3,000 shares, issued and outstanding
100 shares
Additional paid-in capital 51,792 51,792
Retained earnings(deficit) (12,966) (2,411)
--------------- --------------
38,826 49,381
COMMITMENTS AND CONTINGENCIES $ 163,145 $ 181,747
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CONSOLIDATED STATEMENTS OF CASH FLOWS
Delta Mills Inc.
(In Thousands)
6 Mths 6 Mths
Ended Ended
Dec. 29, Dec. 30,
2001 2000
------------ -------------
OPERATING ACTIVITIES
Net income (loss) $ (10,555) $ 3,770
Adjustments to reconcile net
income(loss) to net cash provided
by operating activities:
Depreciation 4,551 5,556
Amortization 211 212
Write off of loan origination
costs - line of credit 783
Gain on early retirement of
debt (3,242)
Provision for impairment and
restructuring 8,683
Provision for losses on accounts
receivable (49)
Provision for deferred income
taxes (5,811) 1,948
Losses (gains) on disposition of
property and equipment (341)
Deferred compensation 367 562
Other
Changes in operating assets and
liabilities: 3,726 5,604
-------------- --------------
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 1,172 14,803
INVESTING ACTIVITIES
Property, plant and equipment:
Purchases (2,674) (1,956)
Proceeds of dispositions 450
Other investing activities (384)
--------------- --------------
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (2,674) (1,890)
FINANCING ACTIVITIES
Proceeds from revolving lines
of credit 3,003
Repayments on revolving lines
of credit (3,003)
Repurchase and retirement of
long term debt (28,021)
Dividends paid (2,900)
Other
---------------- -------------
NET CASH PROVIDED (USED) BY
FINANCING ACTIVITIES 0 (30,921)
---------------- -------------
DECREASE IN CASH AND CASH
EQUIVALENTS (1,502) (18,008)
Cash and cash equivalents at
beginning of year 11,715 18,287
----------------- -------------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 10,213 $ 279
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