Delta Apparel, Inc. (DLA) · 10+ Years of Financial statements

Income Statement	2010 Y	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	424	475	490	491	- -	453	449	425	385	395	432	381	437	485	415
+ Sales & Services Revenue	424	475	490	491	- -	453	449	425	385	395	432	381	437	485	415
- Cost of Revenue	324	359	406	381	- -	367	361	332	304	313	347	313	335	376	361
+ Cost of Goods & Services	324	359	406	381	- -	367	361	332	304	313	347	313	335	376	361
Gross Profit	101	116	84	110	- -	86	88	93	81	82	85	68	102	109	54
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	81	90	90	96	- -	87	80	75	65	65	69	75	69	77	74
+ Selling, General & Admin	81	92	90	95	- -	86	81	77	67	67	70	68	71	79	74
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	-1	- -	1	- -	1	-1	-1	-3	-2	-1	7	-2	-2	1
Operating Income (Loss)	20	26	-6	14	- -	-2	8	18	16	17	16	-7	33	32	-20
- Non-Operating (Income) Loss	4	3	4	4	- -	6	-2	7	5	6	8	7	7	8	23
+ Interest Expense, Net	4	3	4	4	- -	6	6	5	5	6	8	7	7	8	14
+ Interest Expense	4	3	4	4	- -	6	6	5	5	6	8	7	7	8	14
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	- -	1	- -	- -	- -	- -	-8	2	- -	- -	- -	- -	- -	- -	9
Pretax Income	17	23	-10	10	- -	-7	10	11	11	12	8	-14	26	24	-44
- Income Tax Expense (Benefit)	4	5	-8	1	- -	-6	2	2	1	10	- -	-3	6	4	-10
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	12	17	-2	9	- -	-1	8	9	11	1	8	-11	20	20	-33
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1	- -	- -	- -	- -
Income (Loss) Incl. MI	12	17	-2	9	- -	-1	8	9	11	1	9	-10	20	20	-33
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	12	17	-2	9	- -	-1	8	9	11	1	8	-11	20	20	-33
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	12	17	-2	9	- -	-1	8	9	11	1	8	-11	20	20	-33
Basic Weighted Avg Shares	9	8	8	8	- -	8	8	8	8	7	7	7	7	7	7
Basic EPS, GAAP	1.43	2.04	-0.29	1.12	- -	-0.12	1.03	1.16	1.4	0.19	1.19	-1.53	2.92	2.84	-4.75
Basic EPS from Cont Ops	1.43	2.04	-0.29	1.12	- -	-0.12	1.03	1.16	1.4	0.17	1.14	-1.56	2.9	2.84	-4.76
Diluted Weighted Avg Shares	9	9	8	8	- -	8	8	8	8	7	7	7	7	7	7
Diluted EPS, GAAP	1.4	1.98	-0.29	1.08	- -	-0.12	1	1.12	1.33	0.18	1.17	-1.53	2.86	2.8	-4.75
Diluted EPS from Cont Ops	1.4	1.98	-0.29	1.08	- -	-0.12	1	1.12	1.33	0.17	1.11	-1.56	2.84	2.8	-4.76
EBITDA	27	33	1	22	- -	8	18	28	26	27	28	6	46	47	-5
EBITDA Margin (%)	6.35	6.98	0.26	4.47	- -	1.73	4	6.51	6.7	6.93	6.41	1.49	10.64	9.65	-1.23
EBITA	20	26	-6	14	- -	-2	8	18	16	17	16	-7	33	32	-20
EBIT	20	26	-6	14	- -	-2	8	18	16	17	16	-7	33	32	-20
Gross Margin (%)	23.75	24.46	17.09	22.32	- -	18.93	19.66	21.99	20.96	20.74	19.72	17.94	23.33	22.45	13
Operating Margin (%)	4.75	5.45	-1.27	2.83	- -	-0.37	1.87	4.25	4.2	4.4	3.68	-1.86	7.49	6.55	-4.87
Profit Margin (%)	2.87	3.65	-0.5	1.87	- -	-0.21	1.8	2.11	2.73	0.34	1.91	-2.78	4.65	4.07	-8
Sales per Employee	60,630	66,005	68,045	70,075	- -	66,603	60,695	55,227	50,011	51,357	50,792	48,478	51,570	56,229	60,982
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	7	7	7	8	- -	9	10	10	10	10	12	13	14	15	15

Balance Sheet	2010 Y	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	185	244	253	246	246	250	214	232	228	225	244	227	243	323	263
+ Cash, Cash Equivalents & STI	1	1	- -	1	1	1	- -	- -	1	- -	1	16	9	- -	- -
+ Cash & Cash Equivalents	1	1	- -	1	1	1	- -	- -	1	- -	1	16	9	- -	- -
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	61	77	83	77	70	70	63	64	50	47	61	61	68	72	48
+ Accounts Receivable, Net	60	76	73	74	69	68	62	63	47	46	59	60	67	68	45
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	2	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	1	1	9	3	1	2	1	1	1	1	2	1	1	3	3
+ Inventories	117	159	162	160	165	162	148	164	175	175	179	146	162	249	212
+ Raw Materials	11	21	12	12	12	10	11	11	9	10	12	14	17	23	20
+ Work In Process	21	35	19	16	15	16	19	18	19	18	18	14	21	24	18
+ Finished Goods	85	104	131	131	138	137	118	135	147	147	149	118	124	202	174
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	7	7	9	9	10	17	3	4	3	3	3	4	4	3	3
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	66	68	67	66	106	105	111	112	90	118	134	193	191	201	192
+ Property, Plant & Equip, Net	38	40	39	39	- -	41	40	44	43	52	61	119	113	124	121
+ Property, Plant & Equip	92	98	104	109	- -	116	121	107	111	126	143	211	212	233	240
- Accumulated Depreciation	54	58	65	70	- -	75	81	64	68	74	82	92	99	109	119
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	4	9	10	11	10	10	10
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	4	9	10	11	10	10	10
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	29	28	27	27	106	64	71	69	43	57	63	64	68	66	61
+ Total Intangible Assets	25	24	24	23	62	60	59	58	36	54	60	58	64	62	50
+ Goodwill	17	17	17	17	37	37	37	37	20	33	38	38	38	38	29
+ Other Intangible Assets	8	7	7	6	25	24	22	21	16	20	22	20	26	24	22
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	3	4	4	4	44	4	12	11	7	3	3	6	4	4	11
Total Assets	251	312	320	312	352	355	325	345	318	344	378	420	434	524	455
+ Payables & Accruals	54	80	55	59	70	67	64	60	51	54	59	56	64	92	69
+ Accounts Payable	34	56	46	50	53	58	53	51	46	48	52	50	53	84	62
+ Accrued Taxes	1	1	1	1	- -	1	2	1	1	1	2	2	3	2	2
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	19	24	8	7	17	8	9	8	4	5	5	5	8	7	4
+ ST Debt	6	3	4	4	4	16	8	9	8	10	13	24	22	26	34
+ ST Borrowings	6	3	4	4	4	16	8	9	8	7	7	8	7	9	17
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	1	4	6	16	15	17	18
+ Other ST Liabilities	- -	- -	8	10	- -	11	11	13	13	12	17	16	19	19	12
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	8	10	- -	11	11	13	13	12	17	16	19	19	12
Total Current Liabilities	60	83	66	72	74	93	83	82	72	76	89	96	105	138	115
+ LT Debt	62	84	111	95	131	114	94	107	88	101	122	171	156	196	188
+ LT Borrowings	62	84	111	95	131	114	94	107	85	92	109	113	102	137	126
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	3	9	13	58	54	59	61
+ Other LT Liabilities	4	3	4	4	8	9	4	4	2	16	13	11	9	7	2
+ Accrued Liabilities	2	3	4	4	4	3	- -	- -	- -	2	2	- -	2	4	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	2	- -	- -	- -	4	5	4	4	2	14	12	11	7	3	2
Total Noncurrent Liabilities	66	87	115	98	139	123	98	110	89	118	135	182	165	203	190
Total Liabilities	126	170	181	171	213	216	180	193	162	193	224	278	270	341	305
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	59	60	60	61	60	60	59	61	61	62	60	61	61	62	61
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	59	60	60	61	59	60	59	61	61	62	60	61	61	62	61
- Treasury Stock	9	11	12	20	21	21	22	25	33	41	42	43	42	45	44
+ Retained Earnings	76	93	91	100	101	100	108	117	127	129	137	127	147	167	133
+ Other Equity	- -	- -	- -	- -	-1	- -	- -	- -	- -	- -	-1	-1	-1	- -	- -
Equity Before Minority Interest	126	142	139	141	139	138	144	152	156	150	154	143	165	183	151
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1	-1	-1	-1
Total Equity	126	142	139	141	139	138	144	152	156	150	154	143	164	183	150
Total Liabilities & Equity	251	312	320	312	352	355	325	345	318	344	378	420	434	524	455
Shares Outstanding	9	8	8	8	- -	8	8	8	7	7	7	7	7	7	7
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	3	13	19	74	69	77	79
Net Debt	67	86	114	98	134	129	102	115	92	98	115	104	99	146	143
Net Debt to Equity	53.6	60.66	82.04	69.25	96.42	93.6	70.53	75.91	59.2	65.42	74.88	72.81	60.52	79.7	95.11
Tangible Common Equity Ratio	44.39	40.93	38.87	40.87	26.64	26.49	32.18	32.88	42.53	33.25	29.64	23.41	27.02	26.16	24.65
Current Ratio	3.09	2.93	3.81	3.39	3.32	2.67	2.59	2.83	3.14	2.97	2.74	2.36	2.3	2.35	2.28
Cash Conversion Cycle	146.96	151.77	154.36	162.18	- -	162.46	151.53	170.6	198.75	191.54	178.61	179.93	167.14	196.18	200.85
Number of Employees	7,000	7,200	7,200	7,000	- -	6,800	7,400	7,700	7,700	7,700	8,500	7,860	8,469	8,623	6,811

Cash Flow Statement	2010 Y	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	12	17	-2	9	- -	-1	8	9	11	1	8	-11	20	20	-33
+ Depreciation & Amortization	7	7	7	8	- -	9	10	10	10	10	12	13	14	15	15
+ Non-Cash Items	1	1	17	1	- -	-4	-6	3	- -	6	-1	3	4	6	-2
+ Stock-Based Compensation	1	1	2	1	- -	- -	1	2	2	3	2	3	2	3	1
+ Deferred Income Taxes	- -	1	-1	- -	- -	-6	1	2	- -	6	- -	-4	4	3	-11
+ Asset Impairment Charge	- -	1	- -	- -	- -	1	- -	1	- -	- -	- -	- -	- -	- -	10
+ Other Non-Cash Adj	- -	-2	17	- -	- -	1	-8	-1	-2	-2	-2	4	-2	- -	-3
+ Chg in Non-Cash Work Cap	12	-23	-41	14	- -	10	11	-20	-6	4	-10	26	-12	-61	32
+ (Inc) Dec in Accts Receiv	-2	-12	2	- -	- -	- -	6	- -	17	1	-13	- -	-7	-1	23
+ (Inc) Dec in Inventories	9	-36	-19	2	- -	3	8	-16	-14	1	-3	29	-17	-89	38
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	-1	- -	-1	1	- -	1	- -	-1	2	- -
+ Inc (Dec) in Accts Payable	4	25	-26	13	- -	7	-3	-3	-9	2	5	-4	11	30	-31
+ Inc (Dec) in Other	- -	- -	- -	- -	- -	1	-1	- -	-1	- -	- -	1	2	-2	1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	32	3	-19	32	- -	14	22	2	14	21	9	32	25	-20	11
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	15	2	- -	6	- -	- -	3	- -	4
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	15	2	- -	6	- -	- -	3	- -	4
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-7	-8	-7	-8	- -	-9	-8	-12	-7	-6	-6	-9	-12	-13	-3
+ Acq of Fixed Prod Assets	-7	-8	-7	-8	- -	-9	-8	-12	-7	-6	-6	-9	-6	-12	-3
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-7	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-2	-10	- -	- -	- -	- -	- -	- -	26	-15	-5	-3	-4	-1	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	26	2	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-2	-10	- -	- -	- -	- -	- -	- -	- -	-17	-5	-3	-4	-1	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-9	-18	-7	-8	- -	-9	8	-11	19	-15	-11	-12	-13	-13	2
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	-24	19	28	-16	- -	-5	-28	13	-24	3	8	3	-16	30	-12
+ Cash From Debt	410	511	544	487	- -	493	497	488	454	459	452	439	454	543	458
+ Repayments of Debt	-433	-493	-517	-503	- -	-498	-525	-475	-477	-456	-444	-436	-470	-513	-470
+ Cash (Repurchase) of Equity	- -	-3	-3	-8	- -	-1	-2	-3	-8	-9	-3	-2	- -	-4	- -
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	-3	-3	-8	- -	-1	-2	-3	-8	-9	-3	-2	- -	-4	- -
+ Other Financing Activities	- -	-1	- -	- -	- -	1	- -	-1	-1	-1	-3	-5	-3	-2	-1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-24	15	26	-24	- -	-5	-30	9	-33	-6	2	-4	-19	24	-13
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	16	-7	-9	- -
Capital Expenditures	-7	-8	-7	-8	- -	-9	-8	-12	-7	-6	-6	-9	-12	-13	-3
EBITDA	27	33	1	22	- -	8	18	28	26	27	28	6	46	47	-5
EBITDA Margin (%)	6.35	6.98	0.26	4.47	- -	1.73	4	6.51	6.7	6.93	6.41	1.49	10.64	9.65	-1.23
Net Cash Paid for Acquisitions	2	10	- -	- -	- -	- -	- -	- -	-26	15	5	3	4	1	- -
Free Cash Flow	25	-5	-26	24	- -	5	15	-10	7	15	3	23	13	-33	8
Free Cash Flow to Firm	28	-3	- -	28	- -	- -	19	-6	12	16	10	- -	19	-26	- -
Free Cash Flow to Equity	2	14	2	8	- -	- -	2	5	-17	25	11	26	6	-2	1
Free Cash Flow per Basic Share	2.97	-0.6	-3.04	2.94	- -	0.64	1.85	-1.31	0.91	2.16	0.49	3.3	1.91	-4.69	1.2
Price/Free Cash Flow	3.28	13.84	-9.67	2.99	- -	3.14	4.64	8.66	8.14	4.89	10.74	2.4	5.32	-13.42	3.28
Cash Flow to Net Income	2.65	0.17	7.81	3.5	- -	-14.56	2.76	0.25	1.33	15.88	1.14	-3.01	1.25	-1.02	-0.34

Delta Apparel, Inc.

DLA US

1.07

1.07