DAN RIVER FILES FOR IPO, EYEING $115 MILLION
DANVILLE, Va. — Dan River Inc. has filed for an initial public offering to sell up to $115 million in stock.
No details on the number of shares to be offered were provided in the filing with the Securities and Exchange Commission. Proceeds will be used to repay debt and for general purposes.
The manufacturer of apparel shirting fabrics and bedding products has been providing financial numbers to the SEC because of publicly held debt.
In the six months ended June 28, Dan River earned $2.3 million against a loss of $92,000 a year ago. Sales ran ahead 28.8 percent to $227.9 million from $176.9 million.
Apparel fabric sales surged 73.9 percent to $111.5 million, boosted by the acquisition in February of New Cherokee Corp., a manufacturer of yarn-dyed shirting and sportswear fabrics, for $67 million. Sales of home fashions goods nudged up 3.2 percent to $116.1 million.
In 1996, Dan River earned $5.7 million on sales of $379.6 million.