DELTA WOODSIDE IN THE BLACK
NEW YORK — Having spun off the Delta Apparel T-shirt and Duck Head Apparel businesses over the summer, Delta Woodside Inc. reported net income of $3 million, or 12 cents a share, and more than a 10 percent increase in sales of its ongoing operations.
Before extraordinary items, net income for the quarter ended Sept. 30 was $2.4 million, or 10 cents a share, against a loss of $1.4 million, or 6 cents, a year ago.
Including a $1.4 million pretax gain from the disposal of discontinued operations, year-ago income for the Delta Woodside business was $124,000, or 1 cent.
During the most recent quarter, the company’s subsidiary, Delta Mills, repurchased and retired $15.7 million worth of notes, resulting in an aftertax gain of $639,000, or 2 cents a share.
Sales from the continuing operations for the period rose 10.3 percent to $63.2 million against $57.3 million a year ago.
W.F. Garrett, who became president and chief executive of the Greenville, S.C.-based company following the spinoffs, noted in a release that the results were in line with the company’s expectations.
“The trend of three solid quarters of earnings and our facilities operating at near-full capacity reflects the results of our continuing efforts to return Delta Woodside to strong profitability,” said Garrett.
Delta Mills Marketing produces woven fabrics for apparel, home furnishings and other end uses.