SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (Date of earliest event reported): September 16, 2002
Delta Apparel, Inc.
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(Exact name of registrant as specified in its charter)
Georgia
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(State or Other Jurisdiction
of Incorporation)
1-15583 58-2508794
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(Commission File Number) (IRS Employer Identification No.)
2750 Premiere Parkway, Suite 100, Duluth, Georgia 30097
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(Address of principal executive offices) (Zip Code)
(678) 775-6900
(Registrant's Telephone Number
Including Area Code)
Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events
On September 16, 2002, the registrant announced that its Board of
Directors authorized the repurchase by the Company in open market transactions
of up to an additional $3.0 million of Delta Apparel common stock pursuant to
its Stock Repurchase Program, bringing the total amount authorized to $6.0
million. The press release issued by the registrant on September 16, 2002 is
attached hereto as Exhibit 99.1 and incorporated herein by reference thereto.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release of Delta Apparel, Inc., dated September 16, 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DELTA APPAREL, INC.
Date: September 19, 2002 /s/ Herbert M. Mueller
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Herbert M. Mueller
Vice President and Chief Financial Officer
EXHIBIT INDEX
Exhibit Number Description
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99.1 Press Release of Delta Apparel, Inc., dated September 16, 2002.
EXHIBIT 99.1
DELTA APPAREL ANNOUNCES INCREASE IN AMOUNT AUTHORIZED FOR SHARE REPURCHASE
DULUTH, Ga.--(BUSINESS WIRE)--September 16, 2002-- Delta Apparel, Inc.
(AMEX-DLA) announced that in a meeting held on Friday, September 13, 2002, its
Board of Directors authorized the repurchase by the Company in open market
transactions of up to an additional $3.0 million of Delta Apparel common stock
pursuant to its Stock Repurchase Program, bringing the total amount authorized
to $6.0 million.
During the current fiscal year, the Company has purchased 7,020 shares of Delta
Apparel common stock for an aggregate of $0.2 million. Since the inception of
the program on November 1, 2000, the Company has purchased 122,020 shares of its
stock under the program for a total cost of $2.3 million.
In addition to purchases under its Stock Repurchase Program, during fiscal year
2002 the Company purchased 338,143 shares at a purchase price of $22.00 per
share in a Dutch Tender Offer. The Company paid $7.6 million for the shares
purchased, including expenses, pursuant to the Dutch Tender Offer.
Robert W. Humphreys, President and CEO, commented, "We believe the repurchase of
our shares is an excellent use of our capital. At the current trading range, we
will continue the repurchase of our shares in the open market as we believe
share repurchases at current prices are accretive to our per share earnings."
Delta Apparel, Inc. is a vertically integrated manufacturer and marketer of high
quality knit apparel. The Company specializes in selling undecorated T-shirts,
golf shirts and tank tops to distributors, screen printers and private label
accounts. Delta Apparel has operations in six states, two company-operated
sewing facilities in Honduras and one company-operated sewing facility in
Mexico. The Company employs about 3,100 worldwide.
Statements and other information in this press release that are not reported
financial results or other historical information are forward-looking
statements. These are based on Delta Apparel's expectations and are necessarily
dependent upon assumptions, estimates and data that the Company believes are
reasonable and accurate but may be incorrect, incomplete or imprecise.
Forward-looking statements are also subject to a number of business risks and
uncertainties, any of which could cause actual results to differ materially from
those set forth in or implied by the forward-looking statements. These risks and
uncertainties include, among others, changes in the retail demand for apparel
products, the cost of raw materials, competitive conditions in the apparel and
textile industries, the relative strength of the United States dollar as against
other currencies, changes in United States trade regulations, the discovery of
unknown conditions (such as with respect to environmental matters and similar
items) and other risks described from time to time in the Company's reports
filed with the Securities and Exchange Commission. Accordingly, any
forward-looking statements do not purport to be predictions of future events or
circumstances and may not be realized. The Company does not undertake to
publicly update or revise the forward-looking statements even if it becomes
clear that any projected results will not be realized.
Contact: Delta Apparel, Inc.
Herb Mueller 678/775-6948