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current news

Sales Rise, Net Income Falls At Delta Galil


(Filed Under Financial and General Interest News). Sales at Delta Galil Industries, Ltd. rose in the third quarter ended September 30, 2013 to $257,199,000 from $233,996,000 while income dropped significantly to $12,674,000 from $20,190,000 in the same period last year, the decline attributed, by the firm, to various “non-recurring” or “one-time” items.

At the same time Delta Galil raised its guidance for the full year, stating, “sales are now expected to be $965-975 million, up from prior forecast of $940-950 million. Full-year 2013 diluted EPS before non-recurring items is now expected to be $1.71-$1.75, up from prior forecast of $1.59-$1.67.”

Sales for the full year 2012 were $817,782,000

Net income for the first nine months of the year fell to $28,163,000 on higher sales of $718,822,000 compared to net income of $43,109,000 on sales of 571,212,000 for the same period in 2012.

Noting that the third quarter was “its 16th consecutive quarter of year-over-year sales growth,” the company reported that its board had “declared a dividend of $3 million (an increase from $2.5 million per quarter), or $0.1215 per share, to be distributed on November 20, 2013.”

A press release from the company explaining the results noted that “Operating income before non-recurring items was $21.3 million in the 2013 third quarter, growing 35% from the comparable amount a year ago.” The release also noted that net income attributed to shareholders “before non-recurring items” {a phrase that is used 15 times in the press release), “rose to $14.2 million in the 2013 third quarter, increasing 43% from the comparable amount in 2012.”

The release explained that “total non-recurring items included a net gain of $24.2 million pre-tax, relating to a capital gain from a real estate sale and negative goodwill relating to the Schiesser acquisition, net of Schiesser acquisition costs, fixed asset impairment and restructuring expenses. In 2013, non-recurring items included a restructuring expense of $3.5 million relating to the consolidation of 6 manufacturing sites in to 4 sites in Egypt, offset by restructuring income of $2.0 million from the reversal of a prior year restructuring accrual. A key contributor to the higher operating income was an expanding gross profit margin, which rose to 27.4% in the 2013 third quarter from 24.3% a year ago. This was partly offset by higher selling, marketing, general and administrative expenses as Delta Galil invested in the growth of its business.”

Included in the Delta Galil release was a statement from CEO Isaac Dabah: “The Company has continued to set records for sales, net profit and EPS throughout 2013. The main growth engines driving our higher top-line and increasing profitability include our branded business, retail operations, the Schiesser acquisition and the Delta USA mass market segment. We are confident in Delta Galil’s bright future based on our dynamic growth, diversified portfolio, financial resources, strong management team and track record of meeting the needs of many of the world’s leading brands and retailers.”


more Financial and General Interest News >>

Published 11-04-2013 by Nick Monjo

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