Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2019 | Nov. 14, 2019 | Mar. 29, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | DELTA APPAREL, INC | ||
Entity Central Index Key | 0001101396 | ||
Trading Symbol | dla | ||
Current Fiscal Year End Date | --09-28 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 6,921,417 | ||
Entity Public Float | $ 137 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 28, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, par value $0.01 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 28, 2019 | Sep. 29, 2018 |
Assets | ||
Cash and cash equivalents | $ 605 | $ 460 |
Accounts receivable, less allowances of $327 and $1,475, respectively | 59,337 | 45,605 |
Other receivables | 1,550 | 1,274 |
Inventories, net | 179,107 | 174,983 |
Note receivable | 100 | |
Prepaid expenses and other current assets | 2,999 | 3,000 |
Total current assets | 243,598 | 225,422 |
Property, plant and equipment, net | 61,404 | 52,114 |
Goodwill | 37,897 | 33,217 |
Intangible assets, net | 21,607 | 20,498 |
Deferred income taxes | 1,514 | 1,374 |
Equity method investment | 10,388 | 8,980 |
Other assets | 1,580 | 2,004 |
Total assets | 377,988 | 343,609 |
Liabilities: | ||
Accounts payable | 52,320 | 48,008 |
Accrued expenses | 20,791 | 16,742 |
Current portion of contingent consideration | 2,790 | 638 |
Current portion of capital lease financing | 6,434 | 3,846 |
Current portion of long-term debt | 6,540 | 6,577 |
Total current liabilities | 88,875 | 75,811 |
Long-term income taxes payable | 3,977 | 4,259 |
Long-term capital lease financing, less current maturities | 12,836 | 9,302 |
Long-term debt, less current maturities | 109,296 | 92,083 |
Deferred income taxes | 1,519 | 2,132 |
Long-term contingent consideration | 6,304 | 9,904 |
Other liabilities | 1,293 | |
Total liabilities | 224,100 | 193,491 |
Shareholders’ equity: | ||
Preferred stock—$0.01 par value, 2,000,000 shares authorized, none issued and outstanding | ||
Common stock —$0.01 par value, 15,000,000 shares authorized, 9,646,972 shares issued, and 6,921,417 and 6,909,446 shares outstanding as of September 28, 2019, and September 29, 2018, respectively | 96 | 96 |
Additional paid-in capital | 59,855 | 61,979 |
Retained earnings | 136,937 | 128,695 |
Accumulated other comprehensive (loss) income | (969) | 136 |
Treasury stock —2,725,555 and 2,737,526 shares as of September 28, 2019, and September 29, 2018, respectively | (41,750) | (40,881) |
Equity attributable to Delta Apparel, Inc. | 154,169 | 150,025 |
Equity attributable to non–controlling interest | (281) | 93 |
Total equity | 153,888 | 150,118 |
Total liabilities and equity | $ 377,988 | $ 343,609 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Sep. 28, 2019 | Sep. 29, 2018 |
Allowances for accounts receivable | $ 327 | $ 1,475 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 9,646,972 | 9,646,972 |
Common stock, shares outstanidng (in shares) | 6,921,417 | 6,909,446 |
Treasury stock (in shares) | 2,725,555 | 2,737,526 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Net sales | $ 431,730 | $ 395,450 |
Cost of goods sold | 346,578 | 313,429 |
Gross profit | 85,152 | 82,021 |
Selling, general and administrative expenses | 70,220 | 66,969 |
Other income, net | (963) | (2,351) |
Operating income | 15,895 | 17,403 |
Interest expense | 7,550 | 5,713 |
Earnings before provision for income taxes | 8,345 | 11,690 |
Provision for income taxes | 477 | 10,460 |
Consolidated net earnings | 7,868 | 1,230 |
Net loss attributable to non-controlling interest | (374) | (107) |
Net earnings attributable to shareholders | $ 8,242 | $ 1,337 |
Basic earnings per share (in dollars per share) | $ 1.19 | $ 0.19 |
Diluted earnings per share (in dollars per share) | $ 1.17 | $ 0.18 |
Weighted average number of shares outstanding (in shares) | 6,929 | 7,149 |
Dilutive effect of stock options and awards (in shares) | 135 | 276 |
Weighted average number of shares assuming dilution (in shares) | 7,064 | 7,425 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Net earnings attributable to shareholders | $ 8,242 | $ 1,337 |
Other comprehensive (loss) income related to unrealized (loss) gain on derivatives, net of income tax | (1,105) | 171 |
Consolidated comprehensive income | $ 7,137 | $ 1,508 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Sep. 30, 2017 | 9,646,972 | 2,346,675 | |||||
Balance at Sep. 30, 2017 | $ 96 | $ 61,065 | $ 127,358 | $ (35) | $ (32,597) | $ 155,887 | |
Net earnings | 1,337 | 1,337 | |||||
Other comprehensive loss | 171 | 171 | |||||
Net loss attributable to non-controlling interest | (107) | (107) | |||||
Vested stock awards (in shares) | (73,123) | ||||||
Vested stock awards | (1,661) | $ 716 | $ (945) | ||||
Purchase of common stock (in shares) | 463,974 | 463,974 | |||||
Purchase of common stock | $ (9,000) | $ (9,000) | |||||
Stock based compensation | 2,575 | 2,575 | |||||
Capital contributions by non-controlling interest | 200 | $ 200 | |||||
Balance (in shares) at Sep. 29, 2018 | 9,646,972 | 2,737,526 | 6,909,446 | ||||
Balance at Sep. 29, 2018 | $ 96 | 61,979 | 128,695 | 136 | $ (40,881) | 93 | $ 150,118 |
Net earnings | 8,242 | 8,242 | |||||
Other comprehensive loss | (1,105) | (1,105) | |||||
Net loss attributable to non-controlling interest | (374) | (374) | |||||
Vested stock awards (in shares) | (153,472) | ||||||
Vested stock awards | (3,980) | $ 1,867 | $ (2,113) | ||||
Purchase of common stock (in shares) | 141,501 | 141,501 | |||||
Purchase of common stock | $ (2,736) | $ (2,736) | |||||
Stock based compensation | 1,856 | $ 1,856 | |||||
Balance (in shares) at Sep. 28, 2019 | 9,646,972 | 2,725,555 | 6,921,417 | ||||
Balance at Sep. 28, 2019 | $ 96 | $ 59,855 | $ 136,937 | $ (969) | $ (41,750) | $ (281) | $ 153,888 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Operating activities: | ||
Consolidated net earnings | $ 7,868 | $ 1,230 |
Adjustments to consolidated net earnings attributable to net cash provided by operating activities: | ||
Depreciation | 9,953 | 8,736 |
Amortization of intangibles | 1,811 | 1,253 |
Amortization of deferred financing fees | 312 | 306 |
(Benefit from) provision for deferred income taxes | (384) | 5,760 |
Non-cash stock compensation | 1,856 | 2,575 |
Loss on disposal of equipment | 289 | 130 |
Other, net | (2,292) | (2,398) |
Changes in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable, net | (12,824) | 1,466 |
Inventories, net | (2,997) | 715 |
Prepaid expenses and other current assets | 878 | (208) |
Other non-current assets | (71) | 53 |
Accounts payable | 1,951 | (1,904) |
Accrued expenses | 3,670 | (994) |
Income taxes | (594) | 4,573 |
Other liabilities | 2 | (55) |
Net cash provided by operating activities | 9,428 | 21,238 |
Investing activities: | ||
Purchases of property and equipment | (6,063) | (5,769) |
Proceeds from sale of property and equipment | 30 | 5,779 |
Proceeds from sale of business | 1,946 | |
Investment in capital stock | (500) | |
Investment by non-controlling member | 200 | |
Cash paid for business | (5,424) | (16,602) |
Net cash used in investing activities | (11,457) | (14,946) |
Financing activities: | ||
Proceeds from long-term debt | 452,055 | 459,385 |
Repayment of long-term debt | (440,130) | (453,579) |
Payment of capital financing | (4,338) | (2,325) |
Payment of contingent consideration | (564) | |
Repurchase of common stock | (2,736) | (8,940) |
Payment of withholding taxes on stock awards | (2,113) | (945) |
Net cash provided by (used in) financing activities | 2,174 | (6,404) |
Net increase (decrease) in cash and cash equivalents | 145 | (112) |
Cash and cash equivalents at beginning of period | 460 | 572 |
Cash and cash equivalents at end of period | 605 | 460 |
Supplemental cash flow information: | ||
Cash paid during the period for interest | 7,064 | 5,052 |
Cash paid during the period for income taxes, net of refunds received | 890 | 260 |
Non-cash financing activity—seller financing | 5,000 | |
Non-cash financing activity—capital lease agreements | $ 11,406 | $ 6,840 |
Note 1 - The Company
Note 1 - The Company | 12 Months Ended |
Sep. 28, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1—The Delta Apparel, Inc. (collectively with DTG2Go, 8,500 DTG2Go may We design and internally manufacture the majority of our products. More than 90% |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Sep. 28, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2—Significant (a) Basis of Presentation: January 2018, 60% 810, Consolidations, No. 2015 02 , Consolidation (Topic 810 40% We operate our business in two two (b) Fiscal Year: 52 53 September 30. "2019" "2018" 52 September 28, 2019, September 29, 2018, (c) Use of Estimates: may (d) Cash and Cash Equivalents: three (e) Accounts Receivable: not We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. In situations where we are aware of a specific customer’s inability to meet its financial obligation, such as in the case of a bankruptcy filing, we assess the need for a specific reserve for bad debts. Reserves are determined through analysis of the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms. Bad debt expense was less than 1% 2019 2018. (f) Inventories: first first 2 (g) Property, Plant and Equipment: three twenty-five (h) Internally Developed Software Costs: 350 40, Intangibles-Goodwill and Other, Internal-Use Software three ten (i) Impairment of Long-Lived Assets (Including Amortizable Intangible Assets): 360, Property, Plant, and Equipment may not (j) Goodwill and Intangible Assets: four twenty not 6 (k) Impairment of Goodwill: may not We complete our annual impairment test of goodwill on the first third 3 820, Fair Value Measurements and Disclosures not not Given the current macro-economic environment and the uncertainties regarding its potential impact on our business, there can be no not may may (l) Contingent Consideration: DTG2Go August 2013 March 2018, 805, Business Combinations $0.2 $1.3 September 28, 2019, September 29, 2018, DTG2Go $8.9 $9.2 September 28, 2019 September 29, 2018, (m) Revenue Recognition: Our receivables resulting from wholesale customers are generally collected within two In certain areas of our wholesale business, we offer discounts and allowances to support our customers. Some of these arrangements are written agreements, while others may not may not We only recognize revenue to the extent that it is probable that we will not September 28, 2019, $1.0 We record shipping and handling charges incurred by us before and after the customer obtains control as a fulfillment cost rather than an additional promised service. Our customers' terms are less than one not not one Royalty revenue is primarily derived from royalties paid to us by licensees of our intellectual property rights, which include, among other things, trademarks and copyrights. We execute license agreements with our licensees detailing the terms of the licensing arrangement. Royalties are generally recognized upon receipt of the licensee's royalty report in accordance with the terms of the executed license agreement and when all other revenue recognition criteria have been met. Our revenue streams consist of wholesale, direct-to-consumer ecommerce and retail stores which are included in our Consolidated Statements of Operations. The table below identifies the amount and percentage of net sales by distribution channel (in thousands): Fiscal Year Ended September 28, 2019 September 29, 2018 $ % $ % Retail $ 4,396 1 % $ 3,560 1 % Direct-to-consumer ecommerce 5,526 1 % 5,339 1 % Wholesale 421,808 98 % 386,551 98 % Net Sales $ 431,730 100 % $ 395,450 100 % The table below provides net sales by reportable segment (in thousands) and the percentage of net sales by distribution channel for each reportable segment: Fiscal Year Ended September 28, 2019 Net Sales Retail Direct-to-Consumer ecommerce Wholesale Delta Group $ 389,075 0.3 % 0.3 % 99.4 % Salt Life Group 42,655 7.6 % 9.9 % 82.5 % Total $ 431,730 Fiscal Year Ended September 29, 2018 Net Sales Retail Direct-to-Consumer ecommerce Wholesale Delta Group $ 356,009 0.3 % 0.4 % 99.3 % Salt Life Group 39,441 6.2 % 10.3 % 83.5 % Total $ 395,450 (n) Sales Tax: (o) Cost of Goods Sold: may not may (p) Selling, General and Administrative Expense: $17.6 $16.9 2019 2018, (q) Advertising Costs: 2% 5% $4.7 $4.0 2019 2018, $0.8 $0.7 2019 2018, (r) Stock-Based Compensation: 718, Compensation – Stock Compensation, no (s) Income Taxes: 740, Income Taxes (t) Earnings per Share: 260, Earnings Per Share 260” no 260, not (u) Foreign Currency Translation: (v) Fair Value of Financial Instruments: (w) Other Comprehensive Income: $1.0 September 28, 2019, $0.1 September 29, 2018. ( x 2005, December 31, 2021. not (y) Derivatives: We account for derivatives and hedging activities in accordance with ASC 815, Derivatives and Hedging, 815 not not We are exposed to counterparty credit risks on all derivatives. Because these amounts are recorded at fair value, the full amount of our exposure is the carrying value of these instruments. We only enter into derivative transactions with well-established institutions and therefore we believe the counterparty credit risk is minimal. From time to time, we may not no September 28, 2019 September 29, 2018. The table below indicates information on our outstanding interest rate swap agreements during fiscal years 2019 2018: Effective Date Notational Amount LIBOR Rate Maturity Date Interest Rate Swap July 19, 2017 $10 million 1.99% May 10, 2021 Interest Rate Swap July 25, 2018 $20 million 3.18% July 25, 2023 During fiscal years 2019 2018, The changes in fair value of the interest rate swap agreements resulted in AOCI (loss) gain, net of taxes, of ( $1.1 $0.2 September 28, 2019, September 29, 2018, 15 (z) Equity Method Accounting: September 28, 2019, 31% 50% not not not (aa) Net Income Attributable to Non-Controlling Interest: (ab) Business Combinations: third (ac) Capital Leases: 840, Leases (ad) Recently Adopted Accounting Pronouncements: May 2014, 2014 19, Revenue from Contracts with Customers 2014 09" 2014 09, 606, Revenue from Contracts with Customers 606" 606 We adopted ASC 606 October 1, 2018 not With the adoption of ASC 606, no September 28, 2019 As Reported Balances September 28, 2019 Effect of Standard without Adoption Accounts receivable, net 59,337 (682 ) 58,655 Prepaid expenses and other current assets 2,999 (155 ) 2,844 Total Current Assets 243,598 (837 ) 242,761 Total assets 377,988 (837 ) 377,151 Accrued expenses 20,791 (1,047 ) 19,744 Total current liabilities 88,875 (1,047 ) 87,828 Total liabilities 224,100 (1,047 ) 223,053 Total liabilities and equity 377,988 (1,047 ) 376,941 (ae) Recently Issued Accounting Pronouncements Not In February 2016, No. 2016 02, Leases, 2016 02" 842, Leases 842 842 December 15, 2018, 842 first September 29, 2019 ( 2020 We have an implementation team tasked with reviewing our lease obligations and determining the impact of the new standard to our financial statements. The team is also tasked with identifying appropriate changes to our business processes, systems, and controls to support recognition and disclosure under the new standard. The implementation team reports its findings and progress of the project to management on a frequent basis and to the Audit Committee of the Board of Directors on a quarterly basis. We have identified contracts with potential leasing arrangements, entered leases into a tracking and accounting software, and are analyzing the results of the impact of adoption. Based on our current lease portfolio, we preliminarily expect ASC 842 not 10 In August 2017, No. 2017 12, Derivatives and Hedging (Topic 815 2017 12" 2017 12 2017 12 no 2017 12 December 15, 2018, 2017 12 first September 29, 2019 ( 2020 2017 12 not In January 2017, 2017 04, Intangibles - Goodwill and other (Topic 350 2017 04" 2017 04 2 2, 2017 04, not 2017 04 zero 2 zero 2017 04 December 15, 2019. 2017 04 October 4, 2020 ( 2021 2017 04 not |
Note 3 - Acquisitions
Note 3 - Acquisitions | 12 Months Ended |
Sep. 28, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3—Acquisitions On October 8, 2018, DTG2Go, 2019 second not DTG2Go We have included the financial results of the acquired entity since the date of the acquisition in our Delta Group segment. It is not DTG2Go The SSI acquisition purchase price consisted of the following (in thousands): Cash $ 2,000 Promissory note 7,000 Capital lease financing 3,000 Net working capital adjustment 729 Total consideration $ 12,729 During the fiscal 2019 fourth third 2019 Allocation as of October 8, 2018 Measurement Period Adjustments Allocation as of September 28, 2019 Accounts receivable $ 1,184 $ — $ 1,184 Inventory 1,127 — 1,127 Other current assets 86 — 86 Fixed assets 3,400 — 3,400 Goodwill 3,380 1,300 4,680 Intangible assets 4,020 (1,100 ) 2,920 Accounts payable (668 ) — (668 ) Consideration paid $ 12,529 $ 200 $ 12,729 We accounted for the SSI acquisition pursuant to ASC 805, Business Combinations 3 820, Fair Value Measurements and Disclosures. |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Sep. 28, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4—Inventories Inventories, net of reserves of $10.0 $10.5 September 28, 2019, September 29, 2018, September 28, 2019 September 29, 2018 Raw materials $ 12,022 $ 9,641 Work in process 17,765 18,327 Finished goods 149,320 147,015 $ 179,107 $ 174,983 Raw materials include finished yarn and direct materials for the Delta Group, undecorated garments for the DTG2Go |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 12 Months Ended |
Sep. 28, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5—Property, Property, plant and equipment consist of the following (in thousands, except economic life data): Estimated Useful Life (in years) September 28, 2019 September 29, 2018 Land and land improvements 25 $ 569 $ 569 Buildings 20 3,715 3,096 Machinery and equipment 10 99,962 90,565 Computers and software 3-10 21,065 20,724 Furniture and fixtures 7 3,650 3,073 Leasehold improvements 3-10 5,790 5,702 Vehicles and related equipment 5 587 754 Construction in progress N/A 7,873 1,649 143,211 126,132 Less accumulated depreciation and amortization (81,807 ) (74,018 ) $ 61,404 $ 52,114 The acquisition cost of machinery and equipment acquired under capital leases was $28.0 $16.6 September 28, 2019, September 29, 2018, |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Sep. 28, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6—Goodwill Goodwill and components of intangible assets consist of the following (in thousands): September 28, 2019 September 29, 2018 Cost Accumulated Amortization Net Value Cost Accumulated Amortization Net Value Economic Life Goodwill $ 37,897 $ — $ 37,897 $ 33,217 $ — $ 33,217 N/A Intangibles: Tradename/trademarks $ 16,090 $ (3,278 ) $ 12,812 $ 16,090 $ (2,736 ) $ 13,354 20 - 30 yrs Customer relationships 7,400 (993 ) 6,407 4,500 (253 ) 4,247 20 yrs Technology 1,720 (1,289 ) 431 1,720 (1,105 ) 615 10 yrs License Agreements 2,100 (630 ) 1,470 2,100 (527 ) 1,573 15 - 30 yrs Non-compete agreements 1,657 (1,170 ) 487 1,637 (928 ) 709 4 – 8.5 yrs Total intangibles $ 28,967 $ (7,360 ) $ 21,607 $ 26,047 $ (5,549 ) $ 20,498 Goodwill represents the acquired goodwill net of the cumulative impairment losses recorded in fiscal year 2011 $0.6 September 28, 2019, $18.0 $19.9 Depending on the type of intangible assets, amortization is recorded under cost of goods sold or selling, general and administrative expenses. Amortization expense for intangible assets was $1.8 September 28, 2019, $1.3 September 29, 2018. $1.7 2020, $1.6 2021 2022, $1.5 2023, $1.4 2024. |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 12 Months Ended |
Sep. 28, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7—Accrued Accrued expenses consist of the following (in thousands): September 28, 2019 September 29, 2018 Accrued employee compensation and benefits $ 13,388 $ 11,138 Taxes accrued and withheld 1,160 882 Refund liabilities 1,047 — Accrued freight 969 1,023 Income taxes payable 379 — Other 3,848 3,699 $ 20,791 $ 16,742 |
Note 8 - Long-term Debt
Note 8 - Long-term Debt | 12 Months Ended |
Sep. 28, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 8—Long Long-term debt consists of the following (in thousands): September 28, 2019 September 29, 2018 Revolving U.S. credit facility, interest at base rate or adjusted LIBOR rate plus an applicable margin (interest at 4.2% on September 28, 2019) due May 2021 $ 101,957 $ 85,746 Revolving credit facility with Banco Ficohsa, a Honduran bank, interest at 6.9% due August 2025 (denominated in U.S. dollars) 5,000 4,958 Term loan with Banco Ficohsa, a Honduran bank, interest at 6.0%, monthly installments beginning November 2014 through December 2020 (denominated in U.S. dollars) 800 1,400 Term loan with Banco Ficohsa, a Honduran bank, interest at 6.0%, monthly installments beginning June 2016 through April 2022 (denominated in U.S. dollars) 776 1,067 Term loan with Banco Ficohsa, a Honduran bank, interest at 6.0%, monthly installments beginning October 2017 through September 2021 (denominated in U.S. dollars) 1,953 3,018 Salt Life acquisition promissory note, imputed interest at 3.62%, quarterly payments beginning September 2016 through June 2019 — 2,471 DTG2Go, LLC acquisition promissory note, interest at 6.0%, quarterly payments beginning January 2019 through October 2021 5,250 — Salt Life Beverage, LLC promissory note, non-interest, lump sum payment due January 2020 100 — 115,836 98,660 Less current portion of long-term debt (6,540 ) (6,577 ) Long-term debt, excluding current maturities $ 109,296 $ 92,083 Credit Facility On May 10, 2016, DTG2Go, On November 27, 2017, $10 March 31, 2017, one may may $15 not $2 no On March 9, 2018, DTG2Go. 2017 not 2018 not $6 may $25 DTG2Go, DTG2Go no On October 8, 2018, DTG2Go, first The Amended Credit Agreement allows us to borrow up to $145 $25 no $200 May 10, 2021. Our U.S. revolving credit facility is secured by a first DTG2Go. 0.5%, 1.0%, $0.2 0.25% 0.375% $145 At September 28, 2019, $102.0 4.2%, $27.2 12 not 1.1 1.0. not September 28, 2019, September 28, 2019, 1.1 1.0 Proceeds of the loans made pursuant to the Amended Credit Agreement may not 15% 30 not 15% May 10, 2016, not $10 50% first third 2016 September 28, 2019, September 29, 2018, $16.1 $14.7 The Amended Credit Agreement contains a subjective acceleration clause and a “springing” lockbox arrangement (as defined in ASC 470, Debt 470" not 470, See Note 16—Subsequent November 19, 2019. Promissory Notes In August 2013, two $22.0 one $9.0 September 30, 2014, March 31, 2015, June 30, 2019. zero 1274 1.92% 3.62% June 30, 2016, June 30, 2019, September 28, 2019, no On October 8, 2018, 3 — $7.0 6% January 2, 2019, October 1, 2021. September 28, 2019, $5.3 Honduran Debt Since March 2011, first not six 18 not six September 28, 2019, Total Debt The aggregate maturities of debt at September 28, 2019, Fiscal Year Amount 2020 $ 6,540 2021 103,518 2022 778 2023 — 2024 — Thereafter 5,000 $ 115,836 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Sep. 28, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9—Income The Tax Cuts and Jobs Act of 2017 December 22, 2017, eight 163 163 not 30% 163 2019. not In the quarter ended December 30, 2017, one $10.7 2018. first 2019. The provision for income taxes consists of the following (in thousands): Period ended September 28, 2019 September 29, 2018 Current: Federal $ 732 $ 4,629 State (3 ) 16 Foreign 132 121 Total current $ 861 $ 4,766 Deferred: Federal $ (304 ) $ 5,927 State (80 ) (233 ) Total deferred (384 ) 5,694 Provision for income taxes $ 477 $ 10,460 For financial reporting purposes our income before provision for income taxes includes the following components (in thousands): Period ended September 28, 2019 September 29, 2018 United States, net of loss attributable to non-controlling interest $ (2,695 ) $ 156 Foreign 11,040 11,534 $ 8,345 $ 11,690 Our effective income tax rate on operations for fiscal year 2019 5.5% 89.5% $10.7 1.7% 2018. 34% 21% December 22, 2017, 2018. 2018 24.3%. We benefit from having income in foreign jurisdictions that are either exempt from income taxes or have tax rates that are lower than those in the United States. However, changes in the mix of U.S. taxable income compared to profits in tax-free or lower-tax jurisdictions can have a significant impact on our overall effective tax rate. In addition, the future impact of the New Tax Legislation may may may A reconciliation between actual provision for income taxes and the provision for income taxes computed using the federal statutory income tax rate of 21.0% 2019 24.3% 2018 Period ended September 28, 2019 September 29, 2018 Income tax expense at the statutory rate of 21.0% and 24.3% $ 1,831 $ 2,861 State income tax (benefits expense, net of federal income tax benefit (82 ) 16 New Tax Legislation: Impact of federal rate change — 624 Federal transition tax 109 10,039 GILTI inclusion 1,040 — Impact of state rate changes — (236 ) Impact of foreign earnings in tax-free zone (2,186 ) (2,676 ) Nondeductible amortization and other permanent differences (140 ) (163 ) Other (95 ) (5 ) Provision for income taxes $ 477 $ 10,460 Significant components of our deferred tax assets and liabilities are as follows (in thousands): September 28, 2019 September 29, 2018 Deferred tax assets: State net operating loss carryforwards $ 2,190 $ 1,870 Alternative minimum tax credit carryforward — 397 Inventories and reserves 2,960 3,277 Accrued compensation and benefits 1,789 1,881 Receivable allowances and reserves 345 371 Other 1,093 67 Gross deferred tax assets $ 8,377 $ 7,863 Less valuation allowance — state net operating loss carryforwards (516 ) (493 ) Net deferred tax assets $ 7,861 $ 7,370 Deferred tax liabilities: Depreciation (4,611 ) (5,459 ) Goodwill and intangibles (3,183 ) (2,529 ) Other (72 ) (140 ) Gross deferred tax liabilities $ (7,866 ) $ (8,128 ) Net deferred tax liabilities $ (5 ) $ (758 ) As of September 28, 2019, $46.6 $2.2 $0.5 2020 2037. not For both federal and state purposes, the ultimate realization of deferred tax assets depends upon the generation of future taxable income or tax planning strategies during the periods in which those temporary differences become deductible or when the carryforwards are available. ASC 740, Income Taxes 740” not fifty 50% not September 28, 2019 September 29, 2018. We file income tax returns in the U.S. federal jurisdiction and various state, local and foreign jurisdictions. Tax years 2015, 2016, 2017 2018, |
Note 10 - Leases
Note 10 - Leases | 12 Months Ended |
Sep. 28, 2019 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | 10—Leases We have several non-cancelable leases primarily related to buildings, machinery, office equipment and computer systems. Certain building leases have renewal options generally for periods ranging from 5 10 Future minimum lease payments under non-cancelable leases as of September 28, 2019, Fiscal Year Amount 2020 $ 11,197 2021 9,903 2022 8,565 2023 7,732 2024 7,054 Thereafter 19,442 $ 63,893 Rent expense for all operating leases was $10.6 $9.9 2019 2018, |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plans | 12 Months Ended |
Sep. 28, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 11—Employee We sponsor and maintain a 401 “401 401 401 401 2019 2018 $1.0 $0.9 401 We provide post-retirement life insurance benefits for certain retired employees. The plan is noncontributory and is unfunded, and therefore, benefits and expenses are paid from our general assets as they are incurred. All of the employees in the plan are fully vested, and the plan was closed to new employees in 1990. 6.0% 2019 2018. September 28, 2019 September 29, 2018 Balance at beginning of year $ 313 $ 343 Interest expense 2 3 Benefits paid (9 ) (34 ) Adjustment 1 1 Balance at end of year $ 307 $ 313 |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 12 Months Ended |
Sep. 28, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12—Stock On February 4, 2015, 2010 "2010 November 11, 2010. 2010 2010 162 1986, 162 no three 2019 2018. Since November 2010, no 2010 We account for these plans pursuant to ASC 718. 2—Significant Compensation expense is recorded on the selling, general and administrative expense line item in our Consolidated Statements of Operations over the vesting periods. Total employee stock-based compensation expense for fiscal years 2019 2018 $2.1 $2.6 $0.1 2019 2018. 2010 Under the 2010 may may 2010 500,000 2010 may 2010 2010 2010 Stock Options No 2019. 2018, 10,000 $13.07 Restricted Stock Units and Performance Units The following table summarizes the restricted stock unit and performance unit award activity during the periods ended September 28, 2019, September 29, 2018: Fiscal Year Ended September 28, 2019 September 29, 2018 Number of Units Weighted average grant date fair value Number of Units Weighted average grant date fair value Units outstanding, beginning of fiscal period 532,500 $ 16.12 512,856 $ 13.09 Units granted — — 205,500 $ 20.57 Units issued (247,000 ) $ 11.88 (146,781 ) $ 12.89 Units forfeited (2,000 ) $ 21.51 (39,075 ) $ 11.88 Units outstanding, end of fiscal period 283,500 $ 19.78 532,500 $ 16.12 During fiscal year 2019, 205,000 42,000 10 September 29, 2018, During fiscal year 2018, 57,750 10 September 28, 2019. one one During fiscal year 2018, 90,000 10 October 3, 2020. During fiscal year 2018, 54,602 92,068 10 September 30, 2017, one 72,138 19,930 2,000 one one As of September 28, 2019, $1.1 2010 1.2 The following table summarizes information about the unvested restricted stock units and performance units as of September 28, 2019. Restricted Stock Units/Performance Units Number of Units Average Market Price on Date of Grant Vesting Date* Fiscal Year 2017 Performance Units 42,000 $ 17.97 November 2019 Fiscal Year 2017 Performance Units 42,000 $ 17.97 November 2020 Fiscal Year 2018 Restricted Stock Units 52,750 $ 21.51 November 2019 Fiscal Year 2018 Performance Units 52,750 $ 21.51 November 2019 Fiscal Year 2018 Restricted Stock Units 2,000 $ 17.97 November 2019 Fiscal Year 2018 Performance Units 2,000 $ 17.97 November 2019 Fiscal Year 2018 Restricted Stock Units 90,000 $ 19.52 November 2020 283,500 * These awards are eligible to vest upon the filing of our Annual Report on Form 10 Option Plan Prior to expiration of the Option Plan, the Compensation Committee of our Board of Directors had the discretion to grant options for up to 2,000,000 not fifty not 10 three four Compensation expense was recorded on the selling, general and administrative expense line item in our Consolidated Statements of Operations on a straight-line basis over the vesting periods. During fiscal year 2018, 6,000 $8.30 |
Note 13 - Business Segments
Note 13 - Business Segments | 12 Months Ended |
Sep. 28, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13—Business Our operations are managed and reported in two The Delta Group is comprised of our business units primarily focused on core activewear styles, and includes our Delta Activewear (encompassing our core Delta Catalog business and FunTees private label business), Soffe, and DTG2Go ® ® DTG2Go The Salt Life Group is comprised of our lifestyle brands focused on a broad range of apparel garments, headwear and related accessories to meet consumer preferences and fashion trends, and includes our Salt Life and Coast business units. These products are sold through specialty and boutique shops, traditional department stores, and outdoor retailers, as well as direct-to-consumer through branded ecommerce sites and branded retail stores. Products in this segment are marketed under our lifestyle brands of Salt Life® and COAST®, as well as other labels. Our Chief Operating Decision Maker and management evaluate performance and allocate resources based on profit or loss from operations before interest, income taxes and special charges ("segment operating earnings"). Our segment operating earnings may not 2. Fiscal Year Ended September 28, 2019 September 29, 2018 Segment net sales: Delta Group $ 389,075 $ 356,009 Salt Life Group 42,655 39,441 Total net sales $ 431,730 $ 395,450 Segment operating income: Delta Group $ 23,780 $ 26,091 Salt Life Group 6,160 4,747 Total segment operating income $ 29,940 $ 30,838 Purchases of property, plant and equipment: Delta Group $ 4,861 $ 4,341 Salt Life Group 1,202 917 Corporate — 511 Total purchases of property, plant and equipment $ 6,063 $ 5,769 Depreciation and amortization: Delta Group $ 9,889 $ 8,090 Salt Life Group 1,522 1,456 Corporate 353 442 Total depreciation and amortization $ 11,764 $ 9,988 The following reconciles the segment operating income to the consolidated income before provision for income taxes (in thousands): Fiscal Year Ended September 28, 2019 September 29, 2018 Segment operating income $ 29,940 $ 30,838 Loss attributable to non-controlling interest 374 107 Unallocated corporate expenses 13,671 13,328 Unallocated interest expense 7,550 5,713 Consolidated income before provision for income taxes $ 8,345 $ 11,690 Our revenues include sales to domestic and foreign customers. Foreign customers are composed of companies whose headquarters are located outside of the United States. Supplemental information regarding our revenues by geographic area based on the location of the customer is as follows (in thousands): Fiscal Year Ended September 28, 2019 September 29, 2018 United States $ 431,082 $ 394,252 Foreign 648 1,198 Total net sales $ 431,730 $ 395,450 Our total assets and equity investment by segment are as follows (in thousands): As of September 28, 2019 September 29, 2018 Total assets by segment: Delta Group $ 315,653 $ 283,811 Salt Life Group 57,574 55,032 Corporate 4,761 4,766 Total assets $ 377,988 $ 343,609 Equity investment in joint venture: Delta Group $ 10,388 $ 8,980 Salt Life Group — — Total equity investment in joint venture $ 10,388 $ 8,980 We attribute our property, plant and equipment to a particular country based on the location of these assets. Summarized financial information by geographic area is as follows (in thousands): As of September 28, 2019 September 29, 2018 United States $ 41,620 $ 30,768 Honduras 15,326 16,823 El Salvador 3,209 3,476 Mexico 1,249 1,047 All foreign countries 19,784 21,346 Total property, plant and equipment, net $ 61,404 $ 52,114 |
Note 14 - Repurchase of Common
Note 14 - Repurchase of Common Stock | 12 Months Ended |
Sep. 28, 2019 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 14—Repurchase Our Board of Directors has authorized management to use up to $60.0 2019 2018, 141,501 463,974 $2.7 $9.0 September 28, 2019, 3,498,962 $50.5 10b 18. September 28, 2019, $9.5 not no September 28, 2019. |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Sep. 28, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15—Commitments (a) Litigation The Sports Authority Bankruptcy Litigation Soffe was previously involved in several related litigation matters stemming from The Sports Authority's ("TSA") March 2, 2016, 11 TSA Stores, Inc. and related entities TSA Ponce, Inc. and TSA Caribe, Inc. filed an action against Soffe on March 16, 2016, On November 26, 2018, $2.5 December 31, 2018. 2019. Other In addition, at times we are party to various legal claims, actions and complaints. We believe that, as a result of legal defenses, insurance arrangements, and indemnification provisions with parties believed to be financially capable, such actions should not (b) Purchase Contracts We have entered into agreements, and have fixed prices, to purchase yarn, finished fabric, and finished apparel and headwear products. At September 28, 2019, Yarn $ 19,231 Finished fabric 2,973 Finished products 16,946 $ 39,150 (c) Letters of Credit As of September 28, 2019, $0.4 (d) Fair Value Measurements From time to time we may not September 28, 2019: Effective Date Notational Amount LIBOR Rate Maturity Date Interest Rate Swap July 19, 2017 $10 million 1.99 % May 10, 2021 Interest Rate Swap July 25, 2018 $20 million 3.18 % July 25, 2023 From time to time, we may not ASC 820, Fair Value Measurements and Disclosures 820” three ○ Level 1 ○ Level 2 ○ Level 3 no The following financial liabilities are measured at fair value on a recurring basis (in thousands): Fair Value Measurements Using Period Ended Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Interest Rate Swap September 28, 2019 $ (1,293 ) $ — $ (1,293 ) $ — September 29, 2018 $ 183 $ — $ 183 $ — Cotton Options September 28, 2019 $ — $ — $ — $ — September 29, 2018 $ (110 ) (110 ) $ — $ — Contingent Consideration September 28, 2019 $ (9,094 ) $ — $ — $ (9,094 ) September 29, 2018 $ (10,542 ) $ — $ — $ (10,542 ) The fair value of the interest rate swap agreements were derived from discounted cash flow analysis based on the terms of the contract and the forward interest rate curves adjusted for our credit risk, which fall in Level 2 2 The following table summarizes the fair value and presentation in the Consolidated Balance Sheets for derivatives as of September 28, 2019, September 29, 2018. September 28, 2019 September 29, 2018 Other assets $ - $ 182 Deferred tax liabilities 324 (46 ) Other liabilities (1,293 ) — Accumulated other comprehensive loss $ (969 ) $ 136 The DTG2Go April 1, 2018, September 29, 2018, 2019, 2020, 2021 2022. September 28, 2019, $8.9 $0.3 September 29, 2018 $9.2 $0.6 September 29, 2018 In August 2013, 2019 2019 3 September 28, 2019, $0.2 $1.1 September 29, 2018, 2019 |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Sep. 28, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16—Subsequent Fourth Amendment to Fifth Amended and Restated Credit Agreement On November 19, 2019, DTG2Go, The Fifth Amended and Restated Credit Agreement, dated as of May 10, 2016, 10.1 10 May 12, 2016. 10.2.5 10 November 28, 2017. 10.1 8 March 13, 2018. 10.1 8 October 9, 2018. The Fourth Amendment, among other things, (i) increases the borrowing capacity under the Amended Credit Agreement from $145.0 $170.0 May 10, 2021 November 19, 2024, ( first 25 25% $10.0 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 28, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | (a) Basis of Presentation: January 2018, 60% 810, Consolidations, No. 2015 02 , Consolidation (Topic 810 40% |
Fiscal Period, Policy [Policy Text Block] | (b) Fiscal Year: 52 53 September 30. "2019" "2018" 52 September 28, 2019, September 29, 2018, |
Use of Estimates, Policy [Policy Text Block] | (c) Use of Estimates: may |
Cash and Cash Equivalents, Policy [Policy Text Block] | (d) Cash and Cash Equivalents: three |
Accounts Receivable [Policy Text Block] | (e) Accounts Receivable: not We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. In situations where we are aware of a specific customer’s inability to meet its financial obligation, such as in the case of a bankruptcy filing, we assess the need for a specific reserve for bad debts. Reserves are determined through analysis of the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms. Bad debt expense was less than 1% 2019 2018. |
Inventory, Policy [Policy Text Block] | (f) Inventories: first first 2 |
Property, Plant and Equipment, Policy [Policy Text Block] | (g) Property, Plant and Equipment: three twenty-five |
Internal Use Software, Policy [Policy Text Block] | (h) Internally Developed Software Costs: 350 40, Intangibles-Goodwill and Other, Internal-Use Software three ten |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | (i) Impairment of Long-Lived Assets (Including Amortizable Intangible Assets): 360, Property, Plant, and Equipment may not |
Goodwill and Intangible Assets, Policy [Policy Text Block] | (j) Goodwill and Intangible Assets: four twenty not 6 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | (k) Impairment of Goodwill: may not We complete our annual impairment test of goodwill on the first third 3 820, Fair Value Measurements and Disclosures not not Given the current macro-economic environment and the uncertainties regarding its potential impact on our business, there can be no not may may |
Contingent Consideration [Policy Text Block] | (l) Contingent Consideration: DTG2Go August 2013 March 2018, 805, Business Combinations $0.2 $1.3 September 28, 2019, September 29, 2018, DTG2Go $8.9 $9.2 September 28, 2019 September 29, 2018, |
Revenue [Policy Text Block] | (m) Revenue Recognition: Our receivables resulting from wholesale customers are generally collected within two In certain areas of our wholesale business, we offer discounts and allowances to support our customers. Some of these arrangements are written agreements, while others may not may not We only recognize revenue to the extent that it is probable that we will not September 28, 2019, $1.0 We record shipping and handling charges incurred by us before and after the customer obtains control as a fulfillment cost rather than an additional promised service. Our customers' terms are less than one not not one Royalty revenue is primarily derived from royalties paid to us by licensees of our intellectual property rights, which include, among other things, trademarks and copyrights. We execute license agreements with our licensees detailing the terms of the licensing arrangement. Royalties are generally recognized upon receipt of the licensee's royalty report in accordance with the terms of the executed license agreement and when all other revenue recognition criteria have been met. Our revenue streams consist of wholesale, direct-to-consumer ecommerce and retail stores which are included in our Consolidated Statements of Operations. The table below identifies the amount and percentage of net sales by distribution channel (in thousands): Fiscal Year Ended September 28, 2019 September 29, 2018 $ % $ % Retail $ 4,396 1 % $ 3,560 1 % Direct-to-consumer ecommerce 5,526 1 % 5,339 1 % Wholesale 421,808 98 % 386,551 98 % Net Sales $ 431,730 100 % $ 395,450 100 % The table below provides net sales by reportable segment (in thousands) and the percentage of net sales by distribution channel for each reportable segment: Fiscal Year Ended September 28, 2019 Net Sales Retail Direct-to-Consumer ecommerce Wholesale Delta Group $ 389,075 0.3 % 0.3 % 99.4 % Salt Life Group 42,655 7.6 % 9.9 % 82.5 % Total $ 431,730 Fiscal Year Ended September 29, 2018 Net Sales Retail Direct-to-Consumer ecommerce Wholesale Delta Group $ 356,009 0.3 % 0.4 % 99.3 % Salt Life Group 39,441 6.2 % 10.3 % 83.5 % Total $ 395,450 |
Sales Tax [Policy Text Block] | (n) Sales Tax: |
Cost of Goods and Service [Policy Text Block] | (o) Cost of Goods Sold: may not may |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | (p) Selling, General and Administrative Expense: $17.6 $16.9 2019 2018, |
Advertising Cost [Policy Text Block] | (q) Advertising Costs: 2% 5% $4.7 $4.0 2019 2018, $0.8 $0.7 2019 2018, |
Share-based Payment Arrangement [Policy Text Block] | (r) Stock-Based Compensation: 718, Compensation – Stock Compensation, no |
Income Tax, Policy [Policy Text Block] | (s) Income Taxes: 740, Income Taxes |
Earnings Per Share, Policy [Policy Text Block] | (t) Earnings per Share: 260, Earnings Per Share 260” no 260, not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | (u) Foreign Currency Translation: |
Fair Value of Financial Instruments, Policy [Policy Text Block] | (v) Fair Value of Financial Instruments: |
Comprehensive Income, Policy [Policy Text Block] | (w) Other Comprehensive Income: $1.0 September 28, 2019, $0.1 September 29, 2018. |
Inventory Supplies, Policy [Policy Text Block] | ( x 2005, December 31, 2021. not |
Derivatives, Policy [Policy Text Block] | (y) Derivatives: We account for derivatives and hedging activities in accordance with ASC 815, Derivatives and Hedging, 815 not not We are exposed to counterparty credit risks on all derivatives. Because these amounts are recorded at fair value, the full amount of our exposure is the carrying value of these instruments. We only enter into derivative transactions with well-established institutions and therefore we believe the counterparty credit risk is minimal. From time to time, we may not no September 28, 2019 September 29, 2018. The table below indicates information on our outstanding interest rate swap agreements during fiscal years 2019 2018: Effective Date Notational Amount LIBOR Rate Maturity Date Interest Rate Swap July 19, 2017 $10 million 1.99% May 10, 2021 Interest Rate Swap July 25, 2018 $20 million 3.18% July 25, 2023 During fiscal years 2019 2018, The changes in fair value of the interest rate swap agreements resulted in AOCI (loss) gain, net of taxes, of ( $1.1 $0.2 September 28, 2019, September 29, 2018, 15 |
Equity Method Investments [Policy Text Block] | (z) Equity Method Accounting: September 28, 2019, 31% 50% not not not |
Net Income Attributable to Non-controlling Interest [Policy Text Block] | (aa) Net Income Attributable to Non-Controlling Interest: |
Business Combinations Policy [Policy Text Block] | (ab) Business Combinations: third |
Lessee, Leases [Policy Text Block] | (ac) Capital Leases: 840, Leases |
New Accounting Pronouncements, Policy [Policy Text Block] | (ad) Recently Adopted Accounting Pronouncements: May 2014, 2014 19, Revenue from Contracts with Customers 2014 09" 2014 09, 606, Revenue from Contracts with Customers 606" 606 We adopted ASC 606 October 1, 2018 not With the adoption of ASC 606, no September 28, 2019 As Reported Balances September 28, 2019 Effect of Standard without Adoption Accounts receivable, net 59,337 (682 ) 58,655 Prepaid expenses and other current assets 2,999 (155 ) 2,844 Total Current Assets 243,598 (837 ) 242,761 Total assets 377,988 (837 ) 377,151 Accrued expenses 20,791 (1,047 ) 19,744 Total current liabilities 88,875 (1,047 ) 87,828 Total liabilities 224,100 (1,047 ) 223,053 Total liabilities and equity 377,988 (1,047 ) 376,941 (ae) Recently Issued Accounting Pronouncements Not In February 2016, No. 2016 02, Leases, 2016 02" 842, Leases 842 842 December 15, 2018, 842 first September 29, 2019 ( 2020 We have an implementation team tasked with reviewing our lease obligations and determining the impact of the new standard to our financial statements. The team is also tasked with identifying appropriate changes to our business processes, systems, and controls to support recognition and disclosure under the new standard. The implementation team reports its findings and progress of the project to management on a frequent basis and to the Audit Committee of the Board of Directors on a quarterly basis. We have identified contracts with potential leasing arrangements, entered leases into a tracking and accounting software, and are analyzing the results of the impact of adoption. Based on our current lease portfolio, we preliminarily expect ASC 842 not 10 In August 2017, No. 2017 12, Derivatives and Hedging (Topic 815 2017 12" 2017 12 2017 12 no 2017 12 December 15, 2018, 2017 12 first September 29, 2019 ( 2020 2017 12 not In January 2017, 2017 04, Intangibles - Goodwill and other (Topic 350 2017 04" 2017 04 2 2, 2017 04, not 2017 04 zero 2 zero 2017 04 December 15, 2019. 2017 04 October 4, 2020 ( 2021 2017 04 not |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Fiscal Year Ended September 28, 2019 September 29, 2018 $ % $ % Retail $ 4,396 1 % $ 3,560 1 % Direct-to-consumer ecommerce 5,526 1 % 5,339 1 % Wholesale 421,808 98 % 386,551 98 % Net Sales $ 431,730 100 % $ 395,450 100 % Fiscal Year Ended September 28, 2019 Net Sales Retail Direct-to-Consumer ecommerce Wholesale Delta Group $ 389,075 0.3 % 0.3 % 99.4 % Salt Life Group 42,655 7.6 % 9.9 % 82.5 % Total $ 431,730 Fiscal Year Ended September 29, 2018 Net Sales Retail Direct-to-Consumer ecommerce Wholesale Delta Group $ 356,009 0.3 % 0.4 % 99.3 % Salt Life Group 39,441 6.2 % 10.3 % 83.5 % Total $ 395,450 |
Schedule of Interest Rate Derivatives [Table Text Block] | Effective Date Notational Amount LIBOR Rate Maturity Date Interest Rate Swap July 19, 2017 $10 million 1.99% May 10, 2021 Interest Rate Swap July 25, 2018 $20 million 3.18% July 25, 2023 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | As Reported Balances September 28, 2019 Effect of Standard without Adoption Accounts receivable, net 59,337 (682 ) 58,655 Prepaid expenses and other current assets 2,999 (155 ) 2,844 Total Current Assets 243,598 (837 ) 242,761 Total assets 377,988 (837 ) 377,151 Accrued expenses 20,791 (1,047 ) 19,744 Total current liabilities 88,875 (1,047 ) 87,828 Total liabilities 224,100 (1,047 ) 223,053 Total liabilities and equity 377,988 (1,047 ) 376,941 |
Note 3 - Acquisitions (Tables)
Note 3 - Acquisitions (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash $ 2,000 Promissory note 7,000 Capital lease financing 3,000 Net working capital adjustment 729 Total consideration $ 12,729 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Allocation as of October 8, 2018 Measurement Period Adjustments Allocation as of September 28, 2019 Accounts receivable $ 1,184 $ — $ 1,184 Inventory 1,127 — 1,127 Other current assets 86 — 86 Fixed assets 3,400 — 3,400 Goodwill 3,380 1,300 4,680 Intangible assets 4,020 (1,100 ) 2,920 Accounts payable (668 ) — (668 ) Consideration paid $ 12,529 $ 200 $ 12,729 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 28, 2019 September 29, 2018 Raw materials $ 12,022 $ 9,641 Work in process 17,765 18,327 Finished goods 149,320 147,015 $ 179,107 $ 174,983 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Estimated Useful Life (in years) September 28, 2019 September 29, 2018 Land and land improvements 25 $ 569 $ 569 Buildings 20 3,715 3,096 Machinery and equipment 10 99,962 90,565 Computers and software 3-10 21,065 20,724 Furniture and fixtures 7 3,650 3,073 Leasehold improvements 3-10 5,790 5,702 Vehicles and related equipment 5 587 754 Construction in progress N/A 7,873 1,649 143,211 126,132 Less accumulated depreciation and amortization (81,807 ) (74,018 ) $ 61,404 $ 52,114 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | September 28, 2019 September 29, 2018 Cost Accumulated Amortization Net Value Cost Accumulated Amortization Net Value Economic Life Goodwill $ 37,897 $ — $ 37,897 $ 33,217 $ — $ 33,217 N/A Intangibles: Tradename/trademarks $ 16,090 $ (3,278 ) $ 12,812 $ 16,090 $ (2,736 ) $ 13,354 20 - 30 yrs Customer relationships 7,400 (993 ) 6,407 4,500 (253 ) 4,247 20 yrs Technology 1,720 (1,289 ) 431 1,720 (1,105 ) 615 10 yrs License Agreements 2,100 (630 ) 1,470 2,100 (527 ) 1,573 15 - 30 yrs Non-compete agreements 1,657 (1,170 ) 487 1,637 (928 ) 709 4 – 8.5 yrs Total intangibles $ 28,967 $ (7,360 ) $ 21,607 $ 26,047 $ (5,549 ) $ 20,498 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | September 28, 2019 September 29, 2018 Accrued employee compensation and benefits $ 13,388 $ 11,138 Taxes accrued and withheld 1,160 882 Refund liabilities 1,047 — Accrued freight 969 1,023 Income taxes payable 379 — Other 3,848 3,699 $ 20,791 $ 16,742 |
Note 8 - Long-term Debt (Tables
Note 8 - Long-term Debt (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 28, 2019 September 29, 2018 Revolving U.S. credit facility, interest at base rate or adjusted LIBOR rate plus an applicable margin (interest at 4.2% on September 28, 2019) due May 2021 $ 101,957 $ 85,746 Revolving credit facility with Banco Ficohsa, a Honduran bank, interest at 6.9% due August 2025 (denominated in U.S. dollars) 5,000 4,958 Term loan with Banco Ficohsa, a Honduran bank, interest at 6.0%, monthly installments beginning November 2014 through December 2020 (denominated in U.S. dollars) 800 1,400 Term loan with Banco Ficohsa, a Honduran bank, interest at 6.0%, monthly installments beginning June 2016 through April 2022 (denominated in U.S. dollars) 776 1,067 Term loan with Banco Ficohsa, a Honduran bank, interest at 6.0%, monthly installments beginning October 2017 through September 2021 (denominated in U.S. dollars) 1,953 3,018 Salt Life acquisition promissory note, imputed interest at 3.62%, quarterly payments beginning September 2016 through June 2019 — 2,471 DTG2Go, LLC acquisition promissory note, interest at 6.0%, quarterly payments beginning January 2019 through October 2021 5,250 — Salt Life Beverage, LLC promissory note, non-interest, lump sum payment due January 2020 100 — 115,836 98,660 Less current portion of long-term debt (6,540 ) (6,577 ) Long-term debt, excluding current maturities $ 109,296 $ 92,083 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal Year Amount 2020 $ 6,540 2021 103,518 2022 778 2023 — 2024 — Thereafter 5,000 $ 115,836 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Period ended September 28, 2019 September 29, 2018 Current: Federal $ 732 $ 4,629 State (3 ) 16 Foreign 132 121 Total current $ 861 $ 4,766 Deferred: Federal $ (304 ) $ 5,927 State (80 ) (233 ) Total deferred (384 ) 5,694 Provision for income taxes $ 477 $ 10,460 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Period ended September 28, 2019 September 29, 2018 United States, net of loss attributable to non-controlling interest $ (2,695 ) $ 156 Foreign 11,040 11,534 $ 8,345 $ 11,690 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Period ended September 28, 2019 September 29, 2018 Income tax expense at the statutory rate of 21.0% and 24.3% $ 1,831 $ 2,861 State income tax (benefits expense, net of federal income tax benefit (82 ) 16 New Tax Legislation: Impact of federal rate change — 624 Federal transition tax 109 10,039 GILTI inclusion 1,040 — Impact of state rate changes — (236 ) Impact of foreign earnings in tax-free zone (2,186 ) (2,676 ) Nondeductible amortization and other permanent differences (140 ) (163 ) Other (95 ) (5 ) Provision for income taxes $ 477 $ 10,460 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | September 28, 2019 September 29, 2018 Deferred tax assets: State net operating loss carryforwards $ 2,190 $ 1,870 Alternative minimum tax credit carryforward — 397 Inventories and reserves 2,960 3,277 Accrued compensation and benefits 1,789 1,881 Receivable allowances and reserves 345 371 Other 1,093 67 Gross deferred tax assets $ 8,377 $ 7,863 Less valuation allowance — state net operating loss carryforwards (516 ) (493 ) Net deferred tax assets $ 7,861 $ 7,370 Deferred tax liabilities: Depreciation (4,611 ) (5,459 ) Goodwill and intangibles (3,183 ) (2,529 ) Other (72 ) (140 ) Gross deferred tax liabilities $ (7,866 ) $ (8,128 ) Net deferred tax liabilities $ (5 ) $ (758 ) |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal Year Amount 2020 $ 11,197 2021 9,903 2022 8,565 2023 7,732 2024 7,054 Thereafter 19,442 $ 63,893 |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plans (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | September 28, 2019 September 29, 2018 Balance at beginning of year $ 313 $ 343 Interest expense 2 3 Benefits paid (9 ) (34 ) Adjustment 1 1 Balance at end of year $ 307 $ 313 |
Note 12 - Stock-based Compens_2
Note 12 - Stock-based Compensation (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Fiscal Year Ended September 28, 2019 September 29, 2018 Number of Units Weighted average grant date fair value Number of Units Weighted average grant date fair value Units outstanding, beginning of fiscal period 532,500 $ 16.12 512,856 $ 13.09 Units granted — — 205,500 $ 20.57 Units issued (247,000 ) $ 11.88 (146,781 ) $ 12.89 Units forfeited (2,000 ) $ 21.51 (39,075 ) $ 11.88 Units outstanding, end of fiscal period 283,500 $ 19.78 532,500 $ 16.12 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Restricted Stock Units/Performance Units Number of Units Average Market Price on Date of Grant Vesting Date* Fiscal Year 2017 Performance Units 42,000 $ 17.97 November 2019 Fiscal Year 2017 Performance Units 42,000 $ 17.97 November 2020 Fiscal Year 2018 Restricted Stock Units 52,750 $ 21.51 November 2019 Fiscal Year 2018 Performance Units 52,750 $ 21.51 November 2019 Fiscal Year 2018 Restricted Stock Units 2,000 $ 17.97 November 2019 Fiscal Year 2018 Performance Units 2,000 $ 17.97 November 2019 Fiscal Year 2018 Restricted Stock Units 90,000 $ 19.52 November 2020 283,500 |
Note 13 - Business Segments (Ta
Note 13 - Business Segments (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fiscal Year Ended September 28, 2019 September 29, 2018 Segment net sales: Delta Group $ 389,075 $ 356,009 Salt Life Group 42,655 39,441 Total net sales $ 431,730 $ 395,450 Segment operating income: Delta Group $ 23,780 $ 26,091 Salt Life Group 6,160 4,747 Total segment operating income $ 29,940 $ 30,838 Purchases of property, plant and equipment: Delta Group $ 4,861 $ 4,341 Salt Life Group 1,202 917 Corporate — 511 Total purchases of property, plant and equipment $ 6,063 $ 5,769 Depreciation and amortization: Delta Group $ 9,889 $ 8,090 Salt Life Group 1,522 1,456 Corporate 353 442 Total depreciation and amortization $ 11,764 $ 9,988 As of September 28, 2019 September 29, 2018 Total assets by segment: Delta Group $ 315,653 $ 283,811 Salt Life Group 57,574 55,032 Corporate 4,761 4,766 Total assets $ 377,988 $ 343,609 Equity investment in joint venture: Delta Group $ 10,388 $ 8,980 Salt Life Group — — Total equity investment in joint venture $ 10,388 $ 8,980 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Fiscal Year Ended September 28, 2019 September 29, 2018 Segment operating income $ 29,940 $ 30,838 Loss attributable to non-controlling interest 374 107 Unallocated corporate expenses 13,671 13,328 Unallocated interest expense 7,550 5,713 Consolidated income before provision for income taxes $ 8,345 $ 11,690 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Fiscal Year Ended September 28, 2019 September 29, 2018 United States $ 431,082 $ 394,252 Foreign 648 1,198 Total net sales $ 431,730 $ 395,450 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | As of September 28, 2019 September 29, 2018 United States $ 41,620 $ 30,768 Honduras 15,326 16,823 El Salvador 3,209 3,476 Mexico 1,249 1,047 All foreign countries 19,784 21,346 Total property, plant and equipment, net $ 61,404 $ 52,114 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Notes Tables | |
Long-term Purchase Commitment [Table Text Block] | Yarn $ 19,231 Finished fabric 2,973 Finished products 16,946 $ 39,150 |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Effective Date Notational Amount LIBOR Rate Maturity Date Interest Rate Swap July 19, 2017 $10 million 1.99 % May 10, 2021 Interest Rate Swap July 25, 2018 $20 million 3.18 % July 25, 2023 |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using Period Ended Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Interest Rate Swap September 28, 2019 $ (1,293 ) $ — $ (1,293 ) $ — September 29, 2018 $ 183 $ — $ 183 $ — Cotton Options September 28, 2019 $ — $ — $ — $ — September 29, 2018 $ (110 ) (110 ) $ — $ — Contingent Consideration September 28, 2019 $ (9,094 ) $ — $ — $ (9,094 ) September 29, 2018 $ (10,542 ) $ — $ — $ (10,542 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | September 28, 2019 September 29, 2018 Other assets $ - $ 182 Deferred tax liabilities 324 (46 ) Other liabilities (1,293 ) — Accumulated other comprehensive loss $ (969 ) $ 136 |
Note 1 - The Company (Details T
Note 1 - The Company (Details Textual) | Sep. 28, 2019 |
Entity Number of Employees | 8,500 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Jun. 29, 2019 | Sep. 28, 2019 | Sep. 29, 2018 | |
Number of Operating Segments | 2 | ||
Bad Debt Expense, Percentage of Net Sales | 1.00% | 1.00% | |
Receivables Collection Period | 2 years | ||
Contract with Customer, Refund Liability, Total | $ 1,000 | ||
Customer Term | 1 year | ||
Advertising Expense | 4,700 | $ 4,000 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | (969) | 136 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ (1,100) | 200 | |
Honduran Equity Method Investment [Member] | |||
Equity Method Investment, Ownership Percentage | 31.00% | ||
Cooperative Advertising Program [Member] | |||
Advertising Expense | $ 800 | 700 | |
Selling, General and Administrative Expenses [Member] | |||
Distribution Costs | 17,600 | 16,900 | |
Salt Life Group [Member] | |||
Business Combination, Contingent Consideration, Liability, Total | 200 | 1,300 | |
DTG2Go [Member] | |||
Business Combination, Contingent Consideration, Liability, Total | $ 8,900 | $ 9,200 | |
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||
Cooperative Agreement Percentage of Net Purchases Available For Advertising | 2.00% | ||
Minimum [Member] | Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 25 years | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Cooperative Agreement Percentage of Net Purchases Available For Advertising | 5.00% | ||
Maximum [Member] | Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Salt Life Beverage [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 60.00% | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 40.00% |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Net sales | $ 431,730 | $ 395,450 |
Sales in percentage | 100.00% | 100.00% |
Delta Group [Member] | ||
Net sales | $ 389,075 | $ 356,009 |
Salt Life Group [Member] | ||
Net sales | 42,655 | 39,441 |
Retail [Member] | ||
Net sales | $ 4,396 | $ 3,560 |
Sales in percentage | 1.00% | 1.00% |
Retail [Member] | Delta Group [Member] | ||
Sales in percentage | 0.30% | 0.30% |
Retail [Member] | Salt Life Group [Member] | ||
Sales in percentage | 7.60% | 6.20% |
Ecommerce [Member] | ||
Net sales | $ 5,526 | $ 5,339 |
Sales in percentage | 1.00% | 1.00% |
Ecommerce [Member] | Delta Group [Member] | ||
Sales in percentage | 0.30% | 0.40% |
Ecommerce [Member] | Salt Life Group [Member] | ||
Sales in percentage | 9.90% | 10.30% |
Wholesale [Member] | ||
Net sales | $ 421,808 | $ 386,551 |
Sales in percentage | 98.00% | 98.00% |
Wholesale [Member] | Delta Group [Member] | ||
Sales in percentage | 99.40% | 99.30% |
Wholesale [Member] | Salt Life Group [Member] | ||
Sales in percentage | 82.50% | 83.50% |
Note 2 - Significant Accounti_5
Note 2 - Significant Accounting Policies - Interest Rate Swap Agreements (Details) $ in Millions | Sep. 28, 2019USD ($) |
Interest Rate Swap Maturing May 10, 2021 [Member] | |
Notional amount | $ 10 |
Fixed LIBOR Rate | 1.99% |
Interest Rate Swap Maturing July 25, 2023 [Member] | |
Notional amount | $ 20 |
Fixed LIBOR Rate | 3.18% |
Note 2 - Significant Accounti_6
Note 2 - Significant Accounting Policies - Adoption of New Accounting Standard (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Sep. 29, 2018 |
Accounts receivable, less allowances of $327 and $1,475, respectively | $ 59,337 | $ 45,605 |
Prepaid expenses and other current assets | 2,999 | 3,000 |
Total Current Assets | 243,598 | 225,422 |
Total assets | 377,988 | 343,609 |
Accrued expenses | 20,791 | 16,742 |
Total current liabilities | 88,875 | 75,811 |
Total liabilities | 224,100 | 193,491 |
Total liabilities and equity | 377,988 | $ 343,609 |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||
Accounts receivable, less allowances of $327 and $1,475, respectively | (682) | |
Prepaid expenses and other current assets | (155) | |
Total Current Assets | (837) | |
Total assets | (837) | |
Accrued expenses | (1,047) | |
Total current liabilities | (1,047) | |
Total liabilities | (1,047) | |
Total liabilities and equity | (1,047) | |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||
Accounts receivable, less allowances of $327 and $1,475, respectively | 58,655 | |
Prepaid expenses and other current assets | 2,844 | |
Total Current Assets | 242,761 | |
Total assets | 377,151 | |
Accrued expenses | 19,744 | |
Total current liabilities | 87,828 | |
Total liabilities | 223,053 | |
Total liabilities and equity | $ 376,941 |
Note 3 - Acquisitions - Purchas
Note 3 - Acquisitions - Purchase Price (Details) - SSI Acquisition [Member] $ in Thousands | Oct. 08, 2018USD ($) |
Cash | $ 2,000 |
Net working capital adjustment | 729 |
Total consideration | 12,729 |
Promissory Note [Member] | |
Liabilities Incurred | 7,000 |
Capital Lease Obligations [Member] | |
Liabilities Incurred | $ 3,000 |
Note 3 - Acquisitions - Purch_2
Note 3 - Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 29, 2019 | Sep. 28, 2019 | Oct. 08, 2018 | Sep. 29, 2018 | |
Goodwill | $ 37,897 | $ 33,217 | ||
SSI [Member] | ||||
Accounts receivable | 1,184 | $ 1,184 | ||
Accounts receivable | ||||
Inventory | 1,127 | 1,127 | ||
Inventory | ||||
Other current assets | 86 | 86 | ||
Other current assets | ||||
Fixed assets | 3,400 | 3,400 | ||
Fixed assets | ||||
Goodwill | 4,680 | 3,380 | ||
Goodwill | 1,300 | |||
Intangible assets | 2,920 | 4,020 | ||
Intangible assets | (1,100) | |||
Accounts payable | (668) | (668) | ||
Accounts payable | ||||
Consideration paid | $ 12,729 | $ 12,529 | ||
Consideration paid | $ 200 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 29, 2018 |
Inventory Valuation Reserves, Ending Balance | $ 10 | $ 10.5 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Sep. 29, 2018 |
Raw materials | $ 12,022 | $ 9,641 |
Work in process | 17,765 | 18,327 |
Finished goods | 149,320 | 147,015 |
$ 179,107 | $ 174,983 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Assets Held under Capital Leases [Member] | ||
Property, Plant and Equipment, Additions | $ 28 | $ 16.6 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Property, plant and equipment, gross | $ 143,211 | $ 126,132 |
Less accumulated depreciation and amortization | (81,807) | (74,018) |
$ 61,404 | 52,114 | |
Minimum [Member] | ||
Estimated useful life (Year) | 3 years | |
Maximum [Member] | ||
Estimated useful life (Year) | 25 years | |
Land and Land Improvements [Member] | ||
Estimated useful life (Year) | 25 years | |
Property, plant and equipment, gross | $ 569 | 569 |
Building [Member] | ||
Estimated useful life (Year) | 20 years | |
Property, plant and equipment, gross | $ 3,715 | 3,096 |
Machinery and Equipment [Member] | ||
Estimated useful life (Year) | 10 years | |
Property, plant and equipment, gross | $ 99,962 | 90,565 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | $ 21,065 | 20,724 |
Computer Equipment [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 3 years | |
Computer Equipment [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 10 years | |
Furniture and Fixtures [Member] | ||
Estimated useful life (Year) | 7 years | |
Property, plant and equipment, gross | $ 3,650 | 3,073 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | $ 5,790 | 5,702 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 3 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 10 years | |
Vehicles [Member] | ||
Estimated useful life (Year) | 5 years | |
Property, plant and equipment, gross | $ 587 | 754 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 7,873 | $ 1,649 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Jul. 02, 2011 | |
Goodwill, Acquired During Period | $ 600 | ||
Goodwill, Ending Balance | $ 37,897 | $ 33,217 | |
Amortization of Intangible Assets, Total | 1,811 | $ 1,253 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 1,700 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1,600 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,500 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 1,400 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1,600 | ||
Delta Group [Member] | |||
Goodwill, Ending Balance | 18,000 | ||
Salt Life Group [Member] | |||
Goodwill, Ending Balance | $ 19,900 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Goodwill and Components of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Goodwill | $ 37,897 | $ 33,217 |
Goodwill | 37,897 | 33,217 |
Intangibles, cost | 28,967 | 26,047 |
Intangibles, accumulated amortization | (7,360) | (5,549) |
Intangible assets, net | $ 21,607 | 20,498 |
Maximum [Member] | ||
Intangibles, economic life (Year) | 20 years | |
Trademarks and Trade Names [Member] | ||
Intangibles, cost | $ 16,090 | 16,090 |
Intangibles, accumulated amortization | (3,278) | (2,736) |
Intangible assets, net | $ 12,812 | 13,354 |
Trademarks and Trade Names [Member] | Maximum [Member] | ||
Intangibles, economic life (Year) | 30 years | |
Customer Relationships [Member] | ||
Intangibles, cost | $ 7,400 | 4,500 |
Intangibles, accumulated amortization | (993) | (253) |
Intangible assets, net | $ 6,407 | 4,247 |
Intangibles, economic life (Year) | 20 years | |
Technology-Based Intangible Assets [Member] | ||
Intangibles, cost | $ 1,720 | 1,720 |
Intangibles, accumulated amortization | (1,289) | (1,105) |
Intangible assets, net | $ 431 | 615 |
Intangibles, economic life (Year) | 10 years | |
Licensing Agreements [Member] | ||
Intangibles, cost | $ 2,100 | 2,100 |
Intangibles, accumulated amortization | (630) | (527) |
Intangible assets, net | $ 1,470 | 1,573 |
Licensing Agreements [Member] | Maximum [Member] | ||
Intangibles, economic life (Year) | 30 years | |
Noncompete Agreements [Member] | ||
Intangibles, cost | $ 1,657 | 1,637 |
Intangibles, accumulated amortization | (1,170) | (928) |
Intangible assets, net | $ 487 | $ 709 |
Noncompete Agreements [Member] | Maximum [Member] | ||
Intangibles, economic life (Year) | 8 years 182 days |
Note 7 - Accrued Expenses - Acc
Note 7 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Sep. 29, 2018 |
Accrued employee compensation and benefits | $ 13,388 | $ 11,138 |
Taxes accrued and withheld | 1,160 | 882 |
Refund liabilities | 1,047 | |
Accrued freight | 969 | 1,023 |
Income taxes payable | 379 | |
Other | 3,848 | 3,699 |
$ 20,791 | $ 16,742 |
Note 8 - Long-term Debt (Detail
Note 8 - Long-term Debt (Details Textual) $ in Thousands | Oct. 08, 2018USD ($) | Aug. 31, 2013USD ($) | Mar. 31, 2011 | Oct. 08, 2019USD ($) | Sep. 28, 2019USD ($)Rate | Jan. 02, 2019 | Sep. 29, 2018USD ($) | Aug. 31, 2018 | Mar. 09, 2018USD ($) | Nov. 27, 2017USD ($) |
Promissory Note [Member] | ||||||||||
Debt Instrument, Face Amount | $ 7,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||
Debt Instrument Discounted Value | $ 5,300 | |||||||||
Salt Life Acquisition [Member] | Promissory Note [Member] | ||||||||||
Debt Instrument Number of Instruments Issued | 2 | |||||||||
Debt Instrument, Face Amount | $ 22,000 | |||||||||
Debt Instrument Amount of One time Installment Payment | $ 9,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |||||||||
Debt Instrument Discounted Value | 0 | |||||||||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||
Line Of Credit Facility Maximum Capacity For Share Repurchase | $ 10,000 | |||||||||
Line Of Credit Facility Maximum Capacity For Capital Leases | $ 25,000 | 15,000 | ||||||||
Line Of Credit Facility Maximum Capacity For Investments | $ 6,000 | $ 2,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 145,000 | 145,000 | ||||||||
Line of Credit Facility Including Additional Borrowing Capacity Maximum | $ 200,000 | |||||||||
Line of Credit Facility, Periodic Payment | $ 200 | |||||||||
Long-term Line of Credit, Total | $ 102,000 | |||||||||
Line of Credit Facility, Interest Rate During Period | 4.20% | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 27,200 | |||||||||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||||||||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.375% | |||||||||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||
Amended Credit Agreement [Member] | Letter of Credit [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |||||||||
Debt Covenant Fixed Charge Coverage Ratio Term | 1 year | |||||||||
Fixed Charge Coverage Ratio | Rate | 110.00% | |||||||||
Debt Instrument, Covenant, Percentage of Borrowing Rate or Commitment, Availability for Stock Repurchase or Dividends | 15.00% | |||||||||
Debt Instrument, Covenant, Number of Preceding Days for Average Availability of Percentage for Stock Repurchases and Dividends | 30 | |||||||||
Debt Instrument, Covenant, Maximum Amount Plus 50% of Cumulative Net Income For Dividends and Stock Repurchases | $ 10,000 | |||||||||
Retained Earnings Amount Available For Dividends And Stock Repurchases | $ 16,100 | $ 14,700 | ||||||||
Promissory Note, Maturity Date June 30, 2016 [Member] | Salt Life Acquisition [Member] | Promissory Note [Member] | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.92% | |||||||||
Promissory Note, Maturity Date June 30, 2019 [Member] | Salt Life Acquisition [Member] | Promissory Note [Member] | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.62% | |||||||||
Debt with Banco Ficohsa [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument, Term | 1 year 180 days | |||||||||
Debt Instrument Periodic Payment Term | 180 days |
Note 8 - Long-term Debt - Long-
Note 8 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Sep. 29, 2018 |
Long-term debt | $ 115,836 | $ 98,660 |
Less current portion of long-term debt | (6,540) | (6,577) |
Long-term debt, less current maturities | 109,296 | 92,083 |
Line of Credit [Member] | Revolving Credit Facility [Member] | Wells Fargo [Member] | ||
Long-term debt | 101,957 | 85,746 |
Line of Credit [Member] | Revolving Credit Facility [Member] | Banco Ficohsa [Member] | ||
Long-term debt | 5,000 | 4,958 |
Term loan established November, 2014 [Member] | ||
Long-term debt | 800 | 1,400 |
Term loan established June, 2016 [Member] | ||
Long-term debt | 776 | 1,067 |
Term Loan Established October, 2017 [Member] | ||
Long-term debt | 1,953 | 3,018 |
Promissory Note, Maturity Date June 30, 2019 [Member] | ||
Long-term debt | 2,471 | |
Promissory Note, Maturity Date October 2021 [Member] | ||
Long-term debt | 5,250 | |
Promissory Note, Maturity Date January 2020 [Member] | ||
Long-term debt | $ 100 |
Note 8 - Long-term Debt - Lon_2
Note 8 - Long-term Debt - Long-term Debt (Details) (Parentheticals) | Sep. 28, 2019 | Sep. 29, 2018 |
Term loan established November, 2014 [Member] | ||
Long-term debt, interest rate | 6.00% | 6.00% |
Term loan established June, 2016 [Member] | ||
Long-term debt, interest rate | 6.00% | 6.00% |
Term Loan Established October, 2017 [Member] | ||
Long-term debt, interest rate | 6.00% | 6.00% |
Promissory Note, Maturity Date June 30, 2019 [Member] | ||
Long-term debt, interest rate | 3.62% | 3.62% |
Promissory Note, Maturity Date October 2021 [Member] | ||
Long-term debt, interest rate | 6.00% | 6.00% |
Promissory Note, Maturity Date January 2020 [Member] | ||
Long-term debt, interest rate | 0.00% | 0.00% |
Revolving Credit Facility [Member] | Wells Fargo [Member] | Line of Credit [Member] | ||
Long-term debt, interest rate at period end | 4.20% | |
Revolving Credit Facility [Member] | Banco Ficohsa [Member] | Line of Credit [Member] | ||
Long-term debt, interest rate | 6.90% | 6.90% |
Note 8 - Long-term Debt - Aggre
Note 8 - Long-term Debt - Aggregate Maturities of Debt (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Sep. 29, 2018 |
2020 | $ 6,540 | |
2021 | 103,518 | |
2022 | 778 | |
2023 | ||
2024 | ||
Thereafter | 5,000 | |
$ 115,836 | $ 98,660 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Tax Cuts and Jobs Act, Incomplete Accounting, Provisional Income Tax Expense (Benefit), Total | $ 10,700 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 5.50% | 89.50% |
Effective Income Tax Rate Reconciliation, Percent, Before Exclusion of Tax Cuts and Jobs Act | 1.70% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 24.30% |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 2,200 | |
Operating Loss Carryforwards, Valuation Allowance, Total | 500 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Open Tax Year | 2015 2016 2017 2018 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | $ 46,600 |
Note 9 - Income Taxes - Provisi
Note 9 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Federal | $ 732 | $ 4,629 |
State | (3) | 16 |
Foreign | 132 | 121 |
Total current | 861 | 4,766 |
Federal | (304) | 5,927 |
State | (80) | (233) |
Total deferred | (384) | 5,694 |
Provision for income taxes | $ 477 | $ 10,460 |
Note 9 - Income Taxes - Income
Note 9 - Income Taxes - Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
United States, net of loss attributable to non-controlling interest | $ (2,695) | $ 156 |
Foreign | 11,040 | 11,534 |
$ 8,345 | $ 11,690 |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Income tax expense at the statutory rate of 21.0% and 24.3% | $ 1,831 | $ 2,861 |
State income tax (benefits expense, net of federal income tax benefit | (82) | 16 |
Impact of federal rate change | 624 | |
Federal transition tax | 109 | 10,039 |
GILTI inclusion | 1,040 | |
Impact of state rate changes | (236) | |
Impact of foreign earnings in tax-free zone | (2,186) | (2,676) |
Nondeductible amortization and other permanent differences | (140) | (163) |
Other | (95) | (5) |
Provision for income taxes | $ 477 | $ 10,460 |
Note 9 - Income Taxes - Recon_2
Note 9 - Income Taxes - Reconciliation of Provision for Income Taxes (Details) (Parentheticals) | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Statutory Rate | 21.00% | 24.30% |
Note 9 - Income Taxes - Deferre
Note 9 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Sep. 29, 2018 |
State net operating loss carryforwards | $ 2,190 | $ 1,870 |
Alternative minimum tax credit carryforward | 397 | |
Inventories and reserves | 2,960 | 3,277 |
Accrued compensation and benefits | 1,789 | 1,881 |
Receivable allowances and reserves | 345 | 371 |
Other | 1,093 | 67 |
Gross deferred tax assets | 8,377 | 7,863 |
Less valuation allowance — state net operating loss carryforwards | (516) | (493) |
Net deferred tax assets | 7,861 | 7,370 |
Depreciation | (4,611) | (5,459) |
Goodwill and intangibles | (3,183) | (2,529) |
Other | 72 | 140 |
Gross deferred tax liabilities | (7,866) | (8,128) |
Net deferred tax liabilities | $ (5) | $ (758) |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Operating Leases, Rent Expense, Net, Total | $ 10.6 | $ 9.9 |
Minimum [Member] | Land and Building [Member] | ||
Operating Leases, Renewal Options Period | 5 years | |
Maximum [Member] | Land and Building [Member] | ||
Operating Leases, Renewal Options Period | 10 years |
Note 10 - Leases - Future Minim
Note 10 - Leases - Future Minimum Lease Payments under Non-cancelable Leases (Details) $ in Thousands | Sep. 28, 2019USD ($) |
2020 | $ 11,197 |
2021 | 9,903 |
2022 | 8,565 |
2023 | 7,732 |
2024 | 7,054 |
Thereafter | 19,442 |
$ 63,893 |
Note 11 - Employee Benefit Pl_3
Note 11 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1 | $ 0.9 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 6.00% | 6.00% |
Note 11 - Employee Benefit Pl_4
Note 11 - Employee Benefit Plans - Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Balance at beginning of year | $ 313 | $ 343 |
Interest expense | 2 | 3 |
Benefits paid | (9) | (34) |
Adjustment | 1 | 1 |
Balance at end of year | $ 307 | $ 313 |
Note 12 - Stock-based Compens_3
Note 12 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Share-based Payment Arrangement, Expense | $ 2.1 | $ 2.6 |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0.1 | $ 0.1 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 2,000 | |
Restricted Stock Units (RSUs) [Member] | Upon Filing of Annual Report in 2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 205,000 | |
Restricted Stock Units (RSUs) [Member] | Vest Upon Filing of Annual Report in 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 57,750 | |
Restricted Stock Units (RSUs) [Member] | Vest Upon Filing of Annual Report 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 90,000 | |
Restricted Stock Units (RSUs) [Member] | Upon Filing of Annual Report in 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 54,602 | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 2,000 | |
Performance Shares [Member] | Upon Filing of Annual Report in 2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 42,000 | |
Performance Shares [Member] | Vest Upon Filing of Annual Report in 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 57,750 | |
Performance Shares [Member] | Upon Filing of Annual Report in 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 92,068 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Paid in Common Stock | 72,138 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Paid in Cash | 19,930 | |
The 2010 Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Total | 10,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 13.07 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1.1 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 73 days | |
Option Plan [Member] | Officers and Key and Middle-Level Executives [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Total | 6,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 8.30 | |
Share Based Compensation Arrangement By Share Based Payment Award, Award Exercise Period | 10 years | |
Option Plan [Member] | Officers and Key and Middle-Level Executives [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Option Plan [Member] | Officers and Key and Middle-Level Executives [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Note 12 - Stock-based Compens_4
Note 12 - Stock-based Compensation - Summary of Restricted Stock Unit and Performance Unit Award Activity (Details) - $ / shares | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Units outstanding, beginning of fiscal period (in shares) | 532,500 | 512,856 |
Units outstanding, beginning of fiscal period, weighted average grant date fair value (in dollars per share) | $ 16.12 | $ 13.09 |
Units granted (in shares) | 205,500 | |
Units granted, weighted average grant date fair value (in dollars per share) | $ 20.57 | |
Units issued (in shares) | (247,000) | (146,781) |
Units issued, weighted average grant date fair value (in dollars per share) | $ 11.88 | $ 12.89 |
Units forfeited (in shares) | (2,000) | (39,075) |
Units forfeited, weighted average grant date fair value (in dollars per share) | $ 21.51 | $ 11.88 |
Units outstanding, end of fiscal period (in shares) | 283,500 | 532,500 |
Units outstanding, end of fiscal period, weighted average grant date fair value (in dollars per share) | $ 19.78 | $ 16.12 |
Note 12 - Stock-based Compens_5
Note 12 - Stock-based Compensation - Unvested Restricted Stock Units and Performance Units (Details) - $ / shares | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 |
Number of units (in shares) | 283,500 | 532,500 | 512,856 |
Average market price on date of grant (in dollars per share) | $ 19.78 | $ 16.12 | $ 13.09 |
FY 2017 Performance Units Vesting November 2019, Price $17.97 [Member] | The 2010 Stock Plan [Member] | |||
Number of units (in shares) | 42,000 | ||
Average market price on date of grant (in dollars per share) | $ 17.97 | ||
FY 2017 Performance Units Vesting November 2020, Price $17.97 [Member] | The 2010 Stock Plan [Member] | |||
Number of units (in shares) | 42,000 | ||
Average market price on date of grant (in dollars per share) | $ 17.97 | ||
FY 2018 Restricted Stock Units Vesting November 2019, Price $21.51 [Member] | The 2010 Stock Plan [Member] | |||
Number of units (in shares) | 52,750 | ||
Average market price on date of grant (in dollars per share) | $ 21.51 | ||
FY 2018 Performance Units Vesting November 2019, Price $21.51 [Member] | The 2010 Stock Plan [Member] | |||
Number of units (in shares) | 52,750 | ||
Average market price on date of grant (in dollars per share) | $ 21.51 | ||
FY 2018 Restricted Stock Units Vesting November 2019, Price $17.97 [Member] | The 2010 Stock Plan [Member] | |||
Number of units (in shares) | 2,000 | ||
Average market price on date of grant (in dollars per share) | $ 17.97 | ||
FY 2018 Performance Units Vesting November 2019, Price $17.97 [Member] | The 2010 Stock Plan [Member] | |||
Number of units (in shares) | 2,000 | ||
Average market price on date of grant (in dollars per share) | $ 17.97 | ||
FY 2018 Restricted Stock Units Vesting November 2020, Price $19.52 [Member] | The 2010 Stock Plan [Member] | |||
Number of units (in shares) | 90,000 | ||
Average market price on date of grant (in dollars per share) | $ 19.52 | ||
Restricted Stock Units and Performance Units [Member] | The 2010 Stock Plan [Member] | |||
Number of units (in shares) | 283,500 | ||
Average market price on date of grant (in dollars per share) |
Note 13 - Business Segments (De
Note 13 - Business Segments (Details Textual) | 12 Months Ended |
Sep. 28, 2019 | |
Number of Operating Segments | 2 |
Note 13 - Business Segments - S
Note 13 - Business Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | ||
Net sales | $ 431,730 | $ 395,450 | |
Segment operating income | 15,895 | 17,403 | |
Purchases of property, plant and equipment | 6,063 | 5,769 | |
Depreciation and amortization | 11,764 | 9,988 | |
Total assets | 377,988 | 343,609 | |
Equity investment in joint venture | 10,388 | 8,980 | |
Corporate, Non-Segment [Member] | |||
Purchases of property, plant and equipment | 511 | ||
Depreciation and amortization | 353 | 442 | |
Total assets | 4,761 | 4,766 | |
Delta Group [Member] | |||
Net sales | 389,075 | 356,009 | |
Equity investment in joint venture | 10,388 | 8,980 | |
Delta Group [Member] | Operating Segments [Member] | |||
Net sales | 389,075 | 356,009 | |
Segment operating income | [1] | 23,780 | 26,091 |
Purchases of property, plant and equipment | 4,861 | 4,341 | |
Depreciation and amortization | 9,889 | 8,090 | |
Total assets | 315,653 | 283,811 | |
Salt Life Group [Member] | |||
Net sales | 42,655 | 39,441 | |
Equity investment in joint venture | |||
Salt Life Group [Member] | Operating Segments [Member] | |||
Net sales | 42,655 | 39,441 | |
Segment operating income | [2] | 6,160 | 4,747 |
Purchases of property, plant and equipment | 1,202 | 917 | |
Depreciation and amortization | 1,522 | 1,456 | |
Total assets | $ 57,574 | $ 55,032 | |
[1] | In the quarter ended December 29, 2018, the Delta Group operating income included $2.5 million of expense incurred in connection with the settlement of litigation related to the 2016 bankruptcy filing of The Sports Authority. See Note M - Legal Proceedings. | ||
[2] | In the quarter ended June 29, 2019, the Salt Life Group operating income included a discrete gain of $1.3 million realized from the settlement of a commercial litigation matter. |
Note 13 - Business Segments -_2
Note 13 - Business Segments - Segment Operating Income to the Consolidated Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Segment operating income | $ 15,895 | $ 17,403 |
Loss attributable to non-controlling interest | (374) | (107) |
Selling, general and administrative expenses | 70,220 | 66,969 |
Interest expense | 7,550 | 5,713 |
Consolidated income before provision for income taxes | 8,345 | 11,690 |
Corporate, Non-Segment [Member] | ||
Selling, general and administrative expenses | 13,671 | 13,328 |
Interest expense | $ 7,550 | $ 5,713 |
Note 13 - Business Segments - R
Note 13 - Business Segments - Revenues by Geographic Areas (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Net sales | $ 431,730 | $ 395,450 |
UNITED STATES | ||
Net sales | 431,082 | 394,252 |
Non-US [Member] | ||
Net sales | $ 648 | $ 1,198 |
Note 13 - Business Segments - L
Note 13 - Business Segments - Long-lived Assets By Geographical Area (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Sep. 29, 2018 |
Property, plant and equipment, net | $ 61,404 | $ 52,114 |
UNITED STATES | ||
Property, plant and equipment, net | 41,620 | 30,768 |
HONDURAS | ||
Property, plant and equipment, net | 15,326 | 16,823 |
EL SALVADOR | ||
Property, plant and equipment, net | 3,209 | 3,476 |
MEXICO | ||
Property, plant and equipment, net | 1,249 | 1,047 |
Non-US [Member] | ||
Property, plant and equipment, net | $ 19,784 | $ 21,346 |
Note 14 - Repurchase of Commo_2
Note 14 - Repurchase of Common Stock (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 237 Months Ended | |
Sep. 28, 2019 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | |
Stock Repurchase Program, Authorized Amount | $ 60,000 | $ 60,000 | $ 60,000 | |
Treasury Stock, Shares, Acquired | 0 | 141,501 | 463,974 | 3,498,962 |
Treasury Stock, Value, Acquired, Cost Method | $ 2,736 | $ 9,000 | $ 50,500 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 9,500 | $ 9,500 | $ 9,500 |
Note 15 - Commitments and Con_3
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 28, 2019 | Sep. 29, 2018 |
DTG2Go [Member] | |||
Business Combination, Contingent Consideration, Liability, Total | $ 8.9 | $ 9.2 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0.3 | ||
Payment for Contingent Consideration Liability, Operating Activities | 0.6 | ||
Salt Life Group [Member] | |||
Business Combination, Contingent Consideration, Liability, Total | 0.2 | $ 1.3 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 1.1 | ||
Standby Letters of Credit [Member] | |||
Letters of Credit Outstanding, Amount | $ 0.4 | ||
The Sports Authority Bankruptcy Litigation [Member] | |||
Litigation Settlement, Amount Awarded to Other Party | $ 2.5 |
Note 15 - Commitments and Con_4
Note 15 - Commitments and Contingencies - Minimum Payments Under Contracts (Details) $ in Thousands | Sep. 28, 2019USD ($) |
Outstanding minimum payments | $ 39,150 |
Yarn [Member] | |
Outstanding minimum payments | 19,231 |
Finished Fabric [Member] | |
Outstanding minimum payments | 2,973 |
Finished Products [Member] | |
Outstanding minimum payments | $ 16,946 |
Note 15 - Commitments and Con_5
Note 15 - Commitments and Contingencies - Outstanding Instruments (Details) $ in Millions | Sep. 28, 2019USD ($) |
Interest Rate Swap Maturing May 10, 2021 [Member] | |
Notional amount | $ 10 |
Fixed LIBOR Rate | 1.99% |
Interest Rate Swap Maturing July 25, 2023 [Member] | |
Notional amount | $ 20 |
Fixed LIBOR Rate | 3.18% |
Note 15 - Commitments and Con_6
Note 15 - Commitments and Contingencies - Financial Assets (Liabilities) Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Sep. 29, 2018 |
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | ||
Derivative Liabilities | $ (1,293) | |
Derivative Asset | $ 183 | |
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative Liabilities | ||
Derivative Asset | ||
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Liabilities | (1,293) | |
Derivative Asset | 183 | |
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Liabilities | ||
Derivative Asset | ||
Cotton Options [Member] | Fair Value, Recurring [Member] | ||
Derivative Liabilities | (110) | |
Cotton Options [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative Liabilities | (110) | |
Cotton Options [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Liabilities | ||
Cotton Options [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Liabilities | ||
Contingent Consideration [Member] | ||
Derivative Liabilities | (10,542) | |
Contingent Consideration [Member] | Fair Value, Recurring [Member] | ||
Derivative Liabilities | (9,094) | |
Contingent Consideration [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative Liabilities | ||
Contingent Consideration [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Liabilities | ||
Contingent Consideration [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Liabilities | $ (9,094) | $ (10,542) |
Note 15 - Commitments and Con_7
Note 15 - Commitments and Contingencies - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Sep. 29, 2018 |
Other Assets [Member] | ||
Derivative assets (liabilities) | $ 182 | |
Deferred tax assets [Member] | ||
Derivative assets (liabilities) | 324 | (46) |
Other Noncurrent Liabilities [Member] | ||
Derivative assets (liabilities) | (1,293) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Derivative assets (liabilities) | $ (969) | $ 136 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - Revolving Credit Facility [Member] - Amended Credit Agreement [Member] - USD ($) $ in Thousands | Nov. 19, 2019 | Sep. 28, 2019 | Oct. 08, 2018 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 145,000 | $ 145,000 | |
Subsequent Event [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 170,000 | ||
Debt Instrument, Increase (Decrease) in FILO Borrowing Component | (0.25%) | ||
Debt Instrument, Increase (Decrease) in Fair Market of Eligible Intellectual Property | 25.00% | ||
Debt Instrument, Fixed Coverage Charge Ratio, Exclusion of Capital Expenditures | $ 10,000 |