Document And Entity Information
Document And Entity Information | 12 Months Ended | ||
Oct. 03, 2020 | Nov. 18, 2020shares | Mar. 27, 2020USD ($) | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001101396 | ||
Entity Registrant Name | DELTA APPAREL, INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --10-03 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Oct. 3, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-15583 | ||
Entity Incorporation, State or Country Code | GA | ||
Entity Tax Identification Number | 58-2508794 | ||
Entity Address, Address Line One | 322 South Main Street | ||
Entity Address, City or Town | Greenville | ||
Entity Address, State or Province | SC | ||
Entity Address, Postal Zip Code | 29601 | ||
City Area Code | 864 | ||
Local Phone Number | 232-5200 | ||
Title of 12(b) Security | Common Stock, par value $0.01 | ||
Trading Symbol | DLA | ||
Security Exchange Name | NYSEAMER | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ | $ 70,100,000 | ||
Entity Common Stock, Shares Outstanding | shares | 6,890,118 | ||
Entity Number of Employees | 7,900 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 03, 2020 | Sep. 28, 2019 |
Assets | ||
Cash and cash equivalents | $ 16,458 | $ 605 |
Accounts receivable, less allowances of $684 and $327, respectively | 60,146 | 59,337 |
Other receivables | 854 | 1,550 |
Inventories, net | 145,515 | 179,107 |
Prepaid expenses and other current assets | 3,795 | 2,999 |
Total current assets | 226,768 | 243,598 |
Property, plant and equipment, net | 63,950 | 61,404 |
Goodwill | 37,897 | 37,897 |
Intangible assets, net | 19,948 | 21,607 |
Deferred income taxes | 4,052 | 1,514 |
Operating lease assets | 54,645 | 0 |
Equity method investment | 10,573 | 10,388 |
Other assets | 2,398 | 1,580 |
Total assets | 420,231 | 377,988 |
Liabilities: | ||
Accounts payable | 49,800 | 52,320 |
Accrued expenses | 20,174 | 20,412 |
Income taxes payable | 379 | 379 |
Current portion of finance leases | 6,956 | 6,434 |
Current portion of operating leases | 9,039 | 0 |
Current portion of long-term debt | 7,559 | 6,540 |
Current portion of contingent consideration | 2,120 | 2,790 |
Total current liabilities | 96,027 | 88,875 |
Long-term income taxes payable | 3,599 | 3,977 |
Long-term finance leases, less current maturities | 11,328 | 12,836 |
Long-term operating leases, less current maturities | 46,570 | 0 |
Long-term debt, less current maturities | 112,782 | 109,296 |
Long-term contingent consideration | 4,300 | 6,304 |
Deferred income taxes | 0 | 1,519 |
Other liabilities | 2,939 | 1,293 |
Total liabilities | 277,545 | 224,100 |
Shareholders’ equity: | ||
Preferred stock—$0.01 par value, 2,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock —$0.01 par value, 15,000,000 shares authorized, 9,646,972 shares issued, and 6,890,118 and 6,921,417 shares outstanding as of October 3, 2020, and September 28, 2019, respectively | 96 | 96 |
Additional paid-in capital | 61,005 | 59,855 |
Retained earnings | 126,564 | 136,937 |
Accumulated other comprehensive loss | (1,322) | (969) |
Treasury stock —2,756,854 and 2,725,555 shares as of October 3, 2020, and September 28, 2019, respectively | (43,133) | (41,750) |
Equity attributable to Delta Apparel, Inc. | 143,210 | 154,169 |
Equity attributable to non–controlling interest | (524) | (281) |
Total equity | 142,686 | 153,888 |
Total liabilities and equity | $ 420,231 | $ 377,988 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Oct. 03, 2020 | Sep. 28, 2019 |
Allowances for accounts receivable | $ 684 | $ 327 |
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 outstanding (in shares) | 6,890,118 | 6,921,417 |
Treasury stock (in shares) | 2,756,854 | 2,725,555 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Net sales | $ 381,035 | $ 431,730 |
Cost of goods sold | 312,660 | 346,578 |
Gross profit | 68,375 | 85,152 |
Selling, general and administrative expenses | 68,383 | 70,220 |
Other loss (income), net | 7,067 | (963) |
Operating (loss) income | (7,075) | 15,895 |
Interest expense | 7,005 | 7,550 |
(Loss) earnings before (benefit from) provision for income taxes | (14,080) | 8,345 |
(Benefit from) provision for income taxes | (3,260) | 477 |
Consolidated net (loss) earnings | (10,820) | 7,868 |
Net loss attributable to non-controlling interest | 243 | 374 |
Net (loss) earnings attributable to shareholders | $ (10,577) | $ 8,242 |
Basic (loss) earnings per share (in dollars per share) | $ (1.53) | $ 1.19 |
Diluted (loss) earnings per share (in dollars per share) | $ (1.53) | $ 1.17 |
Weighted average number of shares outstanding (in shares) | 6,921 | 6,929 |
Dilutive effect of stock options and awards (in shares) | 0 | 135 |
Weighted average number of shares assuming dilution (in shares) | 6,921 | 7,064 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Net (loss) earnings attributable to shareholders | $ (10,577) | $ 8,242 |
Other comprehensive loss related to unrealized loss on derivatives, net of income tax | (353) | (1,105) |
Consolidated comprehensive (loss) income | $ (10,930) | $ 7,137 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | 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. 29, 2018 | 9,646,972 | 2,737,526 | ||||||||||||
Balance at Sep. 29, 2018 | $ 96 | $ 61,979 | $ 128,695 | $ 136 | $ (40,881) | $ 93 | $ 150,118 | |||||||
Net earnings (loss) | 0 | 0 | 8,242 | 0 | 0 | 0 | 8,242 | |||||||
Other comprehensive loss | 0 | 0 | 0 | (1,105) | 0 | 0 | (1,105) | |||||||
Net loss attributable to non-controlling interest | $ 0 | 0 | 0 | 0 | $ 0 | (374) | (374) | |||||||
Vested stock awards (in shares) | 0 | (153,472) | ||||||||||||
Vested stock awards | $ 0 | (3,980) | 0 | 0 | $ 1,867 | 0 | (2,113) | |||||||
Purchase of common stock | 0 | 0 | 0 | 0 | $ (2,736) | 0 | $ (2,736) | |||||||
Purchase of common stock (in shares) | 141,501 | 141,501 | ||||||||||||
Stock based compensation | $ 0 | 1,856 | 0 | 0 | $ 0 | 0 | $ 1,856 | |||||||
Balance (in shares) at Sep. 28, 2019 | 9,646,972 | 2,725,555 | 6,921,417 | |||||||||||
Balance (Accounting Standards Update 2016-02 [Member]) at Sep. 28, 2019 | $ 0 | $ 0 | $ 204 | $ 0 | $ 0 | $ 0 | $ 204 | |||||||
Balance at Sep. 28, 2019 | $ 96 | 59,855 | 136,937 | (969) | $ (41,750) | (281) | $ 153,888 | |||||||
Net earnings (loss) | 0 | 0 | (10,577) | 0 | 0 | 0 | (10,577) | |||||||
Other comprehensive loss | 0 | 0 | 0 | (353) | 0 | 0 | (353) | |||||||
Net loss attributable to non-controlling interest | $ 0 | 0 | 0 | 0 | $ 0 | (243) | (243) | |||||||
Vested stock awards (in shares) | 0 | (68,672) | ||||||||||||
Vested stock awards | $ 0 | (1,611) | 0 | 0 | $ 646 | 0 | (965) | |||||||
Purchase of common stock | 0 | 0 | 0 | 0 | $ (2,029) | 0 | $ (2,029) | |||||||
Purchase of common stock (in shares) | 99,971 | 99,971 | ||||||||||||
Stock based compensation | $ 0 | 2,761 | 0 | 0 | $ 0 | 0 | $ 2,761 | |||||||
Balance (in shares) at Oct. 03, 2020 | 9,646,972 | 2,756,854 | 6,890,118 | |||||||||||
Balance at Oct. 03, 2020 | $ 96 | $ 61,005 | $ 126,564 | $ (1,322) | $ (43,133) | $ (524) | $ 142,686 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Operating activities: | ||
Consolidated net (loss) earnings | $ (10,820) | $ 7,868 |
Adjustments to consolidated net earnings attributable to net cash provided by operating activities: | ||
Depreciation | 11,097 | 9,953 |
Amortization of intangibles | 1,659 | 1,811 |
Amortization of deferred financing fees | 315 | 312 |
Benefit from for deferred income taxes | (3,730) | (384) |
Provision for market reserves | 4,906 | (458) |
Non-cash stock compensation | 2,761 | 1,856 |
(Gain) loss on disposal of equipment | (29) | 289 |
Other, net | (775) | (2,292) |
Changes in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable, net | (113) | (12,824) |
Inventories, net | 28,686 | (2,539) |
Prepaid expenses and other current assets | 319 | 878 |
Other non-current assets | (198) | (71) |
Accounts payable | (3,345) | 1,951 |
Accrued expenses | (238) | 3,670 |
Change in net operating lease liabilities | 964 | 0 |
Income taxes | (632) | (594) |
Other liabilities | 968 | 2 |
Net cash provided by operating activities | 31,795 | 9,428 |
Investing activities: | ||
Purchases of property and equipment | (8,990) | (6,063) |
Proceeds from sale of property and equipment | 0 | 30 |
Cash paid for business | (3,077) | (5,424) |
Net cash used in investing activities | (12,067) | (11,457) |
Financing activities: | ||
Proceeds from long-term debt | 438,770 | 452,055 |
Repayment of long-term debt | (431,932) | (440,130) |
Payment of capital financing | (4,041) | (4,338) |
Payment of contingent consideration | (2,500) | (564) |
Repurchase of common stock | (2,029) | (2,736) |
Payment of deferred financing costs | (1,176) | 0 |
Payment of withholding taxes on stock awards | (967) | (2,113) |
Net cash (used in) provided by financing activities | (3,875) | 2,174 |
Net increase in cash and cash equivalents | 15,853 | 145 |
Cash and cash equivalents at beginning of period | 605 | 460 |
Cash and cash equivalents at end of period | 16,458 | 605 |
Supplemental cash flow information: | ||
Cash paid during the period for interest | 6,510 | 7,064 |
Cash paid during the period for income taxes, net of refunds received | $ 960 | $ 890 |
Note 1 - The Company
Note 1 - The Company | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1—The Delta Apparel, Inc. (collectively with DTG2Go, DTG2Go's 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 |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2—Significant (a) Basis of Presentation: January 2018, 810, Consolidations, No. 2015 02 , Consolidation (Topic 810 We operate our business in two two (b) Fiscal Year: 52 53 September 30. 2020 2019 53 October 3, 2020 52 September 28, 2019 (c) Use of Estimates: may (d) Cash and Cash Equivalents: three (e) Accounts Receivable: not We estimate the net collectability 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% of net sales in each of fiscal years 2020 2019 (f) Inventories: first first 2 x (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 March 2018. 805, Business Combinations DTG2Go October 3, 2020 September 28, 2019 (m) Revenue Recognition: Our receivables resulting from wholesale customers are generally collected within three 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 October 3, 2020, September 28, 2019, 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 (n) Sales Tax: (o) Cost of Goods Sold: may not may (p) Selling, General and Administrative Expense: 2020 2019 (q) Advertising Costs: 2020 2019 $0.8 2020 2019 (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: October 3, 2020 September 28, 2019 ( 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 October 3, 2020 September 28, 2019 (z) Equity Method Accounting: October 3, 2020 50% not not not (aa) Net Income Attributable to Non-Controlling Interest: (ab) Business Combinations: third (ac) Recently Adopted Accounting Pronouncements: In August 2017, No. 2017 12, Derivatives and Hedging (Topic 815 2017 12" 2017 12 2017 12 no 2017 12 September 29, 2019. 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 September 29, 2019. 2017 04 not In February 2016, No. 2016 02, Leases 2016 02” 2016 02, 842, Leases 842” 842 September 29, 2019. not September 29, 2019, no (ad) Recently Issued Accounting Pronouncements Not In August 2018, No. 2018 15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract 2018 15” 2018 15 December 15, 2019, 2018 15 October 4, 2020 2021 not 2018 15 |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3—Revenue 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 October 3, 2020 September 28, 2019 $ % $ % Retail $ 5,626 2 % $ 4,396 1 % Direct-to-consumer ecommerce 7,994 2 % 5,526 1 % Wholesale 367,415 96 % 421,808 98 % Net Sales $ 381,035 100 % $ 431,730 100 % 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 October 3, 2020 Net Sales Retail Direct-to-Consumer ecommerce Wholesale Delta Group $ 343,891 0.2 % 0.5 % 99.3 % Salt Life Group 37,144 12.9 % 16.9 % 70.2 % Total $ 381,035 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 |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4—Inventories Inventories, net of reserves of $15.0 million and $10.0 million as of October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Raw materials $ 13,571 $ 12,022 Work in process 13,984 17,765 Finished goods 117,960 149,320 $ 145,515 $ 179,107 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 |
Oct. 03, 2020 | |
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) October 3, 2020 September 28, 2019 Land and land improvements 25 $ 569 $ 569 Buildings 20 3,715 3,715 Machinery and equipment 10 106,102 99,962 Computers and software 3-10 24,362 21,065 Furniture and fixtures 7-25 7,135 3,650 Leasehold improvements 3-10 6,635 5,790 Vehicles and related equipment 5 587 587 Construction in progress N/A 6,968 7,873 156,073 143,211 Less accumulated depreciation and amortization (92,123 ) (81,807 ) Total property, plant and equipment, net $ 63,950 $ 61,404 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Oct. 03, 2020 | |
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): October 3, 2020 September 28, 2019 Cost Accumulated Amortization Net Value Cost Accumulated Amortization Net Value Economic Life Goodwill $ 37,897 $ — $ 37,897 $ 37,897 $ — $ 37,897 N/A Intangibles: Tradename/trademarks $ 16,090 $ (3,820 ) $ 12,270 $ 16,090 $ (3,278 ) $ 12,812 20 - 30 yrs Customer relationships 7,400 (1,733 ) 5,667 7,400 (993 ) 6,407 20 yrs Technology 1,720 (1,380 ) 340 1,720 (1,289 ) 431 10 yrs License agreements 2,100 (733 ) 1,367 2,100 (630 ) 1,470 15 - 30 yrs Non-compete agreements 1,657 (1,353 ) 304 1,657 (1,170 ) 487 4 – 8.5 yrs Total intangibles, net $ 28,967 $ (9,019 ) $ 19,948 $ 28,967 $ (7,360 ) $ 21,607 Goodwill represents the acquired goodwill net of the cumulative impairment losses recorded in fiscal year 2011 October 3, 2020 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 $1.7 million for the year ended October 3, 2020 September 28, 2019 2021, 2022, 2023, 2024 2025. |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7—Accrued Accrued expenses consist of the following (in thousands): October 3, 2020 September 28, 2019 Accrued employee compensation and benefits $ 13,958 $ 13,883 Taxes accrued and withheld 1,565 1,160 Refund liabilities 1,347 1,047 Accrued freight 720 969 Income taxes payable 379 379 Accrued interest 541 563 Other 2,043 2,790 $ 20,553 $ 20,791 |
Note 8 - Long-term Debt
Note 8 - Long-term Debt | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 8—Long Long-term debt consists of the following (in thousands): October 3, 2020 September 28, 2019 Revolving U.S. credit facility, interest at base rate or adjusted LIBOR rate plus an applicable margin (interest at 3.3% on October 3, 2020) due November 2024 $ 106,213 $ 101,957 Revolving credit facility with Banco Ficohsa, a Honduran bank, interest at 7.7% due August 2025 9,529 5,000 Term loan with Banco Ficohsa, a Honduran bank, interest at 6.0%, monthly installments beginning November 2014 through December 2020 200 800 Term loan with Banco Ficohsa, a Honduran bank, interest at 6.0%, monthly installments beginning June 2016 through April 2022 485 776 Term loan with Banco Ficohsa, a Honduran bank, interest at 6.0%, monthly installments beginning October 2017 through September 2021 888 1,953 DTG2Go, LLC acquisition promissory note, interest at 6.0%, quarterly payments beginning January 2019 through October 2021 2,917 5,250 Salt Life Beverage, LLC promissory note, interest at 4.0% 109 100 120,341 115,836 Less current portion of long-term debt (7,559 ) (6,540 ) Long-term debt, excluding current maturities $ 112,782 $ 109,296 Credit Facility On May 10, 2016, DTG2Go, November 27, 2017, March 9, 2018, October 8, 2018. On November 19, 2019, May 21, 2021 November 19, 2024, ( first On April 27, 2020, October 3, 2020, not 1.0. 30 August 1, 2020, ( August 1, 2020, ( October 4, 2020; ( November 19, 2019, ( October 3, 2020. On August 28, 2020, July 3, 2021, ( April 3, 2021, ( October 4, 2020, ( April 3, 2021, ( April 4, 2021, ( July 3, 2021 July 3, 2021. The Amended Credit Agreement allows us to borrow up to $170 million (subject to borrowing base limitations), including a maximum of $25 million in letters of credit. Provided that no 470, Debt 470" not 470, Our U.S. revolving credit facility is secured by a first DTG2Go. October 4, 2020, $170 At October 3, 2020 Prior to the Fifth Amendment and Sixth Amendment executed on April 27, 2020 August 28 ,2020, not 1.0. July 3, 2021, 12 not 1.1 1.0. October 3, 2020 1.1 1.0 12 July 3, 2021, may not Proceeds of the loans made pursuant to the Amended Credit Agreement may not not 15% May 10, 2016, not 50% first third 2016 October 3, 2020 September 28, 2019 Promissory Notes On October 8, 2018, January 2, 2019, October 1, 2021. October 3, 2020 Honduran Debt Since March 2011, first not six not six October 3, 2020 Total Debt The aggregate maturities of debt at October 3, 2020 Fiscal Year Amount 2021 $ 7,559 2022 4,349 2023 4,155 2024 4,155 2025 100,123 Thereafter — $ 120,341 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Oct. 03, 2020 | |
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 The Coronavirus Aid, Relief, and Economic Security (“CARES Act”), which was enacted on March 27, 2020, 80% 163 30% 50% The provision for (benefit from) income taxes consists of the following (in thousands): Period ended October 3, 2020 September 28, 2019 Current: Federal $ 300 $ 732 State 50 (3 ) Foreign 120 132 Total current $ 470 $ 861 Deferred: Federal $ (3,200 ) $ (304 ) State (530 ) (80 ) Total deferred (3,730 ) (384 ) (Benefit from) provision for income taxes $ (3,260 ) $ 477 For financial reporting purposes our (loss) income before provision for income taxes includes the following components (in thousands): Period ended October 3, 2020 September 28, 2019 United States, net of loss attributable to non-controlling interest $ (22,056 ) $ (2,321 ) Foreign 8,219 11,040 $ (13,837 ) $ 8,719 Our effective income tax rate on operations for fiscal year 2020 may 50% 19 may may may A reconciliation between the actual provision for income taxes and the provision for income taxes computed using the federal statutory income tax rate of 21.0% for fiscal years 2020 2019 Period ended October 3, 2020 September 28, 2019 Income tax expense at the statutory rate of 21.0% $ (2,906 ) $ 1,831 State income tax benefits, net of federal income tax benefit (430 ) (82 ) Impact of foreign earnings in tax-free zone (1,604 ) (2,186 ) GILTI inclusion 1,596 1,040 Other permanent differences 109 (140 ) Impact of state rate changes (144 ) — Other 119 14 (Benefit from) provision for income taxes $ (3,260 ) $ 477 Significant components of our deferred tax assets and liabilities are as follows (in thousands): October 3, 2020 September 28, 2019 Deferred tax assets: State net operating loss carryforwards $ 2,490 $ 2,190 Section 163(j) deduction carryforwards 1,913 627 Receivable allowances and reserves 509 345 Inventories and reserves 4,176 2,960 Accrued compensation and benefits 2,213 1,789 Operating lease liabilities 13,939 — Other 517 466 Gross deferred tax assets $ 25,757 $ 8,377 Less valuation allowance — state net operating loss carryforwards (600 ) (516 ) Net deferred tax assets $ 25,157 $ 7,861 Deferred tax liabilities: Depreciation (3,540 ) (4,611 ) Goodwill and intangibles (3,768 ) (3,183 ) Operating lease assets (13,705 ) — Other (92 ) (72 ) Gross deferred tax liabilities $ (21,105 ) $ (7,866 ) Net deferred tax assets (liabilities) $ 4,052 $ (5 ) As of October 3, 2020 2021 2040. 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 October 3, 2020 September 28, 2019 As of October 3, 2020 not We file income tax returns in the U.S. federal jurisdiction and various state, local and foreign jurisdictions. Tax years 2016, 2017, 2018, 2019, |
Note 10 - Leases
Note 10 - Leases | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | 10—Leases We lease property and equipment under operating lease arrangements, most of which relate to distribution centers and manufacturing facilities in the U.S., Honduras, El Salvador, and Mexico. We also lease machinery and equipment in the U.S. under finance lease arrangements. We include both the contractual term as well as any renewal option that we are reasonably certain to exercise in the determination of our lease terms. For leases with a term of greater than 12 12 842 not Generally, the rate implicit in our operating leases is not October 3, 2020, October 3, 2020, The following table presents the future undiscounted payments due on our operating and finance lease liabilities as well as a reconciliation of those payments to our operating and finance lease liabilities, recorded as of October 3, 2020 ( Operating Finance Leases Leases 2021 $ 12,459 $ 7,687 2022 10,374 4,771 2023 8,408 4,068 2024 6,981 2,588 2025 7,009 695 Thereafter 21,079 - Undiscounted fixed lease payments $ 66,310 $ 19,809 Discount due to interest (10,701 ) (1,525 ) Total lease liabilities $ 55,609 $ 18,284 Less current maturities (9,039 ) (6,956 ) Lease liabilities, excluding current maturities $ 46,570 $ 11,328 As of October 3, 2020, not not Our Ceiba Textiles manufacturing facility is leased under an operating lease arrangement with a Honduran company, of which we own 31% of the outstanding capital stock of the lessor at October 3, 2020. twelve October 3, 2020, September 28, 2019, As of October 3, 2020, The weighted average remaining lease terms for our operating leases and finance leases were approximately 7 years and 3 years, respectively, as of October 3, 2020. The components of total lease expense were as follows for the twelve October 3, 2020 ( Operating lease fixed expense $ 11,582 Operating lease variable cost expense 1,777 Finance lease amortization of ROU assets expense 3,380 Finance lease interest expense 976 Total lease expense $ 17,715 Total operating lease expense, excluding variable lease costs, recognized during the twelve September 28, 2019, 842, twelve September 28, 2019, Cash outflows for operating lease payments and for interest payments on finance leases during the twelve October 2, 2020, twelve October 3, 2020, During the three June 27, 2020, 19 12 ROU assets obtained in exchange for operating lease and finance lease liabilities during the twelve October 3, 2020, twelve September 28, 2019, 842, We do not |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plans | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 11—Employee We sponsor and maintain a 401 “401 401 401 401 401 2020 2019 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. 2020 2019 October 3, 2020 September 28, 2019 Balance at beginning of year $ 307 $ 313 Interest expense 2 2 Benefits paid (20 ) (9 ) Adjustment — 1 Balance at end of year $ 289 $ 307 |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12—Stock On February 6, 2020, 2020 "2020 2010 February 4, 2015 September 14, 2020. 2020 2010 2020 2020 may 2020 2020 2020 may 2020 2010 2010 2020 may 2010 2020 February 6, 2020, Shares are generally issued from treasury stock upon the vesting of the restricted stock units, performance units or other awards under the 2010 2020 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 2020 2019 2020 2019 The following table summarizes the restricted stock unit and performance unit award activity during the periods ended October 3, 2020 September 28, 2019 Fiscal Year Ended October 3, 2020 September 28, 2019 Number of Units Weighted average grant date fair value Number of Units Weighted average grant date fair value Units outstanding, beginning of fiscal period 283,500 $ 19.78 532,500 $ 16.12 Units granted 294,000 $ 20.72 — — Units issued (132,858 ) $ 22.13 (247,000 ) $ 11.88 Units forfeited (38,642 ) $ 19.37 (2,000 ) $ 21.51 Units outstanding, end of fiscal period 406,000 $ 20.16 283,500 $ 19.78 During fiscal year 2020 10 September 28, 2019 During fiscal year 2019 10 October 2, 2021. one one During fiscal year 2020, 10 October 2, 2021. During fiscal year 2020, 10 October 1, 2022. As of October 3, 2020 2020 The following table summarizes information about the unvested restricted stock units and performance units as of October 3, 2020 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 2020 Fiscal Year 2018 Restricted Units 74,000 $ 19.52 November 2020 Fiscal Year 2020 Performance Units 58,000 $ 23.15 November 2021 Fiscal Year 2020 Restricted Units 108,000 $ 18.15 November 2021 Fiscal Year 2020 Restricted Units 124,000 $ 21.63 November 2022 406,000 * These awards are eligible to vest upon the filing of our Annual Report on Form 10 |
Note 13 - Business Segments
Note 13 - Business Segments | 12 Months Ended |
Oct. 03, 2020 | |
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 DTG2Go, 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 October 3, 2020 September 28, 2019 Segment net sales: Delta Group $ 343,891 $ 389,075 Salt Life Group 37,144 42,655 Total net sales $ 381,035 $ 431,730 Segment operating income: Delta Group (1) $ 6,609 $ 23,780 Salt Life Group (2) 460 5,786 Total segment operating income $ 7,069 $ 29,566 Purchases of property, plant and equipment: Delta Group $ 7,496 $ 4,861 Salt Life Group 1,494 1,202 Corporate — — Total purchases of property, plant and equipment $ 8,990 $ 6,063 Depreciation and amortization: Delta Group $ 11,788 $ 9,889 Salt Life Group 960 1,522 Corporate 8 353 Total depreciation and amortization $ 12,756 $ 11,764 ( 1 2020, 19 December 29, 2018, 2016 ( 2 2020, 19 June 29, 2019, The following reconciles the segment operating income to the consolidated income before provision for income taxes (in thousands): Fiscal Year Ended October 3, 2020 September 28, 2019 Segment operating income $ 7,069 $ 29,566 Unallocated corporate expenses 14,144 13,671 Unallocated interest expense 7,005 7,550 Consolidated income before provision for income taxes $ (14,080 ) $ 8,345 Our revenues include sales to domestic and foreign customers. Foreign customers are composed of companies whose headquarters are located outside of the United States. Sales to foreign customers represented approximately 1% of our consolidated net sales for both fiscal years 2020 2019. Our total assets and equity investment by segment are as follows (in thousands): As of October 3, 2020 September 28, 2019 Total assets by segment: Delta Group $ 346,135 $ 315,653 Salt Life Group 65,676 57,574 Corporate 8,420 4,761 Total assets $ 420,231 $ 377,988 Equity investment in joint venture: Delta Group $ 10,573 $ 10,388 Salt Life Group — — Total equity investment in joint venture $ 10,573 $ 10,388 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 October 3, 2020 September 28, 2019 United States $ 46,251 $ 41,620 Honduras 13,445 15,326 El Salvador 3,066 3,209 Mexico 1,188 1,249 All foreign countries 17,699 19,784 Total property, plant and equipment, net $ 63,950 $ 61,404 |
Note 14 - Repurchase of Common
Note 14 - Repurchase of Common Stock | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 14—Repurchase Our Board of Directors has authorized management to use up to $60.0 million to repurchase stock in open market transactions under our Stock Repurchase Program. During fiscal years 2020 2019 October 3, 2020 10b 18. October 3, 2020 not no October 3, 2020 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15—Commitments (a) Litigation At times, we are party to various legal claims, actions and complaints. We believe that, as a result of legal defense, 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 October 3, 2020 Yarn $ 21,809 Finished fabric 3,163 Finished products 12,266 $ 37,238 (c) Letters of Credit As of October 3, 2020 (d) Fair Value Measurements From time to time we may not October 3, 2020 Effective Date Notional 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 No October 3, 2020 September 28, 2019 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 October 3, 2020 $ (1,764 ) $ — $ (1,764 ) $ — September 28, 2019 $ (1,293 ) $ — $ (1,293 ) $ — Contingent Consideration October 3, 2020 $ (6,420 ) $ — $ — $ (6,420 ) September 28, 2019 $ (9,094 ) $ — $ — $ (9,094 ) The fair value of the interest rate swap agreements was derived from a 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 October 3, 2020 September 28, 2019, 2 The following table summarizes the fair value and presentation in the Consolidated Balance Sheets for derivatives as of October 3, 2020 September 28, 2019 October 3, 2020 September 28, 2019 Deferred tax asset $ 442 $ — Deferred tax liability — 324 Accrued expenses (108 ) — Other liabilities (1,656 ) (1,293 ) Accumulated other comprehensive loss $ (1,322 ) $ (969 ) The DTG2Go April 1, 2018, September 29, 2018, 2019, 2020, 2021 2022. 2020, 2019 October 3, 2020 September 28, 2019. In August 2013, 2019 2019 2020, 2019 not September 28, 2019, October 3, 2020, |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16—Subsequent None |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 03, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | (a) Basis of Presentation: January 2018, 810, Consolidations, No. 2015 02 , Consolidation (Topic 810 We operate our business in two two |
Fiscal Period, Policy [Policy Text Block] | (b) Fiscal Year: 52 53 September 30. 2020 2019 53 October 3, 2020 52 September 28, 2019 |
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 collectability 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% of net sales in each of fiscal years 2020 2019 |
Inventory, Policy [Policy Text Block] | (f) Inventories: first first 2 x |
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 March 2018. 805, Business Combinations DTG2Go October 3, 2020 September 28, 2019 |
Revenue [Policy Text Block] | (m) Revenue Recognition: Our receivables resulting from wholesale customers are generally collected within three 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 October 3, 2020, September 28, 2019, 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 |
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: 2020 2019 |
Advertising Cost [Policy Text Block] | (q) Advertising Costs: 2020 2019 $0.8 2020 2019 |
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: October 3, 2020 September 28, 2019 |
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 October 3, 2020 September 28, 2019 |
Equity Method Investments [Policy Text Block] | (z) Equity Method Accounting: October 3, 2020 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 |
New Accounting Pronouncements, Policy [Policy Text Block] | (ac) Recently Adopted Accounting Pronouncements: In August 2017, No. 2017 12, Derivatives and Hedging (Topic 815 2017 12" 2017 12 2017 12 no 2017 12 September 29, 2019. 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 September 29, 2019. 2017 04 not In February 2016, No. 2016 02, Leases 2016 02” 2016 02, 842, Leases 842” 842 September 29, 2019. not September 29, 2019, no (ad) Recently Issued Accounting Pronouncements Not In August 2018, No. 2018 15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract 2018 15” 2018 15 December 15, 2019, 2018 15 October 4, 2020 2021 not 2018 15 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Fiscal Year Ended October 3, 2020 September 28, 2019 $ % $ % Retail $ 5,626 2 % $ 4,396 1 % Direct-to-consumer ecommerce 7,994 2 % 5,526 1 % Wholesale 367,415 96 % 421,808 98 % Net Sales $ 381,035 100 % $ 431,730 100 % Fiscal Year Ended October 3, 2020 Net Sales Retail Direct-to-Consumer ecommerce Wholesale Delta Group $ 343,891 0.2 % 0.5 % 99.3 % Salt Life Group 37,144 12.9 % 16.9 % 70.2 % Total $ 381,035 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 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | October 3, 2020 September 28, 2019 Raw materials $ 13,571 $ 12,022 Work in process 13,984 17,765 Finished goods 117,960 149,320 $ 145,515 $ 179,107 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Estimated Useful Life (in years) October 3, 2020 September 28, 2019 Land and land improvements 25 $ 569 $ 569 Buildings 20 3,715 3,715 Machinery and equipment 10 106,102 99,962 Computers and software 3-10 24,362 21,065 Furniture and fixtures 7-25 7,135 3,650 Leasehold improvements 3-10 6,635 5,790 Vehicles and related equipment 5 587 587 Construction in progress N/A 6,968 7,873 156,073 143,211 Less accumulated depreciation and amortization (92,123 ) (81,807 ) Total property, plant and equipment, net $ 63,950 $ 61,404 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | October 3, 2020 September 28, 2019 Cost Accumulated Amortization Net Value Cost Accumulated Amortization Net Value Economic Life Goodwill $ 37,897 $ — $ 37,897 $ 37,897 $ — $ 37,897 N/A Intangibles: Tradename/trademarks $ 16,090 $ (3,820 ) $ 12,270 $ 16,090 $ (3,278 ) $ 12,812 20 - 30 yrs Customer relationships 7,400 (1,733 ) 5,667 7,400 (993 ) 6,407 20 yrs Technology 1,720 (1,380 ) 340 1,720 (1,289 ) 431 10 yrs License agreements 2,100 (733 ) 1,367 2,100 (630 ) 1,470 15 - 30 yrs Non-compete agreements 1,657 (1,353 ) 304 1,657 (1,170 ) 487 4 – 8.5 yrs Total intangibles, net $ 28,967 $ (9,019 ) $ 19,948 $ 28,967 $ (7,360 ) $ 21,607 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | October 3, 2020 September 28, 2019 Accrued employee compensation and benefits $ 13,958 $ 13,883 Taxes accrued and withheld 1,565 1,160 Refund liabilities 1,347 1,047 Accrued freight 720 969 Income taxes payable 379 379 Accrued interest 541 563 Other 2,043 2,790 $ 20,553 $ 20,791 |
Note 8 - Long-term Debt (Tables
Note 8 - Long-term Debt (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | October 3, 2020 September 28, 2019 Revolving U.S. credit facility, interest at base rate or adjusted LIBOR rate plus an applicable margin (interest at 3.3% on October 3, 2020) due November 2024 $ 106,213 $ 101,957 Revolving credit facility with Banco Ficohsa, a Honduran bank, interest at 7.7% due August 2025 9,529 5,000 Term loan with Banco Ficohsa, a Honduran bank, interest at 6.0%, monthly installments beginning November 2014 through December 2020 200 800 Term loan with Banco Ficohsa, a Honduran bank, interest at 6.0%, monthly installments beginning June 2016 through April 2022 485 776 Term loan with Banco Ficohsa, a Honduran bank, interest at 6.0%, monthly installments beginning October 2017 through September 2021 888 1,953 DTG2Go, LLC acquisition promissory note, interest at 6.0%, quarterly payments beginning January 2019 through October 2021 2,917 5,250 Salt Life Beverage, LLC promissory note, interest at 4.0% 109 100 120,341 115,836 Less current portion of long-term debt (7,559 ) (6,540 ) Long-term debt, excluding current maturities $ 112,782 $ 109,296 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal Year Amount 2021 $ 7,559 2022 4,349 2023 4,155 2024 4,155 2025 100,123 Thereafter — $ 120,341 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Period ended October 3, 2020 September 28, 2019 Current: Federal $ 300 $ 732 State 50 (3 ) Foreign 120 132 Total current $ 470 $ 861 Deferred: Federal $ (3,200 ) $ (304 ) State (530 ) (80 ) Total deferred (3,730 ) (384 ) (Benefit from) provision for income taxes $ (3,260 ) $ 477 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Period ended October 3, 2020 September 28, 2019 United States, net of loss attributable to non-controlling interest $ (22,056 ) $ (2,321 ) Foreign 8,219 11,040 $ (13,837 ) $ 8,719 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Period ended October 3, 2020 September 28, 2019 Income tax expense at the statutory rate of 21.0% $ (2,906 ) $ 1,831 State income tax benefits, net of federal income tax benefit (430 ) (82 ) Impact of foreign earnings in tax-free zone (1,604 ) (2,186 ) GILTI inclusion 1,596 1,040 Other permanent differences 109 (140 ) Impact of state rate changes (144 ) — Other 119 14 (Benefit from) provision for income taxes $ (3,260 ) $ 477 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | October 3, 2020 September 28, 2019 Deferred tax assets: State net operating loss carryforwards $ 2,490 $ 2,190 Section 163(j) deduction carryforwards 1,913 627 Receivable allowances and reserves 509 345 Inventories and reserves 4,176 2,960 Accrued compensation and benefits 2,213 1,789 Operating lease liabilities 13,939 — Other 517 466 Gross deferred tax assets $ 25,757 $ 8,377 Less valuation allowance — state net operating loss carryforwards (600 ) (516 ) Net deferred tax assets $ 25,157 $ 7,861 Deferred tax liabilities: Depreciation (3,540 ) (4,611 ) Goodwill and intangibles (3,768 ) (3,183 ) Operating lease assets (13,705 ) — Other (92 ) (72 ) Gross deferred tax liabilities $ (21,105 ) $ (7,866 ) Net deferred tax assets (liabilities) $ 4,052 $ (5 ) |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Lease, Liability, Maturity [Table Text Block] | Operating Finance Leases Leases 2021 $ 12,459 $ 7,687 2022 10,374 4,771 2023 8,408 4,068 2024 6,981 2,588 2025 7,009 695 Thereafter 21,079 - Undiscounted fixed lease payments $ 66,310 $ 19,809 Discount due to interest (10,701 ) (1,525 ) Total lease liabilities $ 55,609 $ 18,284 Less current maturities (9,039 ) (6,956 ) Lease liabilities, excluding current maturities $ 46,570 $ 11,328 |
Lease, Cost [Table Text Block] | Operating lease fixed expense $ 11,582 Operating lease variable cost expense 1,777 Finance lease amortization of ROU assets expense 3,380 Finance lease interest expense 976 Total lease expense $ 17,715 |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plans (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | October 3, 2020 September 28, 2019 Balance at beginning of year $ 307 $ 313 Interest expense 2 2 Benefits paid (20 ) (9 ) Adjustment — 1 Balance at end of year $ 289 $ 307 |
Note 12 - Stock-based Compens_2
Note 12 - Stock-based Compensation (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Fiscal Year Ended October 3, 2020 September 28, 2019 Number of Units Weighted average grant date fair value Number of Units Weighted average grant date fair value Units outstanding, beginning of fiscal period 283,500 $ 19.78 532,500 $ 16.12 Units granted 294,000 $ 20.72 — — Units issued (132,858 ) $ 22.13 (247,000 ) $ 11.88 Units forfeited (38,642 ) $ 19.37 (2,000 ) $ 21.51 Units outstanding, end of fiscal period 406,000 $ 20.16 283,500 $ 19.78 |
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 2020 Fiscal Year 2018 Restricted Units 74,000 $ 19.52 November 2020 Fiscal Year 2020 Performance Units 58,000 $ 23.15 November 2021 Fiscal Year 2020 Restricted Units 108,000 $ 18.15 November 2021 Fiscal Year 2020 Restricted Units 124,000 $ 21.63 November 2022 406,000 |
Note 13 - Business Segments (Ta
Note 13 - Business Segments (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fiscal Year Ended October 3, 2020 September 28, 2019 Segment net sales: Delta Group $ 343,891 $ 389,075 Salt Life Group 37,144 42,655 Total net sales $ 381,035 $ 431,730 Segment operating income: Delta Group (1) $ 6,609 $ 23,780 Salt Life Group (2) 460 5,786 Total segment operating income $ 7,069 $ 29,566 Purchases of property, plant and equipment: Delta Group $ 7,496 $ 4,861 Salt Life Group 1,494 1,202 Corporate — — Total purchases of property, plant and equipment $ 8,990 $ 6,063 Depreciation and amortization: Delta Group $ 11,788 $ 9,889 Salt Life Group 960 1,522 Corporate 8 353 Total depreciation and amortization $ 12,756 $ 11,764 As of October 3, 2020 September 28, 2019 Total assets by segment: Delta Group $ 346,135 $ 315,653 Salt Life Group 65,676 57,574 Corporate 8,420 4,761 Total assets $ 420,231 $ 377,988 Equity investment in joint venture: Delta Group $ 10,573 $ 10,388 Salt Life Group — — Total equity investment in joint venture $ 10,573 $ 10,388 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Fiscal Year Ended October 3, 2020 September 28, 2019 Segment operating income $ 7,069 $ 29,566 Unallocated corporate expenses 14,144 13,671 Unallocated interest expense 7,005 7,550 Consolidated income before provision for income taxes $ (14,080 ) $ 8,345 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | As of October 3, 2020 September 28, 2019 United States $ 46,251 $ 41,620 Honduras 13,445 15,326 El Salvador 3,066 3,209 Mexico 1,188 1,249 All foreign countries 17,699 19,784 Total property, plant and equipment, net $ 63,950 $ 61,404 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Long-term Purchase Commitment [Table Text Block] | Yarn $ 21,809 Finished fabric 3,163 Finished products 12,266 $ 37,238 |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Effective Date Notional 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 October 3, 2020 $ (1,764 ) $ — $ (1,764 ) $ — September 28, 2019 $ (1,293 ) $ — $ (1,293 ) $ — Contingent Consideration October 3, 2020 $ (6,420 ) $ — $ — $ (6,420 ) September 28, 2019 $ (9,094 ) $ — $ — $ (9,094 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | October 3, 2020 September 28, 2019 Deferred tax asset $ 442 $ — Deferred tax liability — 324 Accrued expenses (108 ) — Other liabilities (1,656 ) (1,293 ) Accumulated other comprehensive loss $ (1,322 ) $ (969 ) |
Note 1 - The Company (Details T
Note 1 - The Company (Details Textual) | Oct. 03, 2020 |
Entity Number of Employees | 7,900 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||
Oct. 03, 2020USD ($) | Sep. 28, 2019USD ($) | Sep. 29, 2019USD ($) | |
Number of Operating Segments | 2 | ||
Bad Debt Expense, Percentage of Net Sales | 1.00% | ||
Goodwill, Impairment Loss | $ 0 | $ 0 | |
Contract with Customer, Refund Liability, Total | $ 1,300 | 1,000 | |
Customer Term (Year) | 1 year | ||
Advertising Expense | $ 4,400 | 4,700 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | (1,322) | (969) | |
Operating Lease, Liability, Total | 55,609 | ||
Operating Lease, Liability, Noncurrent | 46,570 | 0 | |
Operating Lease, Liability, Current | 9,039 | 0 | |
Operating Lease, Right-of-Use Asset | 54,645 | 0 | |
Deferred Income Tax Assets, Net, Total | $ 4,052 | 1,514 | |
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Liability, Total | $ 44,600 | ||
Operating Lease, Liability, Noncurrent | 36,100 | ||
Operating Lease, Liability, Current | 8,500 | ||
Deferred Rent Credit | (800) | ||
Operating Lease, Right-of-Use Asset | 43,800 | ||
Deferred Income Tax Assets, Net, Total | $ 200 | ||
Honduran Equity Method Investment [Member] | |||
Equity Method Investment, Ownership Percentage | 31.00% | ||
Cooperative Advertising Program [Member] | |||
Advertising Expense | $ 800 | 800 | |
Selling, General and Administrative Expenses [Member] | |||
Distribution Costs | 17,800 | 17,600 | |
DTG2Go [Member] | |||
Business Combination, Contingent Consideration, Liability, Total | $ 6,400 | $ 8,900 | |
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 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 (Year) | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 25 years | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 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 (Year) | 10 years | ||
Salt Life Beverage [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 60.00% | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 40.00% |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Net sales | $ 381,035 | $ 431,730 |
Sales in percentage | 100.00% | 100.00% |
Delta Group [Member] | ||
Net sales | $ 343,891 | $ 389,075 |
Salt Life Group [Member] | ||
Net sales | 37,144 | 42,655 |
Retail [Member] | ||
Net sales | $ 5,626 | $ 4,396 |
Sales in percentage | 2.00% | 1.00% |
Retail [Member] | Delta Group [Member] | ||
Sales in percentage | 0.20% | 0.30% |
Retail [Member] | Salt Life Group [Member] | ||
Sales in percentage | 12.90% | 7.60% |
Ecommerce [Member] | ||
Net sales | $ 7,994 | $ 5,526 |
Sales in percentage | 2.00% | 1.00% |
Ecommerce [Member] | Delta Group [Member] | ||
Sales in percentage | 0.50% | 0.30% |
Ecommerce [Member] | Salt Life Group [Member] | ||
Sales in percentage | 16.90% | 9.90% |
Wholesale [Member] | ||
Net sales | $ 367,415 | $ 421,808 |
Sales in percentage | 96.00% | 98.00% |
Wholesale [Member] | Delta Group [Member] | ||
Sales in percentage | 99.30% | 99.40% |
Wholesale [Member] | Salt Life Group [Member] | ||
Sales in percentage | 70.20% | 82.50% |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | Oct. 03, 2020 | Sep. 28, 2019 |
Inventory Valuation Reserves, Ending Balance | $ 15 | $ 10 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Oct. 03, 2020 | Sep. 28, 2019 |
Raw materials | $ 13,571 | $ 12,022 |
Work in process | 13,984 | 17,765 |
Finished goods | 117,960 | 149,320 |
Inventory, Net, Total | $ 145,515 | $ 179,107 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Property, plant and equipment, gross | $ 156,073 | $ 143,211 |
Less accumulated depreciation and amortization | (92,123) | (81,807) |
Total property, plant and equipment, net | $ 63,950 | 61,404 |
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 | 3,715 |
Machinery and Equipment [Member] | ||
Estimated useful life (Year) | 10 years | |
Property, plant and equipment, gross | $ 106,102 | 99,962 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | $ 24,362 | 21,065 |
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] | ||
Property, plant and equipment, gross | $ 7,135 | 3,650 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 7 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 25 years | |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | $ 6,635 | 5,790 |
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 | 587 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 6,968 | $ 7,873 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Goodwill, Acquired During Period | $ 600 | |
Goodwill, Ending Balance | 37,897 | $ 37,897 |
Amortization of Intangible Assets, Total | 1,659 | $ 1,811 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 1,600 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 1,500 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 1,400 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 1,600 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 1,400 | |
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 | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Goodwill, cost | $ 37,897 | $ 37,897 |
Goodwill, net value | 37,897 | 37,897 |
Intangibles, Cost | 28,967 | 28,967 |
Intangibles, Accumulated Amortization | (9,019) | (7,360) |
Intangibles, Net Value | $ 19,948 | 21,607 |
Minimum [Member] | ||
Economic Life (Year) | 4 years | |
Maximum [Member] | ||
Economic Life (Year) | 20 years | |
Trademarks and Trade Names [Member] | ||
Intangibles, Cost | $ 16,090 | 16,090 |
Intangibles, Accumulated Amortization | (3,820) | (3,278) |
Intangibles, Net Value | $ 12,270 | 12,812 |
Trademarks and Trade Names [Member] | Minimum [Member] | ||
Economic Life (Year) | 20 years | |
Trademarks and Trade Names [Member] | Maximum [Member] | ||
Economic Life (Year) | 30 years | |
Customer Relationships [Member] | ||
Intangibles, Cost | $ 7,400 | 7,400 |
Intangibles, Accumulated Amortization | (1,733) | (993) |
Intangibles, Net Value | $ 5,667 | 6,407 |
Economic Life (Year) | 20 years | |
Technology-Based Intangible Assets [Member] | ||
Intangibles, Cost | $ 1,720 | 1,720 |
Intangibles, Accumulated Amortization | (1,380) | (1,289) |
Intangibles, Net Value | $ 340 | 431 |
Economic Life (Year) | 10 years | |
Licensing Agreements [Member] | ||
Intangibles, Cost | $ 2,100 | 2,100 |
Intangibles, Accumulated Amortization | (733) | (630) |
Intangibles, Net Value | $ 1,367 | 1,470 |
Licensing Agreements [Member] | Minimum [Member] | ||
Economic Life (Year) | 15 years | |
Licensing Agreements [Member] | Maximum [Member] | ||
Economic Life (Year) | 30 years | |
Noncompete Agreements [Member] | ||
Intangibles, Cost | $ 1,657 | 1,657 |
Intangibles, Accumulated Amortization | (1,353) | (1,170) |
Intangibles, Net Value | $ 304 | $ 487 |
Noncompete Agreements [Member] | Minimum [Member] | ||
Economic Life (Year) | 4 years | |
Noncompete Agreements [Member] | Maximum [Member] | ||
Economic Life (Year) | 8 years 6 months |
Note 7 - Accrued Expenses - Acc
Note 7 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Oct. 03, 2020 | Sep. 28, 2019 |
Accrued employee compensation and benefits | $ 13,958 | $ 13,883 |
Taxes accrued and withheld | 1,565 | 1,160 |
Refund liabilities | 1,347 | 1,047 |
Accrued freight | 720 | 969 |
Income taxes payable | 379 | 379 |
Accrued interest | 541 | 563 |
Other | 2,043 | 2,790 |
Accounts Payable and Accrued Liabilities, Current, Total | $ 20,553 | $ 20,791 |
Note 8 - Long-term Debt (Detail
Note 8 - Long-term Debt (Details Textual) $ in Millions | Aug. 28, 2020USD ($) | Apr. 27, 2020 | Nov. 19, 2019USD ($) | Oct. 08, 2018USD ($) | Mar. 31, 2011 | Oct. 03, 2020USD ($) | Sep. 28, 2019USD ($)Rate | Jan. 02, 2019 |
Promissory Note [Member] | ||||||||
Debt Instrument, Face Amount | $ 7 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||
Debt Instrument Discounted Value | $ 2.9 | |||||||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 170 | $ 170 | $ 145 | |||||
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 | |||||||
Line Of Credit Facility Maximum Capacity For Capital Leases | 25 | |||||||
Line of Credit Facility Including Additional Borrowing Capacity Maximum | $ 200 | |||||||
Long-term Line of Credit, Total | $ 106.2 | |||||||
Line of Credit Facility, Interest Rate During Period | 3.30% | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 47.1 | |||||||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||
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] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||
Line of Credit Facility, Periodic Payment | $ 0.2 | |||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||||||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||
Line of Credit Facility, Periodic Payment | $ 0.3 | |||||||
Line of Credit Facility, Commitment Fee Percentage | 0.375% | |||||||
Amended Credit Agreement [Member] | Letter of Credit [Member] | ||||||||
Debt Covenant Fixed Charge Coverage Ratio Term (Month) | 12 months | 12 months | ||||||
Fixed Charge Coverage Ratio | 1.1 | |||||||
Debt Instrument, Covenant, Additional Aged Receivable Period (Day) | 30 days | |||||||
Debt Instrument, Covenant, Advance Rate of Real Estate Assets | 70.00% | |||||||
Debt Instrument, Covenant, Additional Applicable Margin | 0.50% | |||||||
Fixed Charge Coverage Ratio (Rate) | 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 | |||||||
Retained Earnings Amount Available For Dividends And Stock Repurchases | $ 8.8 | $ 16.1 | ||||||
Amended Credit Agreement [Member] | Letter of Credit [Member] | Minimum [Member] | ||||||||
LIBOR Floor Rate | 1.00% | 1.00% | ||||||
Debt with Banco Ficohsa [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument, Term (Month) | 18 months | |||||||
Debt Instrument Periodic Payment Term (Month) | 6 months |
Note 8 - Long-term Debt - Long-
Note 8 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Oct. 03, 2020 | Sep. 28, 2019 |
Long-term debt | $ 120,341 | $ 115,836 |
Less current portion of long-term debt | (7,559) | (6,540) |
Long-term debt, less current maturities | 112,782 | 109,296 |
Line of Credit [Member] | Revolving Credit Facility [Member] | Wells Fargo [Member] | ||
Long-term debt | 106,213 | 101,957 |
Line of Credit [Member] | Revolving Credit Facility [Member] | Banco Ficohsa [Member] | ||
Long-term debt | 9,529 | 5,000 |
Term loan established November, 2014 [Member] | ||
Long-term debt | 200 | 800 |
Term loan established June, 2016 [Member] | ||
Long-term debt | 485 | 776 |
Term Loan Established October, 2017 [Member] | ||
Long-term debt | 888 | 1,953 |
Promissory Note, Maturity Date October 2021 [Member] | ||
Long-term debt | 2,917 | 5,250 |
Promissory Note, Maturity Date January 2020 [Member] | ||
Long-term debt | $ 109 | $ 100 |
Note 8 - Long-term Debt - Aggre
Note 8 - Long-term Debt - Aggregate Maturities of Debt (Details) - USD ($) $ in Thousands | Oct. 03, 2020 | Sep. 28, 2019 |
2021 | $ 7,559 | |
2022 | 4,349 | |
2023 | 4,155 | |
2024 | 4,155 | |
2025 | 100,123 | |
Thereafter | 0 | |
Long-term debt | $ 120,341 | $ 115,836 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.60% | 5.50% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $ 2,490 | $ 2,190 |
Operating Loss Carryforwards, Valuation Allowance, Total | 600 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Open Tax Year | 2016 2017 2018 2019 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | $ 52,600 |
Note 9 - Income Taxes - Provisi
Note 9 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Federal | $ 300 | $ 732 |
State | 50 | (3) |
Foreign | 120 | 132 |
Total current | 470 | 861 |
Federal | (3,200) | (304) |
State | (530) | (80) |
Total deferred | (3,730) | (384) |
(Benefit from) provision for income taxes | $ (3,260) | $ 477 |
Note 9 - Income Taxes - Income
Note 9 - Income Taxes - Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
United States, net of loss attributable to non-controlling interest | $ (22,056) | $ (2,321) |
Foreign | 8,219 | 11,040 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total | $ (13,837) | $ 8,719 |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Income tax expense at the statutory rate of 21.0% | $ (2,906) | $ 1,831 |
State income tax benefits, net of federal income tax benefit | (430) | (82) |
Impact of foreign earnings in tax-free zone | (1,604) | (2,186) |
GILTI inclusion | 1,596 | 1,040 |
Other permanent differences | 109 | (140) |
Impact of state rate changes | (144) | 0 |
Other | 119 | 14 |
(Benefit from) provision for income taxes | $ (3,260) | $ 477 |
Note 9 - Income Taxes - Recon_2
Note 9 - Income Taxes - Reconciliation of Provision for Income Taxes (Details) (Parentheticals) | 12 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Statutory Rate | 21.00% | 21.00% |
Note 9 - Income Taxes - Deferre
Note 9 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Oct. 03, 2020 | Sep. 28, 2019 |
State net operating loss carryforwards | $ 2,490 | $ 2,190 |
Section 163(j) deduction carryforwards | 1,913 | 627 |
Receivable allowances and reserves | 509 | 345 |
Inventories and reserves | 4,176 | 2,960 |
Accrued compensation and benefits | 2,213 | 1,789 |
Operating lease liabilities | 13,939 | 0 |
Other | 517 | 466 |
Gross deferred tax assets | 25,757 | 8,377 |
Less valuation allowance — state net operating loss carryforwards | (600) | (516) |
Net deferred tax assets | 25,157 | 7,861 |
Depreciation | (3,540) | (4,611) |
Goodwill and intangibles | (3,768) | (3,183) |
Operating lease assets | 13,705 | 0 |
Other | 92 | 72 |
Gross deferred tax liabilities | (21,105) | (7,866) |
Net deferred tax assets | $ 4,052 | |
Net deferred tax liabilities | $ (5) |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.10% | |
Finance Lease, Weighted Average Discount Rate, Percent | 5.10% | |
Operating Lease, Payments | $ 11,000 | |
Operating Lease, Right-of-Use Asset | 54,645 | $ 0 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 23,600 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 7 years | |
Finance Lease, Weighted Average Remaining Lease Term (Year) | 3 years | |
Operating Leases, Rent Expense, Net, Total | 10,600 | |
Finance Lease, Interest Payment on Liability | $ 700 | |
Finance Lease, Principal Payments | 4,800 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 22,700 | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 5,000 | 8,400 |
COVID-19 [Member] | ||
Operating Lease Payments, Deferred | 1,700 | |
Finance Lease Payments, Deferred | 1,700 | |
Ceiba Textiles Manufacturing Facility Leased With Honduran Company [Member] | ||
Operating Lease, Payments | $ 1,300 | $ 1,800 |
Honduran Equity Method Investment [Member] | ||
Equity Method Investment, Ownership Percentage | 31.00% |
Note 10 - Leases - Future Payme
Note 10 - Leases - Future Payments Due for Lease Liabilities (Details) - USD ($) $ in Thousands | Oct. 03, 2020 | Sep. 28, 2019 |
2021, operating leases | $ 12,459 | |
2021, finance leases | 7,687 | |
2022, operating leases | 10,374 | |
2022, finance leases | 4,771 | |
2023, operating leases | 8,408 | |
2023, finance leases | 4,068 | |
2024, operating leases | 6,981 | |
2024, finance leases | 2,588 | |
2025, operating leases | 7,009 | |
2025, finance leases | 695 | |
Thereafter, operating leases | 21,079 | |
Thereafter, finance leases | ||
Undiscounted fixed lease payments, operating leases | 66,310 | |
Undiscounted fixed lease payments, finance leases | 19,809 | |
Discount due to interest, operating leases | (10,701) | |
Discount due to interest, finance leases | (1,525) | |
Total lease liabilities, operating leases | 55,609 | |
Total lease liabilities, finance leases | 18,284 | |
Less current maturities, operating leases | (9,039) | $ 0 |
Less current maturities, finance leases | (6,956) | (6,434) |
Long-term operating leases, less current maturities | 46,570 | 0 |
Long-term finance leases, less current maturities | $ 11,328 | $ 12,836 |
Note 10 - Leases - Total Lease
Note 10 - Leases - Total Lease Cost (Details) $ in Thousands | 12 Months Ended |
Oct. 03, 2020USD ($) | |
Operating lease fixed expense | $ 11,582 |
Operating lease variable cost expense | 1,777 |
Finance lease amortization of ROU assets expense | 3,380 |
Finance lease interest expense | 976 |
Total lease expense | $ 17,715 |
Note 11 - Employee Benefit Pl_3
Note 11 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1 | $ 1 |
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 | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Balance at beginning of year | $ 307 | $ 313 |
Interest expense | 2 | 2 |
Benefits paid | (20) | (9) |
Adjustment | 0 | 1 |
Balance at end of year | $ 289 | $ 307 |
Note 12 - Stock-based Compens_3
Note 12 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Feb. 06, 2020 | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0.9 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 294,000 | 0 | |
Upon Filing of Annual Report in 2019 [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 54,750 | ||
Upon Filing of Annual Report in 2019 [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 78,108 | ||
Upon Filing of Annual Report in 2019, Paid in Cash [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 86,589 | ||
Upon Filing of Annual Report in 2019, Paid in Stock [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 46,269 | ||
Upon Filing of Annual Report in 2021 [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 60,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 50,000 | ||
Upon Filing of Annual Report in 2022 [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 124,000 | ||
Selling, General and Administrative Expenses [Member] | |||
Share-based Payment Arrangement, Expense | $ 3 | $ 2.1 | |
The 2020 Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 449,714 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3.8 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 1 month 6 days |
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 | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Units outstanding, beginning of fiscal period (in shares) | 283,500 | 532,500 |
Units outstanding, beginning of fiscal period, weighted average grant date fair value (in dollars per share) | $ 19.78 | $ 16.12 |
Units granted (in shares) | 294,000 | 0 |
Units granted, weighted average grant date fair value (in dollars per share) | $ 20.72 | $ 0 |
Units issued (in shares) | (132,858) | (247,000) |
Units issued, weighted average grant date fair value (in dollars per share) | $ 22.13 | $ 11.88 |
Units forfeited (in shares) | (38,642) | (2,000) |
Units forfeited, weighted average grant date fair value (in dollars per share) | $ 19.37 | $ 21.51 |
Units outstanding, end of fiscal period (in shares) | 406,000 | 283,500 |
Units outstanding, end of fiscal period, weighted average grant date fair value (in dollars per share) | $ 20.16 | $ 19.78 |
Note 12 - Stock-based Compens_5
Note 12 - Stock-based Compensation - Unvested Restricted Stock Units and Performance Units (Details) - $ / shares | Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 |
Number of units (in shares) | 406,000 | 283,500 | 532,500 |
Average market price on date of grant (in dollars per share) | $ 20.16 | $ 19.78 | $ 16.12 |
The 2020 Stock Plan [Member] | |||
Number of units (in shares) | 406,000 | ||
Average market price on date of grant (in dollars per share) | |||
Performance Shares [Member] | The 2010 Stock Plan [Member] | Vesting On November 2020 [Member] | |||
Number of units (in shares) | 42,000 | ||
Average market price on date of grant (in dollars per share) | $ 17.97 | ||
Performance Shares [Member] | The 2020 Stock Plan [Member] | Vesting On November 2021 [Member] | |||
Number of units (in shares) | 58,000 | ||
Average market price on date of grant (in dollars per share) | $ 23.15 | ||
Restricted Stock Units (RSUs) [Member] | The 2010 Stock Plan [Member] | Vesting On November 2020 [Member] | |||
Number of units (in shares) | 74,000 | ||
Average market price on date of grant (in dollars per share) | $ 19.52 | ||
Restricted Stock Units (RSUs) [Member] | The 2020 Stock Plan [Member] | Vesting On November 2021 [Member] | |||
Number of units (in shares) | 108,000 | ||
Restricted Stock Units (RSUs) [Member] | The 2020 Stock Plan [Member] | Vesting On November 2022 [Member] | |||
Number of units (in shares) | 124,000 | ||
Average market price on date of grant (in dollars per share) | $ 21.63 | ||
Restricted Stock Units (RSUs) [Member] | Vesting On November 2021 [Member] | Vesting On November 2021 [Member] | |||
Average market price on date of grant (in dollars per share) | $ 18.15 |
Note 13 - Business Segments (De
Note 13 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 29, 2019USD ($) | Dec. 29, 2018USD ($) | Oct. 03, 2020USD ($) | Sep. 28, 2019USD ($) | |
Number of Operating Segments | 2 | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | $ (14,080) | $ 8,345 | ||
Operating Income (Loss), Total | $ (7,075) | $ 15,895 | ||
Non-US [Member] | ||||
Percentage of Net Sales | 1.00% | 1.00% | ||
Delta Group [Member] | ||||
Litigation Settlement, Expense | $ 2,500 | |||
Delta Group [Member] | COVID-19 [Member] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | $ 23,700 | |||
Delta Group [Member] | COVID-19 [Member] | Sales [Member] | ||||
Operating Expenses, Total | 400 | |||
Delta Group [Member] | COVID-19 [Member] | Cost of Sales [Member] | ||||
Operating Expenses, Total | 14,200 | |||
Delta Group [Member] | COVID-19 [Member] | Selling, General and Administrative Expenses [Member] | ||||
Operating Expenses, Total | 1,100 | |||
Delta Group [Member] | COVID-19 [Member] | Other Operating Income (Expense) [Member] | ||||
Operating Expenses, Total | 8,000 | |||
Delta Group [Member] | COVID-19 [Member] | Curtailment of Manufacturing Operations [Member] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 11,900 | |||
Delta Group [Member] | COVID-19 [Member] | Incremental Costs to Right Size Production [Member] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 2,600 | |||
Delta Group [Member] | COVID-19 [Member] | Increased Accounts Receivable and Inventory Reserves Related to the Heightened Market Risks [Member] | ||||
Operating Expenses, Total | 6,300 | |||
Delta Group [Member] | COVID-19 [Member] | Other Expenses [Member] | ||||
Operating Expenses, Total | 2,900 | |||
Salt Life Group [Member] | COVID-19 [Member] | Sales [Member] | ||||
Operating Expenses, Total | 100 | |||
Salt Life Group [Member] | COVID-19 [Member] | Selling, General and Administrative Expenses [Member] | ||||
Operating Expenses, Total | 600 | |||
Salt Life Group [Member] | COVID-19 [Member] | Other Operating Income (Expense) [Member] | ||||
Operating Expenses, Total | 100 | |||
Gain (Loss) Related to Litigation Settlement, Total | $ 1,300 | |||
Salt Life Group [Member] | COVID-19 [Member] | Increased Accounts Receivable and Inventory Reserves Related to the Heightened Market Risks [Member] | ||||
Operating Income (Loss), Total | 300 | |||
Salt Life Group [Member] | COVID-19 [Member] | Other Expenses [Member] | ||||
Operating Income (Loss), Total | $ 500 |
Note 13 - Business Segments - S
Note 13 - Business Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | ||
Net sales | $ 381,035 | $ 431,730 | |
Segment operating income | (7,075) | 15,895 | |
Purchases of property, plant and equipment | 8,990 | 6,063 | |
Depreciation and amortization | 12,756 | 11,764 | |
Assets | 420,231 | 377,988 | |
Equity investment in joint venture | 10,573 | 10,388 | |
Operating Segments [Member] | |||
Segment operating income | 7,069 | 29,566 | |
Corporate, Non-Segment [Member] | |||
Purchases of property, plant and equipment | 0 | 0 | |
Depreciation and amortization | 8 | 353 | |
Assets | 8,420 | 4,761 | |
Delta Group [Member] | |||
Net sales | 343,891 | 389,075 | |
Equity investment in joint venture | 10,573 | 10,388 | |
Delta Group [Member] | Operating Segments [Member] | |||
Net sales | 343,891 | 389,075 | |
Segment operating income | [1] | 6,609 | 23,780 |
Purchases of property, plant and equipment | 7,496 | 4,861 | |
Depreciation and amortization | 11,788 | 9,889 | |
Assets | 346,135 | 315,653 | |
Salt Life Group [Member] | |||
Net sales | 37,144 | 42,655 | |
Equity investment in joint venture | 0 | 0 | |
Salt Life Group [Member] | Operating Segments [Member] | |||
Net sales | 37,144 | 42,655 | |
Segment operating income | [2] | 460 | 5,786 |
Purchases of property, plant and equipment | 1,494 | 1,202 | |
Depreciation and amortization | 960 | 1,522 | |
Assets | $ 65,676 | $ 57,574 | |
[1] | In fiscal year 2020, the Delta Group operating income included $23.7 million of expenses related to the COVID-19 pandemic. These costs primarily related to the curtailment of manufacturing operations ($11.9 million), incremental costs to right size production to new forecasted demand ($2.6 million), increased accounts receivable and inventory reserves related to the heightened risks in the market as the U.S. continues its recovery ($6.3 million), and other expenses ($2.9 million). These costs are included within net sales ($0.4 million), cost of goods sold ($14.2 million), SG&A expenses ($1.1 million), and other loss (income), net ($8.0 million). 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 a customer. | ||
[2] | In fiscal year 2020, the Salt Life Group operating income included approximately $0.3 million of increased accounts receivable and inventory reserves related to the heightened risks in the market as the U.S. continues its recovery from the COVID-19 pandemic, as well as $0.5 million of other expenses. These costs are included within net sales ($0.1 million), SG&A expenses ($0.6 million), and other loss (income), net ($0.1 million). In the quarter ended June 29, 2019, the Salt Life Group operating income included $1.3 million in other loss (income) as the result of a litigation settlement. |
Note 13 - Business Segments -_2
Note 13 - Business Segments - Segment Operating Income to the Consolidated Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Segment operating income | $ (7,075) | $ 15,895 |
Unallocated corporate expenses | 68,383 | 70,220 |
Unallocated interest expense | 7,005 | 7,550 |
Consolidated income before provision for income taxes | (14,080) | 8,345 |
Operating Segments [Member] | ||
Segment operating income | 7,069 | 29,566 |
Corporate, Non-Segment [Member] | ||
Unallocated corporate expenses | 14,144 | 13,671 |
Unallocated interest expense | $ 7,005 | $ 7,550 |
Note 13 - Business Segments - L
Note 13 - Business Segments - Long-lived Assets By Geographical Area (Details) - USD ($) $ in Thousands | Oct. 03, 2020 | Sep. 28, 2019 |
Property, plant and equipment, net | $ 63,950 | $ 61,404 |
UNITED STATES | ||
Property, plant and equipment, net | 46,251 | 41,620 |
HONDURAS | ||
Property, plant and equipment, net | 13,445 | 15,326 |
EL SALVADOR | ||
Property, plant and equipment, net | 3,066 | 3,209 |
MEXICO | ||
Property, plant and equipment, net | 1,188 | 1,249 |
Non-US [Member] | ||
Property, plant and equipment, net | $ 17,699 | $ 19,784 |
Note 14 - Repurchase of Commo_2
Note 14 - Repurchase of Common Stock (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 249 Months Ended | |
Oct. 03, 2020 | Oct. 03, 2020 | Sep. 28, 2019 | Oct. 03, 2020 | |
Stock Repurchase Program, Authorized Amount | $ 60,000 | $ 60,000 | $ 60,000 | |
Treasury Stock, Shares, Acquired (in shares) | 0 | 99,971 | 141,501 | 3,598,933 |
Treasury Stock, Value, Acquired, Cost Method | $ 2,029 | $ 2,736 | $ 52,500 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 7,500 | $ 7,500 | $ 7,500 |
Note 15 - Commitments and Con_3
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
DTG2Go [Member] | ||
Payment for Contingent Consideration Liability, Operating Activities | $ 2,500 | $ 2,500 |
Business Combination, Contingent Consideration, Liability, Total | 6,400 | 8,900 |
Salt Life Group [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | 0 | $ 200 |
Standby Letters of Credit [Member] | ||
Letters of Credit Outstanding, Amount | $ 400 |
Note 15 - Commitments and Con_4
Note 15 - Commitments and Contingencies - Minimum Payments Under Contracts (Details) $ in Thousands | Oct. 03, 2020USD ($) |
Outstanding minimum payments | $ 37,238 |
Yarn [Member] | |
Outstanding minimum payments | 21,809 |
Finished Fabric [Member] | |
Outstanding minimum payments | 3,163 |
Finished Products [Member] | |
Outstanding minimum payments | $ 12,266 |
Note 15 - Commitments and Con_5
Note 15 - Commitments and Contingencies - Outstanding Instruments (Details) $ in Millions | Oct. 03, 2020USD ($) |
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) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Oct. 03, 2020 | Sep. 28, 2019 |
Interest Rate Swap [Member] | ||
Derivative Liabilities | $ (1,764) | $ (1,293) |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative Liabilities | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Liabilities | (1,764) | (1,293) |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Liabilities | 0 | 0 |
Cotton Options [Member] | ||
Derivative Liabilities | (6,420) | (9,094) |
Cotton Options [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative Liabilities | 0 | 0 |
Cotton Options [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Liabilities | 0 | 0 |
Cotton Options [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Liabilities | $ (6,420) | $ (9,094) |
Note 15 - Commitments and Con_7
Note 15 - Commitments and Contingencies - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Oct. 03, 2020 | Sep. 28, 2019 |
Deferred Tax Assets [Member] | ||
Derivative assets (liabilities) | $ 442 | $ 0 |
Deferred Tax Liabilities [Member] | ||
Derivative assets (liabilities) | 0 | 324 |
Accounts Payable and Accrued Liabilities [Member] | ||
Derivative assets (liabilities) | (108) | 0 |
Other Noncurrent Liabilities [Member] | ||
Derivative assets (liabilities) | (1,656) | (1,293) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Derivative assets (liabilities) | $ (1,322) | $ (969) |