Document And Entity Information
Document And Entity Information | 3 Months Ended | |
Dec. 30, 2023 | Feb. 09, 2024 shares | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001101396 | |
Entity Registrant Name | DELTA APPAREL, INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 30, 2023 | |
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 | 2750 Premier Parkway, Suite 100 | |
Entity Address, City or Town | Duluth | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30097 | |
City Area Code | 678 | |
Local Phone Number | 775-6900 | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | DLA | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,051,150 | |
Entity Number of Employees | 6,600 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 30, 2023 | Sep. 30, 2023 |
Assets | ||
Cash and cash equivalents | $ 377 | $ 187 |
Accounts receivable, less allowances of $136 and $119, respectively | 32,273 | 45,130 |
Other receivables | 837 | 1,350 |
Income tax receivable | 1,378 | 1,388 |
Inventories, net | 196,348 | 212,365 |
Prepaid expenses and other current assets | 3,526 | 2,542 |
Total current assets | 234,739 | 262,962 |
Property, plant and equipment, net | 62,598 | 65,611 |
Goodwill | 28,697 | 28,697 |
Intangibles, net | 21,125 | 21,694 |
Deferred income taxes | 7,822 | 7,822 |
Operating lease assets | 56,909 | 55,464 |
Equity method investment | 9,751 | 10,082 |
Other assets | 3,263 | 2,906 |
Total assets | 424,904 | 455,238 |
Liabilities: | ||
Accounts payable | 58,382 | 62,085 |
Accrued expenses | 18,926 | 18,236 |
Income taxes payable | 700 | 710 |
Current portion of finance leases | 8,246 | 8,442 |
Current portion of operating leases | 9,741 | 9,124 |
Current portion of long-term debt | 117,275 | 16,567 |
Total current liabilities | 213,270 | 115,164 |
Long-term income taxes payable | 2,131 | 2,131 |
Long-term finance leases | 12,007 | 14,029 |
Long-term operating leases | 48,259 | 47,254 |
Long-term debt | 7,260 | 126,465 |
Total liabilities | 282,927 | 305,043 |
Shareholder's 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 authorized, 9,646,972 shares issued, and 7,051,150 and 7,001,020 shares outstanding as of December 2023 and September 2023, respectively | 96 | 96 |
Additional paid-in capital | 60,643 | 61,315 |
Retained earnings | 124,860 | 133,387 |
Accumulated other comprehensive income | 0 | 0 |
Treasury stock - 2,595,822 and 2,645,952 shares as of December 2023 and September 2023, respectively | (42,909) | (43,896) |
Equity attributable to Delta Apparel, Inc. | 142,690 | 150,902 |
Equity attributable to non-controlling interest | (713) | (707) |
Total equity | 141,977 | 150,195 |
Total liabilities and equity | $ 424,904 | $ 455,238 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 30, 2023 | Sep. 30, 2023 |
Allowances for accounts receivable | $ 136 | $ 119 |
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) | 7,051,150 | 7,001,020 |
Treasury stock, shares (in shares) | 2,595,822 | 2,645,952 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Net sales | $ 79,934 | $ 107,295 |
Cost of goods sold | 71,187 | 93,672 |
Gross profit | 8,747 | 13,623 |
Selling, general and administrative expenses | 18,614 | 18,870 |
Other income, net | (4,921) | (2,621) |
Operating loss | (4,946) | (2,626) |
Interest expense, net | 3,577 | 2,890 |
Loss before provision for (benefit from) income taxes | (8,523) | (5,516) |
Provision for (benefit from) income taxes | 10 | (1,917) |
Consolidated net loss | (8,533) | (3,599) |
Net loss attributable to non-controlling interest | (6) | (34) |
Net loss attributable to shareholders | $ (8,527) | $ (3,565) |
Basic loss per share (in dollars per share) | $ (1.22) | $ (0.51) |
Diluted loss per share (in dollars per share) | $ (1.22) | $ (0.51) |
Weighted average number of shares outstanding (in shares) | 7,003 | 6,954 |
Dilutive effect of stock awards (in shares) | 0 | 0 |
Weighted average number of shares assuming dilution (in shares) | 7,003 | 6,954 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Net loss attributable to shareholders | $ (8,527) | $ (3,565) |
Other comprehensive income related to unrealized gain on derivatives, net of income tax | 0 | 69 |
Consolidated comprehensive loss | $ (8,527) | $ (3,496) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Sep. 30, 2022 | 9,646,972 | 2,731,309 | |||||
Balance at Sep. 30, 2022 | $ 96 | $ 61,961 | $ 166,600 | $ 141 | $ (45,420) | $ (656) | $ 182,722 |
Net earnings (loss) | 0 | 0 | (3,565) | 0 | 0 | 0 | (3,565) |
Net loss attributable to non-controlling interest | $ 0 | 0 | 0 | 0 | $ 0 | (34) | (34) |
Vested stock awards (in shares) | 0 | (85,357) | |||||
Vested stock awards | $ 0 | (2,067) | 0 | 0 | $ 1,524 | 0 | (543) |
Stock based compensation | $ 0 | 665 | 0 | 0 | $ 0 | 0 | 665 |
Balance (in shares) at Dec. 31, 2022 | 9,646,972 | 2,645,952 | |||||
Balance at Dec. 31, 2022 | $ 96 | 60,559 | 163,035 | 210 | $ (43,896) | (690) | 179,314 |
Other comprehensive income (loss) | $ 0 | 0 | 0 | 69 | $ 0 | 0 | $ 69 |
Balance (in shares) at Sep. 30, 2023 | 9,646,972 | 2,645,952 | 7,001,020 | ||||
Balance at Sep. 30, 2023 | $ 96 | 61,315 | 133,387 | 0 | $ (43,896) | (707) | $ 150,195 |
Net earnings (loss) | 0 | 0 | (8,527) | 0 | 0 | 0 | (8,527) |
Net loss attributable to non-controlling interest | $ 0 | 0 | 0 | 0 | $ 0 | (6) | (6) |
Vested stock awards (in shares) | 0 | (50,130) | |||||
Vested stock awards | $ 0 | (1,112) | 0 | 0 | $ 987 | 0 | (125) |
Stock based compensation | $ 0 | 440 | 0 | 0 | $ 0 | 0 | $ 440 |
Balance (in shares) at Dec. 30, 2023 | 9,646,972 | 2,595,822 | 7,051,150 | ||||
Balance at Dec. 30, 2023 | $ 96 | $ 60,643 | $ 124,860 | $ 0 | $ (42,909) | $ (713) | $ 141,977 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Operating activities: | ||
Consolidated net loss | $ (8,533) | $ (3,599) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 3,632 | 3,844 |
Amortization of deferred financing fees | 120 | 84 |
Benefit from deferred income taxes | 0 | (2,101) |
Change in inventory market reserves | (795) | 163 |
Non-cash stock compensation | 440 | 665 |
Gain on sale of property, plant and equipment | (5,425) | 0 |
Loss on disposal of equipment | 58 | |
Other, net | (310) | (89) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 13,370 | 9,466 |
Inventories, net | 16,812 | (10,516) |
Prepaid expenses and other current assets | (633) | (1,443) |
Other non-current assets | 263 | 1,188 |
Accounts payable | (4,307) | (3,723) |
Accrued expenses | 565 | (5,030) |
Net operating lease liabilities | 177 | (35) |
Income taxes | 0 | (854) |
Net cash provided by (used in) operating activities | 15,376 | (11,922) |
Investing activities: | ||
Purchases of property, plant and equipment, net | (285) | (2,081) |
Proceeds from equipment under finance leases | 0 | 4,417 |
Proceeds from the sale of property, plant and equipment | 6,219 | 0 |
Net cash provided by investing activities | 5,934 | 2,336 |
Financing activities: | ||
Proceeds from long-term debt | 85,755 | 133,918 |
Repayment of long-term debt | (104,252) | (121,431) |
Repayment of capital financing | (2,218) | (2,332) |
Payment of deferred financing costs | (405) | 0 |
Payment of withholding taxes on stock awards | 0 | (542) |
Net cash (used in) provided by financing activities | (21,120) | 9,613 |
Net increase in cash and cash equivalents | 190 | 27 |
Cash and cash equivalents at beginning of period | 187 | 300 |
Cash and cash equivalents at end of period | 377 | 327 |
Supplemental cash flow information | ||
Cash paid during the period for interest | $ 3,570 | $ 2,972 |
Note A - Description of Busines
Note A - Description of Business and Basis of Presentation | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Delta Apparel, Inc. (collectively with DTG2Go, DTG2Go’s may 90% 2024 1999, 52 53 September 30. 2024 52 September 28, 2024 ( 2024” 10 first 2024. 2023 52 September 30, 2023 2023” For presentation purposes herein, all references to period ended relate to the following fiscal years and dates: Period Ended Fiscal Year Date Ended December 2022 Fiscal 2023 December 31, 2022 March 2023 Fiscal 2023 April 1, 2023 June 2023 Fiscal 2023 July 1, 2023 September 2023 Fiscal 2023 September 30, 2023 December 2023 Fiscal 2024 December 30, 2023 We prepared the accompanying interim Condensed Consolidated Financial Statements in accordance with the instructions for Form 10 10 X. not three December 2023 not may 2024. may may not 2024 may not 10 2023, Our Condensed Consolidated Financial Statements include the accounts of Delta Apparel and its wholly-owned and majority-owned domestic and foreign subsidiaries. The Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. We apply the equity method of accounting for our investment in 31% of the outstanding capital stock of a Honduran company that owns and operates the industrial park where our Ceiba Textiles manufacturing facility is located. During the three December 2023 December 2022, three December 2023 December 2022, We make available copies of materials we file with, or furnish to, the SEC free of charge at https://ir.deltaapparelinc.com. The information found on our website is not no 2750 100, 30097. 864 232 5200, Going Concern In January 2024, no not 12 not one second not 12 not one first 2024 12 In connection with the above-referenced subsequent event, the Company identified that certain deferred tax assets may no may second 2024, |
Note B - Accounting Policies
Note B - Accounting Policies | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Our accounting policies are consistent with those described in our Significant Accounting Policies in our Annual Report on Form 10 2023, |
Note C - New Accounting Standar
Note C - New Accounting Standards | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Adopted Standards In June 2016, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13” 2016 13, 326, Credit Losses 326” 326 2024. 326 not Accounting Guidance Not In November 2023, No. 2023 07, Segment Reporting (Topic 280 Improvements to Reportable Segment Disclosures 280. 2023 07 December 15, 2023, December 15, 2024, 2025. In December 2023, No. 2023 09, Income Taxes (Topic 740 Improvement to Income Tax Disclosures, 2023 09 December 15, 2024, 2026. may |
Note D - Revenue Recognition
Note D - Revenue Recognition | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Our Condensed Consolidated Statements of Operations include revenue streams from retail sales at our branded retail stores; direct-to-consumer ecommerce sales on our consumer-facing websites; and sales from wholesale channels, which includes our business-to-business ecommerce and DTG2Go Three Months Ended December 2023 December 2022 Retail $ 4,166 5 % $ 3,455 3 % Direct-to-consumer ecommerce 1,448 2 % 1,509 2 % Wholesale 74,320 93 % 102,331 95 % Net sales $ 79,934 100 % $ 107,295 100 % The table below provides net sales by reportable segment and the percentage of net sales by distribution channel for each reportable segment (in thousands): Three Months Ended December 2023 Net Sales Retail Direct-to-consumer ecommerce Wholesale Delta Group $ 69,604 0.0 % 0.2 % 99.8 % Salt Life Group 10,330 40.1 % 12.7 % 47.2 % Total $ 79,934 Three Months Ended December 2022 Net Sales Retail Direct-to-consumer ecommerce Wholesale Delta Group $ 97,010 0.1 % 0.2 % 99.7 % Salt Life Group 10,285 33.0 % 12.7 % 54.3 % Total $ 107,295 |
Note E - Inventories
Note E - Inventories | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Inventories, net of reserves of $15.0 million and $15.8 million as of December 2023 September 2023, December 2023 September 2023 Raw materials $ 16,402 $ 20,262 Work in process 11,934 17,695 Finished goods 168,012 174,408 $ 196,348 $ 212,365 Raw materials include finished yarn and direct materials for the Delta Group, undecorated garments for the DTG2Go |
Note F - Debt
Note F - Debt | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | Note F—Debt Credit Facility On May 10, 2016, DTG2Go, November 27, 2017, March 9, 2018, October 8, 2018, November 19, 2019, April 27, 2020, August 28, 2020, June 2, 2022, January 3, 2023, February 3, 2023, March 3, 2023, October 6, 2023, December 5, 2023, December 27, 2023. On November 19, 2019, May 21, 2021 November 19, 2024, ( first April 27, 2020, September 2020, not 1.0. 30 August 1, 2020, ( August 1, 2020, ( October 4, 2020; ( November 19, 2019, ( October 3, 2020. August 28, 2020, July 3, 2021, ( April 3, 2021, ( October 4, 2020, ( April 3, 2021, ( April 4, 2021, ( July 3, 2021 July 3, 2021. June 2, 2022, 1 3 5 not 1.0 1.1 January 3, 2023, February 3, 2023, September 30, 2023, April 1, 2023, April 2, 2023 June 4, 2023, June 5, 2023, September 30, 2023, $10,000,000; $0; 12 not 1.0 three March 4, 2023; ( On March 23, 2023, On October 6, 2023, not may x November 4, 2023, thirty 30 seventeen one 1.00 twelve 12 November 4, 2023, September 2, 2023, December 5, 2023, not may December 5, 2023, $150,000,000; December 30, 2023, 12 not 1.00. On December 27, 2023, not may April 1, 2023, April 2, 2023 June 4, 2023, June 5, 2023 December 4, 2023, December 5, 2023 January 18, 2024, January 19, 2024 February 15, 2024, February 16, 2024 $10,000,000; June 29, 2024, 12 not 1.00 March 2, 2024, three March 30, 2024. not December 2023, At December 2023, no 470, not not one second not At December 2023, Proceeds of the loans made pursuant to the Amended Credit Agreement may not not 15% May 10, 2016, not 50% first third 2016 30 x 1.00:1.00 12 no x two December 2023, September 2023, Honduran Debt Since March 2011, December 2020, five May 2022, five first not 470 December 30, 2023. El Salvador Debt In September 2022 five first not December 2023 Additional information about these loans and the outstanding balances and interest rates as of December 2023 December 2023 Revolving credit facility with Banco Ficohsa, a Honduran bank, with interest at 8.5 August 2025 $ 3,978 Term loan with Banco Ficohsa, a Honduran bank, with interest at 9.0 December 2025 4,058 Term loan with Banco Ficohsa, a Honduran bank, with interest at 8.75 May 2027 2,946 Term loan with Banco Ficohsa, a Panamanian bank, with interest at the prevailing market rate within the Panamanian Banking Market (interest at 9.8 August 2027 2,379 |
Note G - Selling, General and A
Note G - Selling, General and Administrative Expense | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Selling General And Administrative Expense [Text Block] | Note G—Selling, General and Administrative Expense We include in selling, general and administrative (“SG&A”) expenses the costs incurred subsequent to the receipt of finished goods at our distribution facilities, such as the cost of stocking, warehousing, picking, packing, and shipping goods for delivery to our customers. Distribution costs included in SG&A expenses totaled $4.9 million and $5.4 million for the December 2023 December 2022 |
Note H - Stock-based Compensati
Note H - Stock-based Compensation | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note H—Stock-Based Compensation On February 6, 2020, 2020 “2020 2010 February 4, 2015, September 14, 2020. 2020 2020 may 2020 not 2020 2020 2010 2020 may 2020 August 2, 2023, f its Compensation Committee, approved a Declaration of Amendment to the 2020 2020 August 2, 2023, Compensation expense is recorded within SG&A in our Condensed Consolidated Statements of Operations over the vesting periods. During the December 2023 December 2022 three December 2023 December 2022. During the December 2023 10 September 2025. one one D uring the December 2023 10 September 2025. one one During the December 2023 10 2023 During the December 2023 s failure to meet certain threshold requirements. As of December 2023, 2020 |
Note I - Purchase Contracts
Note I - Purchase Contracts | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | Note I—Purchase Contracts We have entered into agreements, and have fixed prices, to purchase yarn, finished fabric, and finished apparel and headwear products. At December 2023, Yarn $ 17,730 Finished fabric 1,845 Finished products 5,654 Total inventories, net $ 25,229 |
Note J - Business Segments
Note J - Business Segments | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note J—Business Segments Our operations are managed and reported in two The Delta Group is comprised of the following business units, which are primarily focused on core activewear styles: DTG2Go DTG2Go DTG2Go’s DTG2Go 24 48 DTG2Go 2023, DTG2Go Delta Activewear is a preferred supplier of activewear apparel to regional and global brands as well as direct to retail and wholesale markets. The Delta Activewear business is organized around three The iconic Soffe brand offers activewear for spirit makers and record breakers and is widely known for the original “cheer short” with the signature roll-down waistband. Soffe carries a wide range of activewear for the entire family. Soffe’s heritage is anchored in the military, and we continue to be a proud supplier to both active duty and veteran United States military personnel worldwide. The Soffe men’s assortment features the tagline “anchored in the military, grounded in training” and offers everything from physical training gear certified by the respective branches of the military, classic base layers that include the favored 3 Our Global Brands channel serves as a key supply chain partner to large multi-national brands, major branded sportswear companies, trendy regional brands, and all branches of the United States armed forces, providing services ranging from custom product development to shipment of branded products with “retail-ready” value-added services including embellishment, hangtags, and ticketing. Our Retail Direct channel serves brick and mortar and online retailers by providing our portfolio of Delta, Delta Platinum, and Soffe products directly to the retail locations and ecommerce fulfillment centers of a diversified customer base including sporting goods and outdoor retailers, specialty and resort shops, farm and fleet stores, department stores, and mid-tier retailers. As a key element of the integrated Delta Group segment, each of Activewear’s primary channels offer a seamless solution for small-run decoration needs with on-demand digital print services, powered by DTG2Go. Salt Life is an authentic, aspirational lifestyle brand that represents a passion for the ocean, the salt air, and, more importantly, a way of life and all it offers, from surfing, fishing, and diving to beach fun and sun-soaked relaxation. Our apparel takes you from the boat to the beach and is constantly evolving to fit our customers’ needs. The Salt Life brand combines function and fashion with a tailored fit for the active lifestyles of those that “live the Salt Life.” With increased worldwide appeal, Salt Life has continued to provide the cotton graphic tees and logo decals that originally drove awareness for the brand and also expanded into performance apparel, swimwear, board shorts, sunglasses, bags, and accessories. Our Salt Life business is organized around three one 28 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 10 2023, Three Months Ended December 2023 December 2022 Segment net sales: Delta Group $ 69,604 $ 97,010 Salt Life Group 10,330 10,285 Total net sales $ 79,934 $ 107,295 Segment operating (loss) earnings: Delta Group $ 492 $ 123 Salt Life Group (2,130 ) 218 Total segment operating (loss) earnings $ (1,638 ) $ 341 The following table reconciles the segment operating (loss) earnings to the consolidated earnings before benefit from income taxes (in thousands): Three Months Ended December 2023 December 2022 Segment operating (loss) earnings $ (1,638 ) $ 341 Unallocated corporate expenses 3,308 2,967 Unallocated interest expense 3,577 2,890 Consolidated loss before provision for (benefit from) income taxes $ (8,523 ) $ (5,516 ) |
Note K - Income Taxes
Note K - Income Taxes | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note K—Income Taxes The Tax Cuts and Jobs Act of 2017 “2017 December 22, 2017, eight 163 163 not 30% 163 2019. not The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which was enacted on March 27, 2020, 2017 80% 163 30% 50% Our effective income tax rate on operations for the three December 2023 2023. December 2023 December 2023. |
Note L - Derivatives and Fair V
Note L - Derivatives and Fair Value Measurements | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | Note L—Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures 820” three ○ Level 1 ○ Level 2 ○ Level 3 no At December 2023 September 2023, 2 |
Note M - Legal Proceedings
Note M - Legal Proceedings | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | Note M—Legal Proceedings At times, we are party to various legal claims, actions and complaints. We believe that, as a result of legal defenses, insurance arrangements, and indemnification provisions with parties believed to be financially capable, such actions should not |
Note N - Repurchase of Common S
Note N - Repurchase of Common Stock | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | Note N—Repurchase of Common Stock As of September 28, 2019, not December 2023 December 2023, 10b 18. December 2023, not |
Note O - Goodwill and Intangibl
Note O - Goodwill and Intangible Assets | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note O—Goodwill and Intangible Assets Components of intangible assets consist of the following (in thousands): December 2023 September 2023 Cost Accumulated Impairment Losses Net Value Cost Accumulated Impairment Losses Net Value Economic Life Goodwill: Delta Group $ 18,592 $ (9,812 ) $ 8,780 $ 18,592 $ (9,812 ) $ 8,780 N/A Salt Life Group 19,917 - 19,917 19,917 - 19,917 N/A Total goodwill, net $ 38,509 $ (9,812 ) $ 28,697 $ 38,509 $ (9,812 ) $ 28,697 December 2023 September 2023 Cost Accumulated Amortization Net Value Cost Accumulated Amortization Net Value Intangibles: Tradename/trademarks $ 16,000 $ (5,517 ) $ 10,483 $ 16,000 $ (5,384 ) $ 10,616 20 – 30 yrs Customer relationships 7,400 (4,138 ) 3,262 7,400 (3,953 ) 3,447 20 yrs Technology 10,083 (3,734 ) 6,349 10,083 (3,509 ) 6574 10 yrs License agreements 2,100 (1,069 ) 1,031 2,100 (1,043 ) 1,057 15 – 30 yrs Non-compete agreements 1,657 (1,657 ) - 1,657 (1,657 ) - 4 – 8.5 yrs Total intangibles, net $ 37,240 $ (16,115 ) $ 21,125 $ 37,240 $ (15,546 ) $ 21,694 Goodwill represents the acquired goodwill net of the cumulative impairment losses recorded in fiscal years 2023 2011 Depending on the type of intangible assets, amortization is recorded under cost of goods sold or SG&A expenses. Amortization expense for intangible assets was $0.6 million for both the December 2023 December 2022 September 2024, September 2025 2026, September 2027, September 2028. |
Note P - Sale-Leaseback Transac
Note P - Sale-Leaseback Transaction | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Sale Leaseback Transactions [Text Block] | On December 28, 2023, |
Note Q - Subsequent Events
Note Q - Subsequent Events | 3 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note Q—Subsequent Events There are no |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 30, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. Other Information During the first 2024, none 16 10b5 1 10b5 1 408 |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note D - Revenue Recognition (T
Note D - Revenue Recognition (Tables) | 3 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended December 2023 December 2022 Retail $ 4,166 5 % $ 3,455 3 % Direct-to-consumer ecommerce 1,448 2 % 1,509 2 % Wholesale 74,320 93 % 102,331 95 % Net sales $ 79,934 100 % $ 107,295 100 % Three Months Ended December 2023 Net Sales Retail Direct-to-consumer ecommerce Wholesale Delta Group $ 69,604 0.0 % 0.2 % 99.8 % Salt Life Group 10,330 40.1 % 12.7 % 47.2 % Total $ 79,934 Three Months Ended December 2022 Net Sales Retail Direct-to-consumer ecommerce Wholesale Delta Group $ 97,010 0.1 % 0.2 % 99.7 % Salt Life Group 10,285 33.0 % 12.7 % 54.3 % Total $ 107,295 |
Note E - Inventories (Tables)
Note E - Inventories (Tables) | 3 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 2023 September 2023 Raw materials $ 16,402 $ 20,262 Work in process 11,934 17,695 Finished goods 168,012 174,408 $ 196,348 $ 212,365 |
Note F - Debt (Tables)
Note F - Debt (Tables) | 3 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | December 2023 Revolving credit facility with Banco Ficohsa, a Honduran bank, with interest at 8.5 August 2025 $ 3,978 Term loan with Banco Ficohsa, a Honduran bank, with interest at 9.0 December 2025 4,058 Term loan with Banco Ficohsa, a Honduran bank, with interest at 8.75 May 2027 2,946 Term loan with Banco Ficohsa, a Panamanian bank, with interest at the prevailing market rate within the Panamanian Banking Market (interest at 9.8 August 2027 2,379 |
Note I - Purchase Contracts (Ta
Note I - Purchase Contracts (Tables) | 3 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Long-Term Purchase Commitment [Table Text Block] | Yarn $ 17,730 Finished fabric 1,845 Finished products 5,654 Total inventories, net $ 25,229 |
Note J - Business Segments (Tab
Note J - Business Segments (Tables) | 3 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended December 2023 December 2022 Segment net sales: Delta Group $ 69,604 $ 97,010 Salt Life Group 10,330 10,285 Total net sales $ 79,934 $ 107,295 Segment operating (loss) earnings: Delta Group $ 492 $ 123 Salt Life Group (2,130 ) 218 Total segment operating (loss) earnings $ (1,638 ) $ 341 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended December 2023 December 2022 Segment operating (loss) earnings $ (1,638 ) $ 341 Unallocated corporate expenses 3,308 2,967 Unallocated interest expense 3,577 2,890 Consolidated loss before provision for (benefit from) income taxes $ (8,523 ) $ (5,516 ) |
Note O - Goodwill and Intangi_2
Note O - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 2023 September 2023 Cost Accumulated Impairment Losses Net Value Cost Accumulated Impairment Losses Net Value Economic Life Goodwill: Delta Group $ 18,592 $ (9,812 ) $ 8,780 $ 18,592 $ (9,812 ) $ 8,780 N/A Salt Life Group 19,917 - 19,917 19,917 - 19,917 N/A Total goodwill, net $ 38,509 $ (9,812 ) $ 28,697 $ 38,509 $ (9,812 ) $ 28,697 December 2023 September 2023 Cost Accumulated Amortization Net Value Cost Accumulated Amortization Net Value Intangibles: Tradename/trademarks $ 16,000 $ (5,517 ) $ 10,483 $ 16,000 $ (5,384 ) $ 10,616 20 – 30 yrs Customer relationships 7,400 (4,138 ) 3,262 7,400 (3,953 ) 3,447 20 yrs Technology 10,083 (3,734 ) 6,349 10,083 (3,509 ) 6574 10 yrs License agreements 2,100 (1,069 ) 1,031 2,100 (1,043 ) 1,057 15 – 30 yrs Non-compete agreements 1,657 (1,657 ) - 1,657 (1,657 ) - 4 – 8.5 yrs Total intangibles, net $ 37,240 $ (16,115 ) $ 21,125 $ 37,240 $ (15,546 ) $ 21,694 |
Note A - Description of Busin_2
Note A - Description of Business and Basis of Presentation (Details Textual) $ in Millions | 3 Months Ended | ||
Dec. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 | |
Entity Number of Employees | 6,600 | ||
Honduran Equity Method Investment [Member] | |||
Equity Method Investment, Ownership Percentage | 31% | ||
Proceeds from Equity Method Investment, Distribution | $ 0.6 | $ 0.9 | |
Operating Lease, Payments | $ 0.4 | $ 0.4 |
Note D - Revenue Recognition -
Note D - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Net sales | $ 79,934 | $ 107,295 |
Sales in percentage | 100% | 100% |
Retail [Member] | ||
Net sales | $ 4,166 | $ 3,455 |
Sales in percentage | 5% | 3% |
Ecommerce [Member] | ||
Net sales | $ 1,448 | $ 1,509 |
Sales in percentage | 2% | 2% |
Wholesale [Member] | ||
Net sales | $ 74,320 | $ 102,331 |
Sales in percentage | 93% | 95% |
Delta Group [Member] | ||
Net sales | $ 69,604 | $ 97,010 |
Delta Group [Member] | Retail [Member] | ||
Sales in percentage | 0% | 0.10% |
Delta Group [Member] | Ecommerce [Member] | ||
Sales in percentage | 0.20% | 0.20% |
Delta Group [Member] | Wholesale [Member] | ||
Sales in percentage | 99.80% | 99.70% |
Salt Life Group [Member] | ||
Net sales | $ 10,330 | $ 10,285 |
Salt Life Group [Member] | Retail [Member] | ||
Sales in percentage | 40.10% | 33% |
Salt Life Group [Member] | Ecommerce [Member] | ||
Sales in percentage | 12.70% | 12.70% |
Salt Life Group [Member] | Wholesale [Member] | ||
Sales in percentage | 47.20% | 54.30% |
Note E - Inventories (Details T
Note E - Inventories (Details Textual) - USD ($) $ in Millions | Dec. 30, 2023 | Sep. 30, 2023 |
Inventory Valuation Reserves | $ 15 | $ 15.8 |
Note E - Inventories - Inventor
Note E - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Sep. 30, 2023 |
Raw materials | $ 16,402 | $ 20,262 |
Work in process | 11,934 | 17,695 |
Finished goods | 168,012 | 174,408 |
Inventory, Net | $ 196,348 | $ 212,365 |
Note F - Debt (Details Textual)
Note F - Debt (Details Textual) | 1 Months Ended | 3 Months Ended | |||||||||||||||||||||
Oct. 06, 2023 USD ($) | Jun. 02, 2022 | Aug. 28, 2020 | Apr. 27, 2020 | Nov. 19, 2019 USD ($) | Oct. 08, 2018 USD ($) | Dec. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | May 31, 2022 USD ($) | Dec. 31, 2020 USD ($) | Dec. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Feb. 16, 2024 USD ($) | Feb. 15, 2024 USD ($) | Jan. 18, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 05, 2023 USD ($) | Dec. 04, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 04, 2023 USD ($) | Apr. 01, 2023 USD ($) | Feb. 03, 2023 USD ($) | Jan. 03, 2023 | |
Repayments of Long-term Debt, Total | $ 104,252,000 | $ 121,431,000 | |||||||||||||||||||||
Long-Term Debt | $ 7,260,000 | 7,260,000 | $ 126,465,000 | ||||||||||||||||||||
Term Loan Established December 2020 [Member] | |||||||||||||||||||||||
Long-Term Debt | $ 4,058,000 | ||||||||||||||||||||||
Term Loan Established September 2022 [Member] | |||||||||||||||||||||||
Long-Term Debt | 2,379,000 | ||||||||||||||||||||||
Banco Ficohsa [Member] | Term Loan Established December 2020 [Member] | |||||||||||||||||||||||
Debt Instrument, Term (Year) | 5 years | 5 years | |||||||||||||||||||||
Repayments of Long-term Debt, Total | $ 1,100,000 | ||||||||||||||||||||||
Debt Instrument, Face Amount | $ 3,700,000 | ||||||||||||||||||||||
Short-Term Debt | 6,100,000 | 6,100,000 | |||||||||||||||||||||
Long-Term Debt | 7,300,000 | 7,300,000 | |||||||||||||||||||||
Banco Ficohsa [Member] | Term Loan Established September 2022 [Member] | |||||||||||||||||||||||
Debt Instrument, Term (Year) | 5 years | ||||||||||||||||||||||
Debt Instrument, Face Amount | $ 3,000,000 | ||||||||||||||||||||||
Revolving Credit Facility [Member] | Banco Ficohsa [Member] | Line of Credit [Member] | |||||||||||||||||||||||
Repayments of Long-term Debt, Total | $ 9,500,000 | ||||||||||||||||||||||
Long-Term Debt | $ 3,978,000 | ||||||||||||||||||||||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | $ 170,000,000 | $ 145,000,000 | 150,000,000 | 150,000,000 | ||||||||||||||||||
Debt Instrument, Increase (Decrease) in FILO Borrowing Component | (0.25%) | ||||||||||||||||||||||
Debt Instrument, Increase (Decrease) in Fair Market of Eligible Intellectual Property | 25% | ||||||||||||||||||||||
Debt Instrument, Fixed Coverage Charge Ratio, Exclusion of Capital Expenditures | $ 10,000,000 | ||||||||||||||||||||||
Debt Covenant Fixed Charge Coverage Ratio Term (Month) | 12 months | ||||||||||||||||||||||
SOFR Floor Rate | 0% | ||||||||||||||||||||||
Debt Instrument, Term (Year) | 5 years | ||||||||||||||||||||||
Increased Reporting Event, Includes of Lesser of Borrowing Base and Maximum Revolver Amount, Percentage | 12.50% | ||||||||||||||||||||||
Increased Reporting Event, Includes Line Cap, Percentage | 12.50% | ||||||||||||||||||||||
Line of Credit Facility, Minimum Available Threshold One | $ 7,500,000 | ||||||||||||||||||||||
Line of Credit Facility, Minimum Available Threshold Two | 9,000,000 | ||||||||||||||||||||||
Line of Credit Facility, Minimum Available Threshold Three | 10,000,000 | ||||||||||||||||||||||
Line of Credit Facility, Minimum Available Threshold Four | $ 0 | ||||||||||||||||||||||
Line of Credit Facility, Increase in Applicable Margin | 0.50% | ||||||||||||||||||||||
Line of Credit Facility, Cash Dominion Trigger Event | $ 2,000,000 | ||||||||||||||||||||||
Debt Instrument, Covenant, Percentage of Borrowing Rate or Commitment, Availability for Stock Repurchase or Dividends | 17.50% | ||||||||||||||||||||||
Line Of Credit Facility Maximum Capacity For Capital Leases | 25,000,000 | 25,000,000 | |||||||||||||||||||||
Line of Credit Facility Including Additional Borrowing Capacity Maximum | 200,000,000 | 200,000,000 | |||||||||||||||||||||
Long-Term Line of Credit | $ 110,900,000 | 110,900,000 | |||||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 8.70% | ||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 7,400,000 | 7,400,000 | |||||||||||||||||||||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | One Month SOFR [Member] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | ||||||||||||||||||||||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | Three Month SOFR [Member] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.15% | ||||||||||||||||||||||
Amended Credit Agreement [Member] | Letter of Credit [Member] | |||||||||||||||||||||||
Debt Covenant Fixed Charge Coverage Ratio Term (Month) | 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% | ||||||||||||||||||||||
Debt Instrument, Covenant, Additional Applicable Margin | 0.50% | ||||||||||||||||||||||
Debt Instrument, Covenant, Percentage of Borrowing Rate or Commitment, Availability for Stock Repurchase or Dividends | 15% | ||||||||||||||||||||||
Debt Instrument, Covenant, Number of Preceding Days for Average Availability of Percentage for Stock Repurchases and Dividends | 30 | ||||||||||||||||||||||
Debt Instrument, Covenant, Maximum Amount Plus 50% of Cumulative Net Income For Dividends and Stock Repurchases | $ 10,000,000 | ||||||||||||||||||||||
Retained Earnings Amount Available For Dividends And Stock Repurchases | $ 7,900,000 | $ 7,900,000 | $ 8,300,000 | ||||||||||||||||||||
Amended Credit Agreement [Member] | Letter of Credit [Member] | Minimum [Member] | |||||||||||||||||||||||
LIBOR Floor Rate | 1% | ||||||||||||||||||||||
Eleventh Amendment Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | ||||||||||||||||||||||
Fixed Charge Coverage Ratio | 1 | ||||||||||||||||||||||
Debt Instrument, Covenant, Percentage of Borrowing Rate or Commitment, Availability for Stock Repurchase or Dividends | 17.50% | ||||||||||||||||||||||
Twelfth Amendment Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | ||||||||||||||||||||||
Fixed Charge Coverage Ratio | 1 | ||||||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 17,500,000 | ||||||||||||||||||||||
Thirteenth Amendment Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||
Fixed Charge Coverage Ratio | 1 | 1 | |||||||||||||||||||||
Line of Credit Facility, Minimum Available Threshold One | $ 7,500,000 | ||||||||||||||||||||||
Line of Credit Facility, Minimum Available Threshold Two | $ 9,000,000 | ||||||||||||||||||||||
Line of Credit Facility, Minimum Available Threshold Three | $ 10,000,000 | ||||||||||||||||||||||
Line of Credit Facility, Minimum Available Threshold Four | $ 7,000,000 | ||||||||||||||||||||||
Line of Credit Facility, Minimum Available Threshold Five | $ 8,500,000 | ||||||||||||||||||||||
Line of Credit Facility, Minimum Available Threshold All Times Thereafter | $ 10,000,000 | ||||||||||||||||||||||
Debt Instrument, Covenant, Availability Requirement | $ 17,500,000 | $ 17,500,000 |
Note F - Debt - Long-term Debt
Note F - Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 30, 2023 | Sep. 30, 2023 |
Long-term debt | $ 7,260 | $ 126,465 | |
Line of Credit [Member] | Revolving Credit Facility [Member] | Banco Ficohsa [Member] | |||
Long-term debt | $ 3,978 | ||
Term Loan Established December 2020 [Member] | |||
Long-term debt | 4,058 | ||
Term Loan Established December 2020 [Member] | Banco Ficohsa [Member] | |||
Long-term debt | $ 7,300 | ||
Term Loan Established May 2022 [Member] | |||
Long-term debt | 2,946 | ||
Term Loan Established September 2022 [Member] | |||
Long-term debt | $ 2,379 |
Note F - Debt - Long-term Deb_2
Note F - Debt - Long-term Debt (Details) (Parentheticals) | Dec. 31, 2023 |
Line of Credit [Member] | Revolving Credit Facility [Member] | Banco Ficohsa [Member] | |
Long-term debt, interest rate | 8.50% |
Long-term debt, maturity date | Aug. 31, 2025 |
Term Loan Established December 2020 [Member] | |
Long-term debt, interest rate | 9% |
Long-term debt, maturity date | Dec. 31, 2025 |
Term Loan Established May 2022 [Member] | |
Long-term debt, interest rate | 8.75% |
Long-term debt, maturity date | May 31, 2027 |
Term Loan Established September 2022 [Member] | |
Long-term debt, interest rate | 9.80% |
Long-term debt, maturity date | Aug. 31, 2027 |
Note G - Selling, General and_2
Note G - Selling, General and Administrative Expense (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Production and Distribution Costs | $ 4.9 | $ 5.4 |
Note H - Stock-based Compensa_2
Note H - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement, Expense | $ 0.5 | |
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 0.1 | $ 0.2 |
Restricted Stock Units (RSUs) [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 70,150 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 67,063 | |
Performance Stock Units [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 70,150 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 34,812 | |
The 2020 Stock Plan [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1.7 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 24 days |
Note I - Purchase Contracts - M
Note I - Purchase Contracts - Minimum Payments Under Contracts (Details) $ in Thousands | Dec. 30, 2023 USD ($) |
Outstanding minimum payments | $ 25,229 |
Yarn [Member] | |
Outstanding minimum payments | 17,730 |
Finished Fabric [Member] | |
Outstanding minimum payments | 1,845 |
Finished Products [Member] | |
Outstanding minimum payments | $ 5,654 |
Note J - Business Segments (Det
Note J - Business Segments (Details Textual) | 3 Months Ended |
Dec. 30, 2023 | |
Number of Operating Segments | 2 |
Salt Life Group [Member] | |
Number of Subsegments | 3 |
Note J - Business Segments - Sc
Note J - Business Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | ||
Net sales | $ 79,934 | $ 107,295 | |
Segment operating income | (4,946) | (2,626) | |
Operating Segments [Member] | |||
Net sales | 79,934 | 107,295 | |
Segment operating income | (1,638) | 341 | |
Delta Group [Member] | |||
Net sales | 69,604 | 97,010 | |
Delta Group [Member] | Operating Segments [Member] | |||
Net sales | 69,604 | 97,010 | |
Segment operating income | [1] | 492 | 123 |
Salt Life Group [Member] | |||
Net sales | 10,330 | 10,285 | |
Salt Life Group [Member] | Operating Segments [Member] | |||
Net sales | 10,330 | 10,285 | |
Segment operating income | [2] | $ (2,130) | $ 218 |
[1]In 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).[2]In 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 ($0.1 million). |
Note J - Business Segments - Se
Note J - Business Segments - Segment Operating Income to the Consolidated Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Segment operating (loss) earnings | $ (4,946) | $ (2,626) |
Unallocated corporate expenses | 18,614 | 18,870 |
Unallocated interest expense | 3,577 | 2,890 |
Consolidated loss before provision for (benefit from) income taxes | (8,523) | (5,516) |
Corporate, Non-Segment [Member] | ||
Segment operating (loss) earnings | (1,638) | 341 |
Unallocated corporate expenses | 3,308 | 2,967 |
Unallocated interest expense | 3,577 | 2,890 |
Consolidated loss before provision for (benefit from) income taxes | $ (8,523) | $ (5,516) |
Note K - Income Taxes (Details
Note K - Income Taxes (Details Textual) | 3 Months Ended | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 0.10% | 35% | 23.80% |
Note N - Repurchase of Common_2
Note N - Repurchase of Common Stock (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 51 Months Ended | |
Dec. 30, 2023 | Dec. 30, 2023 | Sep. 28, 2019 | |
Stock Repurchase Program, Authorized Amount | $ 60 | ||
Treasury Stock, Shares, Acquired (in shares) | 0 | 3,735,114 | |
Treasury Stock, Value, Acquired, Cost Method | $ 56.4 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 3.6 | $ 3.6 |
Note O - Goodwill and Intangi_3
Note O - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Oct. 01, 2011 | |
Goodwill, Impairment Loss | $ 9.2 | $ 0.6 | ||
Amortization of Intangible Assets | $ 0.6 | $ 0.6 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 2.3 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 2.2 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 2 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | $ 1.5 |
Note O - Goodwill and Intangi_4
Note O - Goodwill and Intangible Assets - Goodwill and Components of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Sep. 30, 2023 |
Goodwill, cost | $ 38,509 | $ 38,509 |
Goodwill, impairment loss | (9,812) | (9,812) |
Goodwill | 28,697 | 28,697 |
Intangibles, Cost | 37,240 | 37,240 |
Intangibles, Accumulated Amortization | (16,115) | (15,546) |
Intangibles, Net Value | 21,125 | 21,694 |
Trademarks and Trade Names [Member] | ||
Intangibles, Cost | 16,000 | 16,000 |
Intangibles, Accumulated Amortization | (5,517) | (5,384) |
Intangibles, Net Value | 10,483 | $ 10,616 |
Trademarks and Trade Names [Member] | Minimum [Member] | ||
Economic Life (Year) | 20 years | |
Customer Relationships [Member] | ||
Intangibles, Cost | 7,400 | $ 7,400 |
Intangibles, Accumulated Amortization | (4,138) | (3,953) |
Intangibles, Net Value | 3,262 | $ 3,447 |
Economic Life (Year) | 20 years | |
Technology-Based Intangible Assets [Member] | ||
Intangibles, Cost | 10,083 | $ 10,083 |
Intangibles, Accumulated Amortization | (3,734) | (3,509) |
Intangibles, Net Value | 6,349 | $ 6,574 |
Economic Life (Year) | 10 years | |
Licensing Agreements [Member] | ||
Intangibles, Cost | 2,100 | $ 2,100 |
Intangibles, Accumulated Amortization | (1,069) | (1,043) |
Intangibles, Net Value | 1,031 | $ 1,057 |
Licensing Agreements [Member] | Minimum [Member] | ||
Economic Life (Year) | 15 years | |
Noncompete Agreements [Member] | ||
Intangibles, Cost | 1,657 | $ 1,657 |
Intangibles, Accumulated Amortization | (1,657) | (1,657) |
Intangibles, Net Value | 0 | $ 0 |
Noncompete Agreements [Member] | Minimum [Member] | ||
Economic Life (Year) | 4 years | |
Delta Group [Member] | ||
Goodwill, cost | 18,592 | $ 18,592 |
Goodwill, impairment loss | (9,812) | (9,812) |
Goodwill | 8,780 | 8,780 |
Salt Life Group [Member] | ||
Goodwill, cost | 19,917 | 19,917 |
Goodwill, impairment loss | 0 | 0 |
Goodwill | $ 19,917 | $ 19,917 |
Note P - Sale-Leaseback Trans_2
Note P - Sale-Leaseback Transaction (Details Textual) - Sales Leaseback of Clinton Property [Member] $ in Millions | Dec. 28, 2023 USD ($) a ft² |
Area of Land (Acre) | a | 25 |
Area of Real Estate Property (Square Foot) | ft² | 164,000 |
Sale Leaseback Transaction, Net Book Value | $ 6.5 |
Sale Leaseback Transaction, Current Period Gain Recognized | $ 5.4 |
Sale Leaseback Transaction, Lease Term (Year) | 6 years |