DLA - Earnings call transcript Q3 2019

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Operator

Thank you and good afternoon to everyone participating in Delta Apparel’s Fiscal 2019 Third Quarter Earnings Conference call.

Joining us from management are Bob Humphreys, Chairman and Chief Executive Officer; and Deb Merrill, Chief Financial Officer and President, Delta Group.

Before we begin, I would like to remind everyone that during the course of this conference call, projections or other Forward-Looking Statements may be made by Delta Apparel’s executives. Such projections and statements suggest prediction and involve risks and uncertainty, and actual results may differ materially.

Please refer to the periodic reports filed with the Securities and Exchange Commission, including the Company’s most recent Form 10-Q and Form 10-K. factors those cause or contained important differ results forward-looking identify from materially in documents that actual could to statements. These the projections

as even as will that today to Company projected update note any results any statements not becomes commit made Please forward-looking apparent revise statements, any forward-looking does not realized. and it by required only except or law, if the be are of that

Chief turn now to call Executive Officer, the Humphreys. and will I Delta’s Bob over Chairman

Robert Humphreys

to for us discuss we call key of growth. on Deb you results our XXXX thank continue for Quarter CFO Earnings Apparel then today's our positioned for showcase over well profitable I Fiscal with and detailed more financial On to Third I afternoon that Good why joining highlights Merrill future results. that along discussion our believe turn our Delta remains Call. will briefly the call will business

accelerated sales representing third with the top-line pleased in extremely of increase year-over-year nearly are of roughly X%. our We growth overall $XXX with quarter million

nearly and segment Our growth Soffe our also for that benefit in strong growth DTGXGo. sales business growth print quarter overall segment. digital to to Delta sales of achieved share the that pleased continues brand help from our drive the Group X% in I’m

the robust started Our and That XX%. year-over-year holiday quarter. Easter quarter the arrival periods Salt spring weather in the continues strong prior quarter from momentum of break segment Life later impacted sales the of over that and group resulting with the early more benefited through spring selling growth sales like

increase Taking greater of our quarter. X% DTGXGo we top-line that sales brands anchored Salt our business, our strengthens our delivered another sales XX% segment, performance Excellent was in for of assigning in one lead detail, quarters only growth at this long-term growth Group year-over-year potential. the growth look the registered in Life a Delta solid quarter in like

expansion our excited East planned of service the it strong opening business platform. in is and two synergies we our print of North creating the about our remains digital print digital announced foundation and across markets. facilities DTGXGo Texas new The are and recently the in We

one establishing our that and state-of-the-art our Dallas locations in combine will of on-demand and in supply garments. strategy facilities, fashion the activewear Cranberry, New integrated further platform of DTGXGo Jersey reliable These located core low cost business, basic with second

differentiator supply chain in vertical this cannot our the has with it competitors something and initiated facility replicate. and easily We effective Miami our for strategy been a area us highly

seven print Our and shipping a day two Dallas important reach new of digital facilities U.S. consumers create and network metropolitan York New locations the including fulfillment truly of total seamless and nationwide over will one a print markets. with to give us half all area City able

in enhance base facilities on-demand market advantage believe our multi-facility the leadership and in new printing competitive going which manufacture deliver unparalleled is strategy two these and our hemisphere distribution we we speed As finished the the consumer the for to manufacturing past, noted with we end in many Accommodation remains will of Western competency digital position and forward. garments key only have the us.

space near-term and in sold as printed spanning print screen could We be U.S. continue channel. and of view amount that huge generally many opportunities a digitally printing an growth digital the in particularly of across large see We consider you apparels number market exciting to globally when untapped on-demand. this

creative more to design solution customers, intellectual product the risk model DTGXGo’s inventory to by allowing properties offerings for and aggressive opportunities teams. leverage DTGXGo’s on-demand portfolios them provides eliminate be growth benefit to better their through for customers fulfillment their In also addition our and

and such codes in-store allows for experience which as value retailer a and develop and other to added on-demand continues seamless options offer services, packaging with UPC unique purchases. DTGXGo

our shown proprietary commitments facilities. Over a the clearly systems in fulfillment past print of digital investments acquisitions and to we print significant digital business combination capacity, and through the XX new multiple months have

on addition Digital. printing of delivered In its second call, first mentioned first-mover kind advantage I our its Kornit with technology as quarter in by a my polyester we recent adoption have

pleased to production market believe that new I'm initiated polyester given tremendous report increased utilizing we for potential this has decorated performance it have and technology this demand garments.

We our enter fiscal quarter business as have in final great momentum we our year. DTGXGo our of

as fair healthy quarters of revenues margins. over doubling DTGXGo have behind operating in quickly million of a grow and our year to full-year business three confident With to remain we line we million to with revenue double-digit now will $XX $XXX goal us, achieve more site very this the than

business Now Group’s is remain be turning Platinum and more Delta focused basics basic catalog to continues innovation our fashion our development quarter We on silhouette new piece our our our executed for to that vast which exciting the to generate line and of our color profitable solid. activewear of and in market includes double-digit product core our appear for fashion Delta other segment. Demand new growth driving product brand parts including conditions business. fabric, line, plans by majority to the and continues expansions. of The

print on channels new such is driving growth as on including and internal our business services. Soffe manufacturing fulfillment value these leverage new sales activewear with go-to-market direct-to-retail opportunities diversification. selling and decoration emphasis We and as customer catalog the our further more anticipate and in with we line, strategies capacities for cross continuing new and decoration DTGXGo capitalize e-commerce along Our along digital platforms

business like Western our from remains the sales products can that the market. close hemisphere and be FunTees our units Customers favorable flexible platform and they to and the a solid and number for FunTees to our dynamics continues pleased standpoint, in services label quarter sophisticated fiscal our the full-year. private compliant interest in are on-pace report record United of the the I'm provide States retail to unit to for importantly shipped third record in in remains and manufacturing platform market

on the Group an within brand. Delta Finally our Soffe update

solid year-over-year strong a We had also the encouraging and quarter Soffe the improvement. military dealers profitability to wins with in saw and addition also In specialty growth channel achieved it at retailers. team

orders to growth its benefiting traction allows during Soffe believe growth place with consumers the We online that more customers the and trends on brand year-to-date bringing Soffe double-digit XX%. the performance BXB easily gaining authentic is brands. to quarter the from nearly with which side heritage continued favoring Soffe's

all Salt XX% our another at quarter of in Life this solid Salt broad-based channels. major growth our was performance with sales Looking Group, Life achieving excess success sales business and across of

the As Easter throughout momentum to breaks holiday provides spring tailwinds Life sustain was quarter. nice business that early in able I some Salt and the mentioned, later the

trajectory and first the half the during year the national retailers regional growth Salt The third with quarter. enjoys in of nice Life continued

We potential these Salt expect the Life grows national to and this accelerate several momentum geographically with horizon. to on opportunities possibly new accounts continue as larger

be on and test accessory our retail with Life we In gone partner performance several expand mix branded our traction. sales hope have and to regional gaining forward. well women's shoes well base received product across strongholds success product line addition, higher From retailers and new in stores with price more to continues categories traditional wholesale continues a to perspective, diversify and outside going Life’s markets Salt that of Salt

to opportunities shop-in-shops In facilitate and our more point-of-sale addition, retail. product floor displays gain lines expanding space, and

in is Key in Salt from quarter, open Life Orlando, increase South in direct-to-consumer have for expecting should Florida and open market fourth continues to side and retail Life’s thereafter. the our in will mortar planning Carolina Florida soon we under locations more the new Florida These count brick Salt to and another footprint total several sales fiscal other with On eight. bring store West and the locations additional store And is future. got development a

Salt and on During the we improves to devices. e-commerce quarter, technology Life.com that a converted site platform user mobile the our experience speed new

nice the and fourth on impacted rebound the during sales excited platform quarter, this in new are off with be start to in transition site traffic quarter our a we demand. Although and good to a

brand the This is interesting Illinois to things the it is in valuable growing exciting geographically. validation Recently, inland of one Midwest and e-commerce Northeast Pennsylvania brand the made many awareness a insight the the sales is provides and of for states expand we new and is our consumer indicator base to geographically. for about in efforts XX growth for became our where an direct Salt top Life One and consumer to of the have potential another. markets regions business

planning a now Our as Salt move had Life entry entered fourth are nice entries market into additional Life fiscal states, from of the into we Eastern year. into we expansion, distribution and five South the in have Alabama, Lager new We as we quarter Salt Carolina. Lager beverage the with quarter and and South markets of Tennessee

while restaurants Salt supplemental also continue Lager and other Life a extension Salt with and Food lifestyle us audience positions of the performance revenue Life draw brand's Shack to like The providing stream. nice the brands

and strength across strong looking to outperformance view based ahead quarter print were our segments digital and growing top-line our summarize continued our To fast business business. pleased we of broad growth in the and deliver

extremely also encouraged Life double-digit trends of our growth and Soffe. by the with business are Salt positive We

compete forward. capitalize our and are in are going distribution manufacturing position markets leverage of to together platform in decoration working Our our good flexibility better businesses to opportunities on a and we the we believe

financial now turn to I'll to discussion results over more in review our the Deb detail.

Deborah Merrill

Bob. you Thank

Salt and momentum noted, strength we continued Group. As good from and pleased performance our quarter third our the Bob Group with our are Delta in Life

in $XXX.XX $XXX.X year's net sales last quarter. quarter third from the third X.X% million the For were up

sales the to business. was us in well prior organic at keeping X% XX% business. Net DTGXGo by acquisitions, organic as in from Delta about only strong segment year recent The growth DTGXGo increased but driven generate the growth over the by our Soffe in over also as period by year Group the on pace not this growth prior the driven growth improvement

X.X% prior In across sales the all quarter. was $XX.X the the with major XX% strength Gross Group net third segment million for Life from profit sales up channels. Salt quarter year increased

We fourth in we the XXX points As the the increase to from second progress quarter. continue quarter through look as our for upcoming for to and expected improved sequentially XX.X% gross to third quarter, margin the increasing year. basis gross fiscal margins

an sales Group of last XX% segments. expenses as points driven structures Delta our year our and SG&A higher was with volumes cost Group better both Salt percentage basis by a versus our of XXX Life in improvement leveraging sales overall

a quarter. $X.X million the in reported in by SG&A commercial of benefited Group Other gain income from realized a of about million litigation earnings of impacted during income $X from settlement share. expenses matter Net favorably related Salt or discrete $X.XX the the diluted operating Life per the gain segment

the addition in recorded in the for Group Group quarter $X.X in segments and compared discrete share Life $X.XX compared million $X.X across income per both income diluted Salt this prior quarter was Operating $X.XX was period. improvements or in million with the profitability to quarter. million last gain year million year of $X.X to the $X.X the net Net income per or share for to diluted Delta

Now turning toward year-to-date performance.

sales the almost the nine-months $XXX.X prior sales fiscal from over in the up Group last net Net our Delta our over year and $XXX.X of increased comparable in net segment Group as Life well. period increased XXXX, were segment year sales prior year. For in X% first million, Salt the X% million X%

XX% Gross $XX.X down profit in new slightly first percentage from fiscal to SG&A impacted product material, business Higher million our acquisition $XX.X of points with results. from comparable our in launches sales XX.X% costs up the prior a cost the first basis XX.X% start at year gross integration XXXX from down private-label raw the with expenses compared period. year. in for improved along nine-months prior as year of points was million the XXX basis XX expenses last to half and margins period

disclosed. period share. the net year decrease expense Net period per $X.XX of compared discrete that to the year $X.X or $XX comparable $XX.X period the $X.XX was per during attributable was to bankruptcy Group with in the segment million matter million the within compared previously of quarter $X.X income of prior diluted loss of with the majority a in last $X.X connection we the taken diluted resolution share for million the Delta or customer income Operating to million first million

with as well non-cash to regard with to million million $XX.X Depreciation for as was With $X.X $XX.X nine-month amortization quarter. in and XXXX sheet. million spend the nine-months was the for total approximately first principally balance spending approximately of system quarter. the This was fiscal the in including the third CapEx to the related digital million other enhancements. printing and equipment turning Now first third coming compensation IT $X.X

Regarding price $XXX,XXX. quarter a about our at during shares per our common stocks the about of XX,XXX repurchase activity of of an total share cost repurchased we share $XX.XX average and

under repurchases we approved for end, million had quarter approximately of remaining program. the share As $X.X

Total investments debt from business including capital acquisition working was increase to recent year. end million with $XX the our the million majority as by The digital well driven our the the of various last up in a as of lease of financing capital approximately print higher was growth quarter as digital coupled support print initiative. $XXX

to as million expect by decrease about $XX quarter. the progress fourth we to We through continue our debt to $XX million

Bob, some into of for turning the insight to remainder our want Before the call to back the anticipated results give I year.

sales to expect We finish Lake and from business continued Salt performance driven top-line the more business. see from solid as our growth by our overall earnings strength year to well as DTGXGo

in between sales year cost in prices margins before, growth our our activewear mentioned in expect we and better raw driven product balance continued and by strong finishing the gross the material margin As profitability sequential higher business. improvement selling with operating a

back turn his I the call Bob final Now, comments. for to will

Robert Humphreys

Thanks Deb.

across segments momentum areas. and was enter final business exciting quarter in third of our our Our of well with a variety all we quarter executed

create new Our more customer is diversification, allow made the we we to development, distribution effectively leverage and sales these believe channel focus to manufacturing have flexible a strategies. investments on us expansion driving and and will platform optimal new for product opportunities growth more more

internally positioned them We our customers also to on quickly at ability arrive retail customization and and retail our demand. are trends uniquely manufacture with may products believe sophistication we to now whatever deliver new of and through majority the the capitalize adapt

all Delta would We work their our spread above Company. teams growth now they of across four approximately Before like Apparel. for hard have to I as close, all dedication associates thank and and countries success XXXX else I to derive our a and

now call operator, So we be any for the questions. open would to glad

Operator

Will Instructions] Roth [Operator you. to from first Dave Thank go Capital King Partners.

Your open. line is

Andrew Mali Vijayan

Andrew this for stepping there, on Dave. Hi is

growth in was the there looks for can to Is quarter? organic X% Delta or And how anything what then performed private Group up So organic start you catalogue and Just share like growth DTGXGo? for off. It was so. your label

Deborah Merrill

Yes.

business, growth. prior our label differences of but up the So though from unit we catalogue dollars That in off is we quarters, pricing in was overall, continue catalogue offset at that in our our the growth business, based private our the are and business some have have FunTees label delivering the being some as products private customers. mentioned by in offset of some request sales to decline by

growth the catalogue label So dollars overall private that sales really decline. offset

we and a DTGXGo as And know, is obviously this we as recently some - it on-pace that for this on-pace was this organic we done. additive strong or forward, had in growth, and March goal have that that was overall organic concerned, to far exceed we growth achieve XX% our to growth of from going you have stronger quarter did are than the we and But acquisitions our meet that fiscal have year. are certainly year the

Andrew Mali Vijayan

to And prices begin fair still what prices cotton a in on increase then the in thank guess quarter. I margins Great, then a color, in the a down And with QX? extent we weigh that good bit, see is should That is helpful. year-over-year you. to margins cotton

Deborah Merrill

that behind question, most Alright, in price got us. so to highest the little perspective But answer the through the are the majority March this a aspects a cost there those cotton quarter, flush are business. from of inflationary your in part, still for cotton maybe in really other bit a we quarter. higher Certainly, still

progress you half year But better of yes, the XXXX half our benefit the then think business the to next is be quarter. in the would as expect as year-over-year really to see is of the compared fiscal where expect I fiscal the margins first that we first see improvement. we do to we big in fourth in And where sequentially

Andrew Mali Vijayan

then the then Great. July share there me, Do That the can anything and outlook? after into and have month-by-month to a is quarter, And Salt helpful, the lastly like growth your growth Life it for have you you thank you. might the strong about looks start trends moderated bit.

Robert Humphreys

the No, trends you a Life, picture working start is expectation are for Salt would going look to week, rate by are got on pace big communicated say our at XX% month I this by as we to growth by what for. not have expecting are for we we or we

in are far so quarter, those seeing trends fourth our And we continues.

Andrew Mali Vijayan

helpful. Great. Thank That you. is

Operator

go from to we Wilen Jamie will Next Management. Wilen

Your line is open.

Jamie Wilen

go efficiently season run Jersey this you That holiday more I have did the to was capacity quarter. running do now and are DTGXGo. you year? they year about capacity And ability integration there you or expenses in you Are a nice are want in ask will this your go. and last to more when New additions you how impact the running in XX/X, through than they as up Dallas

Deborah Merrill

Yes. Those the Jamie. of kind are good summer. two really locations end be at of this opening will questions The

right So those get obviously running opened the the when the first of for them season. holiday up is end speed full to the to towards and year have into quarter fiscal then we expect

expenses that, tariff a again support seasons we in holiday that we some to be certainly upcoming from be overall we expected more so will XX impact to this quarter significant next plus that definitely the the results. for We rate you business, strong expect expect last in first to year year There will know of capacity have growth don't % help that see to than that. this did will the but

the New past get customers Dallas, some City that growth our being day maybe seen into benefits think of ship than in stronger will York have in we for allow to able as from should one see know think just key those also We and they to markets some them you well. we and

good will we our for be customers think for it and good us. So

Jamie Wilen

and additional type Are growth, organic that retailers or coming that what from? type business is of of is And you picking where brick consistent growth? the generating mortar XX% up

Deborah Merrill

Yes. exciting seeing in is growth lot are a thing of that The customer we new areas.

our so and would know in good and you retailers traditional existing We are and of is more call from there. interest itself, that growth see interest more but we seeing within what the customers continue to we

the are about really sales well and promotional realizing for the know areas, channels commitment product we that those people been think provide no them, that have sales I inventory talking can growth as the opportunity as you benefits in different the we with across channels. and other

as us, we was one it's that reaching of exciting point but spectrum just customers this from really at in are really broad not different that coming for So a time. place,

Jamie Wilen

you And digital polyester, season? printing on is have that an to your this Great. now impact on will capability have go, that the business in ready holiday

Deborah Merrill

of and It off piece be were more online as up in customer will, excited other we getting launched those of now has equipment products of by so launched it that selling new that we with customers. are new been speak, our to

value So, using certainly that and first will yes think that we year continue will we do, holiday during add season as well time. we to the we this the be for

Jamie Wilen

you very of accounts. your and new fully on then and customers your vertical was business have, a out and that supply you the you if existing existing more and How of that have obviously had capabilities be increasing the vertical obviously you an side for lastly in Okay supply is do using vertical the made your when chain stocks there won't small acquisitions percentage hand them. placed with inventory to on penetration supply to The the progress expect integrated. order

Deborah Merrill

more pleased actually the initiative a previously did were we success over we Delta that a are the so and more we pick with progress had not to that up the during are already switch over. the we making the are and quarter convert we say to of products, Delta that it's having quarter, customers products expect using very would I big And and couple during -

exciting are the vertical a than same we online right there have as is that roof. products, more seeing on that are we Even it customers convert benefits having to come the they the really than them, in other then start are platform new them think selling to and supply rather now, are and under I that the coming products selling our of chain

good So there. really I trends think happening some

Robert Humphreys

Jamie the process really just our it adds are want products, we our economic marketed for little limited the to Its distribution majority eliminates in to amount we like that residual so have obviously some stocks. the this product, to to that. markets add duplications use of that vast of in and cost big value, space just the bit profit pack in we that Northeast of have these compelling limiting and it we actually a because in another layer model key of and eliminates manufacture control products already of to

overtime generally we lot it’s as a So have got pretty easy progress. we leverage and sell of

Jamie Wilen

Excellent.

you your in future? accounts, Now doors, would new where Salt online the were Life, and growth where business, from greatest have is lastly on the the are greatest in it national you opportunities past, achieving opportunities your specialty more been say

Robert Humphreys

Yes.

weeks We So and it really didn’t through before on that the had so to about of with our e-commerce are consumers all about has distribution were down transition growth really so it was lay site we that turned five of of encouraging for frustrate was seeing strong this flat this quarter want we been channels we of past six e-commerce. all marketing we for our the a while force off our greater marketing quarter, across typically our or of going what and rebounds. growth turned we it

the setting And was which course we aside, prior to to saw really on we had in growth, compared year. growth then our stores saw our a So of retail independence opened major see that the customers we own. couple nice more the the of

Life. So for it is balance growth nice quarter Salt

Jamie Wilen

merchandise that of carrying are their you? Have the doors the they national accounts for of or expanded number now depth

Robert Humphreys

know selling our are as contracting A them they retail. at is are some product of expanding you them and both them of and where see little doors doors some for bit of

going is that is for forward. there think that I few be with a going things helpful on Life to Salt going competitors are

and our getting source really presented strong to we up pre-sell our ability product next we now before year are what and it are pre-orders encouraging. spring and to is We booking of response

of lots bit. in I has new the over we of think last And been the a so things few little on seeing going lot some of Salt are players, in, coming of that marketplace, partially because and of laying Life players that years there success a

do and these, able percentage on to do is excellent broader make profitably lot to expect that of be more retailers customer and we to I be services space to retails. So product think our an us job and offerings landing we a some service displayed in these

we We opportunity in retailers are they get are of sales do sales lot per foot we will we and in of their the great doors markets and increased a square doors, of have our in increase. percent the we to bigger show are can these a them a where most to of proud offer carry

Jamie Wilen

I have someone more, will queue, back hop I Great. got in but some let the else go.

Operator

BICM. Alright [Operator Chris we Instructions] from our and question from Colvin will next take

Your line open. is

Chris Colvin

I businesses Life And this. which Salt but I some I may can Delta have growth question. if Soffe, any on the heard DTGXGo, missed for my of as other taking mentioned stats private the label? you great apologize and such thanks Hey, provide growth metrics on activewear, Catalog you

Deborah Merrill

Certainly.

the I some Bob again excited mentioned we call growth. as Soffe, are think to during So see

strong on wins driven seeing Soffe been military, a quarter specialty quarter, retailers. about achieved by certainly this have that but during we some some X% in also team dealer growth the and

for quarter. growth top-line profitability the on both that Soffe, for quarter business in some nice improved and a significantly the was that So

business activewear then our the catalog sales really decline I the business grew, the And with actors label saw business, on about flat earlier for but we to private offset end that in our mentioned up then activewear quarter. being that

flowing business, that a record units in there. have private label as reminder, we Just got through

in customers than to significantly both lower, an is our business in just mix from lower of The flowing more us that asked and selling selling a average the changes it some price make. average FunTees garment through through price in that lower children's previously. we due fabrication to was the shift that at com selling products are But wear that

we So sales in unit, that are dollars while on are record achieving down. the

Chris Colvin

it. Got

Thank Okay. you.

Operator

take Jamie Wilen Management. And a Wilen next, will from we up follow with

line open. Your is

Jamie Wilen

Yes.

Salt Just more on a few Life.

to the it relatively your many So what you and per presence past mentioned you online I been your in for is you XX% to growing took it's that believe are outlook year five down back quarters XX% there now six weeks, flat have online?

Robert Humphreys

we online didn't took take you our down down marketing know, our we for four weeks, keywords. Jaime, website marketing, our six So to

actually down along So for I four think we days took it weekend.

you we know it e-commerce across growth So put platform I would general. have whole see the in - slowing sales are say

And or many profitability is so so the consumers people the all across we profitable money their our distribution committed having declining and more channel our as they are e-commerce their remain to spending marketplace get there and further nicely in slow are sites. cases losses growing in to

So some of that stuff, we are not choosing to chase.

XX% sorts growth more, online profitability the free you most going continue on to Life on sites good, pretty it those site unless will returns seeing just to on Salt we are more be so the really sales. how willing of sales organic not that on gets, is to hurt And with discount of things site, but what a and XX% have I'm to to see progress today things as based e-commerce

Jamie Wilen

Okay.

where in Life important finish levels the for the as sell-through been? inventory Life sell-through business On for Salt and how this it in is season. and expectations reorder quarter you obviously the has be so How your field should look the Salt just would at we

Robert Humphreys

the merchandize I has mode, been know the quarter, all we obviously reorder the a in shipped. spring in you are start know think off are you Well good to we

to delivered we people and Carolina products are where requested addressing Next season year, two different some we and help that deliveries so will there, more the is business going later outside that. from all three be a North is our really of to to bit be

stage, orders, So are extremely traditionally expect are good the what - we sells they is as the and season that at at end shape do. the get it’s really in retail good and on of replenishment about we good beginning we towards this news everyday Life we Salt

what than items have performance speculate We for. we do orders fashion and our improve and pre-sell much we don't hard

stuff sell-through and them those is So graphic we tees, are some quickly. basically we owned, you vertical replenish the that which and tees generally the cotton poly-cotton can make graphic then and we know

So overall have supply goods that backed little off. happen got what tariffs Salt got a fall in could will Considering chain for nice early. a on we bring bit Life, you we some

time will inventory to composition in you did. on this we fall start good as we early shipping So be a traditionally year know and

Jamie Wilen

Okay. Thanks. job Great fellows.

Operator

[Operator Furst go will Joe to Associates. Instructions] Furst Next we from

Joe Furst

gentlemen. afternoon Good

the thoughts weakness fact in and that are your what the on are current price your the stock Given stock well, you buyback? so doing

Robert Humphreys

we back been stock have every been about we have a for company. buying that public Well just year

our We ability before in know to stock, stock I is have pretty and price any authorization value is trading buy back a so under for to you think think that our Safe great is said do below have a investment. Harbor time it our book provision easy I we us a left decision

So all stuff. that is good

time really and in margin operating years our business, my use for grow grow organically been I'd flow we the a where you both from have times our lot maybe stock, around back our I'm all and buy the seen say grow There to have excited has good hand what as it shareholder excess business. excited shareholder cash margin a opportunity and our still opportunities gross of this know and companies I'm with while more and market in back line. haven’t for to some look items higher a to don’t I think do at money I buying that to we at us getting our or particularly in that to stock we you as the

on strategies to our trying are we and that with acquisitions and and when what keep are to and repurchases. balance So think we they balance strategic two business priced a organically, fairly we will those do focus share grow

Joe Furst

We good work. appreciate Great. a lot. the Thanks

Robert Humphreys

Okay. Thank you.

Deborah Merrill

you. Thank

Operator

any back And in I'll management the we questions turn for this queue have remarks. time. no further closing at to it

Robert Humphreys

Okay. Company. Well in interest your thanks time for our and

here updating further to forward you in few just look will We months. our a full-year on

again. thanks So

Operator

participation. And your that for for today. you call Thank our concludes

may You disconnect. now

Delta Apparel (DLAPQ) 5 Aug 192019 Q3 Earnings call transcript