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A look from Tommy Hilfiger. Tommy Hilfiger at Delta Galil. Tommy Hilfiger at D2. Nearly Nude at D2.
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current news

Income, Sales Continue To Rise at Delta Galil


(Filed Under Financial and General Interest News). Income at Delta Galil for the six months ending June 30, 2012 rose to $23 million on sales of $337 million compared with income of $11 million on sales of $318 million for the same period last year.

Sales in the second quarter were $169 million, the 11th consecutive quarter in which the company recorded a sales increase. Net income was $6.1 million.

“We have continued our growth strategy of building a solid offering of branded products and pursuing opportunities in a range of international markets,” declared Isaac Dabah, CEO of Delta in a press release accompanying the release of data. “As a result, we have delivered an increase in sales for the 11th consecutive quarter. The company’s performance in the quarter reflected the strong business with our biggest customers, which drove solid top-line growth, especially in the U.S. market. In the second half of this year, we expect to benefit from our investment in Schiesser Group, an acquisition that we completed on July 2nd, 2012, which gives us an even greater presence in branded products and in new global markets.”

Additional portions of the Delta press release, appearing on the public company’s website, read as follows:

“Delta Galil reported sales for the second quarter of 2012 of $169.1 million, compared to $160.2 million in the same quarter of 2011, an increase of 6%. Sales in the first six months of 2012 also increased by 6% and amounted to $337.2 million, compared to $317.6 million in the first half of 2011. The increased sales in the second quarter and first half of 2012 compared to the corresponding periods last year were due primarily to higher sales in North America.

Operating income before capital gains and one-time items amounted to $8.8 million in the second quarter of 2012, compared to $7.9 million in the second quarter of 2011, a 12% increase. In the first half of 2012, operating income before one-time items amounted to $15.2 million, compared to $11.9 million in the first half of 2011, a 28% increase.

Net income attributed to shareholders before capital gains and one-time items, net after tax, was $6.1 million in the second quarter of 2012, compared to $ 5.6 million in the same quarter of last year, a 9% increase. For the first six months of 2012, net income attributed to shareholders before capital gains and one-time items, net after tax, was $10.0 million, rising 16% from $8.6 million in the same period of 2011.

Diluted earnings per share attributed to shareholders, excluding capital gains and one-time items, was $0.25 for the 2012 second quarter and $0.41 for six months. In the second quarter and first six months of 2011, the comparable amounts were $0.24 and $0.35, respectively.

Results for the second quarter and first half of 2012 included the following capital gains and one-time items: i) a capital gain of $19.9 million from the sale of real estate; ii) expenses of $1.2 million arising from the acquisition of Schiesser Group; iii) a write-down of unused fixed assets of $1.3 million; and iv) restructuring expenses of $3.0 million, due to efficiency actions that included the consolidation of production sites at Karmiel, Israel and the relocation of the logistics center to Caesarea. The total of all the one-time items included in operating income in the second quarter and first half of 2012 was positive $14.4 million. This compared to income from one-time items of $3.6 million in the first half of 2011, reflecting capital gains from realization of a fixed asset and the sale of a franchising agreement.

OUTLOOK FOR 2012 RESULTS

Delta Galil increased its previous estimate for 2012 business results (originally provided in the 2011 year-end press release), to include the results of Schiesser Group starting in the third quarter of this year. The following forecast excludes the effect of any one-time items, net of tax:

• Full-year 2012 sales are estimated to range from $810 million to $820 million, which would constitute an increase of 19% to 21% compared to reported 2011 sales of approximately $679 million.

• Full-year 2012 operating income is estimated to range between $50 million and $52 million, which would constitute an increase of 26% to 31% compared to reported 2011 operating profit of approximately $40 million.

• Full-year 2012 net income is estimated to range between $33 million and $34.5 million, which would constitute an increase of 20% to 26% compared to reported 2011 net profit of approximately $27.4 million.

• Full-year 2012 diluted EPS is estimated to range between $1.37 and $1.44, which would constitute an increase of 19% to 25% compared to reported 2011 diluted EPS of $1.15 per share.

STRONG CASH FLOW

Delta derived positive cash flow from current operations in the second quarter of 2012 of $16.1 million, compared to $5.9 million in the same quarter last year, an increase of 174%. Cash flow from current operations in the first half of 2012 was $35.5 million, compared to $2.8 million in the same period last year.

The improved cash flow from current operations in the second quarter and first half of 2012 compared to the corresponding periods last year was due to the increase in net income, as well as a decrease in working capital in the first half of 2012, compared to an increase in working capital in the first half of 2011.

NET FINANCIAL DEBT REDUCED; CAPITAL INCREASED

The net financial debt of Delta Galil amounted to $22.7 million at June 30, 2012, a sharp decrease from $84.0 million at June 30, 2011 and $53.8 million on December 31, 2011. The decrease in financial debt derives from the positive cash flow from current operations in the last 12 months, which amounted to $69 million.

The capital of the Group as of June 30, 2012 amounted to $237.3 million, representing 51.1% of the total balance sheet, compared to approximately $205.4 million, representing 46.9% of the total balance sheet as of June 30, 2011 and $217.2 million, or 49.0% of the total balance sheet, as of December 31, 2011. The increase in capital derives from total income for the first half of 2012, which amounted to approximately $22.3 million, less distributed dividend in the amount of $3.9 million.

DIVIDEND DECLARATION

Delta Galil declared a dividend totaling approximately $2.1 million, or $0.0884 per share, to be distributed on August 28, 2012. The determining and “ex-dividend” date for this distribution will be August 15, 2012.”


more Financial and General Interest News >>

Published 08-14-2012 by -

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