Delta Apparel 4Q Net Rises On 98 percent Increase In Sales

<p>Delta Apparel Co.'s fourth-quarter earnings rose sharply on a 98 percent increase in sales, driven by the company's acquisition of M.J. Soffe Co.</p><p>The athletic apparel maker on Friday reported net income of $5.4 million, or $1.28 a share, for the period ended July 3, up from net income of $1.6 million, or 39 cents a share, a year ago.</p><p>Fourth-quarter sales increased to $72.9 million from $36.8 million in the year-ago period as the Soffe business contributed $32.2 million to sales during the quarter.</p><p>Delta completed its acquisition of Soffe in October 2003. When the deal was announced in July 2003, it was valued at up to $72 million.</p><p>For the fiscal year, Delta Apparel's earnings increased to $9.7 million, or $2.32 a share, higher than year-ago earnings of $6.1 million, or $1.45 a share.</p><p>Fiscal-year sales increased to $208.1 million from $129.5 million. The Soffe acquisition contributed $71.8 million to sales in the fiscal year.</p><p>The company's board also declared a dividend of 7 cents, payable Sept. 13 to shareholders of record as of Sept. 1.</p><p>Shares of Delta Apparel recently traded at $25.70, up $2.47, or 10.6 percent, on volume of 12,600 shares. Average daily volume is 2,323 shares.</p>