GREENVILLE, S.C. (AP) — Delta Apparel said Wednesday that its net income fell nearly 18 percent in the fiscal fourth quarter compared to a year ago, when it received a larger income tax benefit.
Delta Apparel is an international design, marketing, manufacturing and sourcing company that sells a variety of casual and athletic products. The company said its Junkfood, The Game, and Art Gun brands were strong in the fourth quarter and revenue for its Soffe business slumped. Delta Apparel also said it bought Salt Life Holdings, which makes beach lifestyle clothing and accessories.
The company said its net income fell to $4 million, or 48 cents per share, for the three months ended June 29. That was down from $4.8 million, or 55 cents per share, in the 2012 fourth quarter.
Revenue dipped 1 percent, to $133.6 million from $135.4 million.
The company reported a $330,000 income tax benefit for the quarter, down from a $1.8 million benefit last year.
Delta Apparel is paying $15 million in cash for Salt Life, which has had a licensing deal with The Game since January 2011. The agreement also includes $22 million in promissory notes, and Delta Apparel could make another payment based on Salt Life product sales in 2019. It said Salt Life now has about $20 million in annual revenue, and will become a unit of To The Game division
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