Investor Presentaiton
Non-GAAP Reconciliation
Gross Profit
Gross Margins
Operating Income
Operating Income Margins
Net Earnings (Loss) Attributable to Shareholders
Diluted Net Earnings (Loss) per Common Share **
Fiscal 2020
Non-GAAP
GAAP Measure
GAAP Measure
Measure
Reported
COVID-Related
Expenses (1)
Adjusted *
Reported
68,375
17.9%
14,700
83,075
85,152
3.9%
21.8%
19.7%
DELTA
EST. 1903
Fiscal 2019
Non-GAAP
Measure
Litigation
Settlements (2)
Adjusted*
85,152
19.7%
(7,075)
25,200
18,125
15,895
1,529
17,424
(1.9%)
6.6%
4.8%
3.7%
0.4%
4.0%
(10,577)
($1.53)
19,152
$2.73
8,575
$1.22
8,242
$1.17
1,492
9,734
$0.21
$1.38
* Adjusted results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of each of these adjustments.
** Reported earnings per share are calculated based on diluted weighted average shares of 6,922 thousand shares and 7,064 shares for fiscal years 2020 and 2019, respectively. Adjustments and adjusted earnings per
share are calculated based on diluted weighted average shares of 7,008 thousand shares and 7,064 thousand shares for fiscal years 2020 and 2019, respectively.
(1) Approximately $25.2 million of expenses associated with the impacts from the COVID-19 pandemic and 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 ($6.6 million), and other
expenses ($4.1 million).
(2) Approximately $2.5 million of unfavorable litigation settlement due to the bankruptcy of a customer in the Delta Group segment in the first quarter fiscal year 2019, partially offset by approximately $1.3 million in
other income as the result of a favorable litigation settlement in the Salt Life Group segment in the third quarter fiscal year 2019.
Delta Apparel, Inc. 2021 Annual Meeting of Shareholders
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