Strong Performance Reflects 6% Rise in Sales and 12% Growth in
Operating Income before Capital Gains and One-Time Items
Outlook Increased for Full-Year 2012 Business Results
Quarterly Highlights
-
Sales were $169.1 million in the 2012 second quarter, up 6% from the
same period of 2011. This is the 11th consecutive quarter
in which Delta delivered an increase in sales.
-
Operating income before capital gains and one-time items was $8.8
million for the 2012 second quarter, a 12% increase from a year ago.
-
Net income attributed to shareholders before capital gains and
one-time items was $6.1 million in the 2012 second quarter, a 9%
increase from the same quarter 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, up from $0.24 and $0.35,
respectively, for the same periods of 2011.
-
Cash flow from current operations in the 2012 second quarter was $16.1
million, up from $5.9 million in the same quarter last year.
-
Net financial debt of the Company on June 30, 2012 was $22.7 million,
decreasing from $84.0 million on June 30, 2011 and $53.8 million on
December 31, 2011.
-
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.
-
Isaac Dabah, CEO of Delta Galil, noted: “The Company’s performance in
the quarter reflected the strong business with our biggest customers
which drove solid top-line growth.”
TEL AVIV, Israel--(BUSINESS WIRE)--Delta Galil Industries, Ltd. (DELT/Tel Aviv Stock Exchange,
DELTY.PK/OTCQX), the global manufacturer and marketer of branded and
private label apparel products for men, women and children, today
reported its financial results for the second quarter of 2012.
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.
CEO Comment: Branded Products, Global Markets
Drive Growth
Isaac Dabah, CEO of Delta Galil, stated: “We have continued our growth
strategy of building a solid offering of branded products and pursuing
opportunities in a range of international markets. 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.”
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.
|
|
|
|
|
|
|
DELTA GALIL INDUSTRIES LTD.
|
|
Concise Consolidated Balance Sheets
|
|
As of June 30, 2012
|
|
|
|
|
|
|
|
|
|
June 30
|
|
December 31
|
|
|
|
2012
|
|
2011
|
|
2011
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
Thousands of Dollars
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
4,099
|
|
43,894
|
|
65,760
|
|
Restricted cash
|
|
85,647
|
|
-
|
|
-
|
|
Other accounts receivable:
|
|
|
|
|
|
|
|
Trade receivables
|
|
95,435
|
|
107,686
|
|
103,444
|
|
Taxes on income receivable
|
|
1,794
|
|
29
|
|
1,434
|
|
Others
|
|
10,105
|
|
13,435
|
|
9,770
|
|
Inventories
|
|
100,905
|
|
116,705
|
|
110,824
|
|
Assets classified as held for sale
|
|
6,183
|
|
1,766
|
|
1,766
|
|
Total current assets
|
|
304,168
|
|
283,515
|
|
292,998
|
|
Non-current assets:
|
|
|
|
|
|
|
|
Long-term pre-paid expenses
|
|
345
|
|
222
|
|
322
|
|
Long-term receivables
|
|
15,618
|
|
1,333
|
|
1,202
|
|
Fixed assets, net of accumulated depreciation
|
|
61,139
|
|
63,500
|
|
64,184
|
|
Intangible assets, net of accumulated amortization
|
|
77,791
|
|
79,588
|
|
77,390
|
|
Deferred tax assets
|
|
5,496
|
|
7,331
|
|
7,014
|
|
Financial derivative
|
|
-
|
|
2,660
|
|
-
|
|
Total non-current assets
|
|
160,389
|
|
154,634
|
|
150,112
|
|
Total assets
|
|
464,557
|
|
438,149
|
|
443,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30
|
|
December 31
|
|
|
|
2012
|
|
2011
|
|
2011
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
Thousands of Dollars
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Short-term bank loans
|
|
9,143
|
|
62,924
|
|
62,053
|
|
Current maturities of long-term loans from banking corporations
|
|
2,110
|
|
2,110
|
|
2,110
|
|
Current maturities of Debentures
|
|
15,547
|
|
-
|
|
12,367
|
|
Financial Derivative
|
|
30
|
|
-
|
|
297
|
|
Other accounts payable:
|
|
|
|
|
|
|
|
Trade payables
|
|
64,234
|
|
55,459
|
|
55,290
|
|
Taxes on income – payable
|
|
657
|
|
1,867
|
|
1,770
|
|
Others
|
|
35,411
|
|
41,219
|
|
39,096
|
|
Total current liabilities
|
|
127,132
|
|
163,579
|
|
173,613
|
|
|
|
|
|
|
|
|
|
Non-current liabilities:
|
|
|
|
|
|
|
|
Loans from financial institutions, less
|
|
|
|
|
|
|
|
current maturities
|
|
450
|
|
2,559
|
|
1,504
|
|
Severance pay over liabilities from termination of employer –
employee relations less plan assets
|
|
1,257
|
|
477
|
|
1,183
|
|
Other non-current liabilities
|
|
5,275
|
|
5,812
|
|
3,900
|
|
Debentures
|
|
85,206
|
|
60,277
|
|
41,506
|
|
Financial Derivative
|
|
6,327
|
|
-
|
|
2,978
|
|
Reserve for deferred taxes
|
|
1,640
|
|
-
|
|
1,182
|
|
Total non-current liabilities
|
|
100,155
|
|
69,125
|
|
52,253
|
|
Total liabilities
|
|
227,287
|
|
232,704
|
|
225,866
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
Equity attributable equity holders of the
parent company:
|
|
|
|
|
|
|
|
Share capital
|
|
23,166
|
|
23,097
|
|
23,106
|
|
Share premium
|
|
122,403
|
|
121,121
|
|
121,216
|
|
Other capital reserves
|
|
(1,275)
|
|
1,416
|
|
(633)
|
|
Unassigned income balance
|
|
100,512
|
|
66,963
|
|
81,084
|
|
Treasury shares
|
|
(9,700)
|
|
(9,700)
|
|
(9,700)
|
|
|
|
235,106
|
|
202,897
|
|
215,073
|
|
Minority interests
|
|
2,164
|
|
2,548
|
|
2,171
|
|
Total equity
|
|
237,270
|
|
205,445
|
|
217,244
|
|
Total liabilities and equity
|
|
464,557
|
|
438,149
|
|
443,100
|
|
|
|
|
|
|
|
|
|
The enclosed notes constitute an integral part of these
Financial Statements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DELTA GALIL INDUSTRIES LTD.
|
|
Concise Consolidated Statement of Comprehensive Income
|
|
For the 3-month and 6-month periods ending June 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Increase
|
|
|
|
% Increase
|
|
|
|
Six months ended June 30
|
|
(Decrease)
|
|
Three month ended June 30
|
|
(Decrease)
|
|
|
|
2012
|
|
2011
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
(Unaudited)
|
|
|
|
Thousands of Dollars
|
|
|
|
Except for Earnings per Share Data
|
|
Sales
|
|
337,216
|
|
317,650
|
|
6%
|
|
169,149
|
|
160,226
|
|
6%
|
|
Cost of sales
|
|
273,999
|
|
255,929
|
|
|
|
137,226
|
|
127,483
|
|
|
|
Gross profit
|
|
63,217
|
|
61,721
|
|
|
|
31,923
|
|
32,743
|
|
|
|
% of sales
|
|
18.7%
|
|
19.4%
|
|
|
|
18.9%
|
|
20.4%
|
|
|
|
Selling and marketing expenses
|
|
37,112
|
|
35,859
|
|
4%
|
|
18,545
|
|
18,315
|
|
1%
|
|
% of sales
|
|
11.0%
|
|
11.3%
|
|
|
|
1.0%
|
|
11.4%
|
|
|
|
Administrative and general expenses
|
|
11,340
|
|
12,791
|
|
(11%)
|
|
5,349
|
|
6,377
|
|
(16%)
|
|
% of sales
|
|
3.4%
|
|
4.0%
|
|
|
|
3.2%
|
|
4.0%
|
|
|
|
Other income (expenses), net
|
|
410
|
|
(1,219)
|
|
|
|
756
|
|
(195)
|
|
|
|
Operating income excluding capital gains and non-recurring
items
|
|
15,175
|
|
11,852
|
|
28%
|
|
8,785
|
|
7,856
|
|
12%
|
|
% of sales
|
|
4.5%
|
|
3.7%
|
|
|
|
5.2%
|
|
4.9%
|
|
|
|
Capital gain from selling of asset held for sale
|
|
19,910
|
|
|
|
|
|
19,910
|
|
|
|
|
|
Capital gain from realization of fixed asset and franchising
agreement
|
|
|
|
3,597
|
|
|
|
|
|
|
|
|
|
Schiesser acquisition cost
|
|
1,160
|
|
|
|
|
|
1,160
|
|
|
|
|
|
Impairment of fixed assets
|
|
1,309
|
|
|
|
|
|
1,309
|
|
|
|
|
|
Restructuring expenses
|
|
2,982
|
|
|
|
|
|
2,982
|
|
|
|
|
|
Operating income
|
|
29,634
|
|
15,449
|
|
92%
|
|
23,244
|
|
7,856
|
|
195%
|
|
Finance expenses, net
|
|
3,977
|
|
2,752
|
|
44%
|
|
1,856
|
|
1,717
|
|
8%
|
|
Profit before tax on income
|
|
25,657
|
|
12,697
|
|
|
|
21,388
|
|
6,139
|
|
|
|
Taxes on income
|
|
2,739
|
|
1,222
|
|
|
|
2,401
|
|
510
|
|
|
|
Income for the period
|
|
22,918
|
|
11,475
|
|
|
|
18,987
|
|
5,629
|
|
|
|
Income for period excluding capital gain and non-recurring items,
net for period
|
|
10,055
|
|
8,645
|
|
16%
|
|
6,124
|
|
5,629
|
|
9%
|
|
Attribution of net earnings for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To shareholders of the parent company
|
|
22,858
|
|
11,413
|
|
|
|
18,957
|
|
5,599
|
|
|
|
To minority interests
|
|
60
|
|
62
|
|
|
|
30
|
|
30
|
|
|
|
|
|
22,918
|
|
11,475
|
|
|
|
18,987
|
|
5,629
|
|
|
|
Diluted earnings per share attributed to shareholders of the
company
|
|
0.95
|
|
0.47
|
|
102%
|
|
0.79
|
|
0.24
|
|
229%
|
|
Diluted earnings per share attributed to shareholders of the
company excluding capital gain and non-recurring items
|
|
0.41
|
|
0.35
|
|
17%
|
|
0.25
|
|
0.24
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DELTA GALIL INDUSTRIES LTD.
|
|
Concise Consolidated Cash Flow Reports
|
|
For the 3-month and 6-month periods ending June 30, 2012
|
|
|
|
|
|
|
|
|
|
Six months ending
|
|
Three months ending
|
|
|
|
June 30
|
|
June 30
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
(Unaudited)
|
|
|
|
Thousands of Dollars
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net profit for the period
|
|
22,918
|
|
11,475
|
|
18,987
|
|
5,629
|
|
Adjustments required to reflect cash flows deriving from operating
activities
|
|
17,434
|
|
(5,523)
|
|
(1,208)
|
|
1,891
|
|
Interest paid in cash
|
|
(3,086)
|
|
(2,441)
|
|
(525)
|
|
(734)
|
|
Interest received in cash
|
|
539
|
|
396
|
|
219
|
|
237
|
|
Taxes on income paid in cash, net
|
|
(2,324)
|
|
(1,153)
|
|
(1,385)
|
|
(1,153)
|
|
Net cash generated from operating activities
|
|
35,481
|
|
2,754
|
|
16,088
|
|
5,867
|
|
Cash flows from investment activities:
|
|
|
|
|
|
|
|
|
|
Acquisition of activity
|
|
-
|
|
(4,000)
|
|
-
|
|
(4,000)
|
|
Acquisition of fixed assets and intangible assets
|
|
(6,410)
|
|
(5,644)
|
|
(4,220)
|
|
(3,056)
|
|
Restricted cash deposit
|
|
(86,527)
|
|
-
|
|
(86,527)
|
|
-
|
|
Proceeds from sale of assets held for sale
|
|
1,865
|
|
191
|
|
1,824
|
|
121
|
|
Payments relating to realizations of assets held for sale
|
|
(705)
|
|
-
|
|
(244)
|
|
-
|
|
Proceeds from selling of fixed asset
|
|
506
|
|
4,035
|
|
6
|
|
268
|
|
Loans to subcontractor
|
|
(400)
|
|
(400)
|
|
-
|
|
(400)
|
|
Loans granted to employees
|
|
(28)
|
|
(10)
|
|
(15)
|
|
(8)
|
|
Employees' loans return
|
|
31
|
|
22
|
|
15
|
|
7
|
|
Others
|
|
(126)
|
|
(52)
|
|
96
|
|
(52)
|
|
Net cash used for Investing activities
|
|
(91,794)
|
|
(5,858)
|
|
(89,065)
|
|
(7,120)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Dividends paid holders of minority rights in consolidated
Subsidiary
|
|
(67)
|
|
(61)
|
|
(67)
|
|
(61)
|
|
Proceeds from the issuance of debentures, less issuance Expenses
|
|
50,987
|
|
-
|
|
50,987
|
|
-
|
|
Dividend paid
|
|
(3,900)
|
|
(4,000)
|
|
(1,900)
|
|
(2,000)
|
|
Repayment of loans and other long-term liabilities
|
|
(1,056)
|
|
(1,057)
|
|
(906)
|
|
(907)
|
|
Short-term credit from banking corporations, net
|
|
(53,182)
|
|
5,250
|
|
(48,020)
|
|
1,091
|
|
Proceeds from exercise of employee options
|
|
1,247
|
|
161
|
|
1,044
|
|
-
|
|
Net cash generated from financing activities (used for financing
activities)
|
|
(5,971)
|
|
293
|
|
1,138
|
|
(1,877)
|
|
Net increase (decrease) in cash and cash equivalents
|
|
(62,284)
|
|
(2,811)
|
|
(71,839)
|
|
(3,130)
|
|
Profit due to exchange rate differentials on cash and cash
equivalents
|
|
623
|
|
490
|
|
884
|
|
230
|
|
Balance of cash and cash equivalents at the beginning of the
period
|
|
65,760
|
|
46,215
|
|
75,054
|
|
46,794
|
|
Balance of cash and cash equivalents at the end of the Period
|
|
4,099
|
|
43,894
|
|
4,099
|
|
43,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DELTA GALIL INDUSTRIES LTD.
|
|
Concise Consolidated Cash Flow Reports
|
|
For the 3-month and six-month periods ending June 30, 2012
|
|
|
|
|
|
|
|
|
|
Six months ending
|
|
Three months ending
|
|
|
|
June 30
|
|
June 30
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
(Unaudited)
|
|
|
|
Thousands of Dollars
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments required to reflect cash flows from operating
activities:
|
|
|
|
|
|
|
|
|
|
Revenues and expenses not involving cash flow:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
4,589
|
|
4,701
|
|
2,397
|
|
2,333
|
|
Amortization
|
|
1,139
|
|
922
|
|
592
|
|
458
|
|
Profit due to exchange rate differences
|
|
(623)
|
|
(490)
|
|
(884)
|
|
(230)
|
|
Interest paid in cash
|
|
3,086
|
|
2,441
|
|
525
|
|
734
|
|
Interest received in cash
|
|
(539)
|
|
(396)
|
|
(219)
|
|
(237)
|
|
Taxes on income paid in cash
|
|
2,324
|
|
1,153
|
|
1,385
|
|
1,156
|
|
Deferred taxes on income, net
|
|
1,976
|
|
(1,818)
|
|
2,141
|
|
(767)
|
|
Liabilities from termination of employer – employee relations, net
|
|
76
|
|
5
|
|
(28)
|
|
16
|
|
Capital gain from sale of fixed assets
|
|
-
|
|
(101)
|
|
-
|
|
(108)
|
|
Capital gain from realization of asset classified as held for sale
|
|
(19,910)
|
|
(2,330)
|
|
(19,910)
|
|
-
|
|
Impairment of fixed assets
|
|
1,309
|
|
-
|
|
1,309
|
|
-
|
|
Restructuring expenses
|
|
1,094
|
|
-
|
|
1,094
|
|
-
|
|
Change in benefit component of options granted to employees
|
|
470
|
|
581
|
|
182
|
|
278
|
|
Change in fair value of financial instruments derived
from
hedging against currency exposure
|
|
|
|
|
|
|
|
|
|
|
(374)
|
|
918
|
|
(696)
|
|
161
|
|
Long-term pre-paid expenses
|
|
22
|
|
(24)
|
|
38
|
|
(26)
|
|
Others
|
|
746
|
|
237
|
|
612
|
|
(135)
|
|
|
|
(4,615)
|
|
5,799
|
|
(11,462)
|
|
3,633
|
|
Changes to operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in trade receivables
|
|
7,011
|
|
(17,196)
|
|
(2,395)
|
|
(7,593)
|
|
Increase in other receivable and balances
|
|
(1,124)
|
|
(2,195)
|
|
(2,090)
|
|
(2,195)
|
|
Increase in trade payables
|
|
6,834
|
|
2,229
|
|
11,897
|
|
7,063
|
|
Increase (decrease) in other payables
|
|
(135)
|
|
(578)
|
|
5,280
|
|
5,444
|
|
Decrease (increase) in inventory
|
|
9,463
|
|
6,418
|
|
(2,438)
|
|
(4,461)
|
|
|
|
22,049
|
|
(11,322)
|
|
10,254
|
|
(1,742)
|
|
|
|
17,434
|
|
(5,523)
|
|
(1,208)
|
|
1,891
|
|
|
|
|
|
|
|
|
|
|
About Delta Galil Industries
Delta Galil Industries is a global manufacturer and marketer of branded
and private label apparel products for men, women and children. Since
its inception in 1975, the Company has continually strived to create
products that follow a body-before-fabric philosophy, placing equal
emphasis on comfort, aesthetics and quality. Delta Galil develops
innovative seamless apparel including bras, shapewear and socks;
intimate apparel for women; extensive lines of underwear for men;
babywear, activewear, sleepwear, and leisurewear. For more information,
visit www.deltagalil.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
"anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify such forward-looking statements. Actual
results, performance or achievements could differ materially from those
contemplated, expressed or implied by the forward-looking statements
contained herein, and while expected, there is no guarantee that we will
attain the aforementioned anticipated developmental milestones. These
forward-looking statements are based largely on the expectations of the
Company and are subject to a number of risks and uncertainties. These
include, but are not limited to, risks and uncertainties associated
with: the impact of economic, competitive and other factors affecting
the Company and its operations, markets, product, and distributor
performance, the impact on the national and local economies resulting
from terrorist actions, and U.S. actions subsequently; and other factors
detailed in reports filed by the Company.
Contacts
UNIK
Nissim Duek
Meital Levi Tal
+972-54-7739677
meitall@unik.co.il
or
U.S.
Media:
Berns Communications Group
Stacy Berns/Jessica
Liddell
+1-212-994-4660
sberns@bcg-pr.com