UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 For the quarterly period ended January 1, 2000
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 For the transition period from to
Commission File Number 0-23161
Tropical Sportswear Int'l Corporation
(Exact name of registrant as specified in its charter)
Florida 59-3424305
(State or other jurisdiction of I.R.S. Employer
incorporation or organization) Identification No.
4902 W. Waters Avenue, Tampa, FL 33634-1302
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (813) 249-4900
(Former name, former address and former fiscal year,
if changed since last report.)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
[X] Yes [ ] No
As of February 4, 2000 there were 7,623,690 shares of the registrant's Common
Stock outstanding.
<PAGE>
TROPICAL SPORTSWEAR INT'L CORPORATION
<TABLE>
<CAPTION>
FORM 10-Q
TABLE OF CONTENTS
<S> <C> <C>
PART I Financial Information Page No.
--------
Item 1 Financial Statements 3
Item 2 Management's Discussion and Analysis of Financial Condition and
Results of Operations 10
Item 3 Quantitative and Qualitative Disclosures About Market Risk
PART II Other Information
Item 1 Legal Proceedings 13
Item 2 Changes in Securities 13
Item 3 Defaults upon Senior Securities 13
Item 4 Submission of Matters to a Vote of Security Holders 13
Item 5 Other Information 13
Item 6 Exhibits and Reports on Form 8-K 13
</TABLE>
<PAGE>
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
TROPICAL SPORTSWEAR INT'L CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In thousands, except per share amounts)
<CAPTION>
Thirteen Thirteen
Weeks Ended Weeks Ended
January 1, January 2,
2000 1999
------------------ ---------------
<S> <C> <C>
Net sales $ 101,675 $ 94,186
Cost of goods sold 72,073 66,890
------------------ ---------------
Gross profit 29,602 27,296
Selling, general and administrative
Expenses 20,020 18,888
Severance cost 1,006 --
charge
------------------ ---------------
Operating income 8,576 8,408
Other expense:
Interest expense 4,282 4,573
Other, net 371 113
------------------ ---------------
4,653 4,686
Income before income taxes 3,923 3,722
Provision for income taxes 1,575 1,391
------------------ ---------------
Net income $ 2,348 $ 2,331
Foreign currency translation (307) 79
------------------ ---------------
Comprehensive income $ 2,041 $ 2,410
================== ===============
Net income per common share:
Basic $0.31 $0.31
================== ===============
Diluted $0.30 $0.30
================== ===============
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
TROPICAL SPORTSWEAR INT'L CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands)
<CAPTION>
January 1, October 2,
2000 1999
----------------- -----------------
ASSETS
<S> <C> <C>
Current Assets:
Cash $ 3,225 $ 1,607
Accounts receivable 71,049 76,225
Inventories 71,118 72,181
Deferred income taxes 10,732 10,732
Prepaid expenses and other current assets 7,283 14,328
----------------- -----------------
Total current assets 163,407 175,073
Property & equipment net - at cost 42,487 42,185
Intangible assets, including trademarks and goodwill 54,853 55,335
Other assets 16,565 16,729
----------------- -----------------
Total assets $ 277,312 $ 289,322
================= =================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 48,012 $ 52,841
Current portion of long-term debt and capital leases 2,443 2,191
----------------- -----------------
Total current liabilities 50,455 55,032
Long-term debt and capital leases 159,172 168,703
Deferred income taxes 2,860 2,860
Other non-current liabilities 2,921 2,904
----------------- -----------------
Total liabilities 215,408 229,499
Shareholders' equity:
Preferred stock - -
Common stock 76 76
Additional Paid in Capital 17,575 17,535
Accumulated other comprehensive income 124 431
Retained earnings 44,129 41,781
----------------- -----------------
Total shareholders' equity 61,904 59,823
----------------- -----------------
Total liabilities and shareholders' equity $ 277,312 $ 289,322
================= =================
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
TROPICAL SPORTSWEAR INT'L CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
<CAPTION>
Thirteen Thirteen
Weeks Ended Weeks Ended
January 1, January 2,
2000 1999
------------------ ------------------
<S> <C> <C>
OPERATING ACTIVITIES
Net Income $ 2,348 $ 2,331
Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation and amortization 2,263 2,342
Other, net - 275
Changes in operating assets and liabilities:
Accounts receivable 5,176 1,078
Inventories 1,062 285
Accounts payable and accrued expenses (4,828) (22,589)
Prepaid expenses and other current assets 7,045 912
Other, net 122 (629)
---------------- -----------------
Net cash provided by (used in) operating activities 13,188 (15,995)
INVESTING ACTIVITIES
Capital expenditures (2,216) (2,951)
Other, net 50 2,579
---------------- -----------------
Net cash used in investing activities (2,166) (372)
Financing activities:
Net change in long-term debt and capital leases (9,280) 19,131
Other, net (124) 99
---------------- -----------------
Net cash provided by (used in) financing activities (9,404) 19,230
---------------- -----------------
Net increase in cash 1,618 2,863
Cash at beginning of period 1,607 2,097
---------------- -----------------
Cash at end of period 3,225 4,960
================ =================
See accompanying notes.
</TABLE>
<PAGE>
TROPICAL SPORTSWEAR INT'L CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
January 1, 2000 and October 2, 1999
(In thousands, except share and per share amounts)
1. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements of
Tropical Sportswear Int'l Corporation (the "Company") includes the accounts of
Tropical Sportswear Int'l Corporation and its subsidiaries. These financial
statements have been prepared in accordance with the instructions for Form 10-Q
and, therefore, do not include all information and footnotes required by
generally accepted accounting principles for complete financial statements. The
unaudited condensed consolidated financial statements should be read in
conjunction with the audited financial statements and related notes included in
the Company's Annual Report on Form 10-K for the year ended October 2, 1999. In
the opinion of management, the unaudited condensed consolidated financial
statements contain all necessary adjustments (which include only normal,
recurring adjustments) for a fair presentation of the interim periods presented.
Operating results for the thirteen weeks ended January 1, 2000 are not
necessarily indicative of results that may be expected for the entire fiscal
year ending September 30, 2000.
2. INVENTORIES
Inventories consist of the following:
<TABLE>
<CAPTION>
January 1, October 2,
2000 1999
--------------- ------------------
<S> <C> <C>
Raw materials $9,218 $7,425
Work in process 11,680 15,445
Finished goods 50,220 49,311
--------------- ------------------
$71,118 $72,181
=============== ==================
</TABLE>
3. DEBT AND CAPITAL LEASES
Long-term debt and capital leases consist of the following:
<TABLE>
<CAPTION>
January 1, October 2,
2000 1999
--------------- ------------------
<S> <C> <C>
Revolving credit line $41,823 $53,506
Real estate loan 13,174 10,691
Senior subordinated notes 100,000 100,000
Other 6,618 6,697
--------------- ------------------
161,615 170,894
Less current maturities 2,443 2,191
--------------- ------------------
$159,172 $168,703
=============== ==================
</TABLE>
The Company's senior credit facility (the "Facility") provides for borrowings of
up to $110 million, subject to certain borrowing base limitations. Borrowings
under the Facility bear variable rates of interest (9.6% at January 1, 2000) and
are secured by substantially all of the Company's domestic assets. The Facility
matures in June 2003. As of January 1, 2000, excluding the impact of outstanding
letters of credit, an additional $52.0 million was available for borrowings
under the Facility.
<PAGE>
4. EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per
share:
Thirteen Thirteen
Weeks ended Weeks ended
January 1, January 2,
2000 1999
--------------- -----------------
Numerator for basic and diluted earnings
per share:
Net income $2,348 $2,331
Denominator for basic earnings per share:
Weighted average shares of common
stock outstanding 7,620,845 7,604,595
Effect of dilutive stock options using the
treasury stock method 108,686 280,311
--------------- -----------------
Denominator for diluted earnings per share 7,729,531 7,884,906
=============== =================
Net income per common share:
Basic $0.31 $0.31
=============== =================
Diluted $0.30 $0.30
=============== =================
5. SUPPLEMENTAL COMBINING CONDENSED FINANCIAL STATEMENTS
The Company's Senior Subordinated Notes, due 2008 (the "Notes") are jointly and
severally guaranteed by the Company's domestic subsidiaries. The wholly-owned
foreign subsidiaries are not guarantors with respect to the Notes and do not
have any credit arrangements senior to the Notes except for their local
overdraft facility and capital lease obligations.
The following is the supplemental combining condensed balance sheet as of
January 1, 2000 and the supplemental combining condensed statement of
operations and cash flows for the thirteen weeks ended January 1, 2000 and the
thirteen weeks ended January 2, 1999. The only intercompany eliminations are
the normal intercompany sales, borrowings and investments in wholly-owned
subsidiaries. Separate complete financial statements of the guarantor
subsidiaries are not presented because management has determined that they are
not material to investors.
<TABLE>
<CAPTION>
Thirteen Weeks Ended January 1, 2000
-----------------------------------------------------------------------------
Non-Guarantor
Statement of Operations Parent Guarantor Subsidiaries
Only Subsidiaries Eliminations Consolidated
--------- ------------- ------------ -------------- -------------
<S> <C> <C> <C> <C> <C>
Net sales $35,814 $ 55,819 $ 10,849 $ (807) $ 101,675
Gross profit 8,684 17,045 3,873 29,602
Operating income 1,034 6,691 851 8,576
Interest, income taxes and other, net 1,033 4,343 146 706 6,228
Net Income 1 2,348 705 (706) 2,348
</TABLE>
<TABLE>
<CAPTION>
Thirteen Weeks Ended January 2, 1999
-----------------------------------------------------------------------------
Non-
Statement of Operations Parent Guarantor Guarantor
Only Subsidiaries Subsidiaries Eliminations Consolidated
--------- ------------- ------------ -------------- -------------
<S> <C> <C> <C> <C> <C>
Net sales $ 33,956 $ 50,484 $ 11,172 $ (1,426) $ 94,186
Gross profit 8,076 16,017 3,203 - 27,296
Operating income (loss) 2,526 5,480 402 - 8,408
Interest, income taxes and other, net 1,435 2,601 211 1,830 6,077
Net income (loss) 1,091 2,879 191 (1,830) 2,331
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
As of January 1, 2000
------------------------------------------------------------------------------
Non-Guarantor
Balance Sheet Parent Guarantor Subsidiaries
Only Subsidiaries Eliminations Consolidated
----------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
ASSETS
Cash $ 1,738 $ 15 $ 1,472 $ - $ 3,225
Accounts receivable, net 29,159 35,677 6,702 (489) 71,049
Inventories 25,712 35,958 9,448 - 71,118
Other current assets 4,295 13,083 428 209 18,015
----------- ------------- ------------- ------------- --------------
Total current assets 60,904 84,733 18,050 (280) 163,407
Property, plant and equipment, net 23,933 11,878 6,676 - 42,487
Investment in subsidiaries and other assets 137,997 72,525 5,271 (144,375) 71,418
----------- -------------- ------------- ------------- --------------
Total asset $222,834 $169,136 $29,997 $(144,655) $277,312
=========== ============= ============= ============= ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities $ 12,124 $ 31,642 $ 4,526 $ (280) $ 48,012
Current portion of long-term debt and
capital 747 1,376 320 - 2,443
leases ----------- ------------- ------------- ------------- --------------
Total current liabilities 12,871 33,018 4,846 (280) 50,455
Long-term debt and noncurrent portion of
capital leases 154,517 4,655 - - 159,172
Other noncurrent liabilities 68 5,649 64 - 5,781
Stockholders' equity 55,378 125,814 25,087 (144,375) 61,904
----------- ------------- ------------- ------------- --------------
Total liabilities and stockholders'
equity $222,834 $169,136 $29,997 $(144,655) $277,312
=========== ============= ============= ============= ==============
</TABLE>
<TABLE>
<CAPTION>
As of October 2, 1999
------------------------------------------------------------------------------
Non-Guarantor
Balance Sheet Parent Guarantor Subsidiaries
Only Subsidiaries Eliminations Consolidated
----------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
ASSETS
Cash $ 90 $ 28 $ 1,489 $ -- $ 1,607
Accounts receivable, net 28,502 42,736 6,295 (1,308) 76,225
Inventories 22,958 38,354 10,869 -- 72,181
Other current assets 12,800 11,817 443 -- 25,060
----------- ------------- ------------- ------------- --------------
Total current assets 64,350 92,935 19,096 (1,308) 175,073
Property, plant and equipment, net 22,762 12,782 6,641 -- 42,185
Investment in subsidiaries and other assets 152,391 57,062 5,520 (142,909) 72,064
----------- ------------- ------------- ------------- --------------
Total asset $239,503 $162,779 $31,257 $(144,217) $289,322
=========== ============= ============= ============= ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities $20,886 $26,843 $6,420 $ (1,308) $ 52,841
Current installments of long-term debt and
capital leases 619 1,565 7 -- 2,191
----------- ------------- ------------- ------------- --------------
Total current liabilities 21,505 28,408 6,427 (1,308) 55,032
Long-term debt and noncurrent installments
of capital leases 163,876 4,827 -- -- 168,703
Other noncurrent liabilities 69 5,664 31 -- 5,764
Stockholders' equity 54,053 123,880 24,799 (142,909) 59,823
----------- ------------- ------------- ------------- --------------
Total liabilities and stockholders' $239,503 $162,779 $31,257 $(144,217) $289,322
equity
=========== ============= ============= ============= ==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Thirteen Weeks Ended January 1, 2000
------------------------------------------------------------------------------
Non-
Statement of Cash Flows Parent Guarantor Guarantor
Only Subsidiaries Subsidiaries Eliminations Consolidated
----------- ------------- ------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Net cash provided by operating activities $ 12,639 $ 1,022 $ 234 $ (707) $ 13,188
Net cash used in investing activities (1,769) (117) (280) - (2,166)
Net cash provided by (used in) financing
activities (9,232) (907) 28 707 (9,404)
Net increase (decrease) in cash 1,638 (2) (18) - 1,618
Cash, beginning of period 100 17 1,490 - 1,607
Cash, end of period 1,738 15 1,472 - 3,225
</TABLE>
<TABLE>
<CAPTION>
Thirteen Weeks Ended January 2, 1999
------------------------------------------------------------------------------
Non-
Statement of Cash Flows Parent Guarantor Guarantor
Only Subsidiaries Subsidiaries Eliminations Consolidated
----------- ------------- ------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Net cash provided by (used in) operating activities $ (10,484) $ (4,156) $2,021 $ (3,376) $ (15,995)
Net cash provided by (used in) investing activities (2,027) 2,231 (10) (566) (372)
Net cash provided by financing activities 12,473 2,688 127 3,942 19,230
Net increase (decrease) in cash (38) 763 2,138 - 2,863
Cash, beginning of period 120 631 1,346 - 2,097
Cash, end of period 82 1,394 3,484 - 4,960
</TABLE>
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Results of Operations
The following table sets forth, for the periods indicated, selected items in the
Company's consolidated statements of income expressed as a percentage of net
sales:
Thirteen Thirteen
Weeks ended Weeks ended
January 1, January 2,
2000 1999
-------------- ---------------
Net sales 100.0% 100.0%
Cost of goods sold 70.9 71.0
-------------- ---------------
Gross profit 29.1 29.0
Selling, general and administrative 19.7 20.1
expenses
Severance cost charge 1.0 --
-------------- ---------------
Operating income 8.4 8.9
Interest expense 4.2 4.9
Other, net 0.4 0.1
-------------- ---------------
Income before income taxes 3.8 3.9
Provision for income taxes 1.5 1.5
-------------- ---------------
Net income 2.3% 2.4%
============== ===============
Thirteen weeks ended January 1, 2000 compared to the thirteen weeks ended
January 2, 1999
Net Sales. Net sales increased 8.0% to $101.7 million for the first
quarter of fiscal 2000 from $94.2 million in the comparable prior year quarter.
This increase was primarily due to an increase in units sold offset, in part, by
a slight reduction in the average selling price per unit.
Gross Profit. Gross profit increased to $29.6 million, or 29.1% of net
sales for the first quarter of fiscal 2000, from $27.3 million, or 29.0% of net
sales, for the comparable prior-year quarter. The dollar increase was primarily
due to the increase in sales volume.
Selling, General and Administrative Expenses. Selling, general and
administrative expenses increased to $20.0 million, or 19.7% of net sales, for
the first quarter of fiscal 2000, from $18.9 million, or 20.1% of net sales, for
the comparable prior year quarter. The improvement in operating expenses as a
percent of sales is due primarily to cost cutting measures offset, in part, by
an increase in advertising expenditures and the Company expects this trend to
continue during the remainder of fiscal 2000.
Severance Cost Charge. In the first quarter of fiscal 2000, the Company
recorded a pre-tax charge of $1.0 million for severance payments to the former
CEO of Farah/Savane who resigned as an officer and director of the Company
effective December 30, 1999.
Interest Expense. Interest expense decreased to $4.3 million for the
first quarter of fiscal 2000, from $4.6 million for the comparable prior year
quarter. The decrease was due to lower average outstanding borrowings under the
Company's credit facility. The Company's need to borrow under the credit
facility decreased because of better working capital management including a
$12.7 million or 15% reduction in inventory over the same time last year.
Income Taxes. The Company's effective income tax rate for the first
quarter of fiscal 2000 was 40.1% compared to 37.4% in the comparable prior year
quarter. These rates are based on the Company's expected effective annual tax
rate and were lower last year due to the anticipated annual pretax income at the
time and the relative impact of non-deductible goodwill amortization expense.
Net Income. As a result of the above factors, net income was $2.3
million for the first quarter of fiscal 2000, which is comparable to net income
of $2.3 million in the prior-year quarter.
<PAGE>
Liquidity and Capital Resources
The Company's senior credit facility (the "Facility") provides for borrowings of
up to $110 million, subject to certain borrowing base limitations. Borrowings
under the Facility bear variable rates of interest (9.6% at January 1, 2000) and
are secured by substantially all of the Company's domestic assets. The Facility
matures in June 2003. As of January 1, 2000, excluding the impact of outstanding
letters of credit, an additional $52.0 was available for borrowings under the
Facility.
During the thirteen weeks ended January 1, 2000, the Company generated $13.2
million of cash from its operations. This was primarily the result of net income
of $2.3 (which included non cash expenses of $2.3 million), a $5.2 million
reduction in accounts receivable, a $1.1 million reduction in inventory, a $7.0
million reduction in prepaid expenses and other assets, offset in part, by a
$4.8 million reduction in accounts payable and accrued expenses.
Capital expenditures totaled $2.2 million for the first quarter of fiscal 2000
and are expected to approximate $12.0 million for the entire fiscal year. The
expenditures expected for the remainder of the fiscal year primarily relate to
the upgrade or replacement of the Company's existing computer systems and
equipment.
The Company believes that its existing working capital, the Facility, and
internally generated funds are adequate for its working capital needs for the
remainder of the fiscal year.
Seasonality
Historically, the Company's business has been seasonal, with slightly higher
sales and income in the second and fourth fiscal quarters, just prior to and
during the two peak retail selling seasons for spring and fall merchandise. In
addition, certain of the Company's products, such as shorts and corduroy pants,
tend to be seasonal in nature. In the event such products represent a greater
percentage of the Company's sales in the future, the seasonality of the
Company's sales may be increased.
Factors Affecting the Company's Business and Prospects
This report contains forward-looking statements subject to the safe harbor
created by the Private Securities Litigation Reform Act of 1995. Management
cautions that these statements represent projections and estimates of future
performance and involve certain risks and uncertainties. The Company's actual
results could differ materially from those anticipated in these forward-looking
statements as a result of certain factors including, without limitation, a
continuation of the trend toward luxury fabrics which has supported the
Company's increase in selling prices; the continued commitment to the Company's
products by its major customers; the financial strength of the Company's major
customers; the ability of the Company to continue to use certain licensed
trademarks and tradenames, including John Henry(R), Bill Blass(R), and Van
Heusen(R); general economic conditions, including the price and availability of
raw materials and global manufacturing costs and restrictions; continued
improvements in operating efficiencies and cost savings such that the Company's
operating income margins continue to improve; and other risk factors listed from
time to time in the Company's SEC reports and announcements. In addition, the
estimated financial results for any period do not necessarily indicate the
results that many be expected for any future period.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
The Company's market risk is limited to fluctuations in interest rates as it
pertains to the Company's borrowings under the Facility and the Construction
Loan. There has been no significant change in this market risk since the
previous fiscal year end of October 2, 1999.
<PAGE>
PART II OTHER INFORMATION
Item 1. Legal Proceedings
Not Applicable
Item 2. Changes in Securities
Not Applicable
Item 3. Defaults upon Senior Securities
Not Applicable
Item 4. Submission of Matters to a Vote of Security Holders
Not Applicable
Item 5. Other Information
Not Applicable
Item 6. Exhibits and Reports on Form 8-K
(a) The Exhibits to this report on Form 10-Q are listed on the
Exhibit Index, which immediately follows the signature page
hereto.
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the thirteen week
period ended January 1, 2000.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
TROPICAL SPORTSWEAR INT'L CORPORATION
(Registrant)
/s/ Michael Kagan
Michael Kagan
Executive Vice President, and
Chief Financial Officer
(in the dual capacity of duly
authorized officer and principal
accounting officer)
February 14, 2000
<PAGE>
Index to Exhibits
Exhibit
Number Description
*2.1 Agreement and Plan of Merger dated May 1, 1998 among Tropical
Sportswear Int'l Corporation, Foxfire Acquisition Corp. and
Farah Incorporated (filed as Exhibit (c)(1) to Tropical
Sportswear Int'l Corporation's Schedule 14D-1 filed May 8,
1998).
*3.1 Amended and Restated Articles of Incorporation of Tropical
Sportswear Int'l Corporation (filed as Exhibit 3.1 to Tropical
Sportswear Int'l Corporation (filed as Exhibit (o)(1) to
Tropical Sportswear Int'l Corporation's Exhibit 3.1 to
Tropical Sportswear Int'l Corporation's Annual Report on Form
10-K filed January 4, 1999)).
*3.2 Amended and Restated By-Laws of Tropical Sportswear Int'l
Corporation (filed as Exhibit 3.2 to Tropical Sportswear Int'l
Corporation's Registration Statement on Form S-1 filed August
15, 1997).
*4.1 Specimen Certificate for the Common Stock of Tropical
Sportswear Int'l Corporation (filed as Exhibit 4.1 to
Amendment No. 1 to Tropical Sportswear Int'l Corporation's
Registration Statement on Form S-1 filed October 2, 1997).
*4.2 Shareholders' Agreement dated as of September 29, 1997 among
Tropical Sportswear Int'l Corporation, William W. Compton,
the Compton Family Limited Partnership, Michael Kagan, the
Kagan Family Limited Partnership, Shakale Internacional, S.A.
and Accel, S.A. de C.V. (filed as Exhibit 4.2 to Amendment No.
1 to Tropical Sportswear Int'l Corporation's Registration
Statement on Form S-1 filed October 2, 1997).
*4.3 Exchange and Registration Rights Agreement dated as of June
24, 1998 between Tropical Sportswear Int'l Corporation and
Prudential Securities Incorporated (filed as Exhibit 4.3 to
Tropical Sportswear Int'l Corporation's Form S-4 filed August
20, 1998).
*4.4 Indenture dated as of June 24, 1998 among Tropical Sportswear
Int'l Corporation, the Subsidiary Guarantors named therein,
and SunTrust Bank, Atlanta, as trustee (filed as Exhibit 4.4
to Tropical Sportswear Int'l Corporation's Form S-4 filed
August 20, 1998).
*4.5 Shareholder Protection Rights Agreement, dated as of November
13, 1998, between Tropical Sportswear Int'l Corporation and
Firstar Bank Milwaukee, N.A. (which includes as Exhibit B
thereto the Form of Right Certificate) (filed as Exhibit 99.1
of Tropical Sportswear Int'l Corporation's Form 8-K dated
November 13, 1998).
27.1 Financial data Schedule (filed herewith).
* Incorporated by reference.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THIRTEEN WEEKS ENDED JANUARY 1, 2000 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-03-1999
<PERIOD-END> JAN-01-2000
<CASH> 3,225
<SECURITIES> 0
<RECEIVABLES> 71,049
<ALLOWANCES> 2,970
<INVENTORY> 71,118
<CURRENT-ASSETS> 163,407
<PP&E> 42,487
<DEPRECIATION> 0
<TOTAL-ASSETS> 277,312
<CURRENT-LIABILITIES> 50,455
<BONDS> 0
0
0
<COMMON> 76
<OTHER-SE> 61,828
<TOTAL-LIABILITY-AND-EQUITY> 277,312
<SALES> 101,675
<TOTAL-REVENUES> 101,675
<CGS> 72,073
<TOTAL-COSTS> 72,073
<OTHER-EXPENSES> 21,026
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,282
<INCOME-PRETAX> 3,923
<INCOME-TAX> 1,575
<INCOME-CONTINUING> 2,348
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,348
<EPS-BASIC> 0.31
<EPS-DILUTED> 0.30
</TABLE>