UNITED STATES
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SCHEDULE 14A
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Delta Apparel, Inc.
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<PAGE>
DELTA APPAREL RECEIVES SUPPORT FOR CURRENT BOARD FROM ISS, NATION'S LEADING
INDEPENDENT VOTING ADVISORY FIRM
Duluth, Georgia, October 19, 2000 Contact: Herb Mueller
678-775-6948
Delta Apparel, Inc. (AMEX: DLA) today reported that Institutional Shareholder
Services (ISS), the nation's leading independent proxy advisory firm, has
recommended that its subscribers vote FOR the re-election of Delta Apparel's
director nominees and reject the slate of nominees proposed by Bettis Rainsford
at its November 7, 2000 annual meeting of shareholders.
In its analysis, ISS said, "The recent announcement of Delta Apparel's strong
results for the quarter ended Sept. 30, 2000, rebuts any claim that the spun-off
company is unable or unlikely to compete successfully in the industry. Providing
further support to this position is the market's enthusiastic response to Delta
Apparel's first quarter results; on the day of the numbers' release, the
company's stock price closed at $16.25 per share, up 28.7 percent from the day
before. The company's stock price is now 54 percent higher than its average
trading price since the spinoff. In short, Delta Apparel's future looks bright,
and there appears to be little reason, from a financial perspective, to endorse
a potentially disruptive changeover in the majority of the board."
ISS further stated, "We conclude that current circumstances do not warrant the
drastic action of removing a majority of Delta Apparel's current board in favor
of a largely untried dissident group with limited experience in the apparel
industry. In particular, the company's strong performance and improving stock
price militate against election of the dissident nominees (such performance is
particularly compelling given the company's short operating history as an
independent company)."
In addition, ISS also recommended that its subscribers vote AGAINST Rainsford's
proposal to limit the amount of employee bonuses, stating, "while we note that
the total cash compensation paid to Delta Apparel's officers appears to be
somewhat higher than that paid to the company's competitors, we recognize that
the company's performance over the past year appears to have warranted rewarding
management."
Institutional Shareholder Services, based in Rockville, Md., is an independent
advisor to more than 500 institutional shareholders on corporate governance and
proxy voting matters, including proxy contests, management and shareholder
resolutions, and other shareholder-related issues.
Delta Apparel encourages its shareholders to promptly sign, date and return
their WHITE proxy cards by November 2, 2000. If you cannot send your proxy card
by regular mail in time to be received by November 6, 2000, you may fax your
card to 212/440-9009. If you need assistance with voting your shares, you may
call Georgeson Shareholder Communications Inc. toll-free at 800-223-2064.
