SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) : June 28, 1996
DELTA WOODSIDE INDUSTRIES, INC.
(Exact name of registrant as specified in its Charter)
South Carolina 0-10095 57-0535180
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
233 North Main Street
Hammond square, Suite 200
Greenville, SC 29601
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (864)232-8301
(Former name or former address, if changed since last report)
Item 5. Other Events
On June 28, 1996 Delta Woodside Industries, Inc. announced
reserve and restructuring charges through the following
press release:
Delta Woodside Industries, Inc. (NYSE-DLW) announced today
that it is planning to take material charges to pre-tax
income in the fourth fiscal quarter ending June 29, 1996.
The Company estimates that these charges will be in the
range of $55-$60 million.
Although the Company expects that its unit inventories of
branded apparel at fiscal year end will be down by about 25
per cent since July 1, 1995, it has found that the costs of
reducing its excess branded apparel inventories are
materially higher than originally expected. Therefore, a
substantial portion of the remaining excess branded apparel
inventories will be written down.
The Company has examined the valuation of all of its long
lived assets, and will make certain adjustments, where
applicable, principally to write down its long lived
knitting and knit finishing assets.
Delta Woodside also intends to establish restructuring
reserves, principally related to facility closings.
E. Erwin Maddrey, II, president and CEO stated "we believe
that these actions are the proper response to domestic
textile and apparel market conditions over the past year.
We are focusing our attention on our major profit
detractors, and, at the same time, continuing our programs
to further reduce product costs in our various businesses to
take advantage of what we believe to be improving market
conditions."
Delta Woodside Industries, Inc., headquartered in
Greenville, South Carolina, manufactures and sells a wide
variety of textile fabrics and apparel, and is also engaged
in the manufacture and distribution of physical fitness
equipment. The Company, which employs about 7,100 people,
operates 27 plants and 40 garment outlet stores. These
facilities are located in 13 states, Costa Rica, and
Honduras.
Item 7. Financial Statements and Exhibits
(a)-(c) Not applicable
SIGNATURE
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 hereunto duly
authorized.
DELTA WOODSIDE INDUSTRIES, INC.
(Registrant)
By: /s/ E. Erwin Maddrey, II
Name: E. Erwin Maddrey, II
Title: President and Chief Executive officer
Date: June 28, 1996
