UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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
25, 1999
DELTA WOODSIDE INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
SOUTH CAROLINA 0-10095
57-0535180
(State or other jurisdiction of
(Commission (I.R.S. Employer
Incorporation or organization) File Number)
Identification No.)
233 North Main Street
Hammond Square, Suite 200
Greenville, South Carolina
29601
(Address of principal executive offices)
(Zip Code)
864\232-
8301
Registrant's telephone number, including area code
Not Applicable
Former name, former address and former fiscal year, if
changed since last report.
Item 5. Other Events.
The press release of Delta Woodside Industries, Inc. dated
June 25, 1999, a copy of which is attached hereto as Exhibit
99.1, is incorporated herein by reference thereto.
Item 7. Financial Statements and Exhibits
(a) Financial statements of businesses acquired
Not Applicable
(b) Pro forma financial information
Not Applicable
(c) Exhibits
Exhibit No. Description
99.1 Press release dated June 25,
1999.
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)
Date June 25, 1999 /s/ Robert W. Humphreys
Robert W. Humphreys
Vice President-Finance
Exhibit Index
The following exhibit is filed herewith:
Exhibit No. Description
99.1 Press release dated June 25, 1999
June 24, 1999 Bettis C. Rainsford
Greenville, South Carolina (803) 637-5304
Delta Woodside Industries, Inc. (NYSE-DLW) announced today
that it has terminated the process of attempting to sell its
Delta Mills Marketing Company division in line with its
previously-announced plan because it has not received any
satisfactory offer for the business.
The Delta Woodside Board will continue to explore other
strategies to enhance shareholder value, including: (1) the
purchase of the Company's Delta Apparel and Duck Head divisions
by the Company's wholly-owned subsidiary, Delta Mills, Inc., or
(2) a spin-off/recapitalization in which the apparel divisions
would be spun-off to the Company's shareholders as separate
public companies, and substantial cash would be paid out to
shareholders from new borrowings by the remaining Company.
Under the purchase of the Company's Delta Apparel and Duck
Head divisions by the Company's wholly-owned subsidiary, Delta
Mills, Inc., the Company would be provided with substantial cash
to make acquisitions of Company shares or other businesses, or
for other purposes.
Under the spin-off/recapitalization, shareholders of Delta
Woodside would receive, for their shares of Delta Woodside,
shares of each of the new spun-off apparel companies, cash
estimated to be in the range of $4.00 per share, and stock in the
remaining Delta Woodside. Also, additional shares of the
remaining Delta Woodside (representing more than 20% of the then
outstanding shares of the remaining Delta Woodside) would be sold
to members of management of the Delta Mills Marketing Company
division. Consummation of the spin-off/recapitalization
transaction would be conditioned upon receiving a favorable vote
of the Delta Woodside shareholders. The Company expects that,
for federal income tax purposes, the spin-off/recapitalization
transaction would be treated as a redemption of stock and the
receipt of the shares of the apparel companies and the cash would
be taxable to the Delta Woodside shareholders as capital gain.
Delta Woodside Industries, Inc. headquartered in Greenville,
South Carolina, manufactures and sells a wide variety of textile
and apparel products. The Company, which employs about 5,600
people, operates 16 plants and 26 garment outlet stores. These
facilities are located in 12 states, Costa Rica and Honduras.
# # #
