Regional Management Corp
NYSE:RM
Top level: Net income jumped 22.5 percent to $5.4 million year over year for the quarter ended June 30, 2015, while revenue increased 11.7 percent to $5.6 million during the same period.
Highlights:
Large loans increased by a whopping 116.8 percent to $93.2 million year over year and 47.2 percent from the previous quarter, while small branch loans increased 30.3 percent to $140.2 million year over year and 8 percent sequentially.
The company also opened 10 new branches during the second quarter, bringing the total to 316 across South Carolina, Texas, North Carolina, Tennessee, Alabama, Oklahoma, New Mexico and Georgia.
Takeaway: “We had a strong quarter in receivable growth driven by improved marketing initiatives and in-branch activity,” stated Regional Management Corp. CEO Michael R. Dunn. “Moving forward, our focus remains on growing our core small and large loan portfolios, while maintaining more normalized levels of delinquencies and continuing to focus on our expense structure.”
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Synalloy Corp., Spartanburg
(NASDAQ: SYNL)
Top level: Net earnings per share from continuing operations dropped 58 percent to $2.5 million – or 28 cents per share – during the second quarter of 2015 compared to the same quarter last year, while non-GAAP net income increased 11 percent to $6.3 million during the same period.
Highlights:
Metal segment sales dipped 5 percent to $33.9 million and chemical segment sales dropped 4 percent to $16.2 million compared to the same quarter last year. The company cited decreased demand due to falling oil prices.
Takeaway: “The Metals Segment’s business continues to be highly dependent on its customers’ capital expenditures. Product inquiries have been slow, but are improving, with June’s inquiries being stronger than what was experienced in the past six months,” the company stated in its report. “The Specialty Chemicals Segment’s sales should show improvement into the third and fourth quarters of 2015 when compared to the prior year as new business opportunities are being actively pursued. Multiple pending, large volume projects could have a major impact during the third and fourth quarters.”
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Delta Apparel Inc., Greenville
(NYSE: DLA)
Top Level: Net sales for the quarter ended June 27, 2015 fell 2.4 percent to $120.5 million year over year, including sales from recently sold The Game branded business. Net income doubled from $2.2 million to $4.4 million, or 55 cents per diluted share.
Highlights:
Delta Apparel sold The Game branded business in March, which accounted for approximately $5 million in revenue. Junkfood branded sales were up slightly for the quarter but saw 22 percent online sales gains year over year, bringing year to date sales growth to 61 percent. Salt life sales fell 4.1 percent year over year due to shipping troubles after the company transferred distribution operations to its Fayetteville, N.C. facility.
Takeaway: “We are pleased that Delta Apparel not only turned the corner in terms of sales and net income growth, but showed vast improvement in other areas such as gross margin development, general and administrative cost reductions, and operating margin expansion, stated Delta Apparel Inc. Chairman and CEO Robert W. Humphreys. “We continue to invest in those areas that yield the highest return. During the quarter, we purchased additional knitting equipment for our textile facilities and completed the move of additional screen-printing equipment to El Salvador to service the strong growth in private label programs.”
