we have won new military issue programs which will begin shipping in fiscal 2015. we are also growing in the military exchange retail space , and see growing interest in our unique ability to provide made-in-america products on our vertical manufacturing platform . we are very pleased with our new junkfood store on the iconic abbot kinney boulevard in venice , california . it is meeting our financial expectations and has attracted numerous national retailers who are able to witness the most effective ways to merchandise junkfood products . some of these visits are already leading to new retail programs for junkfood for fiscal year 2015. sales of salt life products grew nicely during the year and we further expanded the geographic footprint of the brand . our acquisition of salt life in august 2013 changed our status from a licensee to brand owner . this allowed us to further expand the product line and make long-term investments in point of sale fixtures , marketing , and the building of social media touch points . our licensed salt life restaurant in st. augustine is exceeding expectations by virtue of the high number of consumers who have the opportunity to experience the salt life brand as they patronize the restaurant . while there is a good revenue stream from royalties , we are most pleased that the restaurants have become an effective marketing tool for salt life 's exciting lifestyle products . we have a number of new salt life marketing initiatives underway . we have additional brand ambassadors , who are primarily west-coast based , and have recently engaged a digital media firm to launch a salt life you-tube channel and implement other digital strategies . we believe our brands are gaining consumer awareness driven by our branded retail shops , e-commerce sites , in-store shops , and expanded consumer marketing initiatives . likewise , we expect sales growth in our basics segment driven by our unique service and distribution models supported by a modern and efficient manufacturing platform . all of our business units are now taking advantage of our vertical manufacturing structure to some degree , thereby lowering production cost and improving our operating efficiencies . the initiatives we have implemented over the past months should position us well to improve our overall profitability and allow us to build market share in a competitive environment . earnings guidance while we will continue to refrain from providing revenue and earnings guidance , we believe that our accomplishments during fiscal 2014 and the benefits from the strategic initiatives should allow delta apparel to experience top line growth and to be decisively profitable in 2015. results of operations overview while our products performed well at retail this year , continuing sluggishness in the economy and an unusually harsh winter had a negative impact on the entire apparel industry . the lingering effects of management changes and related issues at several of our large customers presented additional challenges as well . net sales for the fiscal year ended september 27 , 2014 , were $ 452.9 million versus $ 483.0 million in the prior twelve months . gross margins declined 280 basis points in fiscal year 2014. this decline was driven from a tougher retail environment with pressures on pricing as well as higher input costs that were not passed along in higher prices . in our fiscal fourth quarter , we initiated certain strategic initiatives to improve net profitability . we streamlined our administrative workforce and , with minor exceptions , completed the planned headcount reductions , effectively delayering our management structure and streamlining decision-making and information flow , as well as reducing duplicative and excess fixed cost . we also began a comprehensive rationalization analysis of our manufacturing operations , product lines and sales channels intended to refocus our capital and other resources on the areas we believe are strategic to our business . we continue to maintain a sharp focus on lowering our product cost and improving our supply chain , while staying aligned with the needs of our customers . we have moved certain production into our lower-cost facilities and anticipate further efforts of this nature as we progress through fiscal year 2015. we are currently in the process of implementing new information systems that should also further streamline our operations and better support our customer needs . during the fourth quarter of fiscal year 2014 , we recorded a total of $ 4.0 million in expense associated with the strategic initiatives . 18 net income for the fiscal year 2014 , adjusted for the $ 4.0 million pre-tax impact of strategic initiatives , was $ 1.5 million , or $ 0.19 per diluted share , compared with net income in the prior year of $ 6.2 million , or $ 0.74 per diluted share . without adjustment for the impact of our strategic initiatives , we experienced a net loss for the year of $ 1.0 million , or $ 0.12 per diluted share . we are reclassifying our art gun business from our branded segment to our basics segment to better reflect that business 's current operating characteristics . this change is included within our fiscal 2014 results and corresponding comparisons to prior periods . branded segment sales in the branded segment declined 10.0 % from the same period last year to $ 187.0 million in fiscal year 2014. salt life continued its strong sales growth , up nearly 26 % for the year , driven from its new product lines and an increase in retail door count . this was offset by sales declines in the other branded business units . the reduced sales and lower gross margins resulting from the soft retail environment , coupled with the fixed cost structure of the business and impairment charges taken on certain information technology assets , led to lower operating margins in fiscal year 2014 compared to the prior period . story_separator_special_tag ( b ) we excluded deferred income tax liabilities of $ 7.7 million from the contractual cash obligations table because we believe inclusion would not be meaningful . refer to note 9 - income taxes to our consolidated financial statements for more information on our deferred income tax liabilities . deferred income tax liabilities are calculated based on temporary differences between tax bases of assets and liabilities and their respective book bases , which will result in taxable amounts in future years when the liabilities are settled at their reported financial statement amounts . the results of these calculations do not have a direct connection with the amount of cash taxes to be paid in any future periods and therefore would not relate to liquidity needs . as a result , including deferred income tax liabilities as payments due by period in the schedule could be misleading . off-balance sheet arrangements as of september 27 , 2014 , we did not have any off-balance sheet arrangements that were material to our financial condition , results of operations or cash flows as defined by item 303 ( a ) ( 4 ) of regulation s-k promulgated by the sec other than the letters of credit , operating leases , and purchase obligations described above . we have entered into derivative interest rate contracts as described and included below in “ quantitative and qualitative disclosures about market risk ” in item 7a of this report . dividends and purchases of our own shares we are allowed to make cash dividends and stock repurchases if ( i ) as of the date of the payment or repurchase and after giving effect to the payment or repurchase , we have availability on that date of not less than $ 18.125 million and average availability for the 30-day period immediately preceding that date of not less than $ 18.125 million ; and ( ii ) the aggregate amount of dividends and stock repurchases after may 27 , 2011 , does not exceed $ 19 million plus 50 % of our cumulative net income ( as defined in the amended loan agreement ) from the first day of fiscal year 2012 to the date of determination . at september 27 , 2014 , september 28 , 2013 , and june 29 , 2013 , there was $ 8.2 million , $ 9.9 million and $ 11.6 million , respectively , of retained earnings free of restrictions to make cash dividends or stock repurchases . our board of directors did not declare , nor were any dividends paid , during fiscal years 2014 , the transition period ended september 28 , 2013 , or fiscal year 2013. any future cash dividend payments will depend upon our earnings , financial condition , capital requirements , compliance with loan covenants and other relevant factors . as of june 30 , 2012 , our board of directors had authorized management to use up to $ 20.0 million to repurchase stock in open market transactions under our stock repurchase program . on january 23 , 2013 , the board of directors authorized an additional $ 10.0 million for share repurchases , bringing the aggregate total authorized to $ 30.0 million . during fiscal years 2014 , the transition period ended september 28 , 2013 , and fiscal years 2013 and 2012 , we purchased 78,674 shares , 129,348 shares , 544,576 shares , and 168,120 shares , respectively , of our common stock for a total cost of $ 1.2 million , $ 2.1 million , $ 7.8 million , and $ 2.6 million , respectively . as of september 27 , 2014 , we have purchased 2,122,246 shares of common stock for an aggregate of $ 25.3 million since the inception of the stock repurchase program . all purchases were made at the discretion of management and pursuant to the safe harbor provisions of sec rule 10b-18 . as of september 27 , 2014 , $ 4.7 million remained available for future purchases under our stock repurchase program , which does not have an expiration date . 23 critical accounting policies the discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements , which were prepared in accordance with u.s. generally accepted accounting principles ( “ gaap ” ) . the preparation of our consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods . we base our estimates and judgments on historical experience and various other factors that we believe to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . our most critical accounting estimates , discussed below , pertain to revenue recognition , accounts receivable and related reserves , inventory and related reserves , the carrying value of goodwill , and the accounting for income taxes . note 2 to our consolidated financial statements includes a summary of the significant accounting policies or methods used in the preparation of our consolidated financial statements . revenue recognition revenues from product sales are recognized when ownership is transferred to the customer , which includes not only the passage of title , but also the transfer of the risk of loss related to the product . at this point , the sales price is fixed and determinable , and we are reasonably assured of the collectibility of the sale . the majority of our sales are shipped fob shipping point and revenue is therefore recognized when the goods are shipped to the customer . for sales that are shipped fob destination point ,

liquidity and capital resources credit facility and other financial obligations on may 27 , 2011 , delta apparel , soffe ( successor by merger to tcx , llc ) , junkfood , to the game and art gun entered into a fourth amended and restated loan and security agreement ( the “ amended loan agreement ” ) with the financial institutions named in the amended loan agreement as lenders , wells fargo bank , national association , as administrative agent , bank of america , n.a. , as syndication agent , wells fargo capital finance , llc , as sole lead arranger , and wells fargo capital finance , llc and merrill lynch , pierce , fenner & smith incorporated , as joint bookrunners . pursuant to the amended loan agreement , the line of credit under our u.s. revolving credit facility is $ 145 million ( subject to borrowing base limitations ) , and matures on may 27 , 2017. provided that no event of default exists , we have the option to increase the maximum credit available under the facility to $ 200 million ( subject to borrowing base limitations ) , conditioned upon the agent 's ability to secure additional commitments and customary closing conditions . at september 27 , 2014 , we had $ 96.2 million outstanding under our u.s. revolving credit facility at an average interest rate of 2.6 % , and had the ability to borrow an additional $ 38.8 million .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources credit facility and other financial obligations on may 27 , 2011 , delta apparel , soffe ( successor by merger to tcx , llc ) , junkfood , to the game and art gun entered into a fourth amended and restated loan and security agreement ( the “ amended loan agreement ” ) with the financial institutions named in the amended loan agreement as lenders , wells fargo bank , national association , as administrative agent , bank of america , n.a. , as syndication agent , wells fargo capital finance , llc , as sole lead arranger , and wells fargo capital finance , llc and merrill lynch , pierce , fenner & smith incorporated , as joint bookrunners . pursuant to the amended loan agreement , the line of credit under our u.s. revolving credit facility is $ 145 million ( subject to borrowing base limitations ) , and matures on may 27 , 2017. provided that no event of default exists , we have the option to increase the maximum credit available under the facility to $ 200 million ( subject to borrowing base limitations ) , conditioned upon the agent 's ability to secure additional commitments and customary closing conditions . at september 27 , 2014 , we had $ 96.2 million outstanding under our u.s. revolving credit facility at an average interest rate of 2.6 % , and had the ability to borrow an additional $ 38.8 million .
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 Suspicious Activity Report : we have won new military issue programs which will begin shipping in fiscal 2015. we are also growing in the military exchange retail space , and see growing interest in our unique ability to provide made-in-america products on our vertical manufacturing platform . we are very pleased with our new junkfood store on the iconic abbot kinney boulevard in venice , california . it is meeting our financial expectations and has attracted numerous national retailers who are able to witness the most effective ways to merchandise junkfood products . some of these visits are already leading to new retail programs for junkfood for fiscal year 2015. sales of salt life products grew nicely during the year and we further expanded the geographic footprint of the brand . our acquisition of salt life in august 2013 changed our status from a licensee to brand owner . this allowed us to further expand the product line and make long-term investments in point of sale fixtures , marketing , and the building of social media touch points . our licensed salt life restaurant in st. augustine is exceeding expectations by virtue of the high number of consumers who have the opportunity to experience the salt life brand as they patronize the restaurant . while there is a good revenue stream from royalties , we are most pleased that the restaurants have become an effective marketing tool for salt life 's exciting lifestyle products . we have a number of new salt life marketing initiatives underway . we have additional brand ambassadors , who are primarily west-coast based , and have recently engaged a digital media firm to launch a salt life you-tube channel and implement other digital strategies . we believe our brands are gaining consumer awareness driven by our branded retail shops , e-commerce sites , in-store shops , and expanded consumer marketing initiatives . likewise , we expect sales growth in our basics segment driven by our unique service and distribution models supported by a modern and efficient manufacturing platform . all of our business units are now taking advantage of our vertical manufacturing structure to some degree , thereby lowering production cost and improving our operating efficiencies . the initiatives we have implemented over the past months should position us well to improve our overall profitability and allow us to build market share in a competitive environment . earnings guidance while we will continue to refrain from providing revenue and earnings guidance , we believe that our accomplishments during fiscal 2014 and the benefits from the strategic initiatives should allow delta apparel to experience top line growth and to be decisively profitable in 2015. results of operations overview while our products performed well at retail this year , continuing sluggishness in the economy and an unusually harsh winter had a negative impact on the entire apparel industry . the lingering effects of management changes and related issues at several of our large customers presented additional challenges as well . net sales for the fiscal year ended september 27 , 2014 , were $ 452.9 million versus $ 483.0 million in the prior twelve months . gross margins declined 280 basis points in fiscal year 2014. this decline was driven from a tougher retail environment with pressures on pricing as well as higher input costs that were not passed along in higher prices . in our fiscal fourth quarter , we initiated certain strategic initiatives to improve net profitability . we streamlined our administrative workforce and , with minor exceptions , completed the planned headcount reductions , effectively delayering our management structure and streamlining decision-making and information flow , as well as reducing duplicative and excess fixed cost . we also began a comprehensive rationalization analysis of our manufacturing operations , product lines and sales channels intended to refocus our capital and other resources on the areas we believe are strategic to our business . we continue to maintain a sharp focus on lowering our product cost and improving our supply chain , while staying aligned with the needs of our customers . we have moved certain production into our lower-cost facilities and anticipate further efforts of this nature as we progress through fiscal year 2015. we are currently in the process of implementing new information systems that should also further streamline our operations and better support our customer needs . during the fourth quarter of fiscal year 2014 , we recorded a total of $ 4.0 million in expense associated with the strategic initiatives . 18 net income for the fiscal year 2014 , adjusted for the $ 4.0 million pre-tax impact of strategic initiatives , was $ 1.5 million , or $ 0.19 per diluted share , compared with net income in the prior year of $ 6.2 million , or $ 0.74 per diluted share . without adjustment for the impact of our strategic initiatives , we experienced a net loss for the year of $ 1.0 million , or $ 0.12 per diluted share . we are reclassifying our art gun business from our branded segment to our basics segment to better reflect that business 's current operating characteristics . this change is included within our fiscal 2014 results and corresponding comparisons to prior periods . branded segment sales in the branded segment declined 10.0 % from the same period last year to $ 187.0 million in fiscal year 2014. salt life continued its strong sales growth , up nearly 26 % for the year , driven from its new product lines and an increase in retail door count . this was offset by sales declines in the other branded business units . the reduced sales and lower gross margins resulting from the soft retail environment , coupled with the fixed cost structure of the business and impairment charges taken on certain information technology assets , led to lower operating margins in fiscal year 2014 compared to the prior period . story_separator_special_tag ( b ) we excluded deferred income tax liabilities of $ 7.7 million from the contractual cash obligations table because we believe inclusion would not be meaningful . refer to note 9 - income taxes to our consolidated financial statements for more information on our deferred income tax liabilities . deferred income tax liabilities are calculated based on temporary differences between tax bases of assets and liabilities and their respective book bases , which will result in taxable amounts in future years when the liabilities are settled at their reported financial statement amounts . the results of these calculations do not have a direct connection with the amount of cash taxes to be paid in any future periods and therefore would not relate to liquidity needs . as a result , including deferred income tax liabilities as payments due by period in the schedule could be misleading . off-balance sheet arrangements as of september 27 , 2014 , we did not have any off-balance sheet arrangements that were material to our financial condition , results of operations or cash flows as defined by item 303 ( a ) ( 4 ) of regulation s-k promulgated by the sec other than the letters of credit , operating leases , and purchase obligations described above . we have entered into derivative interest rate contracts as described and included below in “ quantitative and qualitative disclosures about market risk ” in item 7a of this report . dividends and purchases of our own shares we are allowed to make cash dividends and stock repurchases if ( i ) as of the date of the payment or repurchase and after giving effect to the payment or repurchase , we have availability on that date of not less than $ 18.125 million and average availability for the 30-day period immediately preceding that date of not less than $ 18.125 million ; and ( ii ) the aggregate amount of dividends and stock repurchases after may 27 , 2011 , does not exceed $ 19 million plus 50 % of our cumulative net income ( as defined in the amended loan agreement ) from the first day of fiscal year 2012 to the date of determination . at september 27 , 2014 , september 28 , 2013 , and june 29 , 2013 , there was $ 8.2 million , $ 9.9 million and $ 11.6 million , respectively , of retained earnings free of restrictions to make cash dividends or stock repurchases . our board of directors did not declare , nor were any dividends paid , during fiscal years 2014 , the transition period ended september 28 , 2013 , or fiscal year 2013. any future cash dividend payments will depend upon our earnings , financial condition , capital requirements , compliance with loan covenants and other relevant factors . as of june 30 , 2012 , our board of directors had authorized management to use up to $ 20.0 million to repurchase stock in open market transactions under our stock repurchase program . on january 23 , 2013 , the board of directors authorized an additional $ 10.0 million for share repurchases , bringing the aggregate total authorized to $ 30.0 million . during fiscal years 2014 , the transition period ended september 28 , 2013 , and fiscal years 2013 and 2012 , we purchased 78,674 shares , 129,348 shares , 544,576 shares , and 168,120 shares , respectively , of our common stock for a total cost of $ 1.2 million , $ 2.1 million , $ 7.8 million , and $ 2.6 million , respectively . as of september 27 , 2014 , we have purchased 2,122,246 shares of common stock for an aggregate of $ 25.3 million since the inception of the stock repurchase program . all purchases were made at the discretion of management and pursuant to the safe harbor provisions of sec rule 10b-18 . as of september 27 , 2014 , $ 4.7 million remained available for future purchases under our stock repurchase program , which does not have an expiration date . 23 critical accounting policies the discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements , which were prepared in accordance with u.s. generally accepted accounting principles ( “ gaap ” ) . the preparation of our consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods . we base our estimates and judgments on historical experience and various other factors that we believe to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . our most critical accounting estimates , discussed below , pertain to revenue recognition , accounts receivable and related reserves , inventory and related reserves , the carrying value of goodwill , and the accounting for income taxes . note 2 to our consolidated financial statements includes a summary of the significant accounting policies or methods used in the preparation of our consolidated financial statements . revenue recognition revenues from product sales are recognized when ownership is transferred to the customer , which includes not only the passage of title , but also the transfer of the risk of loss related to the product . at this point , the sales price is fixed and determinable , and we are reasonably assured of the collectibility of the sale . the majority of our sales are shipped fob shipping point and revenue is therefore recognized when the goods are shipped to the customer . for sales that are shipped fob destination point ,

