The Dixie Group, Inc. reported financial results for the year ended December 28, 2013. For the year of 2013, the Company had sales of $345,066,000 and income from continuing operations of $5,358,000, or $0.40 per diluted share, compared with sales of $266,372,000 and loss from continuing operations of $653,000, or $0.05 per diluted share for 2012. On a non-GAAP basis, adjusted income from continuing operations was $8,258,000 or $0.62 per diluted share for the year, compared with an adjusted income from continuing operations of $246,000, or $0.02 per diluted share in 2012.
For the fourth quarter of 2013, the Company had sales of $95,799,000 as compared with sales of $71,134,000 in the fourth quarter of 2012. Income from continuing operations for the fourth quarter of 2013 was $1,598,000 as compared with a loss of $413,000 in the same period in 2012.
On a non-GAAP basis, adjusted income from operations was $1,906,000 in the fourth quarter of 2013 as compared to a loss of $69,000 on a non-GAAP basis for the fourth quarter of 2012.
The Dixie Group Reports Fourth Quarter 2013 Results
Commenting on the results, Daniel K. Frierson, chairman and chief executive officer, said, “Our sales for the quarter were up 34.7% as compared to sales in the same quarter in the prior year, while the market was only up in the mid-single digits.
Our residential product sales for the fourth quarter were up 30.5% on a year over year basis, while the market was only up in the mid-single digits for the comparable period. Our commercial product sales were up 45.5% for the fourth quarter on a year-over-year comparison, while the commercial market was only up in the mid-single digits basis. Our growth was strongest at the beginning of the quarter; however, our December sales were still up over 18% from the previous year’s December period.