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Sales down 4.7% at Dixie Group in Q1
07 May '12
4 min read
“Working capital increased by $5,431,000 during the quarter due to the seasonal rise in preparation for the spring selling season. Capital expenditures were $1,132,000, while depreciation and amortization was $2,402,000 for the period. Total debt increased $5,276,000 during the first quarter. Availability under our credit lines was $18,113,000 at quarter end.
“With uncertainty surrounding the rate of recovery in the housing sector and potential macro-economic issues affecting consumer confidence and the stock market, it is difficult to predict how smoothly the overall floorcovering market will recover. We believe that conditions in the upper-end residential portion of our industry should continue to grow while having challenges in the mid-market price points. The commercial market does not appear to have regained its footing since the surge in business at this time a year ago.
However, we are committed to continue our emphasis to growing our market presence with new innovative products,” Frierson concluded.
The Company's loss from discontinued operations was $77,000, or $0.00 per diluted share, for the first quarter of 2012, compared with a loss from discontinued operations of $21,000, or $0.00 per diluted share, for the prior year.
Including discontinued operations, the Company reported a net loss of $181,000, or $0.01 per diluted share, for the first quarter of 2012 compared with net income of $623,000, or $0.05 per diluted share, for the year-earlier period.
The Dixie Group is a leading marketer and manufacturer of carpet and rugs to higher-end residential and commercial customers through the Fabrica International, Masland Carpets, Dixie Home, Masland Contract and Whitespace brands.
“With uncertainty surrounding the rate of recovery in the housing sector and potential macro-economic issues affecting consumer confidence and the stock market, it is difficult to predict how smoothly the overall floorcovering market will recover. We believe that conditions in the upper-end residential portion of our industry should continue to grow while having challenges in the mid-market price points. The commercial market does not appear to have regained its footing since the surge in business at this time a year ago.
However, we are committed to continue our emphasis to growing our market presence with new innovative products,” Frierson concluded.
The Company's loss from discontinued operations was $77,000, or $0.00 per diluted share, for the first quarter of 2012, compared with a loss from discontinued operations of $21,000, or $0.00 per diluted share, for the prior year.
Including discontinued operations, the Company reported a net loss of $181,000, or $0.01 per diluted share, for the first quarter of 2012 compared with net income of $623,000, or $0.05 per diluted share, for the year-earlier period.
The Dixie Group is a leading marketer and manufacturer of carpet and rugs to higher-end residential and commercial customers through the Fabrica International, Masland Carpets, Dixie Home, Masland Contract and Whitespace brands.
The Dixie Group Inc
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