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Dixie Broadloom commercial carpet products grows in 2007
26
Feb '08
The Dixie Group Inc reported financial results for the fourth quarter and fiscal year ended December 29, 2007. For the fourth quarter, income from continuing operations was $1,746,000, or $0.14 per diluted share, compared with income from continuing operations of $3,234,000, or $0.25 per diluted share, for the fourth quarter of 2006. Sales for the fourth quarter of 2007 were $79,517,000, down less than 1.0% from sales of $80,275,000 in the year-earlier quarter.

For the fiscal year ended December 29, 2007, income from continuing operations was $6,778,000, or $0.52 per diluted share, compared with income from continuing operations of $7,891,000, or $0.61 per diluted share, for the year ended December 30, 2006. Sales for 2007 were $320,795,000, down 3.1% from sales of $331,100,000 in the prior year.

In 2006, the Company adjusted its tax contingency reserves due to settlements of income tax examinations and expiring statutes of limitations. These adjustments reduced its effective income tax rate to 9.8% for the fourth quarter of 2006 and 18.4% for fiscal 2006.

The effective income tax rates in 2007 were at more normal levels of 32.5% in the fourth quarter and 35.3% for the full year. The effect of the 2006 income tax adjustments was to increase income from continuing operations by $0.06 and $0.13 per diluted share, respectively, for the fourth quarter and fiscal year 2006.

In the fourth quarter 2007, the Company merged its only remaining defined benefit pension plan into a multi-employer pension plan and ceased to be the plan sponsor. The Company incurred principally non-cash pre-tax expenses of $1,518,000 relating to the merger. Expenses of the pension plan merger reduced income from continuing operations by $1,023,000, or $0.08 per diluted share, for the fourth quarter and fiscal year ended December 29, 2007.

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