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Sales of carpet products decline at Dixie Group
05 Aug '08
5 min read
We are extremely pleased with our wool collections - their growth and profitability, at both Masland and Fabrica, have exceeded our expectations. Our carpet tile products continue to grow in line with our projections. We expect to continue increasing our market share in 2008 and believe that our business is well positioned to be stronger when industry conditions improve," Frierson concluded.
During the second quarter of this year, the Company purchased 112,672 shares of its Common Stock at an average price of $7.39 per share, pursuant to the Company's previously authorized stock repurchase program. In July, the Company purchased an additional 191,508 shares of its Common Stock at an average price of $5.55 per share.
Additional repurchases of the Company's Common Stock may be made based on management's review of developing economic conditions and other opportunities. Pending such review, the Company is not making additional repurchases of our Common Stock. The Company's intent is to maintain a relatively conservative capital structure during this period of uncertainty.
The Company's income from discontinued operations was $3,000, or $0.00 per diluted share, for the second quarter of 2008, compared with a loss of $118,000, or $0.01 per diluted share, for the second quarter of 2007. Including discontinued operations, the Company reported net income of $1,286,000, or $0.10 per diluted share, for the second quarter of 2008 compared with net income of $2,438,000, or $0.19 per diluted share, for the second quarter of 2007.
For the first half of 2008, the Company's loss from discontinued operations was $66,000, or $0.01 per diluted share, compared with a loss of $184,000, or $0.01 per diluted share, in the prior-year period. Including discontinued operations, the Company reported net income of $1,299,000, or $0.10 per diluted share, for the first six months of fiscal 2008 compared with net income of $2,609,000, or $0.20 per diluted share, for the year-earlier period.
During the second quarter of this year, the Company purchased 112,672 shares of its Common Stock at an average price of $7.39 per share, pursuant to the Company's previously authorized stock repurchase program. In July, the Company purchased an additional 191,508 shares of its Common Stock at an average price of $5.55 per share.
Additional repurchases of the Company's Common Stock may be made based on management's review of developing economic conditions and other opportunities. Pending such review, the Company is not making additional repurchases of our Common Stock. The Company's intent is to maintain a relatively conservative capital structure during this period of uncertainty.
The Company's income from discontinued operations was $3,000, or $0.00 per diluted share, for the second quarter of 2008, compared with a loss of $118,000, or $0.01 per diluted share, for the second quarter of 2007. Including discontinued operations, the Company reported net income of $1,286,000, or $0.10 per diluted share, for the second quarter of 2008 compared with net income of $2,438,000, or $0.19 per diluted share, for the second quarter of 2007.
For the first half of 2008, the Company's loss from discontinued operations was $66,000, or $0.01 per diluted share, compared with a loss of $184,000, or $0.01 per diluted share, in the prior-year period. Including discontinued operations, the Company reported net income of $1,299,000, or $0.10 per diluted share, for the first six months of fiscal 2008 compared with net income of $2,609,000, or $0.20 per diluted share, for the year-earlier period.
Dixie Group Inc
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