The Dixie Group Reports Results for the Third Quarter of 2024
The Dixie Group (OTCQB:DXYN) reported Q3 2024 financial results with net sales of $64.9 million, down 5.4% from $68.6 million in Q3 2023. The company recorded an operating loss of $2.1 million, compared to a $0.9 million loss in Q3 2023. Gross profit margin decreased to 24.6% from 26.6% year-over-year. Net loss from continuing operations was $3.7 million ($0.26 per share) versus $2.2 million ($0.15 per share) in Q3 2023. For the first nine months of 2024, net sales decreased 4.3% to $200.6 million, with a net loss of $5.5 million ($0.37 per share).
The Dixie Group (OTCQB:DXYN) ha riportato i risultati finanziari del terzo trimestre 2024 con vendite nette di 64,9 milioni di dollari, in calo del 5,4% rispetto ai 68,6 milioni di dollari del terzo trimestre 2023. L'azienda ha registrato una perdita operativa di 2,1 milioni di dollari, rispetto a una perdita di 0,9 milioni di dollari nel terzo trimestre 2023. Il margine di profitto lordo è diminuito al 24,6% rispetto al 26,6% anno su anno. La perdita netta dalle operazioni continuative è stata di 3,7 milioni di dollari (0,26 dollari per azione) contro 2,2 milioni di dollari (0,15 dollari per azione) nel terzo trimestre 2023. Per i primi nove mesi del 2024, le vendite nette sono diminuite del 4,3% a 200,6 milioni di dollari, con una perdita netta di 5,5 milioni di dollari (0,37 dollari per azione).
The Dixie Group (OTCQB:DXYN) reportó los resultados financieros del tercer trimestre de 2024 con ventas netas de 64.9 millones de dólares, una disminución del 5.4% en comparación con los 68.6 millones de dólares del tercer trimestre de 2023. La compañía registró una pérdida operativa de 2.1 millones de dólares, comparado con una pérdida de 0.9 millones de dólares en el tercer trimestre de 2023. El margen de beneficio bruto disminuyó al 24.6% desde el 26.6% interanual. La pérdida neta de las operaciones continuas fue de 3.7 millones de dólares (0.26 dólares por acción) frente a 2.2 millones de dólares (0.15 dólares por acción) en el tercer trimestre de 2023. En los primeros nueve meses de 2024, las ventas netas disminuyeron un 4.3% a 200.6 millones de dólares, con una pérdida neta de 5.5 millones de dólares (0.37 dólares por acción).
The Dixie Group (OTCQB:DXYN)는 2024년 3분기 재무 결과를 발표했으며, 순매출 6490만 달러로, 2023년 3분기의 6860만 달러에 비해 5.4% 감소했습니다. 회사는 운영 손실 210만 달러를 기록했으며, 2023년 3분기의 90만 달러 손실에 비해 증가했습니다. 총 이익률은 전년 대비 26.6%에서 24.6%로 감소했습니다. 지속적 운영에서의 순손실은 370만 달러(주당 0.26 달러)로, 2023년 3분기의 220만 달러(주당 0.15 달러)보다 높았습니다. 2024년 첫 아홉 달 동안 순매출은 4.3% 감소한 2억 600만 달러였으며, 순손실은 550만 달러(주당 0.37 달러)였습니다.
The Dixie Group (OTCQB:DXYN) a publié ses résultats financiers pour le troisième trimestre 2024 avec des ventes nettes de 64,9 millions de dollars, en baisse de 5,4% par rapport à 68,6 millions de dollars au troisième trimestre 2023. L'entreprise a enregistré une perte d'exploitation de 2,1 millions de dollars, contre une perte de 0,9 million de dollars au troisième trimestre 2023. La marge brute a diminué à 24,6% contre 26,6% d'une année sur l'autre. La perte nette des opérations continues s'est élevée à 3,7 millions de dollars (0,26 dollar par action) contre 2,2 millions de dollars (0,15 dollar par action) au troisième trimestre 2023. Pour les neuf premiers mois de 2024, les ventes nettes ont diminué de 4,3% à 200,6 millions de dollars, avec une perte nette de 5,5 millions de dollars (0,37 dollar par action).
The Dixie Group (OTCQB:DXYN) berichtete über die Finanzergebnisse für das dritte Quartal 2024 mit Nettoverkaufszahlen von 64,9 Millionen Dollar, was einem Rückgang von 5,4% im Vergleich zu 68,6 Millionen Dollar im dritten Quartal 2023 entspricht. Das Unternehmen verzeichnete einen Betriebsverlust von 2,1 Millionen Dollar, verglichen mit einem Verlust von 0,9 Millionen Dollar im dritten Quartal 2023. Die Bruttogewinnmarge sank im Jahresvergleich von 26,6% auf 24,6%. Der Nettoverlust aus fortgeführten Aktivitäten betrug 3,7 Millionen Dollar (0,26 Dollar pro Aktie) im Vergleich zu 2,2 Millionen Dollar (0,15 Dollar pro Aktie) im dritten Quartal 2023. In den ersten neun Monaten 2024 sank der Nettoverkauf um 4,3% auf 200,6 Millionen Dollar, mit einem Nettoverlust von 5,5 Millionen Dollar (0,37 Dollar pro Aktie).
- Soft surface sales outperformed industry average, declining 3% vs. industry decline of 6.5%
- Successful operation of new extrusion equipment providing raw materials at lower cost
- Selling and administrative expenses decreased 6.3% year-over-year
- Available credit facility of $11.7 million at quarter end
- Net sales decreased 5.4% to $64.9 million in Q3 2024
- Operating loss widened to $2.1 million from $0.9 million in Q3 2023
- Gross profit margin declined to 24.6% from 26.6%
- Net loss increased to $3.7 million from $2.2 million year-over-year
- Debt increased by $3.9 million in first nine months of 2024
DALTON, GA / ACCESSWIRE / November 1, 2024 / The Dixie Group, Inc. (OTCQB:DXYN) today reported financial results for the quarter ended September 28, 2024.
Net sales in the third quarter of 2024 were
$64.9 million compared to$68.6 million in the same period of the prior yearThe gross profit margin for the three months of the third quarter of 2024 was
24.6% of net sales compared to26.6% in the third quarter of 2024Operating loss in the third quarter of 2024 was
$2.1 million compared to a loss of$0.9 million in the third quarter of the prior year
For the third quarter of 2024, the Company had net sales of
For the nine months ended September 28, 2024, net sales were
Commenting on the results, Daniel K. Frierson, Chairman and Chief Executive Officer, said, "Net sales in the third quarter started off slow in the month of July but improved throughout the remainder of the quarter. Soft market conditions, as a result of high interest rates, low existing home sales and low consumer confidence, have negatively impacted our overall sales volume. Net sales from soft surfaces during the quarter were
We are pleased by the results of the successful operation of our extrusion equipment that began in the first quarter of this year. Along with providing raw materials at a lower cost, the importance of securing an internal supply of fiber became more apparent as one of our key suppliers of white nylon announced they would be shutting down their operations later this year.
Throughout the third quarter we continued to promote our Step Into Color campaign through marketing materials placed in our customers' retail stores as well as digital advertising. The Step Into Color campaign connects our retail customers, designers and consumers with a world of color options, including custom colors available in all of our brands. This provides the end user with colorful options in piece dyed nylon as opposed to the sea of sameness that is solution dyed polyester.
Our marketing activities in the third quarter included continued focus on expanding our digital marketing efforts which has resulted in increased lead generation, sample order activity from our websites and improved capabilities for online product visualization. We also saw strong growth from retail stores where we have placed our Premier Flooring Center program. The investment in samples, merchandising and training in these stores have provided returns of increased business and greater market share.
Our product and marketing initiatives should allow us to continue to outperform the industry in what has been a difficult flooring market. Our cost savings initiatives, including the successful operation of our extrusion equipment and the consolidation of our east coast manufacturing facilities, have us in a strong position to maximize the return from an anticipated improvement in demand going into 2025. This higher demand is expected to be driven by higher existing home sales and remodeling as the result of decreasing interest rates and access to elevated home equity." Frierson concluded.
Net sales in the third quarter of 2024,
Selling and administrative expenses in the third quarter of 2024 were
On our September fiscal month end balance sheet, receivables increased
For the first four weeks of the fourth quarter 2024 to date, net sales are approximately
This press release contains forward-looking statements. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management and the Company at the time of such statements and are not guarantees of performance. Forward-looking statements are subject to risk factors and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Such factors include the levels of demand for the products produced by the Company. Other factors that could affect the Company's results include, but are not limited to, availability of raw material and transportation costs related to petroleum prices, the cost and availability of capital, integration of acquisitions, ability to attract, develop and retain qualified personnel and general economic and competitive conditions related to the Company's business. Issues related to the availability and price of energy may adversely affect the Company's operations. Additional information regarding these and other risk factors and uncertainties may be found in the Company's filings with the Securities and Exchange Commission. The Company disclaims any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise.
THE DIXIE GROUP, INC.
Consolidated Condensed Statements of Operations
(unaudited; in thousands, except earnings (loss) per share)
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
| September 28, |
|
| September 30, |
|
| September 28, |
|
| September 30, |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
NET SALES |
| $ | 64,877 |
|
| $ | 68,576 |
|
| $ | 200,638 |
|
| $ | 209,669 |
|
Cost of sales |
|
| 48,947 |
|
|
| 50,341 |
|
|
| 149,085 |
|
|
| 153,821 |
|
GROSS PROFIT |
|
| 15,930 |
|
|
| 18,235 |
|
|
| 51,553 |
|
|
| 55,848 |
|
Selling and administrative expenses |
|
| 17,561 |
|
|
| 18,743 |
|
|
| 51,309 |
|
|
| 54,195 |
|
Other operating (income) expense, net |
|
| 193 |
|
|
| (147 | ) |
|
| 141 |
|
|
| (313 | ) |
Facility consolidation and severance expenses, net |
|
| 283 |
|
|
| 552 |
|
|
| 772 |
|
|
| 2,320 |
|
OPERATING LOSS |
|
| (2,107 | ) |
|
| (913 | ) |
|
| (669 | ) |
|
| (354 | ) |
Interest expense |
|
| 1,628 |
|
|
| 1,795 |
|
|
| 4,780 |
|
|
| 5,503 |
|
Other (income) expense, net |
|
| (2 | ) |
|
| (622 | ) |
|
| 8 |
|
|
| (634 | ) |
Loss from continuing operations before taxes |
|
| (3,733 | ) |
|
| (2,086 | ) |
|
| (5,457 | ) |
|
| (5,223 | ) |
Income tax provision (benefit) |
|
| (4 | ) |
|
| 125 |
|
|
| 16 |
|
|
| 159 |
|
Loss from continuing operations |
|
| (3,729 | ) |
|
| (2,211 | ) |
|
| (5,473 | ) |
|
| (5,382 | ) |
Loss from discontinued operations, net of tax |
|
| (182 | ) |
|
| (183 | ) |
|
| (329 | ) |
|
| (496 | ) |
NET LOSS |
| $ | (3,911 | ) |
| $ | (2,394 | ) |
| $ | (5,802 | ) |
| $ | (5,878 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
BASIC EARNINGS (LOSS) PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
| $ | (0.26 | ) |
| $ | (0.15 | ) |
| $ | (0.37 | ) |
| $ | (0.36 | ) |
Discontinued operations |
|
| (0.01 | ) |
|
| (0.01 | ) |
|
| (0.02 | ) |
|
| (0.04 | ) |
Net Loss |
| $ | (0.27 | ) |
| $ | (0.16 | ) |
| $ | (0.39 | ) |
| $ | (0.40 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
DILUTED EARNINGS (LOSS) PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
| $ | (0.26 | ) |
| $ | (0.15 | ) |
| $ | (0.37 | ) |
| $ | (0.36 | ) |
Discontinued operations |
|
| (0.01 | ) |
|
| (0.01 | ) |
|
| (0.02 | ) |
|
| (0.04 | ) |
Net Loss |
| $ | (0.27 | ) |
| $ | (0.16 | ) |
| $ | (0.39 | ) |
| $ | (0.40 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 14,455 |
|
|
| 14,824 |
|
|
| 14,733 |
|
|
| 14,769 |
|
Diluted |
|
| 14,455 |
|
|
| 14,824 |
|
|
| 14,733 |
|
|
| 14,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
THE DIXIE GROUP, INC.
Consolidated Condensed Balance Sheets
(in thousands)
| September 28, |
|
| December 30, |
| |||
ASSETS |
| (Unaudited) |
|
|
|
| ||
Current Assets |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 1,053 |
|
| $ | 79 |
|
Receivables, net |
|
| 26,578 |
|
|
| 23,686 |
|
Inventories, net |
|
| 76,754 |
|
|
| 76,211 |
|
Prepaid and other current assets |
|
| 8,201 |
|
|
| 12,154 |
|
Current assets of discontinued operations |
|
| 199 |
|
|
| 265 |
|
Total Current Assets |
|
| 112,785 |
|
|
| 112,395 |
|
|
|
|
|
|
|
|
| |
Property, Plant and Equipment, Net |
|
| 34,942 |
|
|
| 31,368 |
|
Operating Lease Right-Of-Use Assets |
|
| 26,466 |
|
|
| 28,962 |
|
Other Assets |
|
| 19,125 |
|
|
| 17,130 |
|
Long-Term Assets of Discontinued Operations |
|
| 1,383 |
|
|
| 1,314 |
|
TOTAL ASSETS |
| $ | 194,701 |
|
| $ | 191,169 |
|
|
|
|
|
|
|
|
| |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
| $ | 18,913 |
|
| $ | 13,935 |
|
Accrued expenses |
|
| 17,891 |
|
|
| 16,598 |
|
Current portion of long-term debt |
|
| 2,680 |
|
|
| 4,230 |
|
Current portion of operating lease liabilities |
|
| 3,863 |
|
|
| 3,654 |
|
Current liabilities of discontinued operations |
|
| 1,049 |
|
|
| 1,137 |
|
Total Current Liabilities |
|
| 44,396 |
|
|
| 39,554 |
|
|
|
|
|
|
|
|
| |
Long-Term Debt, Net |
|
| 83,733 |
|
|
| 78,290 |
|
Operating Lease Liabilities |
|
| 23,221 |
|
|
| 25,907 |
|
Other Long-Term Liabilities |
|
| 16,460 |
|
|
| 14,591 |
|
Long-Term Liabilities of Discontinued Operations |
|
| 3,620 |
|
|
| 3,536 |
|
Stockholders' Equity |
|
| 23,271 |
|
|
| 29,291 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
| $ | 194,701 |
|
| $ | 191,169 |
|
SOURCE: The Dixie Group
View the original press release on accesswire.com
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