This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The Dixie Group Reports Second Quarter 2011 Results

The Dixie Group, Inc. (NASDAQ:DXYN) today reported financial results for the second quarter ended July 2, 2011. In the second quarter of 2011, the Company had sales of $69,200,000 and income from continuing operations of $808,000, or $0.06 per diluted share, compared with a loss from continuing operations of $684,000, or $0.05 per diluted share for the second quarter of 2010. Net sales increased 17.2% for the fiscal second quarter of 2011 as compared with the second quarter of 2010. For the year-to-date, sales are $135,154,000 and income from continuing operations is $1,452,000 or $0.11 per diluted share, compared with sales of $109,512,000 and a loss from continuing operations of $3,143,000, or $0.25 per diluted share, for the year-ago period. Net sales for the year-to-date are 23.4% above the same period of 2010.

Commenting on the results, Daniel K. Frierson, chairman and chief executive officer, said, “Dixie had strong growth in the quarter with a 17% improvement in sales compared to modest growth for the industry. Our commercial products had growth of 20%, which we believe is significantly above the industry. Notable was growth in the modular carpet tile sector, which continues to exceed that of the broadloom product category in commercial products for both Dixie and the industry. Likewise, our residential product sales grew over 15% above the same period in 2010. This increase is in contrast with sales’ decline for the residential market. The residential carpet market, plagued by low sales of new and existing residential homes as well as by tight credit, is still working its way through the recovery from the severe economic downturn of the last few years.

“Having completed six consecutive quarters of sales growth in excess of the industry, we believe that our strategy of continuing to invest in new products during this historic downturn has proven successful and positions us for the future. We have seen significant sales growth at the very high end as evidenced by double-digit sales growth during the period for our Fabrica business as well as for our Masland wool and rug products. We continue to believe that the upper end customer has regained confidence, as demonstrated by our improved sales to the upper end of the market. Our Dixie Home line has had particular success with the Stainmaster® products introduced in the last year. Masland Contract continues to see excellent growth in the commercial market, particularly its modular carpet tile products and sales to end users.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,156.85 +24.88 0.15%
S&P 500 2,001.57 +2.59 0.13%
NASDAQ 4,562.1890 +9.43 0.21%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs