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The Dixie Group Reports 2011 Year-End Results

Stocks in this article: DXYN

The Dixie Group, Inc. (NASDAQ:DXYN) today reported financial results for the fiscal year ended December 31, 2011. For the fiscal year ended December 31, 2011, income from continuing operations was $1,272,000, or $0.10 per diluted share, compared with a loss from continuing operations of $4,373,000, or $0.35 per diluted share, for the year ended December 25, 2010. Excluding items related to the Company’s refinancing, as detailed on the enclosed schedule, non-GAAP income from continuing operations was $1,466,000, or $0.12 per diluted share, for 2011. Net sales for fiscal 2011 were $270,110,000, up 15% over the prior year on a non-GAAP adjusted comparable 52 week basis, as detailed on the enclosed schedule. Sales increased 17% from $231,322,000 in the prior year on a fiscal basis.

In the fourth quarter of 2011, the Company had sales of $65,349,000 and a loss from continuing operations of $203,000, or $0.02 per diluted share, compared with sales of $65,134,000 and income from continuing operations of $638,000, or $0.05 per diluted share for the fourth quarter of 2010.

Commenting on the results, Daniel K. Frierson, chairman and chief executive officer, said, “The year of 2011 was our first profitable year since the downturn began in 2008 and evidence of the continued recovery in the upper end of the market that began in 2010. Since the bottom of the downturn in 2009, Dixie’s sales are up 33% while the industry is up less than 5%. This is further evidence that the luxury end of the market is returning faster than the overall soft floorcovering market. For 2011, Dixie’s total carpet sales were up about 15% while the industry was up in the low single digits.

“Our fourth quarter sales were up mid-single digits on a comparable calendar week basis, taking into account our year-end calendar relative to the holiday period this year versus last, though sales were flat with a year ago on a fiscal period basis. Our residential sales were up over 8% in the quarter while our commercial sales were hurt by a slower fourth quarter in that market segment. Our fourth quarter profitability was negatively impacted due to higher investments in new products; however, we believe that this investment will continue our above-industry average sales growth into 2012.

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