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The Dixie Group Reports Third Quarter 2012 Results

The Dixie Group, Inc. (NASDAQ:DXYN) today reported financial results for the third quarter ended September 29, 2012. In the third quarter of 2012, the company had sales of $65,822,000 and income from continuing operations of $269,000, or $0.02 per diluted share, compared with income from continuing operations of $22,000, or $0.00 per diluted share for the third quarter of 2011. Net sales decreased by $3,785,000 for the fiscal third quarter of 2012, compared with the third quarter of 2011, primarily due to a one-time sales promotion in the prior period. Year-to-date sales were $195,238,000, with a loss from continuing operations of $240,000 or $0.02 per diluted share, compared with sales of $204,761,000 and income from continuing operations of $1,474,000 or $0.11 per diluted share, from the year-ago period. When adjusting for the number of weeks in the two periods, net sales for the year-to-date were 2.4% below the same period of 2011.

Commenting on the results, Daniel K. Frierson, chairman and chief executive officer, said, “We continued our strong residential growth in the quarter with 6.5% increase in product sales, excluding a one-time promotional special in the prior year. Each of our residential brands had nice increases through the retail and design channels. The only area of decline was in our mass merchant category, due primarily to the non-repeating one-time promotion in 2011. Our residential product sales, including mass merchants, declined 2.9% relative to a slight growth for the industry. Our commercial sales during the period were hurt by a slow start to the quarter with a sales decline of 10.6% relative to the industry growth in the low-single digits. We are excited by our new management team led by Lee Martin, who came on board during the quarter, and who has developed new growth plans for our commercial business. Our business started the quarter slower but strengthened throughout the period and has continued to be stronger during October.

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