-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E2rYWRoQKdfMXieJ0gaMl9zOV+iIryQ9se4Y96CN+oqfU56b2RdtURJ5ExiDptNe o1jf5o/TE0O+b8vTWySB2g== 0000029332-96-000008.txt : 19960814 0000029332-96-000008.hdr.sgml : 19960814 ACCESSION NUMBER: 0000029332-96-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960629 FILED AS OF DATE: 19960813 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: DIXIE YARNS INC CENTRAL INDEX KEY: 0000029332 STANDARD INDUSTRIAL CLASSIFICATION: CARPETS AND RUGS [2273] IRS NUMBER: 620183370 STATE OF INCORPORATION: TN FISCAL YEAR END: 1230 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-02585 FILM NUMBER: 96609465 BUSINESS ADDRESS: STREET 1: 1100 S WATKINS ST CITY: CHATTANOOGA STATE: TN ZIP: 37404 BUSINESS PHONE: 6156982501 MAIL ADDRESS: STREET 1: P O BOX 751 CITY: CHATTANOOGA STATE: TN ZIP: 37401 FORMER COMPANY: FORMER CONFORMED NAME: DIXIE MERCERIZING CO DATE OF NAME CHANGE: 19670524 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 29, 1996 Commission File Number 0-2585 DIXIE YARNS, INC. (Exact name of registrant as specified in its charter) Tennessee 62-0183370 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1100 South Watkins Street Chattanooga, Tennessee 37404 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (423) 698-2501 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding as of July 30, 1996 Common Stock, $3 Par Value 10,466,994 shares Class B Common Stock, $3 Par Value 735,228 shares Class C Common Stock, $3 Par Value 0 shares DIXIE YARNS, INC 2 INDEX Part I. Financial Information: Page No. Consolidated Condensed Balance Sheets -- June 29, 1996 and December 30, 1995 3 Consolidated Statements of Income -- Three Months Ended June 29, 1996 and July 1, 1995 5 Consolidated Statements of Income -- Six Months ended June 29, 1996 and July 1, 1995 6 Consolidated Condensed Statements of Cash Flows -- Six Months Ended June 29, 1996 and July 1, 1995 7 Notes to Consolidated Condensed Financial Statements 9 Management's Discussion and Analysis of Results of Operations and Financial Condition 11 Part II. Other Information: Item 4 - Submission of Matters to a Vote of Security Holders 14 Item 6 - Exhibits and Reports on Form 8-K 14 PART I - ITEM 1 3 FINANCIAL INFORMATION DIXIE YARNS, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) June 29, December 30, 1996 1995 ____________ ____________ (dollar amounts in thousands) ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,150 $ 3,413 Accounts receivable (less allowance for doubtful accounts of $3,405 in 1996 and $3,156 in 1995) 29,982 17,369 Inventories 92,746 103,253 Assets held for sale -- 22,090 Other 10,270 10,518 ____________ ____________ TOTAL CURRENT ASSETS 134,148 156,643 PROPERTY, PLANT AND EQUIPMENT 392,085 383,741 Less accumulated amortization and depreciation 204,090 190,238 ____________ ____________ NET PROPERTY, PLANT AND EQUIPMENT 187,995 193,503 INTANGIBLE ASSETS (less accumulated amortization of $6,501 in 1996 and $5,973 in 1995) 35,247 35,775 OTHER ASSETS 11,209 11,076 ____________ ____________ TOTAL ASSETS $ 368,599 $ 396,997 ____________ ____________ ____________ ____________ See Notes to Consolidated Condensed Financial Statements. DIXIE YARNS, INC. 4 CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) June 29, December 30, 1996 1995 ____________ ____________ (dollar amounts in thousands) LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 27,100 $ 20,394 Accrued expenses 27,319 23,294 Current portion of long-term debt 2,634 2,171 ____________ ____________ TOTAL CURRENT LIABILITIES 57,053 45,859 LONG-TERM DEBT Senior indebtedness 57,295 97,383 Subordinated notes 50,000 50,000 Convertible subordinated debentures 44,782 44,782 ____________ ____________ TOTAL LONG-TERM DEBT 152,077 192,165 OTHER LIABILITIES 11,851 11,486 DEFERRED INCOME TAXES 28,971 29,197 STOCKHOLDERS' EQUITY Common Stock - issued and outstanding, 13,875,026 shares in 1996 and 13,862,799 shares in 1995 41,625 41,588 Class B Common Stock - issued and outstanding, 735,228 shares in 1996 and 1995 2,206 2,206 Additional paid-in capital 131,629 131,618 Retained earnings 2,776 2,447 Minimum pension liability adjustment (4,116) (4,116) ____________ ____________ 174,120 173,743 Less Common Stock in treasury at cost - 3,408,030 shares in 1996 and 3,404,123 shares in 1995 55,473 55,453 ____________ ____________ TOTAL STOCKHOLDERS' EQUITY 118,647 118,290 ____________ ____________ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 368,599 $ 396,997 ____________ ____________ ____________ ____________ See Notes to Consolidated Condensed Financial Statements. DIXIE YARNS, INC. 5 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended _________________________________ June 29, July 1, 1996 1995 ______________ ______________ (dollar amounts in thousands, except per share data) Net sales $ 167,962 $ 177,809 Cost of sales 137,533 151,637 ____________ ____________ GROSS PROFIT 30,429 26,172 Selling and administrative expenses 19,800 20,799 Other (income) expense - net 4,287 69 ____________ ____________ INCOME BEFORE INTEREST AND TAXES 6,342 5,304 Interest expense 3,805 4,186 ____________ ____________ INCOME BEFORE INCOME TAXES 2,537 1,118 Income tax provision 1,217 687 ____________ ____________ NET INCOME $ 1,320 $ 431 ____________ ____________ ____________ ____________ Per common and common equivalent share: Net income $ .12 $ .03 See Notes to Consolidated Condensed Financial Statements. DIXIE YARNS, INC. 6 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Six Months Ended _________________________________ June 29, July 1, 1996 1995 ______________ ______________ (dollar amounts in thousands, except per share data) Net sales $ 329,482 $ 359,455 Cost of sales 274,793 304,731 ____________ ____________ GROSS PROFIT 54,689 54,724 Selling and administrative expenses 40,606 42,601 Other (income) expense - net 4,980 1,022 ____________ ____________ INCOME BEFORE INTEREST AND TAXES 9,103 11,101 Interest expense 7,782 8,112 ____________ ____________ INCOME BEFORE INCOME TAXES 1,321 2,989 Income tax provision 992 1,675 ____________ ____________ NET INCOME $ 329 $ 1,314 ____________ ____________ ____________ ____________ Per common and common equivalent share: Net income $ .03 $ .09 See Notes to Consolidated Condensed Financial Statements. DIXIE YARNS, INC. 7 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended ___________________________ June 29, July 1, 1996 1995 ____________ ____________ (dollar amounts in thousands) CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 329 $ 1,314 Depreciation and amortization 14,586 18,804 Provision (benefit) for deferred income taxes (196) 594 (Gain) loss on property, plant and equipment (558) 938 ____________ ____________ 14,161 21,650 Changes in operating assets and liabilities 8,548 (16,109) ____________ ____________ NET CASH PROVIDED BY OPERATING ACTIVITIES 22,709 5,541 CASH FLOWS FROM INVESTING ACTIVITIES Net proceeds from sale of property, plant and equipment 23,194 318 Purchase of property, plant and equipment (8,570) (18,786) ____________ ____________ NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 14,624 (18,468) See Notes to Consolidated Condensed Financial Statements. DIXIE YARNS, INC. 8 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - CONTINUED (UNAUDITED) Six Months Ended ___________________________ June 29, July 1, 1996 1995 ____________ ____________ (dollar amounts in thousands) CASH FLOWS FROM FINANCING ACTIVITIES Net increase (decrease) in credit line borrowings (38,150) 12,952 Payments on term-loan (1,250) -0- Capital stock acquired (20) (23) Other (176) (363) ____________ ____________ NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (39,596) 12,566 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,263) (361) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 3,413 1,904 ____________ ____________ CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,150 $ 1,543 ____________ ____________ ____________ ____________ SUPPLEMENTAL CASH FLOW INFORMATION Interest paid $ 7,960 $ 7,505 ____________ ____________ ____________ ____________ Tax refunds received, net of income taxes paid $ (706) $ (1,324) ____________ ____________ ____________ ____________ See Notes to Consolidated Condensed Financial Statements. DIXIE YARNS, INC. 9 NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED) NOTE A - BASIS OF PRESENTATION The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial statements which do not include all of the information and footnotes required in annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 29, 1996 are not necessarily indicative of the results that may be expected for the entire year. NOTE B - INVENTORIES Inventories are summarized as follows: June 29, December 30, 1996 1995 ____________ ____________ (dollar amounts in thousands) At current cost Raw materials $ 20,463 $ 21,012 Work-in-process 19,561 24,441 Finished goods 64,949 73,314 Supplies, repair parts and other 4,891 6,772 ____________ ____________ 109,864 125,539 Excess of current cost over LIFO value (17,118) (22,286) ____________ ____________ $ 92,746 $ 103,253 ____________ ____________ ____________ ____________ NOTE C - DEBT AND CREDIT ARRANGEMENTS Under the terms of the Company's unsecured revolving credit and term-loan agreement, revolving credit availability is permanently reduced by 50% of the net cash proceeds from certain significant asset sales. Accordingly, the revolving credit availability was reduced by $15.5 million as a result of the sale of Threads USA on June 3, 1996. The net effect of the availability reduction and debt repayments increased unused borrowing capacity under the Company's revolving credit agreements from $38.8 million at December 30, 1995 to $61.4 million at June 29, 1996. 10 NOTE D - SALE OF THE COMPANY'S THREADS USA BUSINESS On June 3, 1996, the Company sold its Threads USA business, including substantially all of its property, plant and equipment, raw material and in-process inventories and certain other assets to American & Efird, Inc., a subsidiary of Ruddick Corporation, for $27.2 million cash. Under the terms of the asset purchase agreement: (i) thread inventories retained by the Company are to be held for purchase by American & Efird to service the Threads USA business; (ii) Threads USA's branded product lines must be continued until the earlier of six months or all such inventories are purchased from the Company; and (iii) the Company is prohibited from competing in the thread business for a period of five years. Accounts receivable associated with Threads USA were retained by the Company. Net proceeds from these transactions are anticipated to exceed $50.0 million and are expected to be used primarily to reduce the Company's outstanding long-term debt. In the fourth quarter of 1995, the Company recorded a valuation allowance of approximately $41.5 million to reduce its investment in Threads USA to estimated net realizable value. Approximately $4.0 million of cost to exit the Threads USA business (consisting primarily of severance costs and pension related settlement expenses which, in accordance with GAAP, could not be recognized as part of the valuation allowance) was recorded in the second quarter of 1996 when the asset purchase agreement was executed. This cost was included in "Other (income) expense-net" in the Company's consolidated statements of income. Also, in the second quarter of 1996, the Company recorded a $3.6 million gain primarily resulting from liquidations of thread LIFO inventory quantities carried at lower costs prevailing in prior years. This gain was included as a reduction of costs of sales in the Company's consolidated statements of income. Threads USA sales were $21.8 million and $45.6 million, respectively in the second quarter and first six months of 1996. Operating profits for Threads USA were $.8 million for the second quarter of 1996 and $1.8 million for the first six months of 1996. PART I - ITEM 2 11 MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION The following is presented to update the discussion of results of operations and financial condition included in the Company's 1995 Annual Report. RESULTS OF OPERATIONS On June 3, 1996, the Company sold its Threads USA business, including substantially all of its property, plant and equipment, raw material and in-process inventories and certain other assets to American & Efird, Inc. for $27.2 million cash. Under the terms of the asset purchase agreement: (i) thread inventories retained by the Company are to be held for purchase by American & Efird to service the Threads USA business; (ii) Threads USA's branded product lines must be continued until the earlier of six months or all such inventories are purchased from the Company; and (iii) the Company is prohibited from competing in the thread business for a period of five years. Accounts receivable associated with Threads USA were retained by the Company. Net proceeds from these transactions are anticipated to exceed $50.0 million and are expected to be used primarily to reduce the Company's outstanding long-term debt. In the fourth quarter of 1995, the Company recorded a valuation allowance of approximately $41.5 million to reduce its investment in Threads USA to estimated net realizable value. Approximately $4.0 million of cost to exit the Threads USA business (consisting primarily of severance costs and pension related settlement expenses which, in accordance with GAAP, could not be recognized as part of the valuation allowance) was recorded in the second quarter of 1996 when the asset purchase agreement was executed. This cost was included in "Other (income) expense-net" in the Company's consolidated statements of income. Also, in the second quarter of 1996, the Company recorded a $3.6 million gain primarily resulting from liquidations of thread LIFO inventory quantities carried at lower costs prevailing in prior years. This gain was included as a reduction of costs of sales in the Company's consolidated statements of income. 12 The following table sets forth selected operating data (in millions of dollars) related to the two business segments of the Company: Floorcovering and Textile Products. Quarter Ended Six Months Ended June 29, July 1, June 29, July 1, 1996 1995 1996 1995 SALES Floorcovering $ 96.0 $ 92.3 $184.2 $186.5 Textile products 72.9 86.4 147.5 174.8 Intersegment elimination (0.9) (0.9) (2.2) (1.8) Total sales $168.0 $177.8 $329.5 $359.5 OPERATING PROFIT (LOSS) Floorcovering Excluding unusual items $ 6.4 $ 5.1 $ 10.8 $ 11.5 Unusual items -- 2.9 -- 2.9 Floorcovering total 6.4 8.0 10.8 14.4 Textile products Excluding unusual items 1.4 0.5 1.0 1.3 Unusual items -- (1.8) -- (1.8) Textile products total 1.4 (1.3) 1.0 (0.5) Combined Excluding unusual items 7.8 5.6 11.8 12.8 Unusual items -- 1.1 -- 1.1 Company total $ 7.8 $ 6.7 $ 11.8 $ 13.9 Unusual items in 1995 included a $2.9 million casualty insurance gain in floorcovering and a $1.8 million facilities consolidation charge in textile products. The decline in 1996 sales is principally the result of the Company's strategy to improve margins by reducing sales of lower margin textile products. This strategy resulted in the consolidation of two synthetic yarn facilities and the sale of an open-end cotton yarn plant in the second and third quarters of 1995, respectively, reducing the Company's capacity to produce commodity textile products. Textile sales were also impacted by weak demand for knit fabrics and the sale of the Company's Threads USA business on June 3, 1996. Excluding unusual items in 1995, operating profits in the second quarter of 1996 improved $1.3 million in the Company's floorcovering business and $.9 million in its textile operations compared with the previous year. The improved floorcovering results are principally due to stronger second quarter demand for most of the Company's floorcovering products and manufacturing cost reductions. Improved textile earnings reflect the shift in business to higher margin products and reductions in selling and administrative expenses. 13 Excluding unusal items in 1995, year-to-date 1996 operating profits declined $.7 million in the Company's floorcovering operations and $.3 million in its textile operations compared to the prior year. The lower 1996 floorcovering operating profits reflected weak demand for carpet yarn in the first quarter. Weak retail demand of customers for certain textile products in the first quarter of 1996 affected year-to-date textile results. Interest expense decreased in both the second quarter and for the first six months of 1996, compared with the comparable 1995 periods as a result of the lower debt levels in 1996. LIQUIDITY AND CAPITAL RESOURCES During the six months ended June 29, 1996, operating activities generated funds of $22.7 million (including $11.9 million of working capital reduction associated with the sale of Threads) while net proceeds from the sale of property, plant and equipment (primarily the assets of Threads USA) provided additional funds of $23.2 million. These funds were used to reduce the Company's outstanding long-term debt by $39.6 million and to finance capital expenditures of $8.6 million. Under the terms of the Company's unsecured revolving credit and term-loan agreement, revolving credit availability is permanently reduced by 50% of the net cash proceeds from certain significant asset sales. Accordingly, the revolving credit availability was reduced by $15.5 million as a result of the sale of Threads USA on June 3, 1996. The net effect of the availability reduction and debt repayments increased unused borrowing capacity under the Company's revolving credit agreements from $38.8 million at December 30, 1995 to $61.4 million at June 29, 1996. Operating cash flows for the remainder of the year are expected to exceed the Company's liquidity requirements, including capital expenditures, with the excess funds available to reduce debt. The Company also anticipates further debt reductions of approximately $15.0 million funded by the collection of accounts receivable retained in and the sale of inventories associated with the Threads transaction. PART II. OTHER INFORMATION 14 Item 4 - Submission of Matters to a Vote of Security Holders (a) The annual meeting of shareholders was held on May 2, 1996. (c) The meeting was held to consider and vote upon the election of Directors for the following year. All Directors were elected with the results of the vote for each Director summarized as follows: FOR AGAINST ABSTAIN TOTAL Paul K. Brock 22,402,668 249,413 88,885 22,740,966 Lovic A. Brooks, Jr. 22,566,173 85,908 88,885 22,740,966 Daniel K. Frierson 22,554,963 97,118 88,885 22,740,966 Paul K. Frierson 22,557,568 94,513 88,885 22,740,966 J. Frank Harrison, Jr. 22,567,468 84,613 88,885 22,740,966 James H. Martin, Jr. 22,405,673 246,408 88,885 22,740,966 Peter L. Smith 22,404,973 247,108 88,885 22,740,966 Joseph T. Spence, Jr. 22,565,773 86,308 88,885 22,740,966 Robert J. Sudderth, Jr. 22,566,263 85,818 88,885 22,740,966 Item 6 - Exhibits and Reports on Form 8-K (a) Exhibits (i) Exhibits Incorporated by Reference None. (ii) Exhibits Filed with this Report (11) Statement re: Computation of Earnings Per Share. (b) Reports on Form 8-K Current Report on Form 8-K, dated June 3, 1996, reporting the sale of substantially all of the assets employed in the Company's industrial sewing threads business to American & Efird, Inc. 15 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. DIXIE YARNS, INC. __________________________ (Registrant) August 12, 1996 ____________________ (Date) /s/DANIEL K. FRIERSON __________________________ Daniel K. Frierson Chairman of the Board, President and CEO /s/D. EUGENE LASATER __________________________ D. Eugene Lasater Controller QUARTERLY REPORT ON FORM 10-Q 16 ITEM 6(a) EXHIBITS QUARTER ENDED JUNE 29, 1996 DIXIE YARNS, INC. CHATTANOOGA, TENNESSEE Exhibit Index EXHIBIT NO. EXHIBIT DESCRIPTION INCORPORATION BY REFERENCE (11) Statement re: Computation Filed herewith. of Earnings Per Share. EX-11 2 EXHIBIT (11) EXHIBIT 11 DIXIE YARNS, INC. STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE (amounts in thousands, except per share data) Three Months Ended Six Months Ended __________________ __________________ June 29, July 1, June 29, July 1, 1996 1995 1996 1995 ________ _______ ________ _______ PRIMARY: NET INCOME $ 1,320 $ 431 $ 329 $ 1,314 ________ _______ ________ _______ ________ _______ ________ _______ Weighted average number of Common Shares outstanding assuming conversion of Class B Common Stock 11,200 12,243 11,198 12,243 Net effect of dilutive stock options based on the treasury stock method using average market price 5 18 4 19 Net effect of put options based on the reverse treasury stock method using average market price -0- 1,826 -0- 1,789 ________ _______ ________ _______ TOTAL SHARES 11,205 14,087 11,202 14,051 ________ _______ ________ _______ ________ _______ ________ _______ PER SHARE AMOUNT $ .12 $ .03 $ .03 $ .09 ________ _______ ________ _______ ________ _______ ________ _______ FULLY DILUTED: Net income $ 1,320 $ 431 $ 329 $ 1,314 After-tax interest requirement of convertible subordinated debentures (A) -0- -0- -0- -0- ________ _______ ________ _______ ADJUSTED NET INCOME $ 1,320 $ 431 $ 329 $ 1,314 ________ _______ ________ _______ ________ _______ ________ _______ EXHIBIT 11 DIXIE YARNS, INC. STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE - CONTINUED Three Months Ended Six Months Ended __________________ __________________ June 29, July 1, June 29, July 1, 1996 1995 1996 1995 ________ _______ ________ _______ FULLY DILUTED - CONTINUED: Weighted average number of Common Shares outstanding assuming conversion of Class B Common Stock 11,200 12,243 11,198 12,243 Net effect of dilutive stock options based on the treasury stock method using quarter end market price if higher than the average market price 6 22 6 22 Net effect of put options based on the reverse treasury stock method using quarter end market price if lower than the average market price -0- 1,826 -0- 1,789 Net effect of conversion of convertible subordinated debentures (A) -0- -0- -0- -0- ________ _______ ________ _______ TOTAL SHARES 11,206 14,091 11,204 14,054 ________ _______ ________ _______ ________ _______ ________ _______ PER SHARE AMOUNT $ .12 $ .03 $ .03 $ .09 ________ _______ ________ _______ ________ _______ ________ _______ (A) Conversion of convertible subordinated debentures to 1,391 shares with an after-tax interest requirement of $473 for the three months ended June 29, 1996 and July 1, 1995, respectively and of $945 for the six months ended June 29, 1996 and July 1, 1995, respectively has been excluded from computation since the effect was anti-dilutive. EX-27 3
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS OF DIXIE YARNS, INC. AT AND FOR THE SIX MONTHS ENDED JUNE 29, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS DEC-28-1996 JUN-29-1996 1,150 0 33,387 3,405 92,746 134,148 392,085 204,090 368,599 57,053 152,077 43,831 0 0 74,816 368,599 329,482 329,482 274,793 274,793 0 0 7,782 1,321 992 329 0 0 0 329 0.03 0.03
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