Tennessee (State or other jurisdiction of incorporation) | 0-2585 (Commission File Number) | 62-0183370 (I.R.S. Employer Identification No.) |
104 Nowlin Lane - Suite 101, Chattanooga, Tennessee (Address of principal executive offices) | 37421 (zip code) |
Registrant's telephone number, including area code (423) 510-7000 |
Date: August 4, 2011 | THE DIXIE GROUP, INC. | |
/s/ Jon A. Faulkner Jon A. Faulkner Chief Financial Officer |
Three Months Ended | Six Months Ended | |||||||||||||||
July 2, 2011 | June 26, 2010 | July 2, 2011 | June 26, 2010 | |||||||||||||
NET SALES | $69,200 | $59,058 | $135,154 | $109,512 | ||||||||||||
Cost of sales | 52,477 | 43,821 | 101,861 | 81,922 | ||||||||||||
GROSS PROFIT | 16,723 | 15,237 | 33,293 | 27,590 | ||||||||||||
Selling and administrative expenses | 14,944 | 15,026 | 30,337 | 29,384 | ||||||||||||
Other operating income | (55 | ) | (61 | ) | (629 | ) | (120 | ) | ||||||||
Other operating expense | 97 | 91 | 179 | 220 | ||||||||||||
Facility consolidation and severance expenses, net | (563 | ) | 122 | (563 | ) | 333 | ||||||||||
OPERATING INCOME (LOSS) | 2,300 | 59 | 3,969 | (2,227 | ) | |||||||||||
Interest expense | 900 | 1,082 | 1,832 | 2,317 | ||||||||||||
Other income | (8 | ) | (10 | ) | (32 | ) | (22 | ) | ||||||||
Other expense | 18 | 307 | 26 | 317 | ||||||||||||
Income (loss) from continuing operations before taxes | 1,390 | (1,320 | ) | 2,143 | (4,839 | ) | ||||||||||
Income tax provision (benefit) | 582 | (636 | ) | 691 | (1,696 | ) | ||||||||||
Income (loss) from continuing operations | 808 | (684 | ) | 1,452 | (3,143 | ) | ||||||||||
Loss from discontinued operations, net of tax | (42 | ) | (60 | ) | (62 | ) | (130 | ) | ||||||||
NET INCOME (LOSS) | $766 | $ | (744 | ) | $1,390 | $ | (3,273 | ) | ||||||||
BASIC EARNINGS (LOSS) PER SHARE: | ||||||||||||||||
Continuing operations | $0.06 | $ | (0.05 | ) | $0.11 | $ | (0.25 | ) | ||||||||
Discontinued operations | — | (0.01 | ) | — | (0.01 | ) | ||||||||||
Net income (loss) | $0.06 | $ | (0.06 | ) | $0.11 | $ | (0.26 | ) | ||||||||
DILUTED EARNINGS (LOSS) PER SHARE: | ||||||||||||||||
Continuing operations | $0.06 | $ | (0.05 | ) | $0.11 | $ | (0.25 | ) | ||||||||
Discontinued operations | — | (0.01 | ) | — | (0.01 | ) | ||||||||||
Net income (loss) | $0.06 | $ | (0.06 | ) | $0.11 | $ | (0.26 | ) | ||||||||
Weighted-average shares outstanding: | ||||||||||||||||
Basic | 12,596 | 12,532 | 12,574 | 12,514 | ||||||||||||
Diluted | 12,648 | 12,532 | 12,624 | 12,514 |
July 2, 2011 | December 25, 2010 | ||||||||
ASSETS | (Unaudited) | ||||||||
Current Assets | |||||||||
Cash and cash equivalents | $ | 151 | $ | 244 | |||||
Receivables, net | 30,545 | 28,550 | |||||||
Inventories | 68,753 | 58,289 | |||||||
Other | 8,877 | 6,943 | |||||||
Total Current Assets | 108,326 | 94,026 | |||||||
Net Property, Plant and Equipment | 67,605 | 70,246 | |||||||
Other Assets | 14,291 | 13,830 | |||||||
TOTAL ASSETS | $ | 190,222 | $ | 178,102 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Current Liabilities | |||||||||
Accounts payable and accrued expenses | $ | 34,229 | $ | 30,385 | |||||
Current portion of long-term debt | 13,270 | 7,145 | |||||||
Total Current Liabilities | 47,499 | 37,530 | |||||||
Long-Term Debt | |||||||||
Senior indebtedness | 58,551 | 47,876 | |||||||
Capital lease obligations | 455 | 532 | |||||||
Convertible subordinated debentures | — | 9,662 | |||||||
Deferred Income Taxes | 4,962 | 4,759 | |||||||
Other Liabilities | 14,193 | 15,313 | |||||||
Stockholders' Equity | 64,562 | 62,430 | |||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 190,222 | $ | 178,102 |
Three Months Ended | Six Months Ended | |||||||||||||
July 2, 2011 | June 26, 2010 | July 2, 2011 | June 26, 2010 | |||||||||||
Net Sales Adjusted | ||||||||||||||
Weeks in period | 13 | 13 | 27 | 26 | ||||||||||
Net sales as reported | $ | 69,200 | $ | 59,058 | $ | 135,154 | $ | 109,512 | ||||||
Adjusted for weeks | — | — | (4,711 | ) | — | |||||||||
Non-GAAP net sales as adjusted | $ | 69,200 | $ | 59,058 | $ | 130,443 | $ | 109,512 | ||||||
Reconciliation of Operating Income (Loss) | ||||||||||||||
Operating income (loss) | $ | 2,300 | $ | 59 | $ | 3,969 | $ | (2,227 | ) | |||||
Facility consolidation and severance expenses, net | (563 | ) | 122 | (563 | ) | 333 | ||||||||
Insurance gain - non-taxable | — | — | (492 | ) | — | |||||||||
Workers' compensation retention | — | — | 625 | — | ||||||||||
Non-GAAP Adjusted Operating Income (Loss) | $ | 1,737 | $ | 181 | $ | 3,539 | $ | (1,894 | ) |
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