Dixie Group Swings to Profit on Surging Sales
Chattanooga, TN, Feb. 19, 2014 -- The Dixie Group reported fourth quarter sales of $95.8 million, up from $71.1 milion a year ago.
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Income from continuing operations for the quarter was $1.6 million as compared with a loss of $413,000 in the same period in 2012.
For the year, the company had sales of $345 million and income from continuing operations of $5.4 million, compared with sales of $266.4 million and loss from continuing operations of $653,000.
Our sales for the quarter were up 34.7% as compared to sales in the same quarter in the prior year, while the market was only up in the mid-single digits," said CEO Daniel Frierson.
"Our residential product sales for the fourth quarter were up 30.5% on a year over year basis, while the market was only up in the mid-single digits for the comparable period.
"Our commercial product sales were up 45.5% for the fourth quarter on a year-over-year comparison, while the commercial market was only up in the mid-single digits basis. Our growth was strongest at the beginning of the quarter; however, our December sales were still up over 18% from the previous year’s December period.
“For the entire year of 2013, our sales increase was 29.5% compared to 2012. Our residential product sales were up 28.5% for the year compared to 2012, while the industry, we estimate, was up in the mid-single digit range.."
Dixie said that since the downturn sales have grown 68%, while the industry grew only around 12%. During that time, residential sales have grown 88% while the industry is up less than 10%, Dixie said.
Commercially, Dixie says it grew 28%, while the industry was up a little over 15%.