Dixie Group Reports Loss on Higher Sales
Chattanooga, TN, Oct. 29, 2014 -- The Dixie Group reported a third quarter net loss of $185,000, compared to net income a year ago of $1.4 million.
Dixie reported sales of $109.4 million compared with sales of $90.2 million a year ago.
Income from continuing operations, excluding manufacturing integration, facility consolidation, equipment impairment, and acquisition related expenses, after-tax, was $1.33 million.
Dixie said it had $2.6 million in facility consolidation, equipment impairment and acquisition related expenses during the period as it expanded capacity, integrated acquisitions and streamlined operations.
“Our sales growth for the quarter exceeded that of the industry," said CEO Daniel Frierson.
"Our sales for the quarter were up 21.2% on a year-over-year basis. Excluding Atlas Carpet Mills, acquired in March, our sales were up 7.8% as compared to the same quarter in 2013 while the market was flat.
"Dixie had a strong quarter for residential products. Our residential sales increase in the third quarter was 9.8% ahead of those of the same quarter last year, relative to the market declining in the low single digits on a comparable basis. Third quarter sales increase for our commercial products was 45.6% ahead of sales for the same time period last year."
Frierson said that sales for all of Dixie’s brands, other than Atlas Carpet Mills, were up for the third quarter on a year-over-year basis.