Frierson Details Dixie Stock Buyback in Interview

Chattanooga, TN, Aug. 28, 2008--Dixie Group has begun a stock repurchase program because its shares are selling for below book value of $11 per share.

CEO Dan Frierson, in an interview with Floor Daily Thursday, discussed the reasons behind the stock buyback, as well as Dixie's re-entry into the wool carpet business and his take on the economy.

Frierson said be believes there are signs such as improving consumer confidence and higher home sales that indicate the economy may have reached a bottom.

However, he also noted that unlike downturns in 1982-83 and 1973-74, the credit crunch is complicating the current economic woes and could slow the rebound once the economy turns around. He believes next year will be slow for the floorcovering industry but growth will return in 2010.

For more information, listen to Frierson's interview with Floor Daily publisher Kemp Harr, using the link at the left.