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Dixie Group Inc (DXYN) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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DXYN Annual Reports

Dixie Group Inc

CIK: 1532961 Ticker: DXYN

Exhibit 99.1
dixiegroupa59a.jpg
CONTACT:    Allen Danzey
        Chief Financial Officer
        706-876-5865
        allen.danzey@dixiegroup.com


THE DIXIE GROUP REPORTS FINANCIAL RESULTS FOR 2022

DALTON, GEORGIA (March 2, 2023) --
The Dixie Group, Inc. (NASDAQ: DXYN) today reported financial results for the year ended December 31, 2022.

Net sales for the fiscal year of 2022 were $304 million, or 11% below the net sales of $341 million in the fiscal year of 2021.

The net loss for the fiscal year end 2022 was $35.1 million with a $33.4 million loss from continuing operations.

The plan for the consolidation of our east coast facilities has resulted in a 24% reduction of associates and is expected to result in estimated savings of over $25 million.

For the year 2022, net sales from continuing operations for the Company were $303,570,000 as compared to $341,247,000 in the year 2021. The net loss on the year 2022 was $35,079,000 compared to a net income of $1,616,000 in the previous year. Loss from continuing operations for the fiscal year 2022 was $33,415,000 compared to an income of $5,153,000 in the year 2021. Net sales in the fourth quarter of 2022 were $70,535,000 compared to $89,225,000 in the fourth quarter of the prior year. The net loss on the fourth quarter of 2022 was $18,454,000 with a loss of $17,681,000 from continuing operations. This compares to a loss of $6,138,000 in the fourth quarter of 2021 with a loss of $3,949,000 from continuing operations.

Commenting on the results, Daniel K. Frierson, Chairman and Chief Executive Officer, said, “Our fiscal year of 2022 was severely impacted by several negative factors specific to our Company and a general downturn that impacted our industry as a whole throughout most of the year.

Beginning in the mid second quarter of 2022, the flooring industry started to see a decrease in demand that persisted through the remainder of the year. High inflation and rising interest rates negatively impacted consumer confidence and lowered discretionary spending. Home sales and residential remodeling both declined in the second half of the year.

Our net sales in 2022 also reflected the year over year loss of approximately $23 million in sales with our largest mass merchant retail customer. Our sales with this customer ended in the first quarter of 2022 as the result of their change in strategy to focus on lower price point products. We also experienced supply chain problems and issues with our sample vendors which created delays in our new product introductions in 2022, particularly within our new decorative line and our hard-surface products. We incurred the cost of introducing these products in 2022 but, due to the products being release late in the year, we had little to no sales activity to offset these costs.


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The following information was filed by Dixie Group Inc (DXYN) on Thursday, March 2, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Dixie Group Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholder's Equity
Consolidated Statements Of Stockholder's Equity (Parentheticals)
Accrued Expenses
Accrued Expenses (Details)
Accrued Expenses (Tables)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss)) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Common Stock And Earnings (Loss) Per Share
Common Stock And Earnings (Loss) Per Share (Common And Preferred Stock) (Details)
Common Stock And Earnings (Loss) Per Share (Earnings (Loss) Per Share) (Details)
Common Stock And Earnings (Loss) Per Share (Repurchases Of Common Stock) (Details)
Common Stock And Earnings (Loss) Per Share (Tables)
Derivatives
Derivatives (Derivatives - Fair Value And Designation) (Details)
Derivatives (Narrative) (Details)
Derivatives (Schedule Of Derivative Instruments, Gain (Loss) In Statement Of Financial Performance) (Details)
Derivatives (Summary Of Derivative Instruments) (Details)
Derivatives (Tables)
Discontinued Operations
Discontinued Operations (Balance Sheet) (Details)
Discontinued Operations (Gain On Assets) (Details)
Discontinued Operations (Income (Loss) From Discontinued Operations) (Details)
Discontinued Operations (Narrative) (Details)
Discontinued Operations (Statement Of Operations) (Details)
Discontinued Operations (Tables)
Employee Benefit Plans
Employee Benefit Plans (Assumption Used To Determine The Benefit Obligation) (Details)
Employee Benefit Plans (Defined Contribution Plans) (Details)
Employee Benefit Plans (Liability For Post Retirement Benefits) (Details)
Employee Benefit Plans (Multi-Employer Pension Plan) (Details)
Employee Benefit Plans (Non-Qualified Retirement Savings Plan) (Details)
Employee Benefit Plans (Periodic Benefit Cost) (Details)
Employee Benefit Plans (Post Retirement Benefit) (Details)
Employee Benefit Plans (Post Retirement Plans) (Details)
Employee Benefit Plans (Tables)
Employee Benefit Plans(Benefit To Be Paid) (Details)
Facility Consolidation And Severance Expenses, Net
Facility Consolidation And Severance Expenses, Net (Facility Consolidation Plans) (Details)
Facility Consolidation And Severance Expenses, Net (Narrative) (Details)
Facility Consolidation And Severance Expenses, Net (Tables)
Fair Value Measurements
Fair Value Measurements (Fair Value Measurements - Assets And Liabilities Measured On Recurring And Nonrecurring Basis) (Details)
Fair Value Measurements (Fair Value Measurements - Carrying Amount And Fair Value) (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes (Unrecognized Tax Benefits) (Details)
Income Taxes Components Of Deferred Tax Assets And Liabilities (Details)
Income Taxes Components Of Deferred Tax Assets And Liabilities, Narrative (Details)
Income Taxes Components Of Income Tax Expense (Benefit) (Details)
Income Taxes Income Tax Reconciliation (Details)
Income Taxes Income Tax Reconciliation, Narrative (Details)
Inventories, Net
Inventories, Net (Details)
Inventories, Net (Tables)
Investment In Join Venture
Investment In Join Venture (Details)
Leases
Leases (Tables)
Leases Finance And Operating Lease Maturity (Details)
Leases Lease, Cost (Details)
Leases Lessee's Schedule Of Balance Sheet Information For Operating And Financing Leases (Details)
Leases Other Supplemental Information Related To Leases (Details)
Long-Term Debt And Credit Arrangements
Long-Term Debt And Credit Arrangements (Details)
Long-Term Debt And Credit Arrangements (Finance Lease - Buildings) (Details)
Long-Term Debt And Credit Arrangements (Interest Payments And Debt Maturities) (Details)
Long-Term Debt And Credit Arrangements (Notes Payable - Buildings) (Details)
Long-Term Debt And Credit Arrangements (Notes Payable - Equipment And Other) (Details)
Long-Term Debt And Credit Arrangements (Revolving Credit Facility) (Details)
Long-Term Debt And Credit Arrangements (Tables)
Long-Term Debt And Credit Arrangements (Term Loans ) (Details)
Other (Income) Expense, Net
Other (Income) Expense, Net (Details)
Other (Income) Expense, Net (Tables)
Product Warranty Reserves
Product Warranty Reserves (Details)
Product Warranty Reserves (Tables)
Property, Plant And Equipment, Net
Property, Plant And Equipment, Net (Details)
Property, Plant And Equipment, Net (Tables)
Receivables, Net
Receivables, Net (Details)
Receivables, Net (Tables)
Recent Accounting Pronouncements
Related Party Transactions
Related Party Transactions (Details)
Revenue
Revenue (Contract Balances) (Details)
Revenue (Disaggregation Of Revenue) (Details)
Revenue (Tables)
Stock Plans And Stock Compensation Expense
Stock Plans And Stock Compensation Expense (2016 Incentive Compensation Plan &Amp; 2006 Stock Awards Plan) (Details)
Stock Plans And Stock Compensation Expense (Restricted Stock Awards) (Details)
Stock Plans And Stock Compensation Expense (Schedule Of Restricted Stock Awards) (Details)
Stock Plans And Stock Compensation Expense (Schedule Of Stock Options) (Details)
Stock Plans And Stock Compensation Expense (Stock Options) (Details)
Stock Plans And Stock Compensation Expense (Stock Performance Units) (Details)
Stock Plans And Stock Compensation Expense (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Market And Credit Risk) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Property Plant And Equipment) (Details)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Details)
Ticker: DXYN
CIK: 29332
Form Type: 10-K Annual Report
Accession Number: 0000029332-23-000015
Submitted to the SEC: Wed Mar 08 2023 4:22:44 PM EST
Accepted by the SEC: Wed Mar 08 2023
Period: Saturday, December 31, 2022
Industry: Carpets And Rugs

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