Dixie Group Inc (DXYN) 10-K Annual Report March 2015

-- The Dixie Group, Inc. (NASDAQ:DXYN) today reported financial results for the year ended December 27, 2014. For the year of 2014, the Company had sales of $406,588,000 and income from continuing operations of $673,000, or $0.03 per diluted share, compared with sales of $344,374,000 and income from continuing operations of $5,556,000, or $0.42 per diluted share for 2013. We had a loss in discontinued operations of $2,075,000 in 2014 as compared to a loss of $266,000 in 2013 for discontinued operations. Net loss for 2014 was $1,402,000 as compared to net income of $5,290,000 in 2013.

Commenting on the results, Daniel K. Frierson, chairman and chief executive officer, said, “For the year of 2014, our sales increase was 18.1% compared to 2013. Without the acquisition of Atlas, our sales growth was 7.1% for the year as compared to the prior year while the industry experienced little or no growth. Our residential product sales were up 8.2% for the year compared to 2013, while the industry, we estimate, was down in the low-single digit range. The year-over-year sales increase in commercial products, without Atlas, was 5.5% as compared with an estimated market growth in the low single digits for 2014. With Atlas included, our commercial sales growth was 45.5% for the year of 2014 versus the prior year.

“We put together a growth plan to take advantage of the unique opportunities after the downturn of 2008 - 2009, and that plan has driven our sales success over the last 5 years. Since 2009, our carpet product sales have grown 96%, while the industry, we estimate, grew only around 12%. While we had planned on 10% growth per year, we became capacity constrained in 2013 as our sales grew over 30%. As a result, we accelerated our plan to grow our capacity from $350 million to a range of $550 to $600 million, depending upon product mix. In addition, we made the decision to merge our two west coast dye houses as a result of the purchase of Atlas Carpet Mills in the first quarter. Further, in the fourth quarter we decided to discontinue the Carousel brand, a small non-core line of products that was part of the 2013 Robertex acquisition. Therefore, 2014 was a year of expansion and facility re-alignment which impacted virtually all of our facilities. We had $3.2 million in facility consolidation and asset impairment expense in the fourth quarter, the peak in terms of investment on re-aligning and expanding our capacity, and thus had the most impact to our bottom line in added operating costs as well.

“The investments we have made have included both capital expenditures and temporary increases in operating costs due to implementation of the capacity expansion plan. We began the year by expanding capacity at Colormaster, our continuous dyeline. We completed the training and fully commissioning of our expanded Roanoke yarn facility. We acquired and began the integration process of Atlas Carpet Mills. We expanded our Eton residential tufting operations, doubling the number of machines in service. We realigned our Calhoun wool operations, a change designed to increase capacity and lower cost. Further, we moved the finished goods for our residential east coast business to our newly opened Adairsville facility, consolidating four warehousing operations into one facility. We added continuous yarn dyeing capability to our Colormaster facility and expanded our yarn skein dye operations in Calhoun. Similarly, we shut down our Atmore carpet and yarn dye operations, converting that mill to a dry mill dedicated to serving our Masland Contract brand. As part of this process, we de-commissioned our Atmore wastewater treatment plant. Further, on the west coast, we merged our newly acquired Atlas dye house into our Susan Street dye facility. We upgraded our machine tufted rug capability during the year with added capacity as well as installing skein dye yarn capability to support our custom wool rug programs. We purchased Burtco and its excellence in computerized yarn placement tufting technology,

The following information was filed by Dixie Group Inc (DXYN) on Wednesday, February 18, 2015 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Dixie Group Inc provided additional information to their SEC Filing as exhibits

Exhibit 10.48: Material Contract

Exhibit 10.49: Material Contract

Exhibit 10.50: Material Contract

Exhibit 10.51: Material Contract

Exhibit 10.52: Material Contract

Exhibit 10.53: Material Contract

Exhibit 10.54: Material Contract

Exhibit 10.71: Material Contract

Exhibit 10.72: Material Contract

Exhibit 10.73: Material Contract

Exhibit 10.74: Material Contract

Exhibit 10.75: Material Contract

Exhibit 10.76: Material Contract

Exhibit 10.77: Material Contract

Exhibit 10.78: Material Contract

Exhibit 10.79: Material Contract

Exhibit 10.80: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: DXYN
CIK: 29332
Form Type: 10-K Annual Report
Accession Number: 0000029332-15-000021
Submitted to the SEC: Thu Mar 12 2015 1:15:43 PM EST
Accepted by the SEC: Thu Mar 12 2015
Period: Saturday, December 27, 2014
Industry: Carpets And Rugs