Dixie Group Inc (DXYN) 10-K Annual Report March 2016

-- The Dixie Group, Inc. (NASDAQ:DXYN) today reported financial results for the year ended December 26, 2015. For 2015, the Company had net sales of $422,483,000, a 3.9% increase over fiscal 2014’s net sales of $406,588,000. Operating income for the year of 2015 improved by $7.2 million over 2014’s results. This improvement for the year was made up of an equal combination of lower facility consolidation and asset impairment charges and improved operating results. Over three fourths of this improvement occurred in the fourth quarter of 2015.

For 2015, the Company had a loss from continuing operations of $2,278,000, or $0.15 per diluted share, as compared to the fiscal year of 2014 when the Company had an income from continuing operations of $673,000, or $0.03 per diluted share. On a non-GAAP basis, adjusted loss from continuing operations, excluding purchase related expenses, bargain purchase gains, facility consolidation and asset impairment expenses, tax affected, was a loss of $0.03 per share for 2015 as compared to a loss of $0.00 per share in fiscal 2014. For the fourth quarter of 2015, the Company had a loss from continuing operations of $0.03 per share versus a loss of $0.24 per share in the fourth quarter of 2014. For the fourth quarter non-GAAP loss from continuing operations was $0.00 per share for 2015 as compared to a loss of $0.08 per share for the same period in 2014.

Commenting on the results, Daniel K. Frierson, chairman and chief executive officer, said, “Our carpet sales for 2015 were up 4.5% over 2014 while the industry, we believe, was down slightly. Without Atlas, our sales increase was 2.5% for the year over year period. In the fourth quarter our total carpet sales were up 2.5% while the industry was down low single digits. Sales of our residential products, both for the year and the fourth quarter as compared to the same periods in 2014 were flat while we estimate the industry was down in the low to mid-single digit range for both periods. For 2015 our increase in commercial product sales was 14.4% comparative to the same period last year and as compared to industry growth, we estimate, in the low single digits. Without Atlas sales, our commercial product sales were up 10.5% for 2015. For the fourth quarter of 2015, our commercial product sales were up 8.2%, compared to the same quarter of 2014, while the industry was down low single digits.

For the year, gross profit was 25.1% of net sales, an improvement over 2014’s 23.5% gross profit percentage. For the fourth quarter, gross profit was 24.4% as compared to the prior year 23.1%. This improvement was driven by improved operating efficiencies. We had high quality related expenses throughout the year. However, we anticipate these to significantly improve by the second half of 2016. Selling and administrative expenses for the year were 23.8% of net sales as compared to 22.9% for the prior year. The higher selling and administrative expenses in 2015 relative to 2014 were primarily due to higher sampling and marketing expenses in both our residential and commercial businesses. These higher sampling and marketing costs should decrease in 2016. For the fourth quarter selling and administrative expenses were 22.5% as compared to 23.9% for the same quarter of 2014. Fourth quarter selling and administrative expenses were lower primarily due to sampling expenses coming in under budget in our commercial business.

After the very strong growth we had in the period from 2009 through 2013, we put together a complete restructuring of our assets to increase our productive capacity from $350 million to over $550 million. In addition, we integrated our purchase of Atlas Carpet Mills and further consolidated our corporate offices. These three facility consolidation plans, with a combined direct expense of over $10 million, are coming to an end in early 2016 with the consolidation of our Saraland, Alabama rug operation out of a rented facility into a company owned facility. That move is on schedule to

-MORE-

The following information was filed by Dixie Group Inc (DXYN) on Wednesday, February 24, 2016 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.

Please wait while we load the requested 10-K report or click the link below:

https://last10k.com/sec-filings/report/29332/000002933216000142/a2015dxyn10-k.htm

View differences made from one year to another to evaluate Dixie Group Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Dixie Group Inc.

Continue

Assess how Dixie Group Inc's management team is paid from their Annual Proxy

Dixie Group Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2016 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

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 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: 0000029332-16-000142
Submitted to the SEC: Wed Mar 09 2016 2:21:13 PM EST
Accepted by the SEC: Wed Mar 09 2016
Period: Saturday, December 26, 2015
Industry: Carpets And Rugs