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Dixie Group Inc (DXYN) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 28, 2019

Dixie Group Inc

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CIK: 29332 Ticker: DXYN

Exhibit 99.1

dixiegroupa59.jpg
CONTACT:    Allen Danzey
Chief Financial Officer
706-876-5865
allen.danzey@dixiegroup.com

THE DIXIE GROUP REPORTS AN OPERATING PROFIT
FOR THE FOURTH QUARTER OF 2019

DALTON, GEORGIA (March 5, 2020) --
The Dixie Group, Inc. (NASDAQ: DXYN) today reported financial results for the year ended December 28, 2019. For 2019, the Company had net sales of $374,582,000 as compared to $405,033,000 in 2018. The profit from continuing operations for 2019 was $15,619,000 or $0.95 per diluted share, as compared to a loss from continuing operations of $21,479,000 in 2018. Net income for the year of 2019 was $15,271,000. For the quarter, the profit from continuing operations was $26,019,000 or $1.60 per diluted share. On a non-GAAP basis, as shown on the attached schedule, the results from continuing operations for the fourth quarter was a profit of $1,182,000 or $0.07 per diluted share.

In the fourth quarter of 2019, we sold our Susan Street facility and signed a lease with options for a period of up to twenty years. The gain on the sale was approximately $25 million, or over $1.50 per share. Our senior credit facility was paid down by $36 million as a result of the sale. Our total debt reduction from the third quarter of 2018 through the end of 2019 has been over $50 million. Our total stockholders' equity increased 50% over the third quarter of 2019.

Commenting on the results, Daniel K. Frierson, Chairman and Chief Executive Officer, said, “2019 was a year of change for both Dixie and the industry. The residential soft surface business was impacted by the weakness in soft floorcovering for the industry. The residential soft surface market was down high-single digits in 2019 relative to 2018. We also saw substantial changes in the mass merchant channel as these retailers shifted more floor space to hard surface products.
This emphasis by our mass merchant customer impacted our sales in the second half of the year. Despite the decline in our mass merchant sales, we outpaced the market in the specialty retail segment, where our soft surface sales declined low to mid single digits and our hard surface sales grew by approximately 50%. At Surfaces, our national industry trade show, we featured around 50 new styles in soft surface, including STAINMASTER®, EnVision 6,6™, and Strongwool. We continue to be a leading manufacturer in STAINMASTER® carpet and are proud to launch some of the most unique and beautiful STAINMMASTER® products on the market. We are also taking steps to diversify our offering with our new EnVision 6,6™ program, which we initially launched in late 2018 and saw significant traction and growth in 2019. In 2020 we have 17 new styles in EnVision 6,6™, across all our divisions. In our Masland Energy line, we are adding new products in broadloom and tile addressing some key opportunities in that program. We are featuring a patent pending yarn innovation, Colorplay, in a new PetProtect® product named Grace, in our Masland product line. This Colorplay innovation gives us a unique color story for solution dyed nylon, with natural striations across 16 different colors. We are very excited about a new tufting technology, “TECHnique”, which is being showcased in our Masland and Fabrica lines. TECHnique delivers a woven visual with a crisp clean finish and products that are more work of art than floor covering.

We have continued to focus on growing our luxury vinyl flooring business. With the successful launch of TRUCOR™ and TRUCOR Prime™ we are poised to continue the substantial growth we achieved in 2019. We are growing the number of items in our TRUCOR™ family of products by over 40%. We are building out our TRUCOR™ SPC program with updated visuals and new sizes in our 5”, 7” and 9” wide plank and tile programs. We are featuring a new innovation in tile, “Integrated Grout Technology” where the locking system is engineered to simulate a real grout line. We are launching this integrated grout program with 12 beautiful visuals in multiple sizes including exquisite 24”x 24” Carrara marble designs. We are launching our new TRUCOR Prime™ WPC program, including 18 oversized planks in contemporary, clean visuals. The feature product in this offering is our XXL plank, 10 inches wide and 84 inches long, inspired by high end French Oak visuals. This is the longest and widest rigid core plank product on the market. We

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The following information was filed by Dixie Group Inc (DXYN) on Thursday, March 5, 2020 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

Document And Entity Information
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' 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)
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Parentheticals) (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies Commitment And Contingencies Legal Proceedings (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 (Tables)
Derivatives
Derivatives (Derivatives - Fair Value And Designation) (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 (Details)
Discontinued Operations (Environmental Remediation) (Details)
Discontinued Operations (Tables)
Employee Benefit Plans
Employee Benefit Plans (Defined Contribution Plans) (Details)
Employee Benefit Plans (Multi-Employer Pension Plan) (Details)
Employee Benefit Plans (Nonqualified Retirement Savings Plan) (Details)
Employee Benefit Plans (Other Postretirement Plans - Funded Status) (Details)
Employee Benefit Plans (Tables)
Facility Consolidation And Severance Expenses, Net
Facility Consolidation And Severance Expenses, Net (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 (Fair Value Measurements - Liabilities Measured On Recurring Basis Unobservable Input Reconciliation) (Details)
Fair Value Measurements (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Details)
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets Schedule Of Intangible Assets (Details)
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)
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)
Leases Sale And Lease Back (Details)
Leases Schedule Of Maturities Of Long-Term Debt (Details)
Long-Term Debt And Credit Arrangements
Long-Term Debt And Credit Arrangements (Details)
Long-Term Debt And Credit Arrangements (Finance Lease Obligations) (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 Finance Lease - Buildings (Details)
Other (Income) Expense, Net
Other (Income) Expense, Net (Components Of Other Nonoperating (Income) Expense) (Details)
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 (Details)
Recent Accounting Pronouncements (Notes)
Related Party Transactions
Related Party Transactions (Details)
Revenue (Notes)
Revenue (Tables)
Revenue Contract Balances (Details)
Revenue Disaggregation Of Revenue (Details)
Stock Plans And Stock Compensation Expense
Stock Plans And Stock Compensation Expense (Tables)
Stock Plans And Stock Compensation Expense Share-Based Awards (Details)
Stock Plans And Stock Compensation Expense Share-Based Compensation (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies Finite-Lived Intangible Assets (Details)
Summary Of Significant Accounting Policies Market And Credit Risk (Details)
Summary Of Significant Accounting Policies Property Plant And Equipment (Details)
Ticker: DXYN
CIK: 29332
Form Type: 10-K Annual Report
Accession Number: 0000029332-20-000012
Submitted to the SEC: Thu Mar 12 2020 3:19:53 PM EST
Accepted by the SEC: Thu Mar 12 2020
Period: Saturday, December 28, 2019
Industry: Carpets And Rugs

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