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Dixie Group Inc (DXYN) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 26, 2020

Dixie Group Inc

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CIK: 29332 Ticker: DXYN

Exhibit 99.1
dixiegroupa591a.jpg
CONTACT:    Allen Danzey
        Chief Financial Officer
        706-876-5865
        allen.danzey@dixiegroup.com

THE DIXIE GROUP REPORTS FINANCIAL RESULTS FOR 2020

DALTON, GEORGIA (March 4, 2021) --
The Dixie Group, Inc. (NASDAQ: DXYN) today reported financial results for the year ended December 26, 2020.

Despite the unprecedented challenges faced in the COVID-19 pandemic affected year of 2020, we were able to improve our operations, and further strengthen our balance sheet to better position our Company as we entered 2021 with momentum and optimism.

•We reduced debt by $10 million in 2020 bringing our total debt reduction to $60 million over the last thirty months.
•We entered into a new $75 million line of credit and two long term loans totaling $25 million. These transactions, along with cost reductions and operating efficiencies in 2020, allowed us to end the year with borrowing availability of $43.3 million under our new Senior Revolving Credit Facility.
•Operational improvements and cost reductions generated higher gross profit margins. Our gross profit margin for the year ended December 26, 2020 was 24.2% compared with 23.0% in the year ended December 28, 2019.

For the year 2020, net sales for the Company were $315,939,000 as compared to $374,582,000 in the year 2019. The net loss on the year 2020 was $9,208,000 compared to a net income of $15,271,000 in the previous year. The decline in sales and the loss in 2020 were primarily driven by the impact of the COVID-19 pandemic. Net income in 2019 was the result of the sale of our facility in Santa Ana, California which generated a $25 million gain in the fourth quarter of 2019. On a non-GAAP adjusted basis, the Company had a net loss of $2.8 million in 2020 and a net loss of $3.9 million in 2019.

Commenting on the results, Daniel K. Frierson, Chairman and Chief Executive Officer, said, “2020 was a year of unprecedented circumstances and a once-in-a-century event – the COVID-19 pandemic. Not knowing where the COVID-19 pandemic would lead, we implemented our continuity plan to maintain the health and safety of our associates, preserve cash and minimize the impact on our customers. To minimize and prevent cases of COVID-19 exposure in our facilities, we have taken measures aimed at sanitation and safety, including large scale COVID-19 testing, mandatory temperature checks prior to starting work, requirements to wear masks when unable to maintain social distancing and deep cleaning and sanitation. We limited travel for our associates, implemented work from home options where appropriate, and limited physical contact with our customers. We reduced our running schedules in our facilities to below demand, to maintain order flow to our customers while simultaneously reducing inventories to generate cash and align them with our lower customer demand. In order to preserve cash, we placed a large percentage of our associates either on rotating layoff or furlough. We eliminated or deferred planned spending of $14 million in 2020. These cost cuts included deferring maintenance when possible, reduced capital expenditures, instituting select job eliminations, and temporary salary reductions. Our management team worked together to implement our continuity plan which has resulted in improved operating results. During the year, we were able to decrease selling and administration costs through headcount reductions and lower spending. Operationally, we have experienced significant improvement in quality, waste reduction and cost. At the same time, we were able to maintain superior customer service and outperformed many of our competitors in this area. In
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The following information was filed by Dixie Group Inc (DXYN) on Thursday, March 4, 2021 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

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)
Document And Entity Information
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 (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 (Term Loans ) (Details)
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 (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)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Details)
Ticker: DXYN
CIK: 29332
Form Type: 10-K Annual Report
Accession Number: 0000029332-21-000015
Submitted to the SEC: Wed Mar 10 2021 4:17:50 PM EST
Accepted by the SEC: Wed Mar 10 2021
Period: Saturday, December 26, 2020
Industry: Carpets And Rugs

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