Dixie Group Inc (DXYN) 10-Q Quarterly Report August 2021

-- The Dixie Group, Inc. (NASDAQ: DXYN) today reported financial results for the quarter ended June 26, 2021. For the second quarter of 2021, the Company had net sales of $104,833,000 and an income from continuing operations of $3,410,000 or $0.21 per diluted share. Net sales for the second quarter of 2020 were $60,824,000. The net loss from continuing operations in the second quarter of 2020 was $6,979,000 or -$0.46 per diluted share.

Commenting on the results, Daniel K. Frierson, Chairman and Chief Executive Officer, said, “During the second quarter of 2021 we were able to build on the momentum we experienced through the end of the first quarter.

Overall, net sales increased 72.3% compared with the second quarter of 2020. Net sales of our residential floorcovering products were up 99.5%, or close to double the comparable residential sales from the second quarter of 2020, comparing favorably to the industry which we believe was up approximately 50-55%. For the first six months of the year, our total net sales of residential products was up 55.1% over the same period in the prior year. This significant year over year increase in the net sales of our residential floor covering products was the result of the impact of the COVID-19 pandemic in the second quarter of 2020 and strong growth in new and existing home sales and home remodeling in 2021. Sales volume in the commercial markets has improved but continued to be at lower levels.

Our second quarter was punctuated by three major events, two of which will have a significant impact on our future.

First, a ransomware attack, which occurred in mid-April, impacted our operations and both internal and external communications. Certainly, our April results were negatively impacted but we were able to return to more normal operations later in the quarter with limited impact on our customers.

Second, the sale of the STAINMASTER® brand to Lowes and the withdrawal of the brand from independent retailers as well as the price changes by Invista will have a long lasting impact on our business. We are executing a plan to enhance our brand and competitive offerings to the market.

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The following information was filed by Dixie Group Inc (DXYN) on Thursday, August 5, 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-Q Quarterly 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-Q Quarterly Report:

Financial - Expense Highlight
Facility consolidation expenses recorded in the first six months of 2021 were residual expenses related to our Profit Improvement Plan and the COVID-19 Continuity Plan.
Financial - Income Highlight
The income was driven by strong operating margins, resulting from high production volume in our manufacturing plants, and selling and administrative expenses at levels that are favorably in line with sales volume when compared with prior periods.
Revenue - Product Highlight
Commercial product sales decreased 23.6% versus the prior six month period while the industry, we believe, experienced a decrease in the mid single digits.
Revenue - Product Highlight
Our residential product sales were up 99.5% for the quarter as compared to the prior year while the industry, we believe, was up in the mid fifties.
Revenue - Product
The increase in accounts receivable...Read more
Revenue - Product
Our residential product sales were...Read more
Other - Other
The differences between the two...Read more
Financial - Expense
Interest Expense Interest expense decreased...Read more
Other - Other
The differences between the two...Read more
Financial - Expense
The expenses in the second...Read more
Other - Other
Such benefits, if recognized, would...Read more
Financial - Expense
Spending on selling and administrative...Read more
Financial - Expense
Spending on selling and administrative...Read more
Financial - Expense
The expenses in the second...Read more
Financial - Earnings
The lower margins were slightly...Read more
Financial - Income
Other Operating (Income) Expense, Net...Read more
Financial - Expense
Interest Expense Interest expense decreased...Read more
Financial - Expense
Facility consolidation expenses recorded in...Read more
Other - Other
The Company is in a...Read more
Revenue - Product
In the second quarter of...Read more
Revenue - Product
Three Months Ended June 26,...Read more
Revenue - Product
Table of Contents 26 Six...Read more
Other - Other
Significant additional cash expenditures above...Read more
Financial - Expense
Our interest expense for the...Read more
Financial - Expense
The interest expense for the...Read more
Other - Other
Strong activity in the housing...Read more
Revenue - Product
The significant increase in the...Read more
Revenue - Product
The significant increase in the...Read more
Other - Other
Inventories increased $6.0 million as...Read more
Other - Other
Once the extent of the...Read more
Other - Other
There can be no assurance...Read more
Other - Other
We accelerated the development process...Read more
Other - Other
We had net borrowings on...Read more
Other - Other
We focus primarily on the...Read more
Revenue - Product
Commercial product sales decreased 8.2%...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

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-Q Quarterly Report
Accession Number: 0000029332-21-000069
Submitted to the SEC: Fri Aug 06 2021 4:28:48 PM EST
Accepted by the SEC: Fri Aug 06 2021
Period: Saturday, June 26, 2021
Industry: Carpets And Rugs