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

-- The Dixie Group, Inc. (NASDAQ: DXYN) today reported financial results for the quarter ended September 25, 2021. For the third quarter of 2021, the Company's continuing operations had net sales of $89,294,000 and income of $5,597,000. Our net sales for the third quarter of 2020 were $70,035,000. The net income from continuing operations in the third quarter of 2020 was $175,000. On September 13, 2021, the Company sold its commercial business. Net sales and expenses related to the commercial business have been presented as discontinued operations in the Company’s financial statements included with this press release and, unless stated otherwise, within the numbers presented within the press release.

Commenting on the results, Daniel K. Frierson, Chairman and Chief Executive Officer, said, “With the sale of our commercial business, the third quarter was the beginning of our Company as a residential floorcovering only focus. During the quarter, we continued to gain market share and began significant changes, which we believe will enhance our future prospects. Net sales of our residential floorcovering products were up 26%, comparing favorably to the industry which we believe was up approximately high-single digits. For the first nine months of the year, our total net sales of residential products was up 49% 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 2020 and strong growth in new and existing home sales and home remodeling in 2021. The departure of STAINMASTER® from the residential market represents a major change, but one which offers opportunities for growth and repositioning. We are implementing strategies to help our customers transition to our new brands, EnVision66™, EnVisionSD™ Pet Solutions. Our TRUCOR® brand has continued to grow even more rapidly than the LVF market. With additional cutting-edge products and focus on domestic sourcing, we feel we can continue growing faster than the marketplace. As part of our commitment to the upper end of the decorative market, we are bringing two new collections to the market. Our Masland 1866 and Fabrica Décor product offerings bring a large number of fresh and distinctive looks, which are designed to complement our offering for the design community.

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The following information was filed by Dixie Group Inc (DXYN) on Friday, November 12, 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 - Earnings Highlight
In the third quarter of 2021, operating margins driven by productions volumes and favorable pricing helped drive the high operating income.
Financial - Income Highlight
The income was driven by strong operating margins, resulting from high production volume in our manufacturing plants and a favorable impact from higher current period pricing, and selling and administrative expenses at levels that are favorably in line with sales volume when compared with prior periods.
Financial - Earnings Highlight
In the first nine months of 2021, gross margins improved from higher sales demand and the benefit of favorable pricing which helped to offset the under absorbed costs in our commercial manufacturing facilities and higher raw material costs.
Financial - Expense Highlight
Facility consolidation expenses recorded in the first nine months of 2021 were residual expenses related to our Profit Improvement Plan and the COVID-19 Continuity Plan.
Revenue - Product
The increase in accounts receivable...Read more
Other - Other
Differences between the two quarters...Read more
Other - Other
Differences between the two quarters...Read more
Financial - Expense
Interest Expense Interest expense decreased...Read more
Financial - Income
The effective income tax rate...Read more
Financial - Expense
The expenses in the third...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
Revenue - Product
The significant increase in net...Read more
Financial - Expense
The expenses in the second...Read more
Financial - Expense
Interest Expense Interest expense decreased...Read more
Other - Other
Additionally, the Company agreed not...Read more
Financial - Expense
Facility consolidation expenses recorded in...Read more
Other - Other
The Company is in a...Read more
Revenue - Product
In the first nine months...Read more
Revenue - Product
In the third quarter of...Read more
Revenue - Product
Three Months Ended September 25,...Read more
Other - Other
Significant additional cash expenditures above...Read more
Revenue - Product
The significant increase in the...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
Net sales from discontinued operations...Read more
Other - Other
Inventories held for continuing operations...Read more
Other - Other
Once the extent of the...Read more
Other - Other
There can be no assurance...Read more
Other - Other
In addition, the Company and...Read more
Financial - Income
Income Tax Benefit In the...Read more
Revenue - Product
Table of Contents 28 Nine...Read more
Other - Other
We accelerated the development process...Read more
Other - Other
At closing, the Company received...Read more
Other - Other
We focus primarily on the...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: 0000029332-21-000085
Submitted to the SEC: Mon Nov 15 2021 5:02:12 PM EST
Accepted by the SEC: Mon Nov 15 2021
Period: Saturday, September 25, 2021
Industry: Carpets And Rugs