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Dixie Group Inc (DXYN) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 25, 2021

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Dixie Group Inc

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CIK: 1532961 Ticker: DXYN

Exhibit 99.1
dixiegroupa59a.jpg
CONTACT:    Allen Danzey
        Chief Financial Officer
        706-876-5865
        allen.danzey@dixiegroup.com


THE DIXIE GROUP REPORTS FINANCIAL RESULTS FOR 2021

DALTON, GEORGIA (March 10, 2022) --
The Dixie Group, Inc. (NASDAQ: DXYN) today reported financial results for the year ended December 25, 2021.

•Net sales for the fiscal year of 2021 were $341 million, or 36% above the net sales of $251 million in the fiscal year of 2020, as adjusted for the divestiture of the commercial business.
•The net income for the fiscal year end 2021 was $1.6 million with a $5.2 million income from continuing operations.
•As the result of the inflationary impact on inventory costs, our LIFO reserve for inventory increased by $16.2 million in 2021; more than doubling the reserve balance at the end of fiscal year 2020.
•Despite rising costs in 2021, we were able to reduce our total debt at fiscal year-end December 25, 2021 to the lowest fiscal year end level since 2011.

For the year 2021, net sales from continuing operations for the Company were $341,247,000 as compared to $250,869,000 in the year 2020. The financial information reported for 2020 has been presented to reflect the results adjusted for the divestiture of the commercial business. The net income on the year 2021 was $1,616,000 compared to a net loss of $9,208,000 in the previous year. Income from continuing operations for the fiscal year 2021 was $5,153,000 compared to a loss of $9,823,000 in the COVID impacted year of 2020. Net sales in the fourth quarter of 2021 were $89,225,000 compared to $75,515,000 in the fourth quarter of the prior year. The net loss on the fourth quarter of 2021 was $6,138,000 with a loss of $3,949,000 from continuing operations. This compares to a loss of $317,000 in the fourth quarter of 2020 with a loss of $154,000 from continuing operations. The loss in the fourth quarter of 2021 was heavily impacted by a deferral of income to the LIFO reserve as the result of the inflationary impact on inventory costs.

Commenting on the results, Daniel K. Frierson, Chairman and Chief Executive Officer, said, “During 2021, we were impacted by three major events in addition to the challenging industry conditions.

In mid-April, we were the target of a ransomware attack that at first brought our operations and communications to a halt. Fortunately, we were not totally compromised and over several weeks, we were able to restore order entry, operations and shipping first on a limited basis then to a more normal level. We did, however, lose a significant amount of data and programs which has continued to impact the timeliness of getting administrative things done. This disruption did bring out the best from our associates who worked many long hours to lessen the impact of the ransomware attack on our customers, our associates and the Company.

Second, was the announcement by Invista that the STAINMASTER brand was being sold to Lowe’s. The actions taken by Invista since this announcement have made it clear to us that they will not continue to be a fiber supplier. They continue to raise prices dramatically which ensures products made from Invista fiber are no longer competitive
-MORE-
The following information was filed by Dixie Group Inc (DXYN) on Thursday, March 10, 2022 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

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholder's Equity
Consolidated Statements Of Stockholder's 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)
Commitments And Contingencies
Commitments And Contingencies (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 (Narrative) (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 (Balance Sheet) (Details)
Discontinued Operations (Gain On Assets) (Details)
Discontinued Operations (Income (Loss) From Discontinued Operations) (Details)
Discontinued Operations (Narrative) (Details)
Discontinued Operations (Statement Of Operations) (Details)
Discontinued Operations (Tables)
Employee Benefit Plans
Employee Benefit Plans (Assumption Used To Determine The Benefit Obligation) (Details)
Employee Benefit Plans (Defined Contribution Plans) (Details)
Employee Benefit Plans (Liability For Post Retirement Benefits) (Details)
Employee Benefit Plans (Multi-Employer Pension Plan) (Details)
Employee Benefit Plans (Non-Qualified Retirement Savings Plan) (Details)
Employee Benefit Plans (Periodic Benefit Cost) (Details)
Employee Benefit Plans (Post Retirement Benefit) (Details)
Employee Benefit Plans (Post Retirement Plans) (Details)
Employee Benefit Plans (Tables)
Employee Benefit Plans(Benefit To Be Paid) (Details)
Facility Consolidation And Severance Expenses, Net
Facility Consolidation And Severance Expenses, Net (Facility Consolidation Plans) (Details)
Facility Consolidation And Severance Expenses, Net (Narrative) (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)
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)
Long-Term Debt And Credit Arrangements
Long-Term Debt And Credit Arrangements (Details)
Long-Term Debt And Credit Arrangements (Finance Lease - Buildings) (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)
Other (Income) Expense, Net
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
Related Party Transactions
Related Party Transactions (Details)
Revenue
Revenue (Contract Balances) (Details)
Revenue (Disaggregation Of Revenue) (Details)
Revenue (Tables)
Stock Plans And Stock Compensation Expense
Stock Plans And Stock Compensation Expense (2016 Incentive Compensation Plan &Amp; 2006 Stock Awards Plan) (Details)
Stock Plans And Stock Compensation Expense (Restricted Stock Awards) (Details)
Stock Plans And Stock Compensation Expense (Schedule Of Restricted Stock Awards) (Details)
Stock Plans And Stock Compensation Expense (Schedule Of Stock Options) (Details)
Stock Plans And Stock Compensation Expense (Stock Options) (Details)
Stock Plans And Stock Compensation Expense (Stock Performance Units) (Details)
Stock Plans And Stock Compensation Expense (Tables)
Subsequent Event
Subsequent Event (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Market And Credit Risk) (Details)
Summary Of Significant Accounting Policies (Policies)
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: 0000029332-22-000046
Submitted to the SEC: Wed Mar 23 2022 1:21:58 PM EST
Accepted by the SEC: Wed Mar 23 2022
Period: Saturday, December 25, 2021
Industry: Carpets And Rugs

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