Dixie Group Q3 net loss $8.8M ($0.58/sh); consolidation plan targets $25M savings

DIXIE GROUP INC

2022-Q3 EPS reported -$1.09 revenue$233,034,000

Net sales $71.8M in Q3 2022, down 19.6% from $89.3M in Q3 2021; net loss $8.8M vs net income $6.4M.
Gross margin fell to 17.5% from 27.9% due to higher raw material costs, inflation, and freight.
Plan to consolidate East Coast tufting to Eton, GA and relocate LVF distribution; expects ~$25M annual savings.
Headcount down 20% year-to-date; lost ~$8M in sales from largest mass merchant customer.
Early Q4 order entry running below prior year levels.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

DIXIE GROUP INC reported the nine month period ended September 24, 2022 results: revenue $233,034,000, net income net loss of $16,624,000, EPS $1.09 per diluted share.

Period: the nine month period ended September 24, 2022
Revenue: $233,034,000
Net income: net loss of $16,624,000
EPS: $1.09 per diluted share
Result: reported results

Exact text from the filing

Net sales from continuing operations for the nine month period ending September 24, 2022 were $233,034,000, a decrease of 7.5% from the net sales of $252,022,000 in the same period of the previous year. The net loss for the nine month period ended September 24, 2022 was $16,624,000 or $1.09 per diluted share compared to a net income of $7,754,000 or $0.49 per diluted share in the nine month period ended September 25, 2021.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

DIXIE GROUP INC reported the quarter ended September 24, 2022 results: revenue $71,762,000, net income net loss of $8,780,000, EPS $0.58 per diluted share.

Period: the quarter ended September 24, 2022
Revenue: $71,762,000
Net income: net loss of $8,780,000
EPS: $0.58 per diluted share
Result: reported results

Exact text from the filing

For the third quarter of 2022, the Company had net sales from continuing operations of $71,762,000 and a net loss of $8,780,000 or $0.58 per diluted share.

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DIXIE GROUP INC filing history →

Source: SEC EDGAR

accession 0000029332-22-000144

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