Tennessee
|
|
0-2585
|
|
62-0183370
|
(State or other jurisdiction of incorporation)
|
|
(Commission File Number)
|
|
(I.R.S. Employer Identification No.)
|
475 Reed Road, Dalton, GA
|
|
30720
|
(Address of principal executive offices)
|
|
(zip code)
|
|
|
|
706-876-5800
|
||
(Registrant's telephone number, including area code)
|
Date: March 5, 2020
|
|
THE DIXIE GROUP, INC.
|
|
|
|
|
|
/s/ Allen L. Danzey
|
|
|
Allen L. Danzey
|
|
|
Chief Financial Officer
|
|
Three Months Ended Twelve Months Ended
|
||||||||||||||
|
December 28,
2019 |
|
December 29,
2018 |
|
December 28,
2019 |
|
December 29,
2018 |
||||||||
|
|
|
|
|
|
|
|
||||||||
NET SALES
|
$
|
90,135
|
|
|
$
|
98,175
|
|
|
$
|
374,582
|
|
|
$
|
405,033
|
|
Cost of sales
|
67,415
|
|
|
79,795
|
|
|
288,377
|
|
|
318,042
|
|
||||
GROSS PROFIT
|
22,720
|
|
|
18,380
|
|
|
86,205
|
|
|
86,991
|
|
||||
Selling and administrative expenses
|
20,015
|
|
|
22,518
|
|
|
83,825
|
|
|
92,473
|
|
||||
Other operating (income) expense, net
|
(24,136
|
)
|
|
37
|
|
|
(23,988
|
)
|
|
458
|
|
||||
Facility consolidation and severance expenses, net
|
160
|
|
|
2,230
|
|
|
5,019
|
|
|
3,167
|
|
||||
Impairment of assets
|
—
|
|
|
6,360
|
|
|
—
|
|
|
6,709
|
|
||||
OPERATING INCOME (LOSS)
|
26,681
|
|
|
(12,765
|
)
|
|
21,349
|
|
|
(15,816
|
)
|
||||
Interest expense
|
1,358
|
|
|
1,651
|
|
|
6,444
|
|
|
6,491
|
|
||||
Other (income) expense, net
|
(13
|
)
|
|
5
|
|
|
(57
|
)
|
|
3
|
|
||||
Income (loss) from continuing operations before taxes
|
25,336
|
|
|
(14,421
|
)
|
|
14,962
|
|
|
(22,310
|
)
|
||||
Income tax provision (benefit)
|
(683
|
)
|
|
(721
|
)
|
|
(657
|
)
|
|
(831
|
)
|
||||
Income (loss) from continuing operations
|
26,019
|
|
|
(13,700
|
)
|
|
15,619
|
|
|
(21,479
|
)
|
||||
Income (loss) from discontinued operations, net of tax
|
(305
|
)
|
|
1
|
|
|
(348
|
)
|
|
95
|
|
||||
NET INCOME (LOSS)
|
$
|
25,714
|
|
|
$
|
(13,699
|
)
|
|
$
|
15,271
|
|
|
$
|
(21,384
|
)
|
|
|
|
|
|
|
|
|
||||||||
BASIC EARNINGS (LOSS) PER SHARE:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
1.61
|
|
|
$
|
(0.87
|
)
|
|
$
|
0.96
|
|
|
$
|
(1.36
|
)
|
Discontinued operations
|
(0.02
|
)
|
|
0.00
|
|
|
(0.02
|
)
|
|
0.01
|
|
||||
Net income (loss)
|
$
|
1.59
|
|
|
$
|
(0.87
|
)
|
|
$
|
0.94
|
|
|
$
|
(1.35
|
)
|
|
|
|
|
|
|
|
|
||||||||
DILUTED EARNINGS (LOSS) PER SHARE:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
1.60
|
|
|
$
|
(0.87
|
)
|
|
$
|
0.95
|
|
|
$
|
(1.36
|
)
|
Discontinued operations
|
(0.02
|
)
|
|
0.00
|
|
|
(0.02
|
)
|
|
0.01
|
|
||||
Net income (loss)
|
$
|
1.58
|
|
|
$
|
(0.87
|
)
|
|
$
|
0.93
|
|
|
$
|
(1.35
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
15,693
|
|
|
15,792
|
|
|
15,822
|
|
|
15,764
|
|
||||
Diluted
|
15,801
|
|
|
15,792
|
|
|
15,926
|
|
|
15,764
|
|
||||
|
|
|
|
|
|
|
|
|
December 28,
2019 |
|
December 29,
2018 |
||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
769
|
|
|
$
|
18
|
|
Receivables, net
|
37,138
|
|
|
42,542
|
|
||
Inventories, net
|
95,509
|
|
|
105,195
|
|
||
Prepaid expenses
|
6,179
|
|
|
5,204
|
|
||
Total Current Assets
|
139,595
|
|
|
152,959
|
|
||
|
|
|
|
||||
Property, Plant and Equipment, Net
|
65,442
|
|
|
84,111
|
|
||
Operating Lease Right-Of-Use Assets
|
24,835
|
|
|
—
|
|
||
Other Assets
|
17,787
|
|
|
15,708
|
|
||
TOTAL ASSETS
|
$
|
247,659
|
|
|
$
|
252,778
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Accounts payable
|
$
|
16,084
|
|
|
$
|
17,779
|
|
Accrued expenses
|
25,418
|
|
|
30,852
|
|
||
Current portion of long-term debt
|
6,684
|
|
|
7,794
|
|
||
Current portion of operating lease liabilities
|
3,172
|
|
|
—
|
|
||
Total Current Liabilities
|
51,358
|
|
|
56,425
|
|
||
|
|
|
|
||||
Long-Term Debt
|
81,667
|
|
|
120,251
|
|
||
Operating Lease Liabilities
|
22,123
|
|
|
—
|
|
||
Other Long-Term Liabilities
|
19,300
|
|
|
17,118
|
|
||
Stockholders' Equity
|
73,211
|
|
|
58,984
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
247,659
|
|
|
$
|
252,778
|
|
|
Non-GAAP Summary
|
|
|
|
|
|
|
Three Months Ended
|
Twelve Months Ended
|
||||
|
December 28, 2019
|
December 28,
2019 |
|||||||||
Net income as reported
|
$
|
25,714
|
|
$
|
15,271
|
|
|||||
Income (loss) from discontinued operations
|
(305
|
)
|
(348
|
)
|
|||||||
Income from continuing operations
|
26,019
|
|
15,619
|
|
|||||||
Inventory write-downs related to Profit Improvement Plan
|
123
|
|
572
|
|
|||||||
Facility consolidation and severance expenses, net
|
160
|
|
5,019
|
|
|||||||
Gain on Sale of Building
|
(25,121
|
)
|
(25,121
|
)
|
|||||||
Tax effect
|
—
|
|
—
|
|
|||||||
Profit Improvement Plan related expenses
|
283
|
|
5,591
|
|
|||||||
Income/Loss
|
$
|
1,182
|
|
$
|
(3,910
|
)
|
|||||
Diluted shares
|
15,801
|
|
15,926
|
|
|||||||
Adjusted loss per diluted share
|
$
|
0.07
|
|
$
|
(0.25
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|