Dan Frierson, chairman of The Dixie Group, Inc.The Dixie Group, Inc. today reported a loss of $653,000, or 5 cents per share, from continuing operations in 2012, but company CEO Dan Frierson said he expects better results for 2013.
"Though 2012 was not satisfactory from a profitability standpoint, we put in place structural changes to our business to take advantage of the positive market dynamics we foresee in the future," Frierson said in a statement today. "We see a positive impact in 2013 from the rise in existing home sales we have seen in 2012 and positive momentum in the commercial business."
Net sales last year decreased 1.4 percent from 2011 to $270.1 million when adjusted for a comparable 52-week period.
Dixie earned nearly $1.3 million, or 10 cents per share, in 2011. The 2011 results included a gain of $563,000 from the favorable termination of a lease while 2012 included manufacturing realignment and Colormaster dye facility integration expenses of nearly $1.4 million.
In the fourth quarter of 2012, Dixie sales totaled $71.1 million and the company had a loss from continuing operations of $413,000, or 3 cents per share.
"We see 2013 as a positive year of growth as we implement new initiatives both operationally and in the sales and marketing areas," Frierson said.. "We are optimistic about 2013 and that this is the year in which the industry should finally gain momentum after the longest downturn we have ever experienced."