The Dixie Group Reports Results for First Quarter of 2024
The Dixie Group Reports Results for First Quarter of 2024
DALTON, GA / ACCESSWIRE / May 2, 2024 / The Dixie Group, Inc. (NASDAQ:DXYN) today reported financial results for the quarter ended March 30, 2024.
喬治亞州道爾頓/ACCESSWIRE/2024年5月2日/迪克西集團公司(納斯達克股票代碼:DXYN)今天公佈了截至2024年3月30日的季度財務業績。
- Net sales in the first quarter of 2024 were $65.3 million compared to $67.1million in the same period of the prior year
- The gross profit margin for the three months of the first quarter of 2024 was 24.2% of net sales compared to 26.6% in the first quarter of 2023
- The Company began operations of its new extrusion line in the first quarter of 2024
- The Company announces board approval of stock repurchase plan
- 2024年第一季度的淨銷售額爲6,530萬美元,而去年同期爲6,710萬美元
- 2024年第一季度三個月的毛利率爲淨銷售額的24.2%,而2023年第一季度爲26.6%
- 該公司於2024年第一季度開始運營其新擠出生產線
- 公司宣佈董事會批准股票回購計劃
For the first quarter of 2024, the Company had net sales of $65,254,000 as compared to $67,084,000 in the same quarter of 2023. The Company had an operating loss of $857,000 compared to an operating income of $306,000 in the first quarter of 2023. The net loss from continuing operations in the first quarter of 2024 was $2,410,000 or $0.16 per diluted share. In 2023, the net loss from continuing operations for the first quarter was $1,551,000 or $0.11 per diluted share.
2024年第一季度,該公司的淨銷售額爲65,254,000美元,而2023年同期爲67,084,000美元。該公司的營業虧損爲857,000美元,而2023年第一季度的營業收入爲30.6萬美元。2024年第一季度持續經營業務的淨虧損爲241萬美元,攤薄後每股虧損0.16美元。2023年,第一季度持續經營業務淨虧損爲1,551,000美元,攤薄後每股虧損0.11美元。
Commenting on the results, Daniel K. Frierson, Chairman and Chief Executive Officer, said, "Our net sales for the quarter were negatively impacted by high interest rates affecting the housing and home remodeling market and the impact on the economy from continued inflation. Overall, our net sales during the quarter were 2.7% below prior year while the industry, we believe, was down approximately 8%. Due to this lower demand, we saw less favorable margins in the first part of the quarter as lower volume resulted in under absorbed fixed costs in our manufacturing plants. By the end of the quarter, in the month of March, net sales were slightly ahead of the same month in the prior year and our operating margins for the month were more in line with prior year and our expectations.
董事長兼首席執行官丹尼爾·弗裏森在評論業績時表示:“影響住房和房屋裝修市場的高利率以及持續通貨膨脹對經濟的影響對我們本季度的淨銷售額產生了負面影響。總體而言,我們在本季度的淨銷售額比上年下降了2.7%,而我們認爲該行業下降了約8%。由於需求降低,我們在本季度第一部分的利潤率有所降低,這是因爲銷量減少導致製造工廠吸收的固定成本不足。到本季度末,即3月份,淨銷售額略高於去年同月,我們本月的營業利潤率更符合去年同期和我們的預期。
We are excited about the start of our nylon extrusion line in North Georgia. The internal production of raw materials will provide us with lower costs, as compared to our current external purchasing, and it will provide us with a continuity of supply, protecting us and our customers from potential supply disruptions. Our initial focus has been on extruding white, dyeable nylon which allows us to present long, beautiful color lines that stand out in a residential market that has moved to a solution dyed polyester sea of sameness. In support of this, we launched a color marketing campaign, Step Into Color, which connects retailers and consumers with a world of color options, including custom colors that are prevalent in Fabrica, but also available in our other soft surface divisions.
我們對我們在喬治亞州北部的尼龍擠出生產線的啓動感到興奮。與目前的外部採購相比,原材料的內部生產將爲我們提供更低的成本,並將爲我們提供連續的供應,保護我們和我們的客戶免受潛在的供應中斷的影響。我們最初的重點是擠出白色可染色的尼龍,這使我們能夠呈現出長而漂亮的色彩線條,在已經轉向溶液染色聚酯海的住宅市場中脫穎而出。爲了支持這一點,我們發起了一項名爲 “Step Into Color” 的色彩營銷活動,該活動將零售商和消費者與各種色彩選擇聯繫起來,包括在Fabrica中流行的定製顏色,也可以在我們的其他軟表面部門使用。
We launched 14 new carpet styles in the first quarter, including 11 EnVision Nylon styles in our high-end divisions. Our Masland introductions are a great mix of high fashion and mid-price points to drive volume in the current challenging market conditions. In our Fabrica brand, we launched a trio of styles paying tribute to the brand's 50 year history. Homage, Tribute, and Adulation share a common color line of 50 colors which are named after key Fabrica styles from the last 50 years. These beautiful styles are available at a sharp price point and will become go to styles for Fabrica for years to come. The remainder of our soft and hard surface introductions for 2024 will be released in the second quarter.
我們在第一季度推出了14種新款式的地毯,其中包括高端部門中的11款enVision Nylon款式。我們的Masland產品將高級時裝和中等價格完美地結合在一起,以在當前充滿挑戰的市場條件下推動銷量。在我們的 Fabrica 品牌中,我們推出了三種款式,向該品牌 50 年的歷史致敬。Homage、Tribute 和 Adulation 共有 50 種顏色的共同色系,這些顏色以過去 50 年來 Fabrica 的主要風格命名。這些漂亮的款式價格實惠,將在未來幾年成爲Fabrica的首選款式。我們在2024年推出的軟表面和硬表面產品的其餘部分將在第二季度發佈。
Our new product offerings will help us continue to maintain sales volume in a difficult market.Additionally, we plan to reduce year over year costs by $10 million in 2024 through cost savings related to our extrusion operations and the reduction of other controllable costs. We believe, once interest rates come back down and consumer confidence returns, the housing market along with remodeling activity, will rebound strongly, driven by pent up demand." Frierson concluded.
我們的新產品將幫助我們在困難的市場中繼續保持銷量。此外,我們計劃通過節省與擠出業務相關的成本和降低其他可控成本,在2024年將成本同比減少1000萬美元。我們認爲,一旦利率回落和消費者信心恢復,在需求被壓抑的推動下,房地產市場以及裝修活動將強勁反彈。”弗裏森總結道。
The gross profit in the first quarter of 2024 was 24.2% of net sales compared to 26.6% of net sales in the first quarter of 2023. Our gross profit margins in 2024 were negatively impacted by under absorbed fixed costs as the result of lower volume in our plants due to lower sales demand in the first part of the quarter. Selling and administrative costs in the first quarter of 2024 were slightly below the prior year in expense dollars but higher as a percent of net sales, 25.1% in 2024 as compared to 24.5% in the same quarter of 2023.
2024年第一季度的毛利佔淨銷售額的24.2%,而2023年第一季度的毛利佔淨銷售額的26.6%。我們在2024年的毛利率受到吸收固定成本不足的負面影響,這是由於本季度第一季度銷售需求減少導致工廠產量減少。2024年第一季度的銷售和管理成本按支出美元計算略低於上年,但佔淨銷售額的百分比有所增加,2024年爲25.1%,而2023年同期爲24.5%。
On our balance sheet, receivables increased $4.5 million from the balance at fiscal year end 2023 due to higher sales in the last month of the first quarter 2024 as compared to the seasonally lower sales volume in the last month of the fiscal year 2023. The net inventory value at the end of the first quarter of 2024 was $1.2 million lower than the fiscal year end 2023 balance of $76.2 million. Combined accounts payable and accrued expenses were $8.7 million higher at the end of the first quarter of 2024 as compared to the December 2023 balance. This increase was primarily driven by higher payables and accruals for raw materials to replenish inventory and meet higher production needs in preparation for an expected increase in demand in the second quarter. In the first quarter of 2024, capital expenditures were $7.0 million,of which $0.5 million was a cash outlay during the quarter with the remainder having been paid in deposits in previous years. Capital expenditures for the full fiscal year 2024 are planned at $9.4 million, with $2.9 million being funded by cash investment within the year and the remaining $6.5 million from cash spent through deposits in prior years. Interest expense was $1.5 million in the first quarter of 2024 compared to $1.9 million in the first quarter of 2023. The lower interest expense in 2024 was the result of lower average debt balance within the quarter. Our debt increased by $1.9 million in the first quarter of 2024 driven primarily by the planned cash investment in new product introductions in the first quarter. Our availability under our line of credit with our senior lending facility was $15.0 million at the end of the first quarter of 2024.
在我們的資產負債表上,與2023財年最後一個月的季節性銷售量相比,2024年第一季度最後一個月的銷售額有所增加,應收賬款較2023財年底的餘額增加了450萬美元。2024年第一季度末的淨庫存價值比2023財年末的7,620萬美元餘額低120萬美元。與2023年12月的餘額相比,2024年第一季度末的應付賬款和應計支出總額增加了870萬美元。這一增長主要是由原材料的應付賬款和應計金額增加所致,以補充庫存和滿足更高的生產需求,爲第二季度預期的需求增長做準備。2024年第一季度,資本支出爲700萬美元,其中50萬美元是該季度的現金支出,其餘部分已在前幾年以存款形式支付。2024財年全年資本支出計劃爲940萬美元,其中290萬美元由年內現金投資提供資金,其餘650萬美元來自前幾年的存款現金支出。2024年第一季度的利息支出爲150萬美元,而2023年第一季度爲190萬美元。2024年利息支出減少是該季度平均債務餘額下降的結果。我們的債務在2024年第一季度增加了190萬美元,這主要是由於計劃在第一季度對新產品推出進行現金投資。截至2024年第一季度末,我們的優先貸款額度下的可用額度爲1,500萬美元。
Subsequent to the end of the first quarter,the Company's Board of Directors approved the repurchase of up to $2.8 million of the Company's common stock. This share repurchase authorization reflects the Company's ongoing commitment to improving the investment value of the Company's stock.
第一季度末之後,公司董事會批准回購高達280萬美元的公司普通股。該股票回購授權反映了公司對提高公司股票投資價值的持續承諾。
In the first four weeks of the second quarter in 2024, net sales are approximately 4% above the comparable period in the prior year and order entry is approximately 8% below the same period in the prior year. The second quarter is typically a stronger sales level than the first quarter due to seasonality and our new products hitting retail floors.
在2024年第二季度的前四周,淨銷售額比去年同期高出約4%,訂單量比去年同期低約8%。由於季節性和我們的新產品進入零售領域,第二季度的銷售水平通常高於第一季度。
THE DIXIE GROUP, INC.
Consolidated Condensed Statements of Operations
(unaudited; in thousands, except earnings (loss) per share)
DIXIE GROUP, INC.
合併簡明運營報表
(未經審計;以千計,每股收益(虧損)除外)
Three Months Ended |
||||||||
March 30, |
April 1,
2023
|
|||||||
NET SALES |
$ | 65,254 | $ | 67,084 | ||||
Cost of sales |
49,445 | 49,251 | ||||||
GROSS PROFIT |
15,809 | 17,833 | ||||||
Selling and administrative expenses |
16,372 | 16,409 | ||||||
Other operating expense, net |
52 | 68 | ||||||
Facility consolidation and severance expenses, net |
242 | 1,050 | ||||||
OPERATING INCOME(LOSS) |
(857) | 306 | ||||||
Interest expense |
1,532 | 1,858 | ||||||
Other (income) expense, net |
5 | (14) | ||||||
Loss from continuing operations before taxes |
(2,394) | (1,538) | ||||||
Income tax provision |
16 | 13 | ||||||
Loss from continuing operations |
(2,410) | (1,551) | ||||||
Loss from discontinued operations, net of tax |
(84) | (207) | ||||||
NET LOSS |
$ | (2,494) | $ | (1,758) | ||||
BASIC EARNINGS (LOSS) PER SHARE: |
||||||||
Continuing operations |
$ | (0.16) | $ | (0.11) | ||||
Discontinued operations |
(0.01) | (0.01) | ||||||
Net loss |
$ | (0.17) | $ | (0.12) | ||||
DILUTED EARNINGS (LOSS)PER SHARE: |
||||||||
Continuing operations |
$ | (0.16) | $ | (0.11) | ||||
Discontinued operations |
(0.01) | (0.01) | ||||||
Net loss |
$ | (0.17) | $ | (0.12) | ||||
Weighted-average shares outstanding: |
||||||||
Basic |
14,850 | 14,676 | ||||||
Diluted |
14,850 | 14,676 |
三個月已結束 |
||||||||
三月三十日 |
4月1日
2023
|
|||||||
淨銷售額 |
$ | 65,254 | $ | 67,084 | ||||
銷售成本 |
49,445 | 49,251 | ||||||
毛利 |
15,809 | 17,833 | ||||||
銷售和管理費用 |
16,372 | 16,409 | ||||||
其他運營費用,淨額 |
52 | 68 | ||||||
設施整合和遣散費,淨額 |
242 | 1,050 | ||||||
營業收入(虧損) |
(857) | 306 | ||||||
利息支出 |
1,532 | 1,858 | ||||||
其他(收入)支出,淨額 |
5 | (14) | ||||||
稅前持續經營虧損 |
(2,394) | (1,538) | ||||||
所得稅條款 |
16 | 13 | ||||||
持續經營造成的損失 |
(2,410) | (1,551) | ||||||
已終止業務的虧損,扣除稅款 |
(84) | (207) | ||||||
淨虧損 |
$ | (2,494) | $ | (1,758) | ||||
每股基本收益(虧損): |
||||||||
持續運營 |
$ | (0.16) | $ | (0.11) | ||||
已終止的業務 |
(0.01) | (0.01) | ||||||
淨虧損 |
$ | (0.17) | $ | (0.12) | ||||
攤薄後的每股收益(虧損): |
||||||||
持續運營 |
$ | (0.16) | $ | (0.11) | ||||
已終止的業務 |
(0.01) | (0.01) | ||||||
淨虧損 |
$ | (0.17) | $ | (0.12) | ||||
加權平均已發行股數: |
||||||||
基本 |
14,850 | 14,676 | ||||||
稀釋 |
14,850 | 14,676 |
THE DIXIE GROUP, INC.
Consolidated Condensed Balance Sheets
(in thousands)
DIXIE GROUP, INC.
合併簡明資產負債表
(以千計)
March 30, |
December 30, |
|||||||
ASSETS |
(Unaudited) |
|||||||
Current Assets |
||||||||
Cash and cash equivalents |
$ | 55 | $ | 79 | ||||
Receivables, net |
28,225 | 23,686 | ||||||
Inventories, net |
75,041 | 76,211 | ||||||
Prepaid and other current assets |
10,803 | 12,154 | ||||||
Current assets of discontinued operations |
260 | 265 | ||||||
Total Current Assets |
114,384 | 112,395 | ||||||
Property, Plant and Equipment, Net |
37,660 | 31,368 | ||||||
Operating Lease Right-Of-Use Assets |
28,187 | 28,962 | ||||||
Other Assets |
18,039 | 17,130 | ||||||
Long-Term Assets of Discontinued Operations |
1,391 | 1,314 | ||||||
TOTAL ASSETS |
$ | 199,661 | $ | 191,169 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Current Liabilities |
||||||||
Accounts payable |
$ | 21,819 | $ | 13,935 | ||||
Accrued expenses |
17,438 | 16,598 | ||||||
Current portion of long-term debt |
3,794 | 4,230 | ||||||
Current portion of operating lease liabilities |
3,713 | 3,654 | ||||||
Current liabilities of discontinued operations |
1,172 | 1,137 | ||||||
Total Current Liabilities |
47,936 | 39,554 | ||||||
Long-Term Debt, Net |
80,610 | 78,290 | ||||||
Operating Lease Liabilities |
25,081 | 25,907 | ||||||
Other Long-Term Liabilities |
15,500 | 14,591 | ||||||
Long-Term Liabilities of Discontinued Operations |
3,618 | 3,536 | ||||||
Stockholders' Equity |
26,916 | 29,291 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ | 199,661 | $ | 191,169 |
3月30日 |
12月30日, |
|||||||
資產 |
(未經審計) |
|||||||
流動資產 |
||||||||
現金和現金等價物 |
$ | 55 | $ | 79 | ||||
應收賬款,淨額 |
28,225 | 23,686 | ||||||
庫存,淨額 |
75,041 | 76,211 | ||||||
預付資產和其他流動資產 |
10,803 | 12,154 | ||||||
已終止業務的流動資產 |
260 | 265 | ||||||
流動資產總額 |
114,384 | 112,395 | ||||||
不動產、廠房和設備,淨額 |
37,660 | 31,368 | ||||||
經營租賃使用權資產 |
28,187 | 28,962 | ||||||
其他資產 |
18,039 | 17,130 | ||||||
已終止業務的長期資產 |
1,391 | 1,314 | ||||||
總資產 |
$ | 199,661 | $ | 191,169 | ||||
負債和股東權益 |
||||||||
流動負債 |
||||||||
應付賬款 |
$ | 21,819 | $ | 13,935 | ||||
應計費用 |
17,438 | 16,598 | ||||||
長期債務的當前部分 |
3,794 | 4,230 | ||||||
經營租賃負債的流動部分 |
3,713 | 3,654 | ||||||
已終止業務的流動負債 |
1,172 | 1,137 | ||||||
流動負債總額 |
47,936 | 39,554 | ||||||
長期債務,淨額 |
80,610 | 78,290 | ||||||
經營租賃負債 |
25,081 | 25,907 | ||||||
其他長期負債 |
15,500 | 14,591 | ||||||
已終止業務的長期負債 |
3,618 | 3,536 | ||||||
股東權益 |
26,916 | 29,291 | ||||||
負債總額和股東權益 |
$ | 199,661 | $ | 191,169 |
SOURCE: The Dixie Group
來源:迪克西集團