Carpet & rugs marketer Dixie Group restates financial results
17 Jul '07
4 min read
The Dixie Group Inc reported that the Company had received comments from the Securities and Exchange Commission regarding its Annual Report on Form 10-K for the fiscal year ended December 30, 2006. As a result of those comments, the Company amended and restated its Annual Report on Form 10-K for the year ended December 30, 2006, and its Quarterly Reports on Form 10-Q for the quarterly periods ended July 1, 2006, and September 30, 2006.
The amendments did not affect the Company's net income, net income per share, total cash flow, balance sheets, or stockholders' equity, for any periods. The Company filed amended reports for the affected periods today to correct the following classification errors:
• The classification of certain pension expenses as costs of discontinued operations; and • The classification of certain income tax payments as investing activities.
The amendments reclassified certain pension expenses from discontinued operations to continuing operations in the Company's Consolidated Statements of Operations and Consolidated Statements of Cash Flows for the fiscal year ended December 30, 2006 and December 31, 2005, and the Company's Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Cash Flows for the three and six months ended July 1, 2006, and the nine months ended September 30, 2006.
The Company had classified pension expenses related to employees of its textile operations based on its interpretation that APB 30 requires that such expenses be accounted for as costs of discontinued operations.
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