The Dixie Group Inc reported financial results for the third quarter and nine months ended September 30, 2006. For the third quarter, income from continuing operations was $2,703,000, or $0.21 per diluted share, compared with income from continuing operations of $1,253,000, or $0.10 per diluted share, for the third quarter of 2005.
Sales for the third quarter of 2006 were $83,606,000, up 9 percent from sales of $76,661,000 in the year-earlier quarter.
For the nine months ended September 30, 2006, income from continuing operations was $6,533,000, or $0.50 per diluted share, compared with income from continuing operations of $6,709,000, or $0.52 per diluted share, for the similar period in 2005.
Sales for the nine-month period in 2006 were $250,825,000, up 9 percent from sales of $230,768,000 in the prior-year period.
Commenting on the results, Daniel K. Frierson, chairman and chief executive officer, said, "Despite weakness in the carpet industry, sales in all of our carpet business units reflected year-over-year growth in the third quarter of this year, and our business continues to outpace the industry."
"Compared with the same periods in 2005, net sales of carpet products rose 8 percent in the third quarter and 10 percent for the first nine months of this year. Units of broadloom carpet sold increased 5 percent in the third quarter and 12 percent for the first nine months of 2006."
"Sales of our modular/carpet tile products were not significant in the third quarter; however, we are extremely pleased with the acceptance these products have received in the marketplace. The order activity we are seeing and our backlog position give us reason to be optimistic about the future of this business and our modular/carpet tile strategy."
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