"Company order entry dropped to levels below our expectations in May, June and July due to extended delivery dates; nevertheless, order entries remained above last year. They have been able to increase inventories so that they are now shipping from inventory at historical rates, and they are seeing improvements that make us optimistic about a strong fall season," Frierson concluded.
Results of discontinued operations reflected a loss of $95,000, or $0.01 per diluted share, for the second quarter of 2005, compared with a loss of $38,000, or less than $0.01 per diluted share, for the second quarter of 2004. For the first six months of 2005, discontinued operations reflected a gain of $327,000, or $0.02 per diluted share, compared with a loss of $298,000, or $0.02 per diluted share, in the year-earlier period.
Including discontinued operations, the Company reported net income of $3,489,000, or $0.27 per diluted share, for the second quarter of 2005, compared with net income of $3,448,000, or $0.27 per diluted share, for the second quarter of 2004. For the first six months of 2005, net income was $5,783,000, or $0.45 per diluted share, compared with net income of $5,165,000, or $0.41 per diluted share, in the 2004 period.
A listen-only Internet simulcast and replay of Dixie's conference call may be accessed with appropriate software at the Company's web site or at "www.earnings.com". The simulcast will begin at approximately 11:00 a.m. Eastern Time on August 1, 2005. A replay will be available approximately two hours later and will continue for approximately 30 days. If Internet access is unavailable, a listen-only telephonic conference will be available by dialing (719) 457-2649 at least ten minutes before the appointed time. A seven-day telephonic replay will be available two hours after the call ends by dialing (719) 457-0820 and entering 2165410 when prompted for the access code.
The Dixie Group is a leading marketer and manufacturer of carpet and rugs to higher-end residential and commercial customers through the Fabrica International, Masland Carpets and Dixie Home brands.
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