The Dixie Group Inc reported financial results for the third quarter and nine months ended September 29, 2007. For the third quarter, income from continuing operations was $2,239,000, or $0.17 per diluted share, compared with income from continuing operations of $2,703,000, or $0.21 per diluted share, for the third quarter of 2006.
Sales for the third quarter of 2007 were $82,385,000, down 1.5% from sales of $83,606,000 in the year-earlier quarter.
For the nine months ended September 29, 2007, income from continuing operations was $5,032,000, or $0.39 per diluted share, compared with income from continuing operations of $4,657,000, or $0.36 per diluted share, for the similar period in 2006. Sales for the nine-month period in 2007 were $241,278,000, down 3.8% from sales of $250,825,000 in the prior-year period.
Commenting on the results, Daniel K. Frierson, chairman and chief executive officer, said, "Our carpet sales continued to outpace the carpet industry, which reported an 8.1% decline in sales for the third quarter compared with the third quarter of last year. The industry reported that sales of residential carpet declined 13.8% and sales of commercial carpet grew 2.5%. Our third quarter carpet sales were essentially flat.
Sales of our residential carpet products were down 10.7% and commercial carpet product sales rose 23.8%. Our residential carpet business continued to be affected by general industry weakness and the significant decline in sales to one large home center customer.
marketing@alchempro.com
