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DIXIE GROUP INC

SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-26

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Table 0

Financial table in standard format


THE DIXIE GROUP, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(dollars in thousands, except share data)
				(Unaudited)
				June 26, 2010		December 26, 2009
ASSETS
CURRENT ASSETS
	Cash and cash equivalents		$	89	$	56
	Receivables (less allowance for doubtful accounts of $610 for 2010 and $737 for 2009)			23,974		26,150
	Inventories			59,166		55,156
	Other current assets			5,344		4,683
		TOTAL CURRENT ASSETS		88,573		86,045

PROPERTY, PLANT AND EQUIPMENT
	Land and improvements			6,088		6,088
	Buildings and improvements			47,270		47,215
	Machinery and equipment			124,231		124,157
				177,589		177,460
	Less accumulated depreciation and amortization			(103,418)		(97,704)
		NET PROPERTY, PLANT AND EQUIPMENT		74,171		79,756

OTHER ASSETS
	Other long-term assets			12,196		13,255
		TOTAL OTHER ASSETS		12,196		13,255
TOTAL ASSETS			$	174,940	$	179,056

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
	Accounts payable		$	13,274	$	10,854
	Accrued expenses			17,885		13,891
	Current portion of long-term debt			7,402		8,434
		TOTAL CURRENT LIABILITIES		38,561		33,179

LONG-TERM DEBT
	Senior indebtedness			44,427		46,480
	Capital lease obligations			536		707
	Convertible subordinated debentures			9,662		12,162
		TOTAL LONG-TERM DEBT		54,625		59,349

DEFERRED INCOME TAXES				4,734		5,830
OTHER LONG-TERM LIABILITIES				12,167		13,191
COMMITMENTS AND CONTINGENCIES				---		---

STOCKHOLDERS' EQUITY
	Common Stock ($3 par value per share): Authorized 80,000,000 shares, issued - 15,919,068 shares for 2010 and 15,830,854 shares for 2009			47,757		47,493
	Class B Common Stock ($3 par value per share): Authorized 16,000,000 shares, issued - 871,173 shares for 2010 and 858,447 shares for 2009			2,614		2,575
	Additional paid-in capital			136,843		136,710
	Accumulated deficit			(64,211)		(60,938)
	Accumulated other comprehensive income			233		4
				123,236		125,844
	Less Common Stock in treasury at cost - 3,943,570 shares for 2010 and 3,926,435 shares for 2009			(58,383)		(58,337)
		TOTAL STOCKHOLDERS' EQUITY		64,853		67,507
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$	174,940	$	179,056
See accompanying notes to the consolidated condensed financial statements.

DIXIE GROUP INC CIK:29332
	2010-06-26	2009-12-26
Inventories	59,166	55,156
Other current assets	5,344	4,683
TOTAL CURRENT ASSETS	88,573	86,045
PROPERTY, PLANT AND EQUIPMENT
Land and improvements	6,088	6,088
Buildings and improvements	47,270	47,215
Machinery and equipment	124,231	124,157
	177,589	177,460
Less accumulated depreciation and amortization	(103,418)	(97,704)
NET PROPERTY, PLANT AND EQUIPMENT	74,171	79,756
OTHER ASSETS
Other long-term assets	12,196	13,255
TOTAL OTHER ASSETS	12,196	13,255
TOTAL ASSETS	$174,940	$179,056
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$13,274	$10,854
Accrued expenses	17,885	13,891
Current portion of long-term debt	7,402	8,434
TOTAL CURRENT LIABILITIES	38,561	33,179
LONG-TERM DEBT
Senior indebtedness	44,427	46,480
Capital lease obligations	536	707
Convertible subordinated debentures	9,662	12,162
TOTAL LONG-TERM DEBT	54,625	59,349
DEFERRED INCOME TAXES	4,734	5,830
OTHER LONG-TERM LIABILITIES	12,167	13,191
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common Stock ($3 par value per share): Authorized 80,000,000 shares, issued - 15,919,068 shares for 2010 and 15,830,854 shares for 2009	47,757	47,493
Class B Common Stock ($3 par value per share): Authorized 16,000,000 shares, issued - 871,173 shares for 2010 and 858,447 shares for 2009	2,614	2,575
Additional paid-in capital	136,843	136,710
Accumulated deficit	(64,211)	(60,938)
Accumulated other comprehensive income	233	4
	123,236	125,844
Less Common Stock in treasury at cost - 3,943,570 shares for 2010 and 3,926,435 shares for 2009	(58,383)	(58,337)
TOTAL STOCKHOLDERS' EQUITY	64,853	67,507
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$174,940	$179,056
See accompanying notes to the consolidated condensed financial statements.

Row "See accompanying notes to the consolidated condensed financial statements.": Multi-column field in a numeric row

Table 1

Financial table in standard format


THE DIXIE GROUP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
(dollars in thousands, except per share data)

			Three Months Ended				Six Months Ended
			June 26, 2010		June 27, 2009		June 26, 2010		June 27, 2009
Net sales		$	59,058	$	52,572	$	109,512	$	100,211
Cost of sales			43,821		38,231		81,922		76,255

Gross profit			15,237		14,341		27,590		23,956
Selling and administrative expenses			15,026		14,864		29,384		30,481
Other operating income			(61)		(306)		(120)		(348)
Other operating expense			91		124		220		305
Facility consolidation and severance expenses			122		117		333		1,732
Impairment of goodwill			---		---		---		31,406

Operating income (loss)			59		(458)		(2,227)		(39,620)

Interest expense			1,082		1,410		2,317		2,896
Other income			(10)		(14)		(22)		(319)
Other expense			307		---		317		21

Loss from continuing operations before taxes			(1,320)		(1,854)		(4,839)		(42,218)
Income tax benefit			(636)		(870)		(1,696)		(5,793)

Loss from continuing operations			(684)		(984)		(3,143)		(36,425)
Loss from discontinued operations, net of tax			(60)		(83)		(130)		(199)

Net loss		$	(744)	$	(1,067)	$	(3,273)	$	(36,624)

BASIC LOSS PER SHARE:
	Continuing operations	$	(0.05)	$	(0.08)	$	(0.25)	$	(2.97)
	Discontinued operations		(0.01)		(0.01)		(0.01)		(0.02)
	Net loss	$	(0.06)	$	(0.09)	$	(0.26)	$	(2.99)

BASIC SHARES OUTSTANDING			12,532		12,287		12,514		12,261

DILUTED LOSS PER SHARE:
	Continuing operations	$	(0.05)	$	(0.08)	$	(0.25)	$	(2.97)
	Discontinued operations		(0.01)		(0.01)		(0.01)		(0.02)
	Net loss	$	(0.06)	$	(0.09)	$	(0.26)	$	(2.99)

DILUTED SHARES OUTSTANDING			12,532		12,287		12,514		12,261

DIVIDENDS PER SHARE:
	Common Stock		---		---		---		---
	Class B Common Stock		---		---		---		---

See accompanying notes to the consolidated condensed financial statements.

DIXIE GROUP INC CIK:29332
	2010-03-26 to 2010-06-26 (3-months)	2009-03-27 to 2009-06-27 (3-months)	2009-12-26 to 2010-06-26 (6-months)	2008-12-27 to 2009-06-27 (6-months)
Net sales	$59,058	$52,572	$109,512	$100,211
Cost of sales	43,821	38,231	81,922	76,255
Gross profit	15,237	14,341	27,590	23,956
Selling and administrative expenses	15,026	14,864	29,384	30,481
Other operating income	(61)	(306)	(120)	(348)
Other operating expense	91	124	220	305
Facility consolidation and severance expenses	122	117	333	1,732
Impairment of goodwill				31,406
Operating income (loss)	59	(458)	(2,227)	(39,620)
Interest expense	1,082	1,410	2,317	2,896
Other income	(10)	(14)	(22)	(319)
Other expense	307		317	21
Loss from continuing operations before taxes	(1,320)	(1,854)	(4,839)	(42,218)
Income tax benefit	(636)	(870)	(1,696)	(5,793)
Loss from continuing operations	(684)	(984)	(3,143)	(36,425)
Loss from discontinued operations, net of tax	(60)	(83)	(130)	(199)
Net loss	$(744)	$(1,067)	$(3,273)	$(36,624)
BASIC LOSS PER SHARE:
Continuing operations	$(0.05)	$(0.08)	$(0.25)	$(2.97)
Discontinued operations	(0.01)	(0.01)	(0.01)	(0.02)
Net loss	$(0.06)	$(0.09)	$(0.26)	$(2.99)
BASIC SHARES OUTSTANDING	12,532	12,287	12,514	12,261
DILUTED LOSS PER SHARE:
Continuing operations	$(0.05)	$(0.08)	$(0.25)	$(2.97)
Discontinued operations	(0.01)	(0.01)	(0.01)	(0.02)
Net loss	$(0.06)	$(0.09)	$(0.26)	$(2.99)
DILUTED SHARES OUTSTANDING	12,532	12,287	12,514	12,261
DIVIDENDS PER SHARE:
Common Stock
Class B Common Stock
See accompanying notes to the consolidated condensed financial statements.

Row "See accompanying notes to the consolidated condensed financial statements.": Multi-column field in a numeric row

Table 2

Financial table in standard format

The Company generally provides product warranties related to manufacturing defects and specific performance standards for its products. At the time sales are recorded, the Company records reserves for the estimated costs of defective products and failure of its products to meet applicable performance standards. The level of reserves the Company establishes is based primarily upon historical experience and evaluation of pending claims. Product warranty reserves are included in accrued expenses in the Company's consolidated condensed balance sheets. The following is a summary of the Company's warranty activity:



	Three Months Ended					Six Months Ended
		June 26, 2010		June 27, 2009		June 26, 2010		June 27, 2009
Warranty reserve beginning of period	$	774	$	1,238	$	755	$	1,363
Warranty liabilities accrued		704		687		1,366		1,355
Warranty liabilities settled		(703)		(597)		(1,419)		(1,307)
Changes for pre-existing warranty liabilities		132		(298)		205		(381)
Warranty reserve end of period	$	907	$	1,030	$	907	$	1,030

DIXIE GROUP INC CIK:29332
	2010-03-26 to 2010-06-26 (3-months)	2009-03-27 to 2009-06-27 (3-months)	2009-12-26 to 2010-06-26 (6-months)	2008-12-27 to 2009-06-27 (6-months)
Warranty reserve beginning of period	$774	$1,238	$755	$1,363
Warranty liabilities accrued	704	687	1,366	1,355
Warranty liabilities settled	(703)	(597)	(1,419)	(1,307)
Changes for pre-existing warranty liabilities	132			(381)
Warranty reserve end of period	$907	$1,030	$907	$1,030

Row "Changes for pre-existing warranty liabilities": Multi-column field in a numeric row

Table 3

Financial table in standard format

The following table summarizes the pre-tax impact of derivative instruments on the Company's financial statements:

Three Months Ended

Six Months Ended

Amount of Gain or (Loss) Recognized in Income on Derivative (3)

June 26,

2010

June 27,

2009

June 26,

2010

June 27,

2009

Derivatives not designated as hedging instruments:

Interest rate swap

(300)

---

(300)

---

(1)

The amount of loss reclassified from AOCI is included in interest expense on the Company's consolidated condensed statements of operations.

(2)

The amount of loss expected to be reclassified from AOCI into earnings during the next 12 months is $240.

(3)

The amount of loss recognized in income on interest rate swaps not designated as hedging instruments is included in other expense on the Company's consolidated condensed statements of operations.

DIXIE GROUP INC CIK:29332
	2010-03-26 to 2010-06-26 (3-months)	2009-03-27 to 2009-06-27 (3-months)	2009-03-27 to 2009-06-27 (3-months)	2009-12-26 to 2010-06-26 (6-months)	2008-12-27 to 2009-06-27 (6-months)	2008-12-27 to 2009-06-27 (6-months)
Derivatives not designated as hedging instruments:
Interest rate swap	$(300)			$(300)
(1) The amount of loss reclassified from AOCI is included in interest expense on the Company's consolidated condensed statements of operations.
(2) The amount of loss expected to be reclassified from AOCI into earnings during the next 12 months is $240.
(3) The amount of loss recognized in income on interest rate swaps not designated as hedging instruments is included in other expense on the Company's consolidated condensed statements of operations.

Row "(1) The amount of loss reclassified from AOCI is included in interest expense on the Company's consolidated condensed statements of operations.": Multi-column field in a numeric row
Row "(2) The amount of loss expected to be reclassified from AOCI into earnings during the next 12 months is $240.": Multi-column field in a numeric row
Row "(3) The amount of loss recognized in income on interest rate swaps not designated as hedging instruments is included in other expense on the Company's consolidated condensed statements of operations.": Multi-column field in a numeric row

Original filing from SEC EDGAR system.