Company Quick10K Filing
Dixie Group
Price1.26 EPS-1
Shares16 P/E-2
MCap20 P/FCF3
Net Debt117 EBIT-5
TEV137 TEV/EBIT-26
TTM 2019-09-28, in MM, except price, ratios
10-Q 2020-09-26 Filed 2020-11-06
10-Q 2020-06-27 Filed 2020-08-06
10-Q 2020-03-28 Filed 2020-05-29
10-K 2019-12-28 Filed 2020-03-12
10-Q 2019-09-28 Filed 2019-11-07
10-Q 2019-06-29 Filed 2019-08-08
10-Q 2019-03-30 Filed 2019-05-06
10-K 2018-12-29 Filed 2019-03-08
10-Q 2018-09-29 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-30 Filed 2018-03-13
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-07-01 Filed 2017-08-03
10-Q 2017-04-01 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-03-13
10-Q 2016-09-24 Filed 2016-11-03
10-Q 2016-06-25 Filed 2016-08-04
10-Q 2016-03-26 Filed 2016-05-04
10-K 2015-12-26 Filed 2016-03-09
10-Q 2015-09-26 Filed 2015-11-04
10-Q 2015-06-27 Filed 2015-08-03
10-Q 2015-03-28 Filed 2015-05-01
10-K 2014-12-27 Filed 2015-03-12
10-Q 2014-09-27 Filed 2014-11-05
10-Q 2014-06-28 Filed 2014-08-06
10-Q 2014-03-29 Filed 2014-05-07
10-K 2013-12-28 Filed 2014-03-12
10-Q 2013-09-28 Filed 2013-11-06
10-Q 2013-06-29 Filed 2013-08-07
10-Q 2013-03-30 Filed 2013-05-03
10-K 2012-12-29 Filed 2013-03-25
10-Q 2012-09-29 Filed 2012-11-09
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-03-22
10-Q 2011-10-01 Filed 2011-11-09
10-Q 2011-07-02 Filed 2011-08-11
10-Q 2011-04-02 Filed 2011-05-12
10-K 2010-12-25 Filed 2011-03-14
10-Q 2010-09-25 Filed 2010-11-04
10-Q 2010-06-26 Filed 2010-07-30
10-Q 2010-03-27 Filed 2010-04-29
10-K 2009-12-26 Filed 2010-03-03
8-K 2020-11-05
8-K 2020-11-05
8-K 2020-11-04
8-K 2020-10-31
8-K 2020-10-27
8-K 2020-09-30
8-K 2020-09-01
8-K 2020-08-06
8-K 2020-08-06
8-K 2020-07-15
8-K 2020-05-19
8-K 2020-05-19
8-K 2020-05-15
8-K 2020-05-07
8-K 2020-05-05
8-K 2020-04-30
8-K 2020-03-13
8-K 2020-03-05
8-K 2020-03-05
8-K 2019-11-08
8-K 2019-11-07
8-K 2019-11-07
8-K 2019-10-22
8-K 2019-10-04
8-K 2019-08-28
8-K 2019-08-09
8-K 2019-08-05
8-K 2019-08-05
8-K 2019-06-06
8-K 2019-05-07
8-K 2019-05-03
8-K 2019-05-03
8-K 2019-05-03
8-K 2019-03-08
8-K 2019-03-07
8-K 2019-03-07
8-K 2019-02-05
8-K 2019-02-04
8-K 2019-01-17
8-K 2018-11-16
8-K 2018-11-08
8-K 2018-11-08
8-K 2018-10-10
8-K 2018-10-03
8-K 2018-09-10
8-K 2018-08-02
8-K 2018-08-02
8-K 2018-07-02
8-K 2018-05-07
8-K 2018-05-03
8-K 2018-05-03
8-K 2018-03-09
8-K 2018-03-01
8-K 2018-03-01
8-K 2018-02-07

DXYN 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Recent Accounting Pronouncements
Note 3 - Revenue
Note 4 - Receivables, Net
Note 5 - Inventories, Net
Note 6 - Property, Plant and Equipment, Net
Note 7 - Accrued Expenses
Note 8 - Product Warranty Reserves
Note 9 - Long - Term Debt and Credit Arrangements
Note 10 - Leases
Note 11 - Fair Value Measurements
Note 12 - Derivatives
Note 13 - Employee Benefit Plans
Note 14 - Income Taxes
Note 15 - Earnings (Loss) per Share
Note 16 - Stock Compensation Expense
Note 17 - Accumulated Other Comprehensive Income (Loss)
Note 18 - Commitments and Contingencies
Note 19 - Other (Income) Expense, Net
Note 20 - Facility Consolidation and Severance Expenses, Net
Note 22 - Related Party Transactions
Note 23 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk (Dollars in Thousands)
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex31_1ceocertq32020.htm
EX-31.2 ex31_2cfocertq32020.htm
EX-32.1 ex32_1ceocertq32020.htm
EX-32.2 ex32_2cfocertq32020.htm

Dixie Group Earnings 2020-09-26

Balance SheetIncome StatementCash Flow
3202561921286402012201420172020
Assets, Equity
11086623814-102012201420172020
Rev, G Profit, Net Income
25167-2-11-202012201420172020
Ops, Inv, Fin

dxyn-20200926
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.   20549
 Form 10-Q 
(Mark One)
R    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended September 26, 2020
OR

o    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from ___________ to __________

Commission File Number: 0-2585

dxyn-20200926_g1.jpg

THE DIXIE GROUP, INC.
(Exact name of Registrant as specified in its charter)
Tennessee     62-0183370
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
475 Reed Road, Dalton, Georgia30720(706) 876-5800
(Address of principal executive offices)(zip code)(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  R Yes  o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). R Yes  o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.  
Large accelerated filero Accelerated filero
Non-accelerated filero(Do not check if a smaller reporting company) Smaller reporting companyR
 Emerging growth companyo

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) o Yes R No

The number of shares outstanding of each of the issuer's classes of Common Stock as of the latest practicable date.
Class            Outstanding as of October 30, 2020
Common Stock, $3 Par Value 14,933,373 shares
Class B Common Stock, $3 Par Value 880,313 shares
Class C Common Stock, $3 Par Value 0 shares







THE DIXIE GROUP, INC.

Table of Contents
PART I.  FINANCIAL INFORMATIONPage
    
 Item 1.
Financial Statements
  
  
  
  
 Item 2.
 Item 3.
 Item 4.
    
PART II. OTHER INFORMATION
   
 Item 1.
 Item 1A.
 Item 2.
 Item 3.
 Item 4.
 Item 5.
 Item 6.
   
  









PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
THE DIXIE GROUP, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(amounts in thousands, except share data)
 September 26,
2020
December 28, 2019
ASSETS(Unaudited)
CURRENT ASSETS
Cash and cash equivalents$19 $769 
Receivables, net38,718 37,138 
Inventories, net86,942 95,509 
Prepaids and other current assets5,007 6,179 
TOTAL CURRENT ASSETS130,686 139,595 
  
PROPERTY, PLANT AND EQUIPMENT, NET60,151 65,442 
OPERATING LEASE RIGHT-OF-USE ASSETS22,861 24,835 
OTHER ASSETS17,631 17,787 
TOTAL ASSETS$231,329 $247,659 
LIABILITIES AND STOCKHOLDERS' EQUITY  
CURRENT LIABILITIES  
Accounts payable$22,093 $16,084 
Accrued expenses27,383 25,418 
Current portion of long-term debt5,724 6,684 
Current portion of operating lease liabilities3,287 3,172 
TOTAL CURRENT LIABILITIES58,487 51,358 
LONG-TERM DEBT68,263 81,667 
OPERATING LEASE LIABILITIES20,191 22,123 
OTHER LONG-TERM LIABILITIES20,262 19,300 
TOTAL LIABILITIES167,203 174,448 
COMMITMENTS AND CONTINGENCIES (See Note 18)
STOCKHOLDERS' EQUITY  
Common Stock ($3 par value per share): Authorized 80,000,000 shares, issued and outstanding - 14,933,373 shares for 2020 and 15,025,087 shares for 201944,800 45,075 
Class B Common Stock ($3 par value per share): Authorized 16,000,000 shares, issued and outstanding - 880,313 shares for 2020 and 836,669 shares for 20192,641 2,510 
Additional paid-in capital157,730 157,547 
Accumulated deficit(140,002)(131,113)
Accumulated other comprehensive loss(1,043)(808)
TOTAL STOCKHOLDERS' EQUITY64,126 73,211 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$231,329 $247,659 

See accompanying notes to the consolidated condensed financial statements.






THE DIXIE GROUP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
(amounts in thousands, except per share data)
 Three Months EndedNine Months Ended
 September 26, 2020September 28, 2019September 26, 2020September 28, 2019
NET SALES$85,920 $95,447 $227,321 $284,448 
Cost of sales63,679 74,373 173,843 220,962 
GROSS PROFIT22,241 21,074 53,478 63,486 
Selling and administrative expenses19,335 21,036 56,254 63,810 
Other operating (income) expense, net(172)37 (163)145 
Facility consolidation and severance expenses, net515 1,043 1,785 4,859 
Impairment of assets   3 
OPERATING INCOME (LOSS)2,563 (1,042)(4,398)(5,331)
Interest expense1,561 1,648 4,204 5,085 
Other expense (income), net92 (4)85 (42)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES910 (2,686)(8,687)(10,374)
Income tax provision (benefit)4 (109) 25 
INCOME (LOSS) FROM CONTINUING OPERATIONS906 (2,577)(8,687)(10,399)
Income (loss) from discontinued operations, net of tax(46)23 (203)(43)
NET INCOME (LOSS)$860 $(2,554)$(8,890)$(10,442)
BASIC EARNINGS (LOSS) PER SHARE:   
Continuing operations$0.06 $(0.16)$(0.57)$(0.66)
Discontinued operations(0.00)(0.00)(0.01)0.00 
Net income (loss)$0.06 $(0.16)$(0.58)$(0.66)
BASIC SHARES OUTSTANDING15,334 15,899 15,340 15,864 
DILUTED EARNINGS (LOSS) PER SHARE:   
Continuing operations$0.06 $(0.16)$(0.57)$(0.66)
Discontinued operations(0.00)(0.00)(0.01)0.00 
Net income (loss)$0.06 $(0.16)$(0.58)$(0.66)
DILUTED SHARES OUTSTANDING15,454 15,899 15,340 15,864 
DIVIDENDS PER SHARE:   
Common Stock$ $ $ $ 
Class B Common Stock    

See accompanying notes to the consolidated condensed financial statements. 
Table of Contents    4    






THE DIXIE GROUP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
(amounts in thousands)

 Three Months EndedNine Months Ended
 September 26,
2020
September 28,
2019
September 26,
2020
September 28,
2019
NET INCOME (LOSS)$860 $(2,554)$(8,890)$(10,442)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Unrealized loss on interest rate swaps(25)(159)(1,300)(1,264)
Income taxes    
Unrealized loss on interest rate swaps, net(25)(159)(1,300)(1,264)
Reclassification of loss into earnings from interest rate swaps (1)420 125 993 273 
Income taxes   10 
Reclassification of loss into earnings from interest rate swaps, net420 125 993 263 
Reclassification of unrealized loss into earnings from dedesignated interest rate swaps (2)95  95  
Income taxes    
Reclassification of unrealized loss into earnings from dedesignated interest rate swaps, net95  95  
Reclassification of net actuarial gain into earnings from postretirement benefit plans (3)(6)(7)(20)(19)
Income taxes    
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net(6)(7)(20)(19)
Reclassification of prior service credits into earnings from postretirement benefit plans (3)(1)(1)(3)(3)
Income taxes    
Reclassification of prior service credits into earnings from postretirement benefit plans, net(1)(1)(3)(3)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX483 (42)(235)(1,023)
COMPREHENSIVE INCOME (LOSS)$1,343 $(2,596)$(9,125)$(11,465)

(1) Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in interest expense in the Company's Consolidated Condensed Statements of Operations.
(2) Amounts for dedesignated cash flow hedges reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in other expense (income), net in the Company's Consolidated Condensed Statements of Operations.
(3) Amounts for postretirement plans reclassified from accumulated other comprehensive income (loss) to net loss were included in selling and administrative expenses in the Company's Consolidated Condensed Statements of Operations.


See accompanying notes to the consolidated condensed financial statements.
Table of Contents    5    






THE DIXIE GROUP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(amounts in thousands)
 Nine Months Ended
 September 26,
2020
September 28,
2019
CASH FLOWS FROM OPERATING ACTIVITIES  
Loss from continuing operations$(8,687)$(10,399)
Loss from discontinued operations(203)(43)
Net loss(8,890)(10,442)
Adjustments to reconcile net loss to net cash provided by operating activities:  
Depreciation and amortization 8,353 8,846 
Provision for deferred income taxes 64 
Net loss (gain) on property, plant and equipment disposals(37)106 
Impairment of assets 3 
Stock-based compensation expense246 387 
Bad debt expense67 182 
Changes in operating assets and liabilities:  
Receivables(1,647)(2,620)
Inventories8,567 6,688 
Prepaids and other current assets1,172 (1,970)
Accounts payable and accrued expenses7,069 7,457 
Other operating assets and liabilities1,020 (701)
NET CASH PROVIDED BY OPERATING ACTIVITIES15,920 8,000 
CASH FLOWS FROM INVESTING ACTIVITIES  
Net proceeds from sales of property, plant and equipment40 9 
Purchase of property, plant and equipment(1,453)(3,120)
NET CASH USED IN INVESTING ACTIVITIES(1,413)(3,111)
CASH FLOWS FROM FINANCING ACTIVITIES  
Net payments on revolving credit facility(13,230)(5,431)
Payments on notes payable - buildings(208)(5,371)
Borrowings on notes payable - equipment and other 1,379 
Payments on notes payable - equipment and other(1,827)(2,770)
Payments on finance leases(2,767)(3,122)
Borrowings on finance leases2,211 11,500 
Change in outstanding checks in excess of cash771 (784)
Repurchases of Common Stock(207)(12)
Payments for debt issuance costs (277)
NET CASH USED IN FINANCING ACTIVITIES(15,257)(4,888)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS(750)1 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD769 18 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$19 $19 
SUPPLEMENTAL CASH FLOW INFORMATION:  
Interest paid$2,810 $3,866 
Interest paid for financing leases1,067 1,039 
Income taxes paid, net of tax refunds(98)110 
Right-of-use assets obtained in exchange for new operating lease liabilities653 402 
Right-of-use assets obtained in exchange for new finance lease liabilities 52 
Equipment purchased under notes payable1,314  
Accrued purchases of equipment134  

See accompanying notes to the consolidated condensed financial statements.
Table of Contents    6    







THE DIXIE GROUP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
(UNAUDITED)
(amounts in thousands, except share data)


 Common StockClass B Common StockAdditional Paid-In CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Total Stockholders' Equity
Balance at December 28, 2019$45,075 $2,510 $157,547 $(131,113)$(808)$73,211 
Repurchases of Common Stock - 176,477 shares(529) 325   (204)
Restricted stock grants issued - 131,867 shares264 131 (395)   
Stock-based compensation expense  93   93 
Net loss   (2,689) (2,689)
Other comprehensive loss    (937)(937)
Balance at March 28, 2020$44,810 $2,641 $157,570 $(133,802)$(1,745)$69,474 
Repurchases of Common Stock - 3,460 shares(10) 7   (3)
Stock-based compensation expense  80   80 
Net loss   (7,060) (7,060)
Other comprehensive income    219 219 
Balance at June 27, 2020$44,800 $2,641 $157,657 $(140,862)$(1,526)$62,710 
Stock-based compensation expense  73   73 
Net income   860  860 
Other comprehensive income    483 483 
Balance at September 26, 2020$44,800 $2,641 $157,730 $(140,002)$(1,043)$64,126 

See accompanying notes to the consolidated condensed financial statements.
























Table of Contents    7    








THE DIXIE GROUP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
(UNAUDITED)
(amounts in thousands, except share data)

 Common StockClass B Common StockAdditional Paid-In CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Total Stockholders' Equity
Balance at December 29, 2018$46,568 $2,518 $156,390 $(146,384)$(108)$58,984 
Repurchases of Common Stock - 11,299 shares(34) 22   (12)
Restricted stock grants forfeited - 6,681 shares(20) 9   (11)
Class B converted into Common Stock - 2,635 shares8 (8)    
Stock-based compensation expense  168   168 
Net loss   (6,672) (6,672)
Other comprehensive loss    (361)(361)
Balance at March 30, 2019$46,522 $2,510 $156,589 $(153,056)$(469)$52,096 
Common Stock issued under Directors' Stock Plan - 29,00187  (87)   
Stock-based compensation expense  130   130 
Net loss   (1,216) (1,216)
Other comprehensive loss    (620)(620)
Balance at June 29, 2019$46,609 $2,510 $156,632 $(154,272)$(1,089)$50,390 
Restricted stock grants forfeited - 11,103 shares(34) 34    
Stock-based compensation expense  100   100 
Net loss   (2,554) (2,554)
Other comprehensive loss    (42)(42)
Balance at September 28, 2019$46,575 $2,510 $156,766 $(156,826)$(1,131)$47,894 

See accompanying notes to the consolidated condensed financial statements.


Table of Contents    8    


THE DIXIE GROUP, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
(amounts in thousands, except per share data) (Continued)

NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial statements which do not include all the information and notes required by such accounting principles for annual financial statements. In the opinion of management, all adjustments (generally consisting of normal recurring accruals) considered necessary for a fair presentation have been included in the accompanying financial statements. The accompanying financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in The Dixie Group, Inc.'s and its wholly-owned subsidiaries (the "Company") 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 28, 2019. Operating results for the three and nine month periods ended September 26, 2020 are not necessarily indicative of the results that may be expected for the entire 2020 year.

Based on applicable accounting standards, the Company has determined that it has one reportable segment, Floorcovering, comprised of two operating segments, Residential and Commercial. Pursuant to applicable accounting standards, the Company has aggregated the two operating segments into one reporting segment because they have similar economic characteristics, and the operating segments are similar in all of the following areas: (a) the nature of the products and services; (b) the nature of the production processes; (c) the type or class of customer for their products and services; (d) the methods used to distribute their products or provide their services; and (e) the nature of the regulatory environment.

NOTE 2 - RECENT ACCOUNTING PRONOUNCEMENTS

Accounting Standards Adopted in Fiscal 2020

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The amendments in this update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. In particular, the risk of cessation of the London Interbank Offered Rate (LIBOR). Among the amendments are expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of the transition from LIBOR to alternative reference interest rates, but does not expect a significant impact to its operating results, financial position or cash flows.