The Dixie Group Reports Results for First Quarter of 2024
The Dixie Group Reports Results for First Quarter of 2024
DALTON, GA / ACCESSWIRE / May 2, 2024 / The Dixie Group, Inc. (NASDAQ:DXYN) today reported financial results for the quarter ended March 30, 2024.
乔治亚州道尔顿/ACCESSWIRE/2024年5月2日/迪克西集团公司(纳斯达克股票代码:DXYN)今天公布了截至2024年3月30日的季度财务业绩。
- Net sales in the first quarter of 2024 were $65.3 million compared to $67.1million in the same period of the prior year
- The gross profit margin for the three months of the first quarter of 2024 was 24.2% of net sales compared to 26.6% in the first quarter of 2023
- The Company began operations of its new extrusion line in the first quarter of 2024
- The Company announces board approval of stock repurchase plan
- 2024年第一季度的净销售额为6,530万美元,而去年同期为6,710万美元
- 2024年第一季度三个月的毛利率为净销售额的24.2%,而2023年第一季度为26.6%
- 该公司于2024年第一季度开始运营其新挤出生产线
- 公司宣布董事会批准股票回购计划
For the first quarter of 2024, the Company had net sales of $65,254,000 as compared to $67,084,000 in the same quarter of 2023. The Company had an operating loss of $857,000 compared to an operating income of $306,000 in the first quarter of 2023. The net loss from continuing operations in the first quarter of 2024 was $2,410,000 or $0.16 per diluted share. In 2023, the net loss from continuing operations for the first quarter was $1,551,000 or $0.11 per diluted share.
2024年第一季度,该公司的净销售额为65,254,000美元,而2023年同期为67,084,000美元。该公司的营业亏损为857,000美元,而2023年第一季度的营业收入为30.6万美元。2024年第一季度持续经营业务的净亏损为241万美元,摊薄后每股亏损0.16美元。2023年,第一季度持续经营业务净亏损为1,551,000美元,摊薄后每股亏损0.11美元。
Commenting on the results, Daniel K. Frierson, Chairman and Chief Executive Officer, said, "Our net sales for the quarter were negatively impacted by high interest rates affecting the housing and home remodeling market and the impact on the economy from continued inflation. Overall, our net sales during the quarter were 2.7% below prior year while the industry, we believe, was down approximately 8%. Due to this lower demand, we saw less favorable margins in the first part of the quarter as lower volume resulted in under absorbed fixed costs in our manufacturing plants. By the end of the quarter, in the month of March, net sales were slightly ahead of the same month in the prior year and our operating margins for the month were more in line with prior year and our expectations.
董事长兼首席执行官丹尼尔·弗里森在评论业绩时表示:“影响住房和房屋装修市场的高利率以及持续通货膨胀对经济的影响对我们本季度的净销售额产生了负面影响。总体而言,我们在本季度的净销售额比上年下降了2.7%,而我们认为该行业下降了约8%。由于需求降低,我们在本季度第一部分的利润率有所降低,这是因为销量减少导致制造工厂吸收的固定成本不足。到本季度末,即3月份,净销售额略高于去年同月,我们本月的营业利润率更符合去年同期和我们的预期。
We are excited about the start of our nylon extrusion line in North Georgia. The internal production of raw materials will provide us with lower costs, as compared to our current external purchasing, and it will provide us with a continuity of supply, protecting us and our customers from potential supply disruptions. Our initial focus has been on extruding white, dyeable nylon which allows us to present long, beautiful color lines that stand out in a residential market that has moved to a solution dyed polyester sea of sameness. In support of this, we launched a color marketing campaign, Step Into Color, which connects retailers and consumers with a world of color options, including custom colors that are prevalent in Fabrica, but also available in our other soft surface divisions.
我们对我们在乔治亚州北部的尼龙挤出生产线的启动感到兴奋。与目前的外部采购相比,原材料的内部生产将为我们提供更低的成本,并将为我们提供连续的供应,保护我们和我们的客户免受潜在的供应中断的影响。我们最初的重点是挤出白色可染色的尼龙,这使我们能够呈现出长而漂亮的色彩线条,在已经转向溶液染色聚酯海的住宅市场中脱颖而出。为了支持这一点,我们发起了一项名为 “Step Into Color” 的色彩营销活动,该活动将零售商和消费者与各种色彩选择联系起来,包括在Fabrica中流行的定制颜色,也可以在我们的其他软表面部门使用。
We launched 14 new carpet styles in the first quarter, including 11 EnVision Nylon styles in our high-end divisions. Our Masland introductions are a great mix of high fashion and mid-price points to drive volume in the current challenging market conditions. In our Fabrica brand, we launched a trio of styles paying tribute to the brand's 50 year history. Homage, Tribute, and Adulation share a common color line of 50 colors which are named after key Fabrica styles from the last 50 years. These beautiful styles are available at a sharp price point and will become go to styles for Fabrica for years to come. The remainder of our soft and hard surface introductions for 2024 will be released in the second quarter.
我们在第一季度推出了14种新款式的地毯,其中包括高端部门中的11款enVision Nylon款式。我们的Masland产品将高级时装和中等价格完美地结合在一起,以在当前充满挑战的市场条件下推动销量。在我们的 Fabrica 品牌中,我们推出了三种款式,向该品牌 50 年的历史致敬。Homage、Tribute 和 Adulation 共有 50 种颜色的共同色系,这些颜色以过去 50 年来 Fabrica 的主要风格命名。这些漂亮的款式价格实惠,将在未来几年成为Fabrica的首选款式。我们在2024年推出的软表面和硬表面产品的其余部分将在第二季度发布。
Our new product offerings will help us continue to maintain sales volume in a difficult market.Additionally, we plan to reduce year over year costs by $10 million in 2024 through cost savings related to our extrusion operations and the reduction of other controllable costs. We believe, once interest rates come back down and consumer confidence returns, the housing market along with remodeling activity, will rebound strongly, driven by pent up demand." Frierson concluded.
我们的新产品将帮助我们在困难的市场中继续保持销量。此外,我们计划通过节省与挤出业务相关的成本和降低其他可控成本,在2024年将成本同比减少1000万美元。我们认为,一旦利率回落和消费者信心恢复,在需求被压抑的推动下,房地产市场以及装修活动将强劲反弹。”弗里森总结道。
The gross profit in the first quarter of 2024 was 24.2% of net sales compared to 26.6% of net sales in the first quarter of 2023. Our gross profit margins in 2024 were negatively impacted by under absorbed fixed costs as the result of lower volume in our plants due to lower sales demand in the first part of the quarter. Selling and administrative costs in the first quarter of 2024 were slightly below the prior year in expense dollars but higher as a percent of net sales, 25.1% in 2024 as compared to 24.5% in the same quarter of 2023.
2024年第一季度的毛利占净销售额的24.2%,而2023年第一季度的毛利占净销售额的26.6%。我们在2024年的毛利率受到吸收固定成本不足的负面影响,这是由于本季度第一季度销售需求减少导致工厂产量减少。2024年第一季度的销售和管理成本按支出美元计算略低于上年,但占净销售额的百分比有所增加,2024年为25.1%,而2023年同期为24.5%。
On our balance sheet, receivables increased $4.5 million from the balance at fiscal year end 2023 due to higher sales in the last month of the first quarter 2024 as compared to the seasonally lower sales volume in the last month of the fiscal year 2023. The net inventory value at the end of the first quarter of 2024 was $1.2 million lower than the fiscal year end 2023 balance of $76.2 million. Combined accounts payable and accrued expenses were $8.7 million higher at the end of the first quarter of 2024 as compared to the December 2023 balance. This increase was primarily driven by higher payables and accruals for raw materials to replenish inventory and meet higher production needs in preparation for an expected increase in demand in the second quarter. In the first quarter of 2024, capital expenditures were $7.0 million,of which $0.5 million was a cash outlay during the quarter with the remainder having been paid in deposits in previous years. Capital expenditures for the full fiscal year 2024 are planned at $9.4 million, with $2.9 million being funded by cash investment within the year and the remaining $6.5 million from cash spent through deposits in prior years. Interest expense was $1.5 million in the first quarter of 2024 compared to $1.9 million in the first quarter of 2023. The lower interest expense in 2024 was the result of lower average debt balance within the quarter. Our debt increased by $1.9 million in the first quarter of 2024 driven primarily by the planned cash investment in new product introductions in the first quarter. Our availability under our line of credit with our senior lending facility was $15.0 million at the end of the first quarter of 2024.
在我们的资产负债表上,与2023财年最后一个月的季节性销售量相比,2024年第一季度最后一个月的销售额有所增加,应收账款较2023财年底的余额增加了450万美元。2024年第一季度末的净库存价值比2023财年末的7,620万美元余额低120万美元。与2023年12月的余额相比,2024年第一季度末的应付账款和应计支出总额增加了870万美元。这一增长主要是由原材料的应付账款和应计金额增加所致,以补充库存和满足更高的生产需求,为第二季度预期的需求增长做准备。2024年第一季度,资本支出为700万美元,其中50万美元是该季度的现金支出,其余部分已在前几年以存款形式支付。2024财年全年资本支出计划为940万美元,其中290万美元由年内现金投资提供资金,其余650万美元来自前几年的存款现金支出。2024年第一季度的利息支出为150万美元,而2023年第一季度为190万美元。2024年利息支出减少是该季度平均债务余额下降的结果。我们的债务在2024年第一季度增加了190万美元,这主要是由于计划在第一季度对新产品推出进行现金投资。截至2024年第一季度末,我们的优先贷款额度下的可用额度为1,500万美元。
Subsequent to the end of the first quarter,the Company's Board of Directors approved the repurchase of up to $2.8 million of the Company's common stock. This share repurchase authorization reflects the Company's ongoing commitment to improving the investment value of the Company's stock.
第一季度末之后,公司董事会批准回购高达280万美元的公司普通股。该股票回购授权反映了公司对提高公司股票投资价值的持续承诺。
In the first four weeks of the second quarter in 2024, net sales are approximately 4% above the comparable period in the prior year and order entry is approximately 8% below the same period in the prior year. The second quarter is typically a stronger sales level than the first quarter due to seasonality and our new products hitting retail floors.
在2024年第二季度的前四周,净销售额比去年同期高出约4%,订单量比去年同期低约8%。由于季节性和我们的新产品进入零售领域,第二季度的销售水平通常高于第一季度。
THE DIXIE GROUP, INC.
Consolidated Condensed Statements of Operations
(unaudited; in thousands, except earnings (loss) per share)
DIXIE GROUP, INC.
合并简明运营报表
(未经审计;以千计,每股收益(亏损)除外)
Three Months Ended |
||||||||
March 30, |
April 1,
2023
|
|||||||
NET SALES |
$ | 65,254 | $ | 67,084 | ||||
Cost of sales |
49,445 | 49,251 | ||||||
GROSS PROFIT |
15,809 | 17,833 | ||||||
Selling and administrative expenses |
16,372 | 16,409 | ||||||
Other operating expense, net |
52 | 68 | ||||||
Facility consolidation and severance expenses, net |
242 | 1,050 | ||||||
OPERATING INCOME(LOSS) |
(857) | 306 | ||||||
Interest expense |
1,532 | 1,858 | ||||||
Other (income) expense, net |
5 | (14) | ||||||
Loss from continuing operations before taxes |
(2,394) | (1,538) | ||||||
Income tax provision |
16 | 13 | ||||||
Loss from continuing operations |
(2,410) | (1,551) | ||||||
Loss from discontinued operations, net of tax |
(84) | (207) | ||||||
NET LOSS |
$ | (2,494) | $ | (1,758) | ||||
BASIC EARNINGS (LOSS) PER SHARE: |
||||||||
Continuing operations |
$ | (0.16) | $ | (0.11) | ||||
Discontinued operations |
(0.01) | (0.01) | ||||||
Net loss |
$ | (0.17) | $ | (0.12) | ||||
DILUTED EARNINGS (LOSS)PER SHARE: |
||||||||
Continuing operations |
$ | (0.16) | $ | (0.11) | ||||
Discontinued operations |
(0.01) | (0.01) | ||||||
Net loss |
$ | (0.17) | $ | (0.12) | ||||
Weighted-average shares outstanding: |
||||||||
Basic |
14,850 | 14,676 | ||||||
Diluted |
14,850 | 14,676 |
三个月已结束 |
||||||||
三月三十日 |
4月1日
2023
|
|||||||
净销售额 |
$ | 65,254 | $ | 67,084 | ||||
销售成本 |
49,445 | 49,251 | ||||||
毛利 |
15,809 | 17,833 | ||||||
销售和管理费用 |
16,372 | 16,409 | ||||||
其他运营费用,净额 |
52 | 68 | ||||||
设施整合和遣散费,净额 |
242 | 1,050 | ||||||
营业收入(亏损) |
(857) | 306 | ||||||
利息支出 |
1,532 | 1,858 | ||||||
其他(收入)支出,净额 |
5 | (14) | ||||||
税前持续经营亏损 |
(2,394) | (1,538) | ||||||
所得税条款 |
16 | 13 | ||||||
持续经营造成的损失 |
(2,410) | (1,551) | ||||||
已终止业务的亏损,扣除税款 |
(84) | (207) | ||||||
净亏损 |
$ | (2,494) | $ | (1,758) | ||||
每股基本收益(亏损): |
||||||||
持续运营 |
$ | (0.16) | $ | (0.11) | ||||
已终止的业务 |
(0.01) | (0.01) | ||||||
净亏损 |
$ | (0.17) | $ | (0.12) | ||||
摊薄后的每股收益(亏损): |
||||||||
持续运营 |
$ | (0.16) | $ | (0.11) | ||||
已终止的业务 |
(0.01) | (0.01) | ||||||
净亏损 |
$ | (0.17) | $ | (0.12) | ||||
加权平均已发行股数: |
||||||||
基本 |
14,850 | 14,676 | ||||||
稀释 |
14,850 | 14,676 |
THE DIXIE GROUP, INC.
Consolidated Condensed Balance Sheets
(in thousands)
DIXIE GROUP, INC.
合并简明资产负债表
(以千计)
March 30, |
December 30, |
|||||||
ASSETS |
(Unaudited) |
|||||||
Current Assets |
||||||||
Cash and cash equivalents |
$ | 55 | $ | 79 | ||||
Receivables, net |
28,225 | 23,686 | ||||||
Inventories, net |
75,041 | 76,211 | ||||||
Prepaid and other current assets |
10,803 | 12,154 | ||||||
Current assets of discontinued operations |
260 | 265 | ||||||
Total Current Assets |
114,384 | 112,395 | ||||||
Property, Plant and Equipment, Net |
37,660 | 31,368 | ||||||
Operating Lease Right-Of-Use Assets |
28,187 | 28,962 | ||||||
Other Assets |
18,039 | 17,130 | ||||||
Long-Term Assets of Discontinued Operations |
1,391 | 1,314 | ||||||
TOTAL ASSETS |
$ | 199,661 | $ | 191,169 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Current Liabilities |
||||||||
Accounts payable |
$ | 21,819 | $ | 13,935 | ||||
Accrued expenses |
17,438 | 16,598 | ||||||
Current portion of long-term debt |
3,794 | 4,230 | ||||||
Current portion of operating lease liabilities |
3,713 | 3,654 | ||||||
Current liabilities of discontinued operations |
1,172 | 1,137 | ||||||
Total Current Liabilities |
47,936 | 39,554 | ||||||
Long-Term Debt, Net |
80,610 | 78,290 | ||||||
Operating Lease Liabilities |
25,081 | 25,907 | ||||||
Other Long-Term Liabilities |
15,500 | 14,591 | ||||||
Long-Term Liabilities of Discontinued Operations |
3,618 | 3,536 | ||||||
Stockholders' Equity |
26,916 | 29,291 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ | 199,661 | $ | 191,169 |
3月30日 |
12月30日, |
|||||||
资产 |
(未经审计) |
|||||||
流动资产 |
||||||||
现金和现金等价物 |
$ | 55 | $ | 79 | ||||
应收账款,净额 |
28,225 | 23,686 | ||||||
库存,净额 |
75,041 | 76,211 | ||||||
预付资产和其他流动资产 |
10,803 | 12,154 | ||||||
已终止业务的流动资产 |
260 | 265 | ||||||
流动资产总额 |
114,384 | 112,395 | ||||||
不动产、厂房和设备,净额 |
37,660 | 31,368 | ||||||
经营租赁使用权资产 |
28,187 | 28,962 | ||||||
其他资产 |
18,039 | 17,130 | ||||||
已终止业务的长期资产 |
1,391 | 1,314 | ||||||
总资产 |
$ | 199,661 | $ | 191,169 | ||||
负债和股东权益 |
||||||||
流动负债 |
||||||||
应付账款 |
$ | 21,819 | $ | 13,935 | ||||
应计费用 |
17,438 | 16,598 | ||||||
长期债务的当前部分 |
3,794 | 4,230 | ||||||
经营租赁负债的流动部分 |
3,713 | 3,654 | ||||||
已终止业务的流动负债 |
1,172 | 1,137 | ||||||
流动负债总额 |
47,936 | 39,554 | ||||||
长期债务,净额 |
80,610 | 78,290 | ||||||
经营租赁负债 |
25,081 | 25,907 | ||||||
其他长期负债 |
15,500 | 14,591 | ||||||
已终止业务的长期负债 |
3,618 | 3,536 | ||||||
股东权益 |
26,916 | 29,291 | ||||||
负债总额和股东权益 |
$ | 199,661 | $ | 191,169 |
SOURCE: The Dixie Group
来源:迪克西集团
译文内容由第三方软件翻译。