The Dixie Group Inc (OTCPK:DXYN)
$ 0.65175 0.05075 (8.44%) Market Cap: 9.95 Mil Enterprise Value: 121.62 Mil PE Ratio: 0 PB Ratio: 0.43 GF Score: 44/100
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Q3 2023 Dixie Group Inc Earnings Call Transcript

Nov 13, 2023 / 03:00PM GMT
Release Date Price: $0.5568 (-7.70%)
Daniel Frierson The Dixie Group
Inc. - Chairman & CEO

Welcome, everyone, to our third-quarter conference call. I have with me today Allen Danzey, our CFO. Our Safe Harbor statement is included by reference both to our website and press release.

For the third quarter, our net sales of $68.6 million were down approximately 4% compared to the same quarter of last year. Net operating income was a loss of $913,000 compared to a loss of over $7 million in the third quarter of 2022. Despite the lower sales volume, this year, our gross margin for the third quarter improved by over 9 percentage points from 17.5% a year ago to 26.6% this year.

First nine months of 2023 operating income was a loss of $354,000, which included facility consolidation expenses in the amount of $2.3 million. The $354,000 loss compared to an operating loss of $12.3 million for the same period a year ago.

The housing market remains constrained due to limited supply, high interest rates, and continued inflation pressure. Consequently, the residential flooring market remains weak as a result of lower home

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