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The Dixie Group, Inc. (DXYN) CEO Daniel Frierson on Q4 2020 Results - Earnings Call Transcript

Mar. 04, 2021 3:03 PM ETThe Dixie Group, Inc. (DXYN)
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The Dixie Group, Inc. (NASDAQ:DXYN) Q4 2020 Earnings Conference Call March 4, 2021 10:00 AM ET

Company Participants

Daniel Frierson - Chairman and Chief Executive Officer

Allen Danzey - Vice President and Chief Financial Officer

Conference Call Participants


Good day, and welcome to the Dixie Group, Inc. 2020 Fourth Quarter and Year End Earnings Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to the Chairman and Chief Executive Officer, Dan Frierson. Thank you, sir. Please go ahead.

Daniel Frierson

Thank you, Donna and welcome everyone to our fourth quarter and year end conference call. Our Safe Harbor statement is included and I reference both to our website and press release. As we entered 2020 business was beginning to improve and we were excited about celebrating our 100th anniversary as a company. Over our 100 years, we've experienced many obstacles such as World Wars, the Great Depression, and more recently the Great Recession, but had not endured a pandemic. We like every company were faced with unprecedented issues on virtually every front.

It's difficult to ascertain the total impact of COVID-19 on the results of 2020. But it is clear that our sales for the year were about 60 million less than plan and the prior year. The reduction of sales with an operating margin in the mid 20s reduced operating income significantly, probably in the $15 million range. We also faced additional challenges in our operations as a result of continued absences of people due to COVID-19 and its related quarantine requirements. Despite the unprecedented challenges faced in the COVID-19 pandemic, we were able to improve our operations and further strengthen our balance sheet to better position our company as we enter 2021 with momentum and optimism.

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