Dixie Group (DXYN) Q3 2022 Earnings Call Transcript

Nov. 05, 2022 11:13 PM ETThe Dixie Group, Inc. (DXYN)
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Dixie Group (NASDAQ:DXYN) Q3 2022 Earnings Conference Call November 3, 2022 2:00 PM ET

Company Participants

Dan Frierson - Chairman and Chief Executive Officer

Allen Danzey - Chief Financial Officer

Operator

Good day and welcome to the Dixie Group, Inc. 2022 Third Quarter 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.

Dan Frierson

Thank you, John and welcome everyone. I have with me, Allen Danzey, our CFO. Our Safe Harbor statement is included, by reference, both to our website and press release.

The company had net sales from continuing operations of $71.7 million and a net loss of $8.8 million or $0.58 per diluted share. In the third quarter – in the third quarter of 2021, net sales from continuing operations were $89.3 million with net income of $6.4 million or $0.40 per diluted share. Net sales from continuing operations for the 9-month period ending September 24 were $233 million, a decrease of 7.5% from the net sales of $252 million in the same period of the previous year. The net loss for the 9-month period ending September 24, 2022, was $16.6 million or $1.09 per diluted share compared to net income of $7.7 million or $0.49 per diluted share in the 9-month period ending September 25, 2021.

During the third quarter, our sales were weaker than we anticipated as the retail market softened in all geographic regions and product categories. The lack of volume resulted in higher unabsorbed costs and inflationary pressure impacted material people, energy and transportation costs. We have undertaken a number of initiatives to mitigate the impact of these trends, which I will discuss after Allen has reviewed our financial

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