The Dixie Group posts second quarter results
This compares with net income of $188,000, or $0.02 per diluted share, for the prior-year period.
Sales for the second quarter of 2002 were $140.0 million compared with $145.5 million in the year-earlier period.
For the first six months of 2002, the company reported net income of $3.5 million, or $0.30 per diluted share -- compared with a net loss of $2.5 million, or $0.22 per diluted share -- for the first half of 2001.
Year-to-date sales in 2002 were $263.3 million compared with $278.6 million in the first six months of 2001.
During the second quarter of 2002, the company sold its Calhoun, Georgia, extrusion yarn facility for $30.8 million and recorded a $6.9 million pre-tax gain from the sale.
Also during the second quarter 2002, the Company wrote off deferred financing and computer software costs related to the refinancing of its senior credit facility and discontinued use of certain computer systems. These items were offsetting and had no effect on the Company's 2002 operating results.
The net loss for the first six months of 2001 included unusual charges of $1.5 million pre-tax ($900,000 after-tax), or $.08 per diluted share, for severance and asset write-offs.