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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dixie Group Inc | NASDAQ:DXYN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0655 | -9.62% | 0.6155 | 0.52 | 0.82 | 0.682 | 0.5621 | 0.5621 | 130,098 | 05:00:08 |
|
Form 10-Q
|
|
Tennessee
|
|
|
|
62-0183370
|
(State or other jurisdiction of incorporation or organization)
|
|
|
|
(I.R.S. Employer Identification No.)
|
475 Reed Road, Dalton, Georgia
|
|
30720
|
|
(706) 876-5800
|
(Address of principal executive offices)
|
|
(zip code)
|
|
(Registrant's telephone number, including area code)
|
Not Applicable
|
||||
(Former name, former address and former fiscal year, if changed since last report)
|
Large accelerated filer
|
o
|
|
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
|
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
R
|
|
|
|
|
Emerging growth company
|
o
|
Class
|
|
Outstanding as of November 1, 2018
|
Common Stock, $3 Par Value
|
|
15,525,088 shares
|
Class B Common Stock, $3 Par Value
|
|
936,804 shares
|
Class C Common Stock, $3 Par Value
|
|
0 shares
|
PART I. FINANCIAL INFORMATION
|
Page
|
|||
|
|
|
|
|
|
Item 1.
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
Item 2.
|
|||
|
Item 3.
|
|||
|
Item 4.
|
|||
|
|
|
|
|
PART II. OTHER INFORMATION
|
|
|||
|
|
|
|
|
|
Item 1.
|
|||
|
Item 1A.
|
|||
|
Item 2.
|
|||
|
Item 3.
|
|||
|
Item 4.
|
|||
|
Item 5.
|
|||
|
Item 6.
|
|||
|
|
|
|
|
|
|
(1)
|
Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in interest expense in the Company's Consolidated Condensed Statements of Operations.
|
(2)
|
Amounts for postretirement plans reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in selling and administrative expenses in the Company's Consolidated Condensed Statements of Operations.
|
|
Nine Months Ended
|
||||||
|
September 29,
2018 |
|
September 30,
2017 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||
Income (loss) from continuing operations
|
$
|
(7,779
|
)
|
|
$
|
104
|
|
Income (loss) from discontinued operations
|
94
|
|
|
(163
|
)
|
||
Net loss
|
(7,685
|
)
|
|
(59
|
)
|
||
|
|
|
|
||||
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
9,396
|
|
|
9,619
|
|
||
Provision for deferred income taxes
|
23
|
|
|
338
|
|
||
Net (gain) loss on property, plant and equipment disposals
|
(914
|
)
|
|
42
|
|
||
Impairment of assets
|
349
|
|
|
—
|
|
||
Stock-based compensation expense
|
689
|
|
|
711
|
|
||
Bad debt expense
|
137
|
|
|
48
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Receivables
|
(2,668
|
)
|
|
(7,191
|
)
|
||
Inventories
|
(4,555
|
)
|
|
(25,643
|
)
|
||
Other current assets
|
(3,920
|
)
|
|
(5
|
)
|
||
Accounts payable and accrued expenses
|
333
|
|
|
3,518
|
|
||
Other operating assets and liabilities
|
433
|
|
|
(398
|
)
|
||
NET CASH USED IN OPERATING ACTIVITIES
|
(8,382
|
)
|
|
(19,020
|
)
|
||
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
||||
Net proceeds from sales of property, plant and equipment
|
1,673
|
|
|
—
|
|
||
Purchase of property, plant and equipment
|
(2,900
|
)
|
|
(11,698
|
)
|
||
NET CASH USED IN INVESTING ACTIVITIES
|
(1,227
|
)
|
|
(11,698
|
)
|
||
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
||||
Net borrowings on revolving credit facility
|
12,495
|
|
|
33,301
|
|
||
Payments on notes payable - buildings
|
(548
|
)
|
|
(548
|
)
|
||
Payments on notes payable related to acquisitions
|
(791
|
)
|
|
(1,806
|
)
|
||
Borrowings on notes payable - equipment and other
|
3,273
|
|
|
4,713
|
|
||
Payments on notes payable - equipment and other
|
(3,302
|
)
|
|
(3,148
|
)
|
||
Payments on capital leases
|
(3,456
|
)
|
|
(2,853
|
)
|
||
Change in outstanding checks in excess of cash
|
1,991
|
|
|
1,173
|
|
||
Repurchases of Common Stock
|
(58
|
)
|
|
(116
|
)
|
||
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
9,604
|
|
|
30,716
|
|
||
|
|
|
|
||||
DECREASE IN CASH AND CASH EQUIVALENTS
|
(5
|
)
|
|
(2
|
)
|
||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
19
|
|
|
140
|
|
||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$
|
14
|
|
|
$
|
138
|
|
|
|
|
|
||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
||||
Interest paid
|
$
|
4,675
|
|
|
$
|
3,908
|
|
Income taxes paid, net
|
22
|
|
|
140
|
|
||
Equipment purchased under capital leases
|
223
|
|
|
276
|
|
||
Equipment purchased under notes payable
|
—
|
|
|
59
|
|
||
Accrued purchases of equipment
|
—
|
|
|
211
|
|
|
December 30, 2017
|
||||||||||
|
As Previously Reported
|
|
Adjustments
|
|
As Adjusted
|
||||||
ASSETS
|
|
|
|
|
|
||||||
Prepaids and other current assets
|
$
|
3,600
|
|
|
$
|
1,069
|
|
|
$
|
4,669
|
|
|
|
|
|
|
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
||||||
Accrued expenses
|
$
|
30,291
|
|
|
$
|
1,069
|
|
|
$
|
31,360
|
|
•
|
Identification of the contract with a customer
|
•
|
Identification of the performance obligations in the contract
|
•
|
Determination of the transaction price
|
•
|
Allocation of the transaction price to the performance obligations in the contract
|
•
|
Recognition of revenue when, or as, the performance obligation is satisfied
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
Residential floorcovering products
|
$
|
74,975
|
|
|
$
|
71,028
|
|
|
$
|
217,104
|
|
|
$
|
205,683
|
|
Commercial floorcovering products
|
26,144
|
|
|
31,147
|
|
|
88,386
|
|
|
100,105
|
|
||||
Other services
|
443
|
|
|
475
|
|
|
1,368
|
|
|
1,590
|
|
||||
Total net sales
|
$
|
101,562
|
|
|
$
|
102,650
|
|
|
$
|
306,858
|
|
|
$
|
307,378
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
Beginning contract liability
|
$
|
6,724
|
|
|
$
|
6,229
|
|
|
$
|
5,717
|
|
|
$
|
8,212
|
|
Revenue recognized from contract liabilities included in the beginning balance
|
(4,685
|
)
|
|
(2,985
|
)
|
|
(5,188
|
)
|
|
(7,643
|
)
|
||||
Increases due to cash received, net of amounts recognized in revenue during the period
|
3,892
|
|
|
2,443
|
|
|
5,402
|
|
|
5,118
|
|
||||
Ending contract liability
|
$
|
5,931
|
|
|
$
|
5,687
|
|
|
$
|
5,931
|
|
|
$
|
5,687
|
|
|
September 29,
2018 |
|
December 30,
2017 |
||||
Customers, trade
|
$
|
46,822
|
|
|
$
|
43,683
|
|
Other receivables
|
2,377
|
|
|
2,930
|
|
||
Gross receivables
|
49,199
|
|
|
46,613
|
|
||
Less: allowance for doubtful accounts
|
(188
|
)
|
|
(133
|
)
|
||
Receivables, net
|
$
|
49,011
|
|
|
$
|
46,480
|
|
|
September 29,
2018 |
|
December 30,
2017 |
||||
Raw materials
|
$
|
41,148
|
|
|
$
|
39,264
|
|
Work-in-process
|
23,862
|
|
|
24,454
|
|
||
Finished goods
|
67,929
|
|
|
65,172
|
|
||
Supplies and other
|
170
|
|
|
143
|
|
||
LIFO reserve
|
(14,897
|
)
|
|
(15,376
|
)
|
||
Inventories, net
|
$
|
118,212
|
|
|
$
|
113,657
|
|
|
September 29,
2018 |
|
December 30,
2017 |
||||
Land and improvements
|
$
|
8,378
|
|
|
$
|
7,886
|
|
Buildings and improvements
|
63,349
|
|
|
62,852
|
|
||
Machinery and equipment
|
186,467
|
|
|
188,971
|
|
||
Assets under construction
|
2,882
|
|
|
2,443
|
|
||
|
261,076
|
|
|
262,152
|
|
||
Accumulated depreciation
|
(174,288
|
)
|
|
(168,367
|
)
|
||
Property, plant and equipment, net
|
$
|
86,788
|
|
|
$
|
93,785
|
|
|
September 29,
2018 |
|
December 30,
2017 |
||||
|
|
|
(As Adjusted)
|
||||
Compensation and benefits
|
$
|
7,589
|
|
|
$
|
9,276
|
|
Provision for customer rebates, claims and allowances
|
9,823
|
|
|
9,820
|
|
||
Advanced customer deposits
|
5,931
|
|
|
5,717
|
|
||
Outstanding checks in excess of cash
|
2,370
|
|
|
379
|
|
||
Other
|
6,329
|
|
|
6,168
|
|
||
Accrued expenses
|
$
|
32,042
|
|
|
$
|
31,360
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
|
|
|
(As Adjusted)
|
|
|
|
(As Adjusted)
|
||||||||
Product warranty reserve at beginning of period
|
$
|
1,243
|
|
|
$
|
1,258
|
|
|
$
|
1,356
|
|
|
$
|
1,165
|
|
Warranty liabilities accrued
|
594
|
|
|
621
|
|
|
1,765
|
|
|
1,857
|
|
||||
Warranty liabilities settled
|
(579
|
)
|
|
(615
|
)
|
|
(1,815
|
)
|
|
(2,140
|
)
|
||||
Changes for pre-existing warranty liabilities
|
(167
|
)
|
|
(79
|
)
|
|
(215
|
)
|
|
303
|
|
||||
Product warranty reserve at end of period
|
$
|
1,091
|
|
|
$
|
1,185
|
|
|
$
|
1,091
|
|
|
$
|
1,185
|
|
|
September 29,
2018 |
|
December 30,
2017 |
||||
Revolving credit facility
|
$
|
110,202
|
|
|
$
|
97,708
|
|
Notes payable - buildings
|
11,870
|
|
|
12,419
|
|
||
Acquisition note payable - Robertex
|
—
|
|
|
791
|
|
||
Notes payable - equipment and other
|
6,487
|
|
|
8,474
|
|
||
Capital lease obligations
|
13,257
|
|
|
14,530
|
|
||
Deferred financing costs, net
|
(531
|
)
|
|
(665
|
)
|
||
Total long-term debt
|
141,285
|
|
|
133,257
|
|
||
Less: current portion of long-term debt
|
8,578
|
|
|
9,811
|
|
||
Long-term debt
|
$
|
132,707
|
|
|
$
|
123,446
|
|
|
September 29,
2018 |
|
December 30,
2017 |
|
Fair Value Hierarchy Level
|
||||
Assets:
|
|
|
|
|
|
||||
Interest rate swaps (1)
|
$
|
270
|
|
|
$
|
—
|
|
|
Level 2
|
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
||||
Interest rate swaps (1)
|
$
|
511
|
|
|
$
|
2,229
|
|
|
Level 2
|
Contingent consideration (2)
|
26
|
|
|
25
|
|
|
Level 3
|
(1)
|
The Company uses certain external sources in deriving the fair value of the interest rate swaps. The interest rate swaps were valued using observable inputs (e.g., LIBOR yield curves, credit spreads). Valuations of interest rate swaps may fluctuate considerably from period-to-period due to volatility in underlying interest rates, which are driven by market conditions and the duration of the instrument. Credit adjustments could have a significant impact on the valuations due to changes in credit ratings of the Company or its counterparties.
|
(2)
|
As a result of the Robertex acquisition in 2013, a contingent consideration liability was recorded by the Company.
|
|
September 29,
2018 |
|
September 30,
2017 |
||||
Beginning balance
|
$
|
25
|
|
|
$
|
200
|
|
Fair value adjustments
|
1
|
|
|
(144
|
)
|
||
Ending balance
|
$
|
26
|
|
|
$
|
56
|
|
|
September 29,
2018 |
|
December 30,
2017 |
||||||||||||
|
Carrying
|
|
Fair
|
|
Carrying
|
|
Fair
|
||||||||
|
Amount
|
|
Value
|
|
Amount
|
|
Value
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
14
|
|
|
$
|
14
|
|
|
$
|
19
|
|
|
$
|
19
|
|
Notes receivable
|
282
|
|
|
282
|
|
|
282
|
|
|
282
|
|
||||
Interest rate swaps
|
270
|
|
|
270
|
|
|
—
|
|
|
—
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Long-term debt and capital leases, including current portion
|
141,285
|
|
|
139,950
|
|
|
133,257
|
|
|
131,203
|
|
||||
Interest rate swaps
|
511
|
|
|
511
|
|
|
2,229
|
|
|
2,229
|
|
Type
|
Notional Amount
|
|
Effective Date
|
Fixed Rate
|
Variable Rate
|
||
Interest rate swap
|
$
|
25,000
|
|
|
September 1, 2016 through September 1, 2021
|
3.105%
|
1 Month LIBOR
|
Interest rate swap
|
$
|
25,000
|
|
|
September 1, 2015 through September 1, 2021
|
3.304%
|
1 Month LIBOR
|
Interest rate swap
|
$
|
6,733
|
|
(1)
|
November 7, 2014 through November 7, 2024
|
4.500%
|
1 Month LIBOR
|
Interest rate swap
|
$
|
5,137
|
|
(2)
|
January 7, 2017 through January 7, 2025
|
4.300%
|
1 Month LIBOR
|
|
Location on Consolidated Balance Sheets
|
|
Fair Value
|
||||||
|
|
September 29,
2018 |
|
December 30,
2017 |
|||||
Asset Derivatives:
|
|
|
|
|
|
||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
||||
Interest rate swaps, current portion
|
Prepaids and other current assets
|
|
$
|
17
|
|
|
—
|
|
|
Interest rate swaps, long-term portion
|
Other Assets
|
|
253
|
|
|
$
|
—
|
|
|
Total Asset Derivatives
|
|
|
$
|
270
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||||
Liability Derivatives:
|
|
|
|
|
|
||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
||||
Interest rate swaps, current portion
|
Accrued Expenses
|
|
$
|
326
|
|
|
$
|
842
|
|
Interest rate swaps, long-term portion
|
Other Long-Term Liabilities
|
|
185
|
|
|
1,387
|
|
||
Total Liability Derivatives
|
|
|
$
|
511
|
|
|
$
|
2,229
|
|
|
Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative
|
||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Cash flow hedges - interest rate swaps
|
$
|
261
|
|
|
$
|
(57
|
)
|
|
$
|
1,389
|
|
|
$
|
(360
|
)
|
|
|
|
|
|
|
|
|
||||||||
|
Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2)
|
||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Cash flow hedges - interest rate swaps
|
$
|
(150
|
)
|
|
$
|
(288
|
)
|
|
$
|
(555
|
)
|
|
$
|
(970
|
)
|
(1)
|
The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's financial statements.
|
(2)
|
The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to September 29, 2018 is
$309
.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
Basic earnings (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
$
|
(2,922
|
)
|
|
$
|
(547
|
)
|
|
$
|
(7,779
|
)
|
|
$
|
104
|
|
Less: Allocation of earnings to participating securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
||||
Income (loss) from continuing operations available to common shareholders - basic
|
$
|
(2,922
|
)
|
|
$
|
(547
|
)
|
|
$
|
(7,779
|
)
|
|
$
|
72
|
|
Basic weighted-average shares outstanding (1)
|
15,786
|
|
|
15,707
|
|
|
15,754
|
|
|
15,696
|
|
||||
Basic earnings (loss) per share - continuing operations
|
$
|
(0.19
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
(0.49
|
)
|
|
$
|
0.00
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations available to common shareholders - basic
|
$
|
(2,922
|
)
|
|
$
|
(547
|
)
|
|
$
|
(7,779
|
)
|
|
$
|
72
|
|
Add: Undistributed earnings reallocated to unvested shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Income (loss) from continuing operations available to common shareholders - basic
|
$
|
(2,922
|
)
|
|
$
|
(547
|
)
|
|
$
|
(7,779
|
)
|
|
$
|
72
|
|
Basic weighted-average shares outstanding (1)
|
15,786
|
|
|
15,707
|
|
|
15,754
|
|
|
15,696
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Stock options (2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Directors' stock performance units (2)
|
—
|
|
|
—
|
|
|
—
|
|
|
118
|
|
||||
Diluted weighted-average shares outstanding (1)(2)
|
15,786
|
|
|
15,707
|
|
|
15,754
|
|
|
15,814
|
|
||||
Diluted earnings (loss) per share - continuing operations
|
$
|
(0.19
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
(0.49
|
)
|
|
$
|
0.00
|
|
(1)
|
Includes Common and Class B Common shares, excluding
673
thousand unvested participating securities.
|
(2)
|
Shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded to the extent they are anti-dilutive. Aggregate shares excluded for the three and nine months ended September 29, 2018 were
426
thousand and for the three and nine months ended September 30, 2017 were
448
thousand and
307
thousand, respectively.
|
|
Interest Rate Swaps
|
|
Post-Retirement Liabilities
|
|
Total
|
||||||
Balance at December 30, 2017
|
(1,587
|
)
|
|
288
|
|
|
(1,299
|
)
|
|||
Unrealized gain on interest rate swaps
|
1,389
|
|
|
—
|
|
|
1,389
|
|
|||
Reclassification of loss into earnings from interest rate swaps
|
555
|
|
|
—
|
|
|
555
|
|
|||
Reclassification of net actuarial gain into earnings from postretirement benefit plans
|
—
|
|
|
(22
|
)
|
|
(22
|
)
|
|||
Reclassification of prior service credits into earnings from postretirement benefit plans
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|||
Balance at September 29, 2018
|
$
|
357
|
|
|
$
|
263
|
|
|
$
|
620
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
Other operating (income) expense, net:
|
|
|
|
|
|
|
|
||||||||
(Gain) loss on property, plant and equipment disposals
|
$
|
(997
|
)
|
|
$
|
—
|
|
|
$
|
(914
|
)
|
|
$
|
42
|
|
(Gain) loss on currency exchanges
|
42
|
|
|
(66
|
)
|
|
39
|
|
|
(65
|
)
|
||||
Amortization of intangibles
|
76
|
|
|
76
|
|
|
229
|
|
|
229
|
|
||||
Retirement (income) expense
|
49
|
|
|
40
|
|
|
(17
|
)
|
|
112
|
|
||||
Miscellaneous (income) expense
|
(15
|
)
|
|
(4
|
)
|
|
1,084
|
|
|
(234
|
)
|
||||
Other operating (income) expense, net
|
$
|
(845
|
)
|
|
$
|
46
|
|
|
$
|
421
|
|
|
$
|
84
|
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
Other (income) expense, net:
|
|
|
|
|
|
|
|
||||||||
Post-retirement income
|
$
|
(5
|
)
|
|
$
|
(5
|
)
|
|
(14
|
)
|
|
(16
|
)
|
||
Miscellaneous (income) expense
|
2
|
|
|
9
|
|
|
14
|
|
|
38
|
|
||||
Other (income) expense, net
|
$
|
(3
|
)
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
22
|
|
|
|
|
|
|
|
|
|
|
As of September 29, 2018
|
|||||||||||||||
|
Accrued Balance at December 30, 2017
|
|
2018 Expenses To Date
|
|
2018 Cash Payments
|
|
Accrued Balance at September 29, 2018
|
|
Total Costs Incurred To Date
|
|
Total Expected Costs
|
|||||||||||||
Warehousing, Distribution & Manufacturing Consolidation Plan
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,440
|
|
|
$
|
7,440
|
|
|
Corporate Office Consolidation Plan
|
171
|
|
|
6
|
|
|
61
|
|
|
116
|
|
|
813
|
|
|
813
|
|
|||||||
Profit Improvement Plan
|
$
|
334
|
|
|
$
|
930
|
|
|
$
|
918
|
|
|
$
|
346
|
|
|
$
|
1,566
|
|
|
$
|
4,095
|
|
|
Total All Plans
|
$
|
505
|
|
|
$
|
936
|
|
(1)
|
$
|
979
|
|
|
$
|
462
|
|
|
$
|
9,819
|
|
|
$
|
12,348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Asset Impairments
|
$
|
—
|
|
|
$
|
349
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
349
|
|
|
$
|
349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Accrued Balance at December 31, 2016
|
|
2017 Expenses To Date
|
|
2017 Cash Payments
|
|
Accrued Balance at September 30, 2017
|
|
|
|
|
|||||||||||||
Warehousing, Distribution & Manufacturing Consolidation Plan
|
266
|
|
|
—
|
|
|
238
|
|
|
28
|
|
|
|
|
|
|||||||||
Corporate Office Consolidation Plan
|
248
|
|
|
—
|
|
|
58
|
|
|
190
|
|
|
|
|
|
|||||||||
Totals
|
$
|
514
|
|
|
$
|
—
|
|
(1
|
)
|
$
|
296
|
|
|
$
|
218
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Asset Impairments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 29,
2018 |
|
September 30,
2017 |
|
September 29,
2018 |
|
September 30,
2017 |
||||||||
Loss from discontinued operations:
|
|
|
|
|
|
|
|
||||||||
Workers' compensation (costs) credits from former textile operations
|
$
|
7
|
|
|
$
|
(2
|
)
|
|
222
|
|
|
(111
|
)
|
||
Environmental remediation (costs) credits from former textile operations
|
(47
|
)
|
|
(15
|
)
|
|
(128
|
)
|
|
(139
|
)
|
||||
Income (loss) from discontinued operations, before taxes
|
$
|
(40
|
)
|
|
$
|
(17
|
)
|
|
94
|
|
|
(250
|
)
|
||
Income tax benefit
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(87
|
)
|
||||
Income (loss) from discontinued operations, net of tax
|
$
|
(40
|
)
|
|
$
|
(11
|
)
|
|
$
|
94
|
|
|
$
|
(163
|
)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
September 29,
|
|
September 30,
|
|
September 29,
|
|
September 30,
|
|
2018
|
|
2,017
|
|
2018
|
|
2017
|
Net Sales
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
100.0%
|
Cost of Sales
|
78.4%
|
|
75.8%
|
|
77.6%
|
|
74.5%
|
Gross Profit
|
21.6%
|
|
24.2%
|
|
22.4%
|
|
25.5%
|
Selling and Administrative Expenses
|
22.7%
|
|
23.4%
|
|
22.8%
|
|
24.0%
|
Other Operating (Income) Expenses, Net
|
-0.8%
|
|
0.1%
|
|
0.1%
|
|
0.0%
|
Facility Consolidation and Severance Expenses, Net
|
0.5%
|
|
0.0%
|
|
0.3%
|
|
0.0%
|
Impairment of Assets
|
0.3%
|
|
0.0%
|
|
0.1%
|
|
0.0%
|
Operating Income (Loss)
|
-1.2%
|
|
0.7%
|
|
-1.0%
|
|
1.5%
|
|
Payments Due by Period
|
|||||||||||||||||||||||||
|
(dollars in millions)
|
|||||||||||||||||||||||||
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
Total
|
||||||||||||||
Debt
|
$
|
1.2
|
|
|
$
|
3.8
|
|
|
$
|
1.9
|
|
|
$
|
114.1
|
|
|
$
|
1.0
|
|
|
$
|
8.7
|
|
$
|
130.7
|
|
Interest - debt (1)
|
1.5
|
|
|
5.9
|
|
|
5.8
|
|
|
4.4
|
|
|
0.4
|
|
|
0.7
|
|
18.7
|
|
|||||||
Capital leases
|
1.2
|
|
|
4.0
|
|
|
3.8
|
|
|
3.2
|
|
|
0.9
|
|
|
0.2
|
|
13.3
|
|
|||||||
Interest - capital leases
|
0.2
|
|
|
0.6
|
|
|
0.4
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
1.4
|
|
|||||||
Operating leases
|
1.0
|
|
|
2.9
|
|
|
2.4
|
|
|
1.9
|
|
|
1.5
|
|
|
3.5
|
|
13.2
|
|
|||||||
Purchase commitments
|
1.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
1.7
|
|
|||||||
Totals
|
6.8
|
|
|
17.2
|
|
|
14.3
|
|
|
123.8
|
|
|
3.8
|
|
|
13.1
|
|
179.0
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(1) Interest rates used for variable rate debt were those in effect at September 29, 2018
|
•
|
Discharge to air and water;
|
•
|
Handling and disposal of solid and hazardous substances and waste, and
|
•
|
Remediation of contamination from releases of hazardous substances in our facilities and off-site disposal locations.
|
Fiscal Month Ending
|
|
Total Number of Shares Purchased
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Maximum Number (or approximate dollar value) of Shares That May Yet Be Purchased Under Plans or Programs
|
||||||
August 4, 2018
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
||
September 1, 2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|||
September 29, 2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|||
Three Months Ended September 29, 2018
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
$
|
2,170,597
|
|
(a.)
|
Exhibits
|
31.2
|
32.1
|
32.2
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
THE DIXIE GROUP, INC.
|
|
|
(Registrant)
|
|
|
|
Date: November 8, 2018
|
|
By: /s/ JON A. FAULKNER
|
|
|
Jon A. Faulkner
Vice President and Chief Financial Officer
|
|
|
|
1 Year Dixie Chart |
1 Month Dixie Chart |
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