The Dixie Group posts third-quarter results
Sales for the third quarter of 2002 were $125.7 million compared with $132.3 million in the year-earlier period.
For the first nine months of 2002, the Company reported net income of $5.9 million, or $0.50 per diluted share, compared with a net loss of $2.3 million, or $0.20 per diluted share, for the first nine months of 2001.
Year-to-date sales in 2002 were $389.0 million compared with $410.9 million in the first nine months of 2001. The net loss for the first nine 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.
The Dixie Group says it has reduced debt an additional $8.2 million during the third quarter, bringing total debt (including amounts advanced under a prior accounts receivable securitization program) down by $38.4 million for the first nine months of this year.