Dixie Group reports Q2 EPS 4c vs. (11c) last year

Reports Q2 revenue $70.5M vs. $74M last year. Commenting on the results, Daniel K. Frierson, Chairman and Chief Executive Officer, said, “High interest rates affecting the housing and home remodeling market and the impact on the economy from continued inflation continue to negatively impact our overall sales volume. Net sales from soft surfaces during the quarter were less than 1% below prior year while the industry, we believe, was down approximately 5.4%.We saw favorable margins in the second quarter as a result of the consolidation of our manufacturing operations on the East Coast and other cost savings initiatives, including the start of operations on our new extrusion line. The successful start up of our extrusion line provides us with raw materials at lower costs, as compared to our current external purchasing, and also provides a continuity of supply, protecting us and our customers from potential supply disruptions.”