USA: Dixie Group Reports Third Quarter Results
The Dixie Group today announced third quarter and nine-month results in line with previously announced projections. For the third quarter ended September 30, 2000, the company reported a net loss of $3.7m, or $.32 per diluted share, compared with net income of $3.1m, or $.26 per diluted share, for the same period last year. For the first nine months of 2000, the company reported a net loss of $3.6m, or $.31 per diluted share, compared with income from continuing operations of $9.7m, or $.83 per diluted share, for the same period in 1999. Results for the third quarter and year-to-date 2000 reflected certain unusual costs related to inventories and higher-than-expected costs to integrate manufacturing operations and information systems. These costs were somewhat offset by a gain of $2m from the sale of real estate. The impact of such costs, net of the real estate gain, was approximately $4.5m ($2.8m after-tax), or $.24 per diluted share, for the third quarter and nine months ended September 30, 2000. The company expects to record an additional $2.5 million to $3m of such costs in the fourth quarter 2000.
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