Financial Performance - Net sales for the first quarter of 2024 were $65.3 million, a decrease of 2.7% compared to $67.1 million in the same period of 2023[3] - The operating loss for the first quarter of 2024 was $857,000, compared to an operating income of $306,000 in the first quarter of 2023[3] - The net loss from continuing operations in the first quarter of 2024 was $2.41 million, or $0.16 per diluted share, compared to a net loss of $1.55 million, or $0.11 per diluted share, in the same quarter of 2023[3] - The gross profit margin for the first quarter of 2024 was 24.2% of net sales, down from 26.6% in the first quarter of 2023[7] Product Development - The company launched 14 new carpet styles in the first quarter, including 11 high-end EnVision Nylon styles[6] Cost Management - The company plans to reduce year-over-year costs by $10 million in 2024 through cost savings related to extrusion operations[7] Capital Expenditures - Capital expenditures for the full fiscal year 2024 are planned at $9.4 million, with $2.9 million funded by cash investment within the year[10] Shareholder Actions - The company's Board of Directors approved a stock repurchase plan of up to $2.8 million[11] Sales Trends - In the first four weeks of the second quarter of 2024, net sales were approximately 4% above the comparable period in the prior year[12] Receivables - The company experienced an increase in receivables by $4.5 million due to higher sales in the last month of the first quarter 2024[10]
The Dixie Group(DXYN) - 2024 Q1 - Quarterly Results