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| 8-K - 8-K - DIXIE GROUP INC | f8kjuly16investpres.htm |
July 2016
Investor Presentation
Contact:
Jon Faulkner
CFO
The Dixie Group
Phone: 706-876-5814
jon.faulkner@dixiegroup.com
Exhibit 99.1
• Statements in this presentation which relate to the future, are subject to risk
factors and uncertainties that could cause actual results to differ materially
from those indicated in such forward-looking statements. Such factors include
the levels of demand for the products produced by the Company. Other
factors that could affect the Company’s results include, but are not limited to,
raw material and transportation costs related to petroleum prices, the cost
and availability of capital, and general economic and competitive conditions
related to the Company’s business. Issues related to the availability and price
of energy may adversely affect the Company’s operations. Additional
information regarding these and other factors and uncertainties may be found
in the Company’s filings with the Securities and Exchange Commission.
• General information set forth in this presentation concerning market
conditions, sales data and trends in the U.S. carpet and rug markets are
derived from various public and, in some cases, non-public sources. Although
we believe such data and information to be accurate, we have not attempted
to independently verify such information.
2
Forward Looking Statements
The Dixie Group, Inc.
• 1920 Began as Dixie Mercerizing in Chattanooga, TN
• 1990’s Transitioned from textiles to floorcovering
• 2003 Refined focus on upper- end floorcovering market
• 2003 Launched Dixie Home - upper end residential line
• 2005 Launched modular tile carpet line – new product category
• 2007 Launched wool products in Masland & Fabrica – high-end designers
• 2010 Residential “soft products” growth strategy
• 2012 New Masland Contract management – performance tile strategy
• 2012 Purchased Colormaster dye house – lower cost
• 2012 Purchased Crown rugs – wool rugs
• 2013 Purchased Robertex - wool carpet manufacturing
• 2014 Expanded and realigned manufacturing to increase capacity
• 2014 Purchased Atlas Carpet Mills – high-end commercial business
• 2014 Purchased Burtco - computerized yarn placement for hospitality 3
Dixie History
Dixie Today
• Commitment to brands in the upper-
end market with strong growth
potential.
• Diversified between Commercial and
Residential markets.
• Diversified customer base (TTM Basis)
– Top 10 carpet customers
• 14% of sales
– Top 100 carpet customers
• 27% of sales
4
5
Dixie Group Drivers
What affects our business?
The market dynamics:
• Residentially
• The market is driven by home sales and remodeling.
• New construction is a smaller effect.
• Dixie is driven by the wealth effect.
• The stock market and consumer confidence.
• Commercially
• The market is driven by remodeling of offices,
schools, retail and hospitality as demonstrated by the
investment in non-residential fixed structures.
• Dixie is driven by upper-end remodeling in offices,
retail remodeling, higher education, and upper-end
hospitality that primarily involves a designer.
New and Existing Home Sales
Seasonally Adjusted Annual Rate
New 1,000 Existing 1,000
Source: National Association of Realtors (existing) and census.gov/newhomesales
6
3,000
3,500
4,000
4,500
5,000
5,500
6,000
250
300
350
400
450
500
550
600
650
700
750
800
Jan '10 Jan '11 Jan '12 Jan '13 Jan '14 Jan '15 Jan '16
• “This spring's sustained period
of ultra-low mortgage rates has
certainly been a worthy
incentive to buy a home, but
the primary driver in the
increase in sales is more
homeowners realizing the
equity they've accumulated in
recent years and finally
deciding to trade-up or
downsize."
• "With first-time buyers still
struggling to enter the market,
repeat buyers using the
proceeds from the sale of their
previous home as their down
payment are making up the
bulk of home purchases right
now."
Lawrence Yun
Chief Economist
National Association of Realtors
June 22, 2016
Residential and Commercial
Fixed Investment
7
Rebound in
residential
activity
Commercial
activity is
down
We expect
2016 to
continue the
rebound of
residential
fixed
investment
as a percent
of GDP
The Industry as
compared to The Dixie Group
8
Source: U.S. Bureau of Economic Analysis and Company estimates
2015 U.S. Flooring Manufacturers
9
Source: Floor Focus Carpet includes sales of carpet as broadloom, modular tile and rugs
Flooring includes sales of carpet, rugs, ceramic floor tile, wood, laminate, resilient and rubber
Carpet & Rug Leaders
Carpet $
in millions Carpet %
Flooring $
in millions Flooring %
Shaw (Berkshire Hathaway) $ 3,200 29.5% 3,929 19.1%
Mohawk (MHK) $ 2,653 24.5% 4,585 22.3%
Engineered Floors (Private) $ 540 5.0% 540 2.6%
Interface (TILE) $ 520 4.8% 520 2.5%
Beaulieu (Private) $ 504 4.6% 524 2.6%
Dixie (DXYN) $ 419 3.9% 419 2.0%
Imports & All Others $ 3,016 27.7% 10,009 48.9%
U.S. Carpet & Rug Market $ 10,852 100% 20,526 100.0%
TTM Q2 2016 U.S. Carpet & Rug
Market of $10.2 billion
10 Source: Floor Focus and Dixie Group estimate
Residential
55%
Commercial
45%
Dixie versus the Industry
High- End
Residential
62%
High- End
Commercial
38%
TTM Q2 2016 Dixie sales
Carpet Dollar Growth
Indexed to 2009 (includes Atlas Carpet Mills from date of acquisition)
11
Industry Positioning
The Dixie Group
12
• Strategically our residential and
commercial businesses are driven by
our relationship to the upper-end
consumer and the design community
• This leads us to:
– Have a sales force that is attuned to
design and customer solutions
– Be a “product driven company”
with emphasis on the most beautiful
and up-to-date styling and design
– Be quality focused with excellent
reputation for building excellent
products and standing behind what
we make
– And, unlike much of the industry,
not manufacturing driven
Residential Market Positioning
The Dixie Group
13
BROADLOOM RESIDENTIAL SALES
T
O
T
A
L
M
A
R
K
E
T
:
S
Q
U
A
R
E
Y
A
R
D
S
OR
S
AL
E
S
DO
L
L
A
R
S
ESTIMATED TOTAL WHOLESALE MARKET
FOR CARPETS AND RUGS:
VOLUME AND PRICE POINTS
Positioning of Dixie Brands by Price Point Segment
Dixie Home Fabrica
INDUSTRY
AVERAGE
PRICE/ SQ YD
$0 $14 $21 $28 $35 $42 $49
Note: Industry average price is based on sales reported through industry sources.
Excerpt from KSA Study dated May 2004, Titled "KSA Assessment of Dixie's Residential and Contract Carpet Businesses", commissioned by The Dixie Group, Inc.
$8
Masland
FOCUSED NATIONAL SUPPLIER IN THE UPPER
END OF THE SOFT FLOOR COVERING MARKET
Dixie Group High-End Residential Sales
All Residential Brands
Masland
Dixie
Home
Fabrica
14
Sales by Brand for TTM Q2 2016
Dixie Group High-End Residential Sales
All Brands
Retailer
Designer
Mass Merchant
Builder
Commercial
Specialty - OEM
15
Sales by Channel for TTM Q2 2016
The company believes that a significant portion of retail sales also involve a designer
• Well-styled moderate to upper priced
residential broadloom line
– Known for differentiated pattern
and color selection
• Dixie Home provides a “full line” to
retailers
– Sells specialty and mass merchant
retailers
• Growth initiatives
– Stainmaster® Tru Soft TM Fiber
Technology
– Stainmaster® PetProtect ® Fiber
Technology
16
• Leading high-end brand with
reputation for innovative styling,
design and color
• High-end retail / designer driven
– Approximately 26% of sales
directly involve a designer
– Hand crafted and imported rugs
• Growth initiative
– Stainmaster® TruSoft™ Fiber
Technology
– Stainmaster® PetProtect ® Fiber
Technology
– Wool products in both tufted and
woven constructions
17
• Premium high-end brand
– “Quality without Compromise”
• Designer focused
– Approximately 32% of sales directly
involve a designer
– Hand crafted and imported rugs
• Growth initiatives
– Stainmaster® TruSoft™ Fiber
Technology
– Fabrica Permaset dyeing process
“unlimited color selection in wool”
18
Commercial Market Positioning
The Dixie Group
19
• We focus on the “high-end specified
soft floorcovering contract market”
• Our Atlas brand
– Designer driven focused on the
fashion oriented market space
• Our Masland Contract brand
– Broad product line for diverse
commercial markets
• Our Masland Hospitality brand
– Custom products for the hospitality
industry
• Our Masland Residential sales force
– Sells “main street commercial”
through retailers
• Atlas is our premium
commercial brand
• Dedicated to serving the
architect and designer needing
finer goods
• Focus is on the corporate
market through high fashion
broadloom and modular carpet
tile offerings
• With state-of-the-art tufting
machines Atlas can quickly
manufacture both custom and
running line products
20
• Upper-end brand in the specified
commercial marketplace
– Corporate, End User, Store Planning,
Hospitality, Health Care,
Government and Education markets
• Designer focused
• Strong national account base
• Growth initiatives
– Market specific modular carpet tile
collections
– Masland Hospitality using
“computerized yarn placement”
technology
21
Hospitality
Corporate
Education
Store
Planning
Gov't Health Care
Other
22
Sales by Channel for TTM Q2 2016
Channels: Interior Design Specifier and Commercial End User
$331 $321
$283
$205
$231
$270 $266
$345
$407
$422 $412
2006 2008 2010 2012 2014 2016
Annualized
Net Sales
(millions)
23
Dixie Group Sales
$ in millions
Includes Atlas Carpet Mills since March 2014 and Burtco since September 2014
Sales & Operating Income
$ in millions
24 Note: Non-GAAP reconciliation starting on slide 28
Y 2007 Y 2008 Y 2009 Y 2010 Y 2011 Y 2012 Y 2013 Y 2014 Y 2015
Net Sales 321 283 203 231 270 266 344 407 422
Net Income (Loss) 6.2 (31.5) (42.2) (4.7) 1.0 (0.9) 5.3 (1.4) (2.4)
Non-GAAP Adjusted Op. Income 16.7 1.5 (8.4) (1.0) 5.1 3.5 16.4 4.7 4.9
Non-GAAP Adjusted EBITDA 29.7 15.5 5.3 10.3 14.5 13.2 26.5 17.7 19.0
Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
Net Sales 107.9 109.0 104.6 95.9 110.0 108.9 107.8 89.2 105.3
Net Income (Loss) (0.6) (0.2) (5.2) (2.5) 0.5 0.1 (0.5) (4.8) 1.7
Non-GAAP Adjusted Op. Income 2.8 3.4 (0.6) (1.9) 3.1 1.9 1.9 (4.4) 3.8
Non-GAAP Adjusted EBITDA 6.1 6.8 2.8 1.7 6.7 5.5 5.1 (0.9) 7.1
Change Year over Year Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
Net Sales 24.3 19.1 9.2 10.8 2.0 (0.1) 3.2 (6.6) (4.6)
Net Sales % Change 29.1% 21.2% 9.6% 12.7% 1.9% -0.1% 3.1% -6.9% -4.2%
Net Income (Loss) (2.3) (1.6) (6.8) (7.1) 1.1 0.3 4.7 (2.3) 1.2
Non-GAAP Adjusted Op. Income (1.9) (1.3) (4.5) (1.0) 0.2 (1.5) 2.6 (2.5) 0.8
Non-GAAP Adjusted EBITDA (1.0) (0.7) (3.5) (0.4) 0.6 (1.2) 2.3 (2.7) 0.4
Note: 2011 had 53 operating weeks, all other periods had 52 operating weeks
Current Business Conditions
2016 Initiatives
• We have completed our facility consolidation plan.
• Our quality is back in line with expectations.
• We are decreasing our cost structure in response to lower demand.
• We completed the consolidation of our west coast coater operation this
past June, lowering cost and streamlining our operations.
• Our carpet sales over the first four weeks of the second quarter are
down 11.9% digits as compared with the same period last year. We
believe the entire floorcovering industry has been impacted by lower
levels of consumer confidence since the Brexit vote.
• The residential market is off modestly year to date. Demographic forces,
however, should continue to improve the market for flooring.
• We are launching a new luxury vinyl tile line through our Masland
Contract business. This complementary line of products will improve
our product offering to the design community as we offer a complete
solution to the specified commercial design community.
25
Outlook for 2016
• Masland Contract is launching the Calibre High Performance LVT
flooring line.
• The combination of Masland Contracts Calibre LVT Collection,
Custom Rug capabilities, Modular & Broadloom signature styles and
Customs, make Masland Contract a producer that can be a complete
solution for the commercial specifier to create beautiful and high
performance interiors.
• In the residential market our Dixie Home, Masland and Fabrica brands
provide a ‘good, better, best’ to consumers looking for unique, quality
carpets and rugs.
• Our investment in tufting technology allows us to provide distinctive
products to support the success of flooring dealers and interior
designers. Each brand speaks to the customer and addresses their
personal tastes, whether traditional, transitional or urban modern.
26
Non-GAAP Information
28
Use of Non-GAAP Financial Information:
The Company believes that non-GAAP performance measures, which management uses in evaluating the Company's
business, may provide users of the Company's financial information with additional meaningful bases for comparing the
Company's current results and results in a prior period, as these measures reflect factors that are unique to one period
relative to the comparable period. However, the non-GAAP performance measures should be viewed in addition to,
not as an alternative for, the Company's reported results under accounting principles generally accepted in the United
States.
The Company defines Adjusted Gross Profit as Gross Profit plus manufacturing integration expenses of new or expanded
operations, plus acquisition expense related to the fair market write up of inventories, plus one time items so defined
(Note 1)
The Company defines Adjusted S,G&A as S,G&A less manufacturing integration expenses included in selling, general and
administrative, less direct acquisition expenses, less one time items so defined. (Note 2)
The Company defines Adjusted Operating Income as Operating Income plus manufacturing integration expenses of new
or expanded operations, plus acquisition expense related to the fair market write up of inventories, plus facility
consolidation and severance expenses, plus acquisition related expenses, plus impairment of assets, plus impairment of
goodwill, plus one time items so defined. (Note 3)
The company defines Adjusted Income from Continuing Operations as net income plus loss from discontinued
operations net of tax, plus manufacturing integration expenses of new or expanded operations, plus facility
consolidation and severance expenses, plus acquisition related expenses, plus impairment of assets, plus impairment of
goodwill, plus one time items so defined , all tax effected. (Note 4)
The Company defines Adjusted EBIT as net income plus taxes and plus interest. The Company defines Adjusted EBITDA
as Adjusted EBIT plus depreciation and amortization, plus manufacturing in integration expenses of new or expanded
operations, plus facility consolidation and severance expenses, plus acquisition related expenses, plus impairment of
assets, plus impairment of goodwill, plus one time items so defined. (Note 5)
The company defines Free Cash Flow as Net Income plus interest plus depreciation plus non-cash impairment of assets
and goodwill minus the net change in working capital minus the tax shield on interest minus capital expenditures. The
change in net working capital is the change in current assets less current liabilities between periods. (Note 6)
29
Non-GAAP Gross Profit 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 2016 Q2 2016
Net Sales 320,795 282,710 203,480 231,322 270,110 266,372 344,374 406,588 422,484 89,234 105,316
Gross Profit 97,217 78,089 52,105 56,651 65,506 65,372 85,569 95,497 106,231 19,506 28,242
Plus: Business integration expense - - - - - 1,383 4,738 445 - - -
Plus: Amortization of inventory step up - - - - - - 367 606 - - -
Non-GAAP Adj. Gross Profit (Note 1) 97,217 78,089 52,105 56,651 65,506 66,755 90,674 96,548 106,231 19,506 28,242
Gross Profit as % of Net Sales 30.3% 27.6% 25.6% 24.5% 24.3% 24.5% 24.8% 23.5% 25.1% 21.9% 26.8%
Non-GAAP Adj. Gross Profit % of Net Sales 30.3% 27.6% 25.6% 24.5% 24.3% 25.1% 26.3% 23.7% 25.1% 21.9% 26.8%
Non-GAAP S,G&A 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 2016 Q2 2016
Net Sales 320,795 282,710 203,480 231,322 270,110 266,372 344,374 406,588 422,484 89,234 105,316
Selling and Administrative Expense 78,789 76,115 60,542 57,362 60,667 63,489 76,221 93,182 100,422 23,666 24,320
Plus: Business integration expense - - - - - - (1,706) (1,429) - - -
Less: Acquisition expenses - - - - - (318) (350) (789) - - -
Non-GAAP Adj. Selling and Admin. Expense 78,789 76,115 60,542 57,362 60,667 63,171 74,164 90,964 100,422 23,666 24,320
S,G&A as % of Net Sales 24.6% 26.9% 29.8% 24.8% 22.5% 23.8% 22.1% 22.9% 23.8% 26.5% 23.1%
Non-GAAP S,G&A as % of Net Sales (Note 2) 24.6% 26.9% 29.8% 24.8% 22.5% 23.7% 21.5% 22.4% 23.8% 26.5% 23.1%
Non-GAAP Operating Income 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 2016 Q2 2016
Net Sales 320,795 282,710 203,480 231,322 270,110 266,372 344,374 406,588 422,484 89,234 105,316
Operating income (loss) 16,707 (28,460) (45,390) (2,570) 5,668 1,815 8,855 (5,236) 1,990 (5,840) 3,403
Plus: Acquisition expenses - - - - - 318 350 789 - - -
Plus: Amortization of inventory step up - - - - - - 367 606 - - -
Plus: Business integration expense - - - - - 1,383 6,616 1,874 - - -
Plus: Facility consolidation expense - 2,317 4,091 1,556 (563) - - 5,514 2,946 1,413 401
Plus: Impairment of assets - 4,478 1,459 - - - 195 1,133 - - -
Plus: Impairment of goodwill - 23,121 31,406 - - - - - - - -
Non-GAAP Adj. Operating Income (Loss) (Note 3) 16,707 1,456 (8,434) (1,014) 5,105 3,516 16,384 4,681 4,936 (4,427) 3,804
Operating income as % of net sales 5.2% -10.1% -22.3% -1.1% 2.1% 0.7% 2.6% -1.3% 0.5% -6.5% 3.2%
Adjusted operating income as a % of net sales 5.2% 0.5% -4.1% -0.4% 1.9% 1.3% 4.8% 1.2% 1.2% -5.0% 3.6%
30
Non-GAAP Income from Continuing Operations 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 2016 Q2 2016
Net income (loss) as reported 6,247 (31,481) (42,241) (4,654) 986 (927) 5,291 (1,402) (2,426) (4,767) 1,677
Less: (Loss) from discontinued, net tax (521) (313) (382) (280) (286) (275) (266) (2,075) (148) (10) 62
Income (loss) from Continuing Operations 6,767 (31,167) (41,859) (4,374) 1,272 (653) 5,557 673 (2,278) (4,757) 1,615
Plus: Business integration expense - - - - - 1,383 6,616 1,874 - - -
Plus: Facility consolidation expense - 2,317 4,091 1,556 (563) - - 5,514 2,946 1,413 401
Plus: Amortization of inventory step up - - - - - - 367 606 - - -
Plus: Acquisition expenses - - - - - 318 350 789 - - -
Less: Gain on purchase of business - - - - - - - (11,110) - - -
Plus: Impairment of assets - 4,478 1,459 - - - 195 1,133 - - -
Plus: Impairment of goodwill - 23,121 31,406 - - - - - - - -
Plus: Tax effect of above - (11,368) (14,043) (591) 214 (646) (2,861) 453 (1,119) (537) (152)
Plus: Prior years tax credits and val. allowance - - - - - - - - - - -
Non-GAAP Adj. (Loss) / Inc from Cont. Op's (Note 4) 6,767 (12,619) (18,946) (3,409) 923 402 10,224 (68) (451) (3,881) 1,864
Adj diluted EPS from Cont. Op's 0.51 (1.01) (1.54) (0.27) 0.07 0.03 0.80 (0.00) (0.03) (0.25) 0.12
Wt'd avg. common shares outstanding - diluted 13,215 12,449 12,331 12,524 12,623 12,638 12,852 14,382 15,536 15,600 15,783
Non-GAAP EBIT and EBITDA 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 2016 Q2 2016
Net income (loss) as reported 6,247 (31,481) (42,241) (4,654) 986 (927) 5,291 (1,402) (2,426) (4,767) 1,677
Less: (Loss) from discontinued, net tax (521) (313) (382) (280) (286) (275) (266) (2,075) (148) (10) 62
Plus: Taxes 3,686 (2,932) (8,870) (2,604) 684 (401) (576) 1,055 (714) (2,415) 451
Plus: Interest 6,347 5,965 5,521 4,124 3,470 3,146 3,756 4,301 4,935 1,324 1,333
Non-GAAP Adjusted EBIT (Note 5) 16,801 (28,134) (45,208) (2,854) 5,426 2,092 8,737 6,029 1,943 (5,848) 3,399
Plus: Depreciation and amortization 12,941 13,752 13,504 11,575 9,650 9,396 10,263 12,908 14,120 3,498 3,325
EBITDA 29,742 (14,382) (31,704) 8,721 15,075 11,488 18,999 18,937 16,063 (2,350) 6,724
Plus: Acquisition expenses - - - - - 318 350 789 - - -
Plus: Amortization of inventory step up - - - - - - 367 606 - - -
Less: Gain on purchase of business - - - - - - - (11,110) - - -
Plus: Business integration expense - - - - - 1,383 6,616 1,874 - - -
Plus: Facility consolidation expense - 2,317 4,091 1,556 (563) - - 5,514 2,946 1,413 401
Plus: Impairment of assets - 4,478 1,459 - - - 195 1,133 - - -
Non-GAAP Adj. EBITDA (Note 5) 29,742 15,534 5,252 10,277 14,512 13,189 26,528 17,743 19,009 (937) 7,125
Non-GAAP Adj. EBITDA as % of Net Sales 9.3% 5.5% 2.6% 4.4% 5.4% 5.0% 7.7% 4.4% 4.5% -1.1% 6.8%
31
Non-GAAP Free Cash Flow 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 2016 Q2 2016
Non-GAAP Adjusted EBIT (from above) 16,801 (28,134) (45,208) (2,854) 5,426 2,092 8,737 6,029 1,943 (5,848) 3,399
Times: 1 - Tax Rate = EBIAT 10,416 (17,443) (28,029) (1,769) 3,364 1,297 5,417 3,738 1,205 (3,626) 2,107
Plus: Depreciation and amortization 12,941 13,752 13,504 11,575 9,650 9,396 10,263 12,908 14,120 3,498 3,325
Plus: Non Cash Impairment of Assets, Goodwill - 27,599 32,865 - - - 195 1,133 - - -
Minus: Net change in Working Capital 2,211 (1,389) (23,975) 996 9,589 10,786 17,714 11,546 (1,970) (4,671) (3,330)
Non-GAAP Cash from Operations 21,146 25,297 42,315 8,810 3,425 (93) (1,839) 6,234 17,295 4,543 8,762
Minus: Capital Expenditures 16,638 8,871 511 1,761 6,735 4,052 13,257 32,825 12,230 (1,218) (1,020)
Minus: Business / Capital acquisitions - - - - - 6,961 1,863 9,331 - - -
Non-GAAP Free Cash Flow (Note 6) 4,508 16,426 41,804 7,049 (3,310) (11,106) (16,959) (35,922) 5,065 5,761 9,782
Current Assets 119,804 110,648 83,463 91,326 95,140 109,440 143,167 161,095 169,595 160,708 158,577
Current Liabilities 44,467 36,700 33,490 40,358 34,582 38,097 54,110 60,493 70,963 66,747 67,946
Net Working Capital 75,337 73,948 49,973 50,969 60,557 71,343 89,057 100,602 98,632 93,961 90,631
Change in Net Working Capital 2,211 (1,389) (23,975) 996 9,589 10,786 17,714 11,546 (1,970) (4,671) (3,330)
Note: Working Capital restated for prior periods for adoption of reclassification of deferred taxes and deferred financing costs
32
Facility Consolidation Information Facili y Consolidation Plan Summary 2013 2014 2015 Q1 2016 Q2 2016 2016 Total
Colormaster dryer write off 195 - - - - - 195
West Coast Facility consolidation - 1,366 202 - - - 1,568
East Coast Facility consolidation - 4,148 2,016 1,342 396 1,738 7,902
East Coast Asset write off - 1,133 - - - - 1,133
Corporate Office consolidation - - 728 71 5 76 804
Total facility consolidation and asset write off's 195 6,647 2,946 1,413 401 1,814 11,602
Note: Our facility cosnolidation plan is now complete.