Q4 2021 Dixie Group Inc Earnings Call Transcript
Good day, and welcome to the Dixie Group, Inc. 2021 Earnings Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to the Chairman and Chief Executive Officer, Dan Frierson. Please go ahead.
Thank you, Kyle, and welcome, everyone, to our fourth quarter and year-end conference call. I have with me Allen Danzey, our Chief Financial Officer. Our safe harbor statement is included by reference to our website and press release.
Net sales for the fiscal year of 2021 were $341 million or 36% above the net sales of $251 million in the previous year, as adjusted for the divestiture of our commercial business. The net income for the fiscal year in 2021 was $1.6 million with $5.2 million income from continuing operations. As a result of the inflationary impact on inventory costs, our LIFO reserve for inventory increased by $16.2 million in 2021, more than doubling the reserve balance at the end of fiscal year 2020.
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