Welcome to our dedicated page for Flexsteel Industries news (Ticker: FLXS), a resource for investors and traders seeking the latest updates and insights on Flexsteel Industries stock.
Flexsteel Industries, Inc., incorporated in 1929, stands as one of the oldest and largest manufacturers, importers, and marketers of residential and commercial upholstered and wooden furniture products in the United States. The company's comprehensive product offerings include sofas, loveseats, chairs, reclining and rocker reclining chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, and bedroom furniture.
Flexsteel products are designed for use in various settings, including homes, offices, hotels, and other commercial environments. A notable feature of most of their upholstered furniture is a unique steel drop-in seat spring, which has become a hallmark of durability and quality, and is the inspiration for the company’s name “Flexsteel.”
The company distributes its products across the United States through its sales force and independent representatives. Their extensive distribution network ensures that Flexsteel's high-quality furniture is available nationwide.
In addition to its main operations, Flexsteel has a wholly-owned subsidiary, DMI Furniture, Inc. (“DMI”), which extends the company's market reach and product diversity. Flexsteel’s furniture portfolio not only serves residential needs but also caters to office, healthcare, and other contract applications, demonstrating the company’s versatility and commitment to meeting a wide range of consumer demands.
Flexsteel Industries is recognized for its Blue Steel Spring technology, which ensures the longevity and comfort of their upholstered furniture. This innovation has solidified the company's reputation for producing high-quality, durable furniture that stands the test of time.
Financially, Flexsteel has maintained a stable position within the market, continually adapting to industry trends and consumer preferences. The company constantly explores new projects and partnerships to enhance its product offerings and expand its market presence.
Flexsteel Industries (NASDAQ:FLXS) announced its participation in the Sidoti Virtual Investor Conference on March 22-23, 2023. CEO Jerry Dittmer, COO Derek Schmidt, and CFO Alejandro Huerta will present and hold one-on-one meetings with investors. The presentation is scheduled to start at 12:15 p.m. Eastern Time on Wednesday, March 22. Interested participants can register for free at www.sidoti.com/events. An updated investor presentation outlining key business strategies is available on Flexsteel's website at https://ir.flexsteel.com/news-events/events-and-presentations.
Flexsteel Industries, Inc. (NASDAQ:FLXS) has declared a quarterly dividend of $0.15 per share, payable on April 3, 2023, to shareholders of record as of March 22, 2023. This marks the company's 325th consecutive quarterly cash dividend, affirming its commitment to returning value to shareholders.
Founded in 1938, Flexsteel is a leading manufacturer and marketer of residential furniture in the U.S., offering a diverse range of products including sofas, chairs, and outdoor furniture. The company distributes through e-commerce and direct sales.
Flexsteel Industries (NASDAQ:FLXS) reported its Q2 fiscal 2023 results, showing a 34.3% decrease in net sales to $93.1 million from the previous year's $141.7 million. However, gross margin improved to 17.0%, up from 6.7%, due to effective cost management. The company achieved a GAAP operating income of $3.8 million, recovering from a loss of ($8.6 million) in the same quarter last year. Additionally, net income per diluted share was $0.53, compared to a net loss of ($1.13). Flexsteel reduced its bank debt by $18.6 million in the first half of the fiscal year, focusing on maintaining financial agility amid a challenging economic environment.
Flexsteel Industries, Inc. (NASDAQ:FLXS) will release its second quarter 2023 financial results after market close on February 6, 2023. A conference call and audio webcast for analysts and investors is set for February 7, 2023, at 8:00 a.m. CT to discuss the results. Participants can join the live call at 866-777-2509 (domestic) or 412-317-5413 (international). A replay will be available until February 14, 2023. The earnings release can be accessed on their website at ir.flexsteel.com.
Flexsteel Industries, Inc. (NASDAQ:FLXS) has declared a quarterly dividend of $0.15 per share, payable on January 9, 2023, to shareholders of record as of December 28, 2022. This marks the 324th consecutive quarterly cash dividend, highlighting the company's commitment to returning value to its shareholders. Flexsteel has a long-standing tradition of paying dividends since 1938, reflecting its stability in the residential furniture market.
Flexsteel Industries (NASDAQ:FLXS) reported a challenging first quarter of fiscal 2023, with net sales declining by 30.5% to $95.7 million compared to $137.7 million from the prior year. Gross margins also decreased to 16.0% from 17.0%. Net income dropped to $0.05 per diluted share, down from $0.61. Despite these results, the company exceeded its sales guidance of $80-$90 million and sees potential in new product launches. Financial agility remains a priority amidst economic headwinds.
Flexsteel Industries, Inc. (NASDAQ:FLXS) announced it will release its first quarter 2023 financial results after market close on
Flexsteel Industries (NASDAQ:FLXS) has appointed Jeanne McGovern to its board of directors effective September 30, 2022. With 40 years of experience in audit and advisory roles, McGovern will bring valuable insights in corporate governance and strategic business transformations to the company. Long-time board member Eric S. Rangen is set to retire after the December 2022 meeting, marking a significant transition. McGovern, previously a partner at Deloitte & Touche, has extensive experience in financial reporting and risk management, positioning her as an asset in driving shareholder value.
Flexsteel Industries declared a quarterly dividend of $0.15 per share, payable on October 10, 2022, to shareholders of record as of September 28, 2022. This marks the 323rd consecutive quarterly cash dividend, highlighting the company's long-standing commitment to returning value to shareholders since 1938. Flexsteel is a major player in the U.S. residential furniture market, offering a diverse range of products including sofas, chairs, and outdoor furniture through e-commerce and direct sales channels.
Flexsteel Industries, Inc. (NASDAQ: FLXS) has decisively rejected an unsolicited acquisition proposal from CSC Generation Holdings, Inc. to purchase the company for $20.80 per share, deeming it significantly undervalued. Chairman Thomas M. Levine emphasized that the proposal does not serve the interests of shareholders. The management remains focused on executing a strategic growth plan that leverages recent record sales, enhances supply chain capabilities, and invests in new product development. Flexsteel aims to navigate macroeconomic challenges and expand its market presence while generating strong free cash flow.
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