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, Inc. (NASDAQ: FLXS) has received an unsolicited preliminary non-binding acquisition proposal from CSC Generation Holdings, Inc. for $20.80 per share in cash. Flexsteel had no prior engagement with CSC Generation regarding this proposal. The Flexsteel Board of Directors will review the proposal with its financial and legal advisors to ensure it is in the best interest of the company and its shareholders. Shareholders need not take any action at this time, and further comments will be made post-review.
CSC Generation Holdings, Inc. has proposed an all-cash acquisition of Flexsteel Industries, Inc. at a price of $20.80 per share, representing a 22% premium over Flexsteel's last closing price of $17.10. CSC, a significant shareholder, believes the acquisition will optimize Flexsteel's performance and offer immediate liquidity for shareholders. The transaction, which CSC can fully fund, aims to transform Flexsteel into a digitally-focused brand. The proposal is contingent on board and shareholder approvals, among other conditions.
Flexsteel Industries, Inc. (NASDAQ: FLXS) reported fourth quarter results for fiscal 2022, showing a net sales decline of 8.6% to $124.5 million compared to $136.2 million in the prior year. Despite this, full-year sales rose 13.6% to $544.3 million. Gross margins fell to 14.2% for the quarter and 13.4% for the year, down from 19.4% and 20.2% respectively. The company reported a GAAP net loss of ($0.05) per share for Q4 and net income of $0.28 for the year, down from $0.81 per share last year. Flexsteel continues to navigate economic challenges while focusing on growth strategies.
Flexsteel Industries, Inc. (NASDAQ:FLXS) will announce its fourth quarter 2022 financial results after market close on August 22, 2022. A conference call and audio webcast is scheduled for August 23, 2022, at 8:00 a.m. Central Time to discuss the results with analysts and investors. Interested participants can join the call at 866-777-2509 (domestic) or 412-317-5413 (international). The earnings release will be accessible on the company’s investor relations page at ir.flexsteel.com.
Flexsteel Industries, Inc. (NASDAQ:FLXS) declared a quarterly dividend of $0.15 per share, payable on July 11, 2022, to shareholders of record as of June 29, 2022. This marks the 322nd consecutive quarterly cash dividend, showcasing a strong commitment to returning value to shareholders. Flexsteel has maintained cash dividends since 1938, reflecting its established presence in the furniture industry.
Flexsteel Industries, Inc. (NASDAQ:FLXS) announced the appointment of Alejandro Huerta as Chief Financial Officer, Treasurer & Secretary, effective June 1, 2022. Huerta has over 18 years of financial leadership experience, having previously served as CFO for Tucker Powersports, where he led significant business turnarounds. Additionally, Derek P. Schmidt will expand his role as Chief Operating Officer. CEO Jerry Dittmer expressed confidence in Huerta's ability to drive profitable growth and enhance value for shareholders.
Flexsteel Industries, Inc. (NASDAQ:FLXS) will present at the Sidoti & Company LLC Microcap Virtual Investor Conference on May 11, 2022, at 1:45 p.m. Eastern Time. The event will feature CEO Jerry Dittmer and CFO Derek Schmidt, and the presentation will be webcast live, available for 90 days post-event. Interested parties can register and view the webcast at here. Additionally, an updated investor presentation detailing the company’s business model, growth strategies, and financial objectives has been posted on their website.
Flexsteel Industries (NASDAQ:FLXS) reported an 18.6% increase in net sales to $140.4 million for Q3 fiscal 2022, compared to $118.4 million a year prior. Net income rose to $5.3 million, or $0.82 per diluted share, up from $4.9 million, or $0.67 per diluted share, in Q3 2021. However, gross margin fell to 15.7% from 19.5%, primarily due to supply chain disruptions and inflationary pressures. The company reduced bank borrowings by $18.1 million and executed share repurchases of $18.3 million, reducing outstanding shares by 13.7%.
Flexsteel Industries, Inc. (NASDAQ: FLXS) announced that it will release its third quarter 2022 financial results on April 25, 2022, after market close. A conference call is scheduled for April 26, 2022, at 8:00 a.m. Central Time to discuss the results. The earnings release will be accessible on their investor relations website. Flexsteel is a leading manufacturer, importer, and online marketer of furniture products in the U.S., offering various items including sofas, chairs, and tables through eCommerce and direct sales.
Flexsteel Industries, Inc. (NASDAQ:FLXS) announced a quarterly dividend of $0.15 per share, payable on April 4, 2022, to shareholders of record by March 23, 2022. This marks the 321st consecutive quarterly cash dividend since the company began paying dividends in 1938. Flexsteel is a major manufacturer and marketer of various furniture products in the U.S., known for its innovative steel drop-in seat spring technology.
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