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Flexsteel Industries Inc (FLXS) delivers innovative furniture solutions for residential and commercial markets through nine decades of manufacturing expertise. This news hub provides investors and industry professionals with centralized access to all official corporate announcements and market developments.
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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.
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.
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