Welcome to our dedicated page for Flexsteel Inds news (Ticker: FLXS), a resource for investors and traders seeking the latest updates and insights on Flexsteel Inds stock.
Flexsteel Industries reports developments in its residential furniture manufacturing, importing, and marketing business. Company news centers on fiscal operating results, demand trends, tariff and pricing effects, product development, and distribution through retail partners and online channels. Its residential furniture portfolio is associated with seating and home furnishings built around the patented Blue Steel Spring technology.
Recurring updates also cover capital allocation, including quarterly cash dividends, common stock repurchases, and balance-sheet actions. Governance and shareholder matters appear when board actions, incentive plans, or other corporate decisions affect the company’s public-company structure.
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.
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%.