Fri, Aug 30, 8:47 PM (137 days ago)
For the fiscal year ended June 30, 2024, Flexsteel Industries, Inc. reported net sales of $412.8 million, a 4.8% increase from $393.7 million in 2023. Gross margin improved to 21.1% (up 310 bps) due to cost-saving initiatives. However, net income declined to $10.5 million ($1.91 per diluted share) from $14.8 million ($2.74 per diluted share) in the prior year, primarily due to restructuring expenses of $3.0 million related to the closure of the Dublin, Georgia facility. Operating expenses rose to 17.1% of sales, reflecting higher SG&A costs, including CEO transition expenses. The company reported a backlog of customer orders of $59.5 million, up from $49.7 million in 2023. Flexsteel's liquidity remains robust, with cash and equivalents totaling $4.8 million and a decrease in working capital to $95 million. The company maintains a revolving credit facility of $85 million, with $4.8 million drawn as of June 30, 2024. Future outlook emphasizes financial agility and growth in retail and e-commerce channels while managing risks associated with supply chain disruptions and competitive pressures in the furniture market.