Company Quick10K Filing
Flexsteel Industries
Price15.01 EPS-3
Shares8 P/E-5
MCap123 P/FCF-16
Net Debt-36 EBIT-21
TEV87 TEV/EBIT-4
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-12-31 Filed 2021-01-29
10-Q 2020-09-30 Filed 2020-10-30
10-K 2020-06-30 Filed 2020-08-31
10-Q 2020-03-31 Filed 2020-05-01
10-Q 2019-12-31 Filed 2020-01-31
10-Q 2019-09-30 Filed 2019-10-31
10-K 2019-06-30 Filed 2019-09-13
10-Q 2019-03-31 Filed 2019-05-02
10-Q 2018-12-31 Filed 2019-02-06
10-Q 2018-09-30 Filed 2018-10-30
10-K 2018-06-30 Filed 2018-09-06
10-Q 2018-03-31 Filed 2018-05-02
10-Q 2017-12-31 Filed 2018-01-30
10-Q 2017-09-30 Filed 2017-10-25
10-K 2017-06-30 Filed 2017-08-22
10-Q 2017-03-31 Filed 2017-04-26
10-Q 2016-12-31 Filed 2017-02-08
10-Q 2016-09-30 Filed 2016-10-25
10-K 2016-06-30 Filed 2016-08-24
10-Q 2016-03-31 Filed 2016-04-22
10-Q 2015-12-31 Filed 2016-02-09
10-Q 2015-09-30 Filed 2015-10-21
10-K 2015-06-30 Filed 2015-08-28
10-Q 2015-03-31 Filed 2015-04-23
10-Q 2014-12-31 Filed 2015-02-09
10-Q 2014-09-30 Filed 2014-10-17
10-K 2014-06-30 Filed 2014-08-28
10-Q 2014-03-31 Filed 2014-04-22
10-Q 2013-12-31 Filed 2014-02-10
10-Q 2013-09-30 Filed 2013-10-18
10-K 2013-06-30 Filed 2013-08-23
10-Q 2013-03-31 Filed 2013-04-18
10-Q 2012-12-31 Filed 2013-02-08
10-Q 2012-09-30 Filed 2012-10-19
10-K 2012-06-30 Filed 2012-08-22
10-Q 2012-03-31 Filed 2012-04-19
10-Q 2011-12-31 Filed 2012-02-07
10-Q 2011-09-30 Filed 2011-10-24
10-K 2011-06-30 Filed 2011-08-19
10-Q 2011-03-31 Filed 2011-04-21
10-Q 2010-12-31 Filed 2011-02-08
10-Q 2010-09-30 Filed 2010-10-22
10-K 2010-06-30 Filed 2010-08-26
10-Q 2010-03-31 Filed 2010-04-23
10-Q 2009-12-31 Filed 2010-02-09
8-K 2021-01-25 Earnings, Regulation FD, Exhibits
8-K 2020-12-09 Officers, Shareholder Vote, Exhibits
8-K 2020-10-26
8-K 2020-09-01
8-K 2020-08-24
8-K 2020-06-07
8-K 2020-06-01
8-K 2020-05-01
8-K 2020-04-28
8-K 2020-04-13
8-K 2020-03-18
8-K 2020-03-11
8-K 2020-01-27
8-K 2019-12-31
8-K 2019-12-09
8-K 2019-10-28
8-K 2019-09-20
8-K 2019-09-08
8-K 2019-08-29
8-K 2019-08-27
8-K 2019-08-26
8-K 2019-06-27
8-K 2019-06-17
8-K 2019-05-15
8-K 2019-04-29
8-K 2019-02-04
8-K 2019-01-28
8-K 2019-01-09
8-K 2018-12-24
8-K 2018-12-17
8-K 2018-12-10
8-K 2018-10-29
8-K 2018-10-25
8-K 2018-09-21
8-K 2018-09-09
8-K 2018-08-23
8-K 2018-07-05
8-K 2018-06-05
8-K 2018-04-26
8-K 2018-01-25
8-K 2018-01-24
8-K 2018-01-02

FLXS 10Q Quarterly Report

Part I Financial Information
Item 1.Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 flxs-20201231xex31_1.htm
EX-31.2 flxs-20201231xex31_2.htm
EX-32 flxs-20201231xex32.htm

Flexsteel Industries Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
2902321741165802012201420172020
Assets, Equity
130100704010-202012201420172020
Rev, G Profit, Net Income
25143-8-19-302012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

______________________________________

FORM 10-Q

______________________________________

þ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended December 31, 2020

or

¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission file number 0-5151

______________________________________

FLEXSTEEL INDUSTRIES, INC.

(Exact Name of Registrant as Specified in Its Charter)

Incorporated in State of Minnesota

42-0442319

(State or other Jurisdiction of

(I.R.S. Identification No.)

Incorporation or Organization)

385 BELL STREET

DUBUQUE, IA 52001-0877

(Address of Principal Executive Offices) (Zip Code)

(563) 556-7730

(Registrant’s Telephone Number, Including Area Code)

______________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

FLXS

The Nasdaq Stock Market, LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes þ No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (check one).

Large Accelerated Filer ¨ Accelerated Filer þ Non-Accelerated Filer ¨ Smaller Reporting Company þ Emerging Growth Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ¨ No þ

Common Stock - $1.00 Par Value

Shares Outstanding as of January 27, 2021

7,061,152



FLEXSTEEL INDUSTRIES, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED DECEMBER 31, 2020

Page

Part I – Financial Information

Item 1.

Financial Statements

3

Consolidated Balance Sheets as of December 31, 2020 and June 30, 2020 (Unaudited)

3

Consolidated Statements of Income for the three and six months ended December 31, 2020 and December 31, 2019 (Unaudited)

4

Consolidated Statements of Comprehensive Income for the three and six months ended December 31, 2020 and December 31, 2019 (Unaudited)

4

Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended December 31, 2020 and December 31, 2019 (Unaudited)

5

Consolidated Statements of Cash Flows for the six months ended December 31, 2020 and December 31, 2019 (Unaudited)

6

Notes to Consolidated Financial Statements (Unaudited)

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

14

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

17

Item 4.

Controls and Procedures

17

Part II – Other Information

Item 1A.

Risk Factors

18

Item 2A.

Unregistered Sales of Equity Securities and Use of Proceeds

18

Item 6.

Exhibits

18

Signatures

19


2


PART I FINANCIAL INFORMATION

Item 1.Financial Statements

FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Amounts in thousands)

December 31,

June 30,

2020

2020

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

33,296

$

48,197

Trade receivables - less allowances: December 31, 2020, $3,110; June 30, 2020, $1,770

46,317

32,217

Inventories

92,024

70,565

Other

12,496

18,535

Assets held for sale

666

12,329

Total current assets

184,799

181,843

NONCURRENT ASSETS:

Property, plant and equipment, net

40,251

43,312

Operating lease right-of-use assets

9,463

8,683

Deferred income taxes

2,111

Other assets

1,299

1,310

TOTAL ASSETS

$

235,812

$

237,259

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable - trade

$

27,842

$

27,747

Current portion of operating lease liabilities

4,155

4,408

Accrued liabilities:

Payroll and related items

8,210

3,275

Insurance

3,201

3,787

Restructuring costs

1,418

1,961

Advertising

5,231

3,823

Environmental remediation

3,570

3,600

Other

4,849

4,861

Total current liabilities

58,476

53,462

LONG-TERM LIABILITIES:

Operating lease liabilities, less current maturities

8,000

7,607

Other liabilities

929

685

Total liabilities

67,405

61,754

SHAREHOLDERS' EQUITY:

Common stock - $1 par value; authorized 15,000 shares; 8,082 shares issued and
7,087 outstanding as of December 31, 2020; 8,008 shares issued and
7,876 outstanding as of June 30, 2020

8,082

8,008

Additional paid-in capital

33,373

31,748

Treasury stock, at cost; 995 shares and 132 shares as of December 31, 2020 and
June 30, 2020, respectively

(21,576)

(1,563)

Retained earnings

148,528

137,312

Total shareholders' equity

168,407

175,505

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

235,812

$

237,259

See accompanying Notes to Consolidated Financial Statements (Unaudited).

3


FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(Amounts in thousands, except per share data)

Three Months Ended

Six Months Ended

December 31,

December 31,

2020

2019

2020

2019

Net sales

$

119,106

$

102,949

$

224,345

$

203,297

Cost of goods sold

94,728

86,899

177,152

170,026

Gross margin

24,378

16,050

47,193

33,271

Selling, general and administrative

18,911

18,088

33,086

35,563

Restructuring expense

863

5,067

2,244

11,071

Gain on disposal of assets due to restructuring

(5,229)

(26)

(5,881)

(18,967)

Operating income (loss)

9,833

(7,079)

17,744

5,604

Other income

162

107

211

193

Income (loss) before income taxes

9,995

(6,972)

17,955

5,797

Income tax provision (benefit)

1,545

(1,588)

5,626

1,630

Net income (loss)

$

8,450

$

(5,384)

$

12,329

$

4,167

Weighted average number of common shares outstanding:

Basic

7,246

7,944

7,475

7,936

Diluted

7,495

7,944

7,681

8,146

Earnings (loss) per share of common stock:

Basic

$

1.17

$

(0.68)

$

1.65

$

0.53

Diluted

$

1.13

$

(0.68)

$

1.61

$

0.51

See accompanying Notes to Consolidated Financial Statements (Unaudited).

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(Amounts in thousands)

Three Months Ended

Six Months Ended

December 31,

December 31,

2020

2019

2020

2019

Net income (loss)

$

8,450

$

(5,384)

$

12,329

$

4,167

Other comprehensive loss:

Unrealized loss on securities

(5)

(18)

Reclassification of realized loss on securities to

other income

5

7

Unrealized losses in securities before taxes

(11)

Income tax benefit related to securities losses

3

Other comprehensive loss, net of tax

(8)

Comprehensive income (loss)

$

8,450

$

(5,384)

$

12,329

$

4,159

See accompanying Notes to Consolidated Financial Statements (Unaudited).


4


FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

(Amounts in thousands)

Six Months Ended December 31, 2020

Total Par

Value of

Additional

Common

Paid-In

Treasury

Retained

Shares ($1 Par)

Capital

Stock

Earnings

Total

Balance at June 30, 2020

$

8,008

$

31,748

$

(1,563)

$

137,312

$

175,505

Stock-based compensation

2

954

956

Vesting of restricted stock units and restricted shares

55

(387)

(332)

Treasury stock purchases

(9,000)

(9,000)

Cash dividends declared

(383)

(383)

Net income

3,879

3,879

Balance at September 30, 2020

$

8,065

$

32,315

$

(10,563)

$

140,808

$

170,625

Stock-based compensation

10

1,017

1,027

Stock options exercised

7

41

48

Treasury stock purchases

(11,013)

(11,013)

Cash dividends declared

(730)

(730)

Net income

8,450

8,450

Balance at December 31, 2020

$

8,082

$

33,373

$

(21,576)

$

148,528

$

168,407

Six Months Ended December 31, 2019

Total Par

Accumulated

Value of

Additional

Other

Common

Paid-In

Retained

Comprehensive

Shares ($1 Par)

Capital

Earnings

(Loss) Income

Total

Balance at June 30, 2019

$

7,903

$

27,512

$

170,004

$

8

$

205,427

Adoption of ASU 2016-02

(42)

(42)

Unrealized gain on available for sale investments,
  net of tax

(8)

(8)

Stock-based compensation

39

1,310

1,349

Cash dividends declared

(1,754)

(1,754)

Net income