FLEXSTEEL INDUSTRIES INC

For the period ended Sep 30, 2024. Filed Oct 23, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Oct 23, 2024

FLXS$71.47-2.7%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

Contents

Consolidated Balance Sheets as of September 30, 2024, and June 30, 2024 (Unaudited)

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	September 30,	June 30,
	2024	2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$5,740	$4,761
Trade receivables - less allowances: September 30, 2024, $2,480, June 30, 2024, $2,440	39,481	44,238
Inventories	95,897	96,577
Other	8,787	8,098
Assets held for sale	1,707	1,707
Total current assets	151,612	155,381
NONCURRENT ASSETS:
Property, plant and equipment, net	36,175	36,709
Operating lease right-of-use assets	59,462	61,439
Deferred income taxes	8,585	8,607
Other assets	12,890	12,326
TOTAL ASSETS	$268,724	$274,462
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable - trade	$24,852	$25,830
Current portion of operating lease liabilities	7,430	7,517
Accrued liabilities:
Payroll and related items	6,167	12,059
Insurance	1,957	1,900
Sales and advertising related items	5,803	6,073
Other	7,125	7,027
Total current liabilities	53,334	60,406
LONG-TERM LIABILITIES:
Operating lease liabilities, less current maturities	56,223	58,076
Line of credit	3,581	4,822
Other liabilities	883	791
Total liabilities	114,021	124,095
SHAREHOLDERS' EQUITY:
Common stock - $1 par value; authorized 15,000 shares; 8,414 shares issued and 5,207 outstanding as of September 30, 2024; 8,407 shares issued and5,200 outstanding as of June 30, 2024	8,414	8,407
Additional paid-in capital	40,672	39,573
Treasury stock, at cost; 3,207 shares as of September 30, 2024, and June 30, 2024	(71,731)	(71,731)
Retained earnings	177,348	174,118
Total shareholders' equity	154,703	150,367
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$268,724	$274,462

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

(Amounts in thousands, except per share data)

	Three Months Ended
	September 30,
	2024	2023
Net sales	$104,007	$94,603
Cost of goods sold	81,639	76,193
Gross profit	22,367	18,410
Selling, general and administrative expenses	16,320	16,492
Operating income	6,047	1,918
Interest expense	51	570
Income before income taxes	5,996	1,348
Income tax provision	1,856	596
Net income and comprehensive income	$4,140	$752
Weighted average number of common shares outstanding:
Basic	5,203	5,182
Diluted	5,576	5,375
Earnings per share of common stock:
Basic	$0.80	$0.15
Diluted	$0.74	$0.14

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

Total Par
Value of
Common · Additional
Shares · Paid-In · Treasury · Retained
	($1 Par)	Capital	Stock	Earnings	Total
Balance on June 30, 2024	$8,407	$39,573	$(71,731)	$174,118	$150,367
Stock-based compensation	3	1,135	—	—	1,138
Stock options exercised	4	(36)	—	—	(32)
Cash dividends declared	—	—	—	(910)	(910)
Net income	—	—	—	4,140	4,140
Balance on September 30, 2024	$8,414	$40,672	$(71,731)	$177,348	$154,703

Total Par
Value of
Common · Additional
Shares · Paid-In · Treasury · Retained
	($1 Par)	Capital	Stock	Earnings	Total
Balance on June 30, 2023	$8,292	$36,605	$(70,072)	$166,796	$141,621
Stock-based compensation	8	903	—	—	911
Vesting of restricted stock units and restricted shares	44	(691)	—	—	(647)
Treasury stock purchases	—	—	(455)	—	(455)
Cash dividends declared	—	—	—	(815)	(815)
Net income	—	—	—	752	752
Balance on September 30, 2023	$8,344	$36,817	$(70,527)	$166,733	$141,367

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.