FLEXSTEEL INDUSTRIES INC
For the period ended Dec 31, 2024. Filed Feb 5, 2025.
View on SEC.govAbout 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.
Dec 31, 2024 · Filed Feb 5, 2025
FLXS$71.47-2.7%Stored close · as of Nov 6, 2026
Contents
Consolidated Balance Sheets as of December 31, 2024, and June 30, 2024 (Unaudited)
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| December 31, | June 30, | |
|---|---|---|
| 2024 | 2024 | |
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $11,789 | $4,761 |
| Trade receivables - less allowances: December 31, 2024, $2,436, June 30, 2024, $2,440 | 36,310 | 44,238 |
| Inventories | 91,042 | 96,577 |
| Other | 9,910 | 8,098 |
| Assets held for sale | — | 1,707 |
| Total current assets | 149,051 | 155,381 |
| NONCURRENT ASSETS: | ||
| Property, plant and equipment, net | 36,414 | 36,709 |
| Operating lease right-of-use assets | 61,587 | 61,439 |
| Deferred income taxes | 8,606 | 8,607 |
| Other assets | 15,889 | 12,326 |
| TOTAL ASSETS | $271,547 | $274,462 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable - trade | $20,712 | $25,830 |
| Current portion of operating lease liabilities | 8,035 | 7,517 |
| Accrued liabilities: | ||
| Payroll and related items | 7,482 | 12,059 |
| Insurance | 1,953 | 1,900 |
| Sales and advertising related items | 6,650 | 6,073 |
| Other | 6,036 | 7,027 |
| Total current liabilities | 50,868 | 60,406 |
| LONG-TERM LIABILITIES: | ||
| Operating lease liabilities, less current maturities | 57,774 | 58,076 |
| Line of credit | — | 4,822 |
| Other liabilities | 985 | 791 |
| Total liabilities | 109,627 | 124,095 |
| SHAREHOLDERS' EQUITY: | ||
| Common stock - $1 par value; authorized 15,000 shares; 8,477 shares issued and 5,270 outstanding as of December 31, 2024; 8,407 shares issued and5,200 outstanding as of June 30, 2024 | 8,477 | 8,407 |
| Additional paid-in capital | 39,694 | 39,573 |
| Treasury stock, at cost; 3,207 shares as of December 31, 2024, and June 30, 2024 | (71,731) | (71,731) |
| Retained earnings | 185,480 | 174,118 |
| Total shareholders' equity | 161,920 | 150,367 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $271,547 | $274,462 |
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)
(Amounts in thousands, except per share data)
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| December 31, | December 31, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Net sales | $108,483 | $100,108 | $212,490 | $194,711 |
| Cost of goods sold | 85,678 | 78,158 | 167,318 | 154,351 |
| Gross profit | 22,805 | 21,950 | 45,172 | 40,360 |
| Selling, general and administrative expenses | 16,142 | 17,366 | 32,462 | 33,858 |
| (Gain) on disposal of assets held for sale | (4,991) | — | (4,991) | — |
| Operating income | 11,654 | 4,584 | 17,701 | 6,502 |
| Interest expense | 19 | 489 | 70 | 1,059 |
| Interest (income) | (31) | — | (31) | — |
| Income before income taxes | 11,666 | 4,095 | 17,662 | 5,443 |
| Income tax provision | 2,612 | 1,044 | 4,468 | 1,640 |
| Net income and comprehensive income | $9,054 | $3,051 | $13,194 | $3,803 |
| Weighted average number of common shares outstanding: | ||||
| Basic | 5,247 | 5,184 | 5,225 | 5,183 |
| Diluted | 5,582 | 5,324 | 5,554 | 5,360 |
| Earnings per share of common stock: | ||||
| Basic | $1.73 | $0.59 | $2.53 | $0.73 |
| Diluted | $1.62 | $0.57 | $2.38 | $0.71 |
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, net | 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 |
| Stock-based compensation | 2 | 961 | — | — | 963 |
| Vesting of restricted stock units and restricted shares | 1 | (14) | — | — | (13) |
| Stock options exercised, net | 60 | (1,925) | — | — | (1,865) |
| Cash dividends declared | — | — | — | (922) | (922) |
| Net income | — | — | — | 9,054 | 9,054 |
| Balance on December 31, 2024 | $8,477 | $39,694 | $(71,731) | $185,480 | $161,920 |
| 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 |
| Stock-based compensation | 9 | 925 | — | — | 934 |
| Vesting of restricted stock units and restricted shares | 4 | (45) | — | — | (41) |
| Treasury stock purchases | — | — | (972) | — | (972) |
| Cash dividends declared | — | — | — | (806) | (806) |
| Net income | — | — | — | 3,051 | 3,051 |
| Balance on December 31, 2023 | $8,357 | $37,697 | $(71,499) | $168,978 | $143,533 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.