Flexsteel Files 8-K on Operations, Financials, and Exit Costs

TL;DR

**Flexsteel just dropped an 8-K on financials and exit costs, signaling potential operational shifts.**

AI Summary

Flexsteel Industries Inc. filed an 8-K on February 5, 2024, to report on its results of operations and financial condition, as well as costs associated with exit or disposal activities. This filing indicates that the company is providing an update on its financial performance and potentially significant operational changes. For investors, this matters because it offers a glimpse into the company's current financial health and any strategic shifts that could impact future profitability and stock value.

Why It Matters

This filing provides crucial updates on Flexsteel's financial performance and potential restructuring, which directly impacts the company's profitability and future outlook for investors.

Risk Assessment

Risk Level: medium — The mention of 'Cost Associated with Exit or Disposal Activities' suggests potential restructuring or divestitures, which can introduce both opportunities and risks for the company.

Analyst Insight

A smart investor would closely monitor Flexsteel's upcoming financial statements and any further disclosures regarding 'Exit or Disposal Activities' to understand the scope and impact of these changes on the company's long-term strategy and profitability.

Key Players & Entities

• Flexsteel Industries Inc (company) — the registrant filing the 8-K
• February 05, 2024 (date) — date of earliest event reported
• 0-5151 (number) — Commission File Number
• 42-0442319 (number) — IRS Employer Identification No.
• 385 Bell Street, Dubuque, Iowa, 52001-7004 (address) — Address of Principal Executive Offices
• (563) 556-7730 (number) — Registrant’s Telephone Number
• FLXS (company) — Trading Symbol for Common Stock
• The Nasdaq Stock Market LLC (company) — exchange where Common Stock is registered

FAQ

Key Financial Figures

• $2.5 million — tructuring and related expenses between $2.5 million and $3.2 million. The one-time costs in
• $3.2 million — lated expenses between $2.5 million and $3.2 million. The one-time costs include approximate
• $2.0 million — he one-time costs include approximately $2.0 million to $2.5 million for employee separation
• $0.5 million — .5 million for employee separations and $0.5 million to $0.7 million for other expenses dire
• $0.7 million — mployee separations and $0.5 million to $0.7 million for other expenses directly related to
• $4.0 million — ects annualized savings in the range of $4.0 million to $4.5 million. The Dublin, GA facilit
• $4.5 million — savings in the range of $4.0 million to $4.5 million. The Dublin, GA facility will be listed

Filing Documents

• flxs-20240205.htm (8-K) — 38KB
• flxs-ex99_1.htm (EX-99.1) — 370KB
• 0000950170-24-011243.txt ( ) — 536KB
• flxs-20240205.xsd (EX-101.SCH) — 23KB
• flxs-20240205_htm.xml (XML) — 4KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On February 5, 2024, Flexsteel Industries, Inc. issued a press release announcing Second Quarter Ended December 31, 2023 operating results. A copy of the Press Release is attached hereto as Exhibit 99.1.

05 Costs Associated with Exit or Disposal Activities

Item 2.05 Costs Associated with Exit or Disposal Activities. On February 5, 2024, as part of Flexsteel Industries, Inc.'s commitment to improve the customer experience, optimize service levels, and remain cost competitive in the marketplace, the Company is announcing the closure of its Dublin, Georgia manufacturing plant. While difficult, this decision will improve the customer experience through reduced lead times and reduced handling damage and will enable the company to streamline inventory, manufacturing, and logistics execution, while maintaining exceptional quality across our full product offering. Closure of the facility is expected to occur by the end of our fiscal fourth quarter. As part of the transition, the company expects to incur pre-tax restructuring and related expenses between $2.5 million and $3.2 million. The one-time costs include approximately $2.0 million to $2.5 million for employee separations and $0.5 million to $0.7 million for other expenses directly related to the closure. Substantially all of these expenses are expected to result in future cash expenditures primarily during the third and fourth quarters of fiscal year 2024. Once the closure is fully executed, the Company expects annualized savings in the range of $4.0 million to $4.5 million. The Dublin, GA facility will be listed for sale upon closure and the Company anticipates a future one-time gain in excess of the carrying value of the asset.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. The Company will host a conference call and webcast at 8:00 a.m. Central Time (9:00 a.m. Eastern Time) on Tuesday, February 6, 2024 to discuss results and answer questions. Analysts and investors may participate in the question-and-answer session. The call can be accessed via telephone at 833-816-1123 (domestic) or 412-317-0710 (international) and requesting to be connected with the Flexsteel conference call. Additionally, interested parties can listen to a live webcast of the call in the Investor Relations section of the Company's website at http://ir.flexsteel.com. An archived version of the webcast will be available in the same location shortly after the live call has ended. A recorded replay can be accessed through February 13, 2024, by dialing 877-344-7529 (domestic) or 412-317-0088 (international); Replay access code: 4637022.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. Exhibit Description 99.1 Press Release by Flexsteel Industries, Inc. dated February 5, 2024. 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FLEXSTEEL INDUSTRIES, INC. Date: February 5, 2024 By: /s/ Michael J. Ressler Michael J. Ressler Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR