Flexsteel Industries Files 2024 10-K
Ticker: FLXS · Form: 10-K · Filed: Aug 30, 2024 · CIK: 37472
Sentiment: neutral
Topics: 10-K, annual-report, financials
TL;DR
Flexsteel's 2024 10-K is in - check financials for furniture giant.
AI Summary
Flexsteel Industries Inc. filed its 10-K for the fiscal year ending June 30, 2024. The filing details the company's financial performance and operations, including its primary business of manufacturing and distributing furniture. Key financial data and operational aspects are presented for the reporting period.
Why It Matters
This 10-K filing provides investors and stakeholders with a comprehensive overview of Flexsteel Industries' financial health and strategic direction for the fiscal year 2024.
Risk Assessment
Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.
Key Numbers
- 20240630 — Fiscal Year End (The end date of the reporting period.)
- 20230630 — Previous Fiscal Year End (The end date of the prior reporting period.)
- 20220630 — Prior Fiscal Year End (The end date of the reporting period before the previous one.)
Key Players & Entities
- FLEXSTEEL INDUSTRIES INC (company) — Filer of the 10-K
- 20240630 (date) — Fiscal year end date
- 385 BELL ST. (address) — Company's business street address
- DUBUQUE (city) — Company's business city
- IA (state) — Company's business state
- 52001 (zip_code) — Company's business zip code
- P.O. BOX 877 (address) — Company's mailing street address
- 52004-0877 (zip_code) — Company's mailing zip code
- Wells Fargo Bank N.a. (company) — Mentioned in relation to credit agreement
FAQ
What is the primary business of Flexsteel Industries Inc.?
Flexsteel Industries Inc. is primarily engaged in the manufacturing and distribution of furniture, as indicated by its SIC code 2510 (Household Furniture).
What is the fiscal year end date for this 10-K filing?
The fiscal year end date for this 10-K filing is June 30, 2024.
Where is Flexsteel Industries Inc. headquartered?
Flexsteel Industries Inc.'s business address is 385 Bell St., Dubuque, IA 52001.
What is the SEC file number for Flexsteel Industries Inc.'s 10-K?
The SEC file number for Flexsteel Industries Inc.'s 10-K is 000-05151.
What type of financial instruments or agreements are mentioned in the filing context?
The filing context mentions 'us-gaap:AllowanceForNotesReceivableMember', 'flxs:CreditAgreementMember', and 'us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember'.
Filing Stats: 4,448 words · 18 min read · ~15 pages · Grade level 14.6 · Accepted 2024-08-30 16:45:36
Key Financial Figures
- $1.00 — nge on which registered Common Stock, $1.00 Par Value FLXS The Nasdaq Stock Mar
- $36.7 million — d net worth. At June 30, 2024, we had $36.7 million in property, plant and equipment and $6
- $61.4 million — on in property, plant and equipment and $61.4 million in right of use assets associated with
Filing Documents
- flxs-20240630.htm (10-K) — 2168KB
- flxs-ex21_1.htm (EX-21.1) — 5KB
- flxs-ex23.htm (EX-23) — 3KB
- flxs-ex31_1.htm (EX-31.1) — 13KB
- flxs-ex31_2.htm (EX-31.2) — 13KB
- flxs-ex32.htm (EX-32) — 9KB
- flxs-ex97_1.htm (EX-97.1) — 45KB
- 0000950170-24-102402.txt ( ) — 10144KB
- flxs-20240630.xsd (EX-101.SCH) — 1197KB
- flxs-20240630_htm.xml (XML) — 2233KB
BUSINESS
BUSINESS 4 ITEM 1A.
RISK FACTORS
RISK FACTORS 6 ITEM 1B. UNRESOLVED STAFF COMMENTS 9 ITEM 1C. CYBERSECURITY 9 ITEM 2.
PROPERTIES
PROPERTIES 10 ITEM 3.
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS 11 ITEM 4. MINE SAFETY DISCLOSURES 11 PART II ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 11 ITEM 7.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 12 ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 16 ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 17 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 39 ITEM 9A.
CONTROLS AND PROCEDURES
CONTROLS AND PROCEDURES 39 ITEM 9B. OTHER INFORMATION 39 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURSIDICTIONS THAT PREVENT INSPECTIONS 39 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 40 ITEM 11.
EXECUTIVE COMPENSATION
EXECUTIVE COMPENSATION 40 ITEM 12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS 40 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS AND DIRECTOR INDEPENDENCE 40 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 40 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENTS, AND SCHEDULES 41
SIGNATURES
SIGNATURES 42 EXHIBIT INDEX 43 3 Table of Contents PART I Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995 The Company and its representatives may from time to time make written or oral forward-looking statements with respect to long-term goals or anticipated results of the Company, including statements contained in the Company's filings with the Securities and Exchange Commission and in its reports to stockholders. The Company specifically declines to undertake any obligation t
Business
Item 1. Business General Flexsteel Industries, Inc., and Subsidiaries (the "Company") is one of the largest manufacturers, importers, and marketers of residential furniture products in the United States. Product offerings include a wide variety of furniture such as sofas, loveseats, chairs, reclining rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which the name "Flexsteel" is derived. The Company distributes its products throughout the United States through its e-commerce channel and direct sales force. The Company operates in one reportable segment, furniture products. The Company's furniture products business involves the distribution of manufactured and imported products consisting of a broad line of furniture for the residential market. Manufacturing and Offshore Sourcing During the fiscal year ended June 30, 2024, the Company operated manufacturing facilities located in Dublin, Georgia, and Juarez, Mexico (the Dublin, Georgia location ceased operations effective June 30, 2024). These ongoing manufacturing operations are integral to the Company's product offerings and distribution strategy by offering smaller and more frequent product runs of a wider product selection. The Company identifies and eliminates manufacturing inefficiencies and adjusts manufacturing schedules on a daily basis to meet customer requirements. The Company has established relationships with key suppliers to ensure prompt delivery of quality component parts. The Company's production includes the use of selected component parts sourced offshore to enhance value in the marketplace. The Company integrates manufactured products with finished products acquired from offshore suppliers who can meet quality specifications and scheduling requirements. The C
Risk Factors
Item 1A. Risk Factors The Company is subject to a variety of risks. You should carefully consider the risk factors detailed below in conjunction with the other information contained in this Annual Report on Form 10-K. Should any of these risks materialize the Company's business, financial condition, and future prospects could be negatively impacted. There may be additional factors that are presently unknown to the Company or that the Company currently believes to be immaterial that could affect its business. Risks related to our operations: Business information systems could be impacted by disruptions and security breaches. The Company employs information technology systems to support its global business. Security breaches and other disruptions to the Company's information technology infrastructure could interfere with operations, compromise information belonging to the Company and its customers and suppliers and expose the Company to liability which could adversely impact the Company's business and reputation. In the ordinary course of business, the Company relies on information technology networks and systems to process, transmit and store electronic information, and to manage or support a variety of business processes and activities. Additionally, the Company collects and stores certain data, including proprietary business information, and may have access to confidential or personal information in certain areas of its businesses that is subject to privacy and security laws, regulations, and customer-imposed controls. While security breaches and other disruptions to the Company's information technology networks and infrastructure could happen, none have occurred to date that has had a material impact on the Company. Any such events could result in legal claims or proceedings, liability or penalties under privacy laws, disruption in operations, and damage to the Company's reputation, which could adversely affect the Company's business. In addition, in res