$FLXS
FLEXSTEEL INDUSTRIES INC

2020 Q3 Form 10-Q Financial Statement

#000003747220000054 Filed on October 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $105.2M $100.3M
YoY Change 4.87% -11.58%
Cost Of Revenue $82.42M $83.13M
YoY Change -0.85% -9.35%
Gross Profit $22.82M $17.22M
YoY Change 32.48% -20.97%
Gross Profit Margin 21.68% 17.16%
Selling, General & Admin $14.18M $17.48M
YoY Change -18.88% -13.47%
% of Gross Profit 62.13% 101.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.360M $2.484M
YoY Change -45.25% 30.53%
% of Gross Profit 5.96% 14.42%
Operating Expenses $14.18M $17.48M
YoY Change -18.88% -13.47%
Operating Profit $7.911M $12.68M
YoY Change -37.63% 695.17%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00 $86.00K
YoY Change -100.0% -52.49%
Pretax Income $7.960M $12.77M
YoY Change -37.66% 618.98%
Income Tax $4.081M $3.218M
% Of Pretax Income 51.27% 25.2%
Net Earnings $3.879M $9.551M
YoY Change -59.39% 636.96%
Net Earnings / Revenue 3.69% 9.52%
Basic Earnings Per Share $0.50 $1.20
Diluted Earnings Per Share $0.49 $1.17
COMMON SHARES
Basic Shares Outstanding 7.702M 7.928M
Diluted Shares Outstanding 7.908M 8.190M

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.50M $36.20M
YoY Change 0.83% -12.35%
Cash & Equivalents $36.55M $36.24M
Short-Term Investments
Other Short-Term Assets $20.83M $4.432M
YoY Change 369.92% -47.72%
Inventory $75.74M $93.57M
Prepaid Expenses
Receivables $39.78M $36.33M
Other Receivables $0.00 $0.00
Total Short-Term Assets $186.0M $170.6M
YoY Change 9.05% -7.12%
LONG-TERM ASSETS
Property, Plant & Equipment $41.50M $76.49M
YoY Change -45.74% -22.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.297M $1.332M
YoY Change -2.63% -46.85%
Total Long-Term Assets $53.21M $96.91M
YoY Change -45.09% -6.37%
TOTAL ASSETS
Total Short-Term Assets $186.0M $170.6M
Total Long-Term Assets $53.21M $96.91M
Total Assets $239.2M $267.5M
YoY Change -10.57% -6.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.80M $14.50M
YoY Change 98.62% -25.64%
Accrued Expenses $29.40M $30.30M
YoY Change -2.97% 24.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $58.17M $44.77M
YoY Change 29.94% 2.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $927.0K $698.0K
YoY Change 32.81% -58.97%
Total Long-Term Liabilities $927.0K $698.0K
YoY Change 32.81% -58.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.17M $44.77M
Total Long-Term Liabilities $927.0K $698.0K
Total Liabilities $68.58M $52.95M
YoY Change 29.53% 16.4%
SHAREHOLDERS EQUITY
Retained Earnings $140.8M $177.8M
YoY Change -20.79% -14.99%
Common Stock $8.065M $7.942M
YoY Change 1.55% 0.74%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.56M
YoY Change
Treasury Stock Shares $628.0K
Shareholders Equity $170.6M $214.5M
YoY Change
Total Liabilities & Shareholders Equity $239.2M $267.5M
YoY Change -10.57% -6.85%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $3.879M $9.551M
YoY Change -59.39% 636.96%
Depreciation, Depletion And Amortization $1.360M $2.484M
YoY Change -45.25% 30.53%
Cash From Operating Activities -$2.186M -$3.319M
YoY Change -34.14% -133.53%
INVESTING ACTIVITIES
Capital Expenditures $360.0K $512.0K
YoY Change -29.69% -95.09%
Acquisitions
YoY Change
Other Investing Activities $680.0K $19.63M
YoY Change -96.54% -1096.45%
Cash From Investing Activities $319.0K $19.11M
YoY Change -98.33% -254.11%
FINANCING ACTIVITIES
Cash Dividend Paid $454.0K $1.738M
YoY Change -73.88% 0.52%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.783M -1.805M
YoY Change 441.99% -4.85%
NET CHANGE
Cash From Operating Activities -2.186M -3.319M
Cash From Investing Activities 319.0K 19.11M
Cash From Financing Activities -9.783M -1.805M
Net Change In Cash -11.65M 13.99M
YoY Change -183.28% -417.86%
FREE CASH FLOW
Cash From Operating Activities -$2.186M -$3.319M
Capital Expenditures $360.0K $512.0K
Free Cash Flow -$2.546M -$3.831M
YoY Change -33.54% 614.74%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
13989000
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
48197000
CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
22247000
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
36547000
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
36236000
CY2020Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-388000
CY2019Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-4746000
CY2019Q3 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
142000
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1074000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1173000
CY2020Q3 us-gaap Variable Lease Cost
VariableLeaseCost
69000
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
65000
CY2020Q3 us-gaap Lease Cost
LeaseCost
1143000
CY2019Q3 us-gaap Lease Cost
LeaseCost
1238000
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1035000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
646000
CY2020Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2741000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y7M6D
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y10M24D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.033
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.035
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4601000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4327000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3159000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2189000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
200000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
14476000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
809000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
13667000
CY2020Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
11684000
CY2020Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
11119000
CY2020Q3 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
InventoryFinishedGoodsAndWorkInProcessNetOfReserves
3798000
CY2020Q2 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
InventoryFinishedGoodsAndWorkInProcessNetOfReserves
3925000
CY2020Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
60256000
CY2020Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
55521000
CY2020Q3 us-gaap Inventory Net
InventoryNet
75738000
CY2020Q2 us-gaap Inventory Net
InventoryNet
70565000
CY2020Q3 us-gaap Restructuring Costs
RestructuringCosts
1381000
CY2019Q3 us-gaap Restructuring Costs
RestructuringCosts
6183000
CY2020Q2 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
1961000
CY2020Q3 us-gaap Restructuring Costs
RestructuringCosts
1381000
CY2020Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
1597000
CY2020Q3 flxs Restructuring Reserve Noncash
RestructuringReserveNoncash
-218000
CY2020Q3 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
1527000
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.513
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.252
CY2020Q3 flxs Operating Loss Carryback Carryback Taxable Years
OperatingLossCarrybackCarrybackTaxableYears
P5Y
CY2020Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
2100000
CY2020Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
954000
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1180000
CY2020Q3 flxs Share Based Compensation Arrangement By Share Based Payment Award Number Of Plans
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPlans
2
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
223000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.70
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
37000
CY2020Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.77
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
260000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
22.15
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7702000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7928000
CY2020Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
72000
CY2019Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
4000
CY2020Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
134000
CY2019Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
258000
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
206000
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
262000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7908000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8190000
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
254000
CY2020Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2019Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.22
CY2016Q3 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
3600000
CY2017Q3 us-gaap Environmental Remediation Expense
EnvironmentalRemediationExpense
5500000
CY2018Q1 us-gaap Environmental Remediation Expense
EnvironmentalRemediationExpense
3600000
CY2018Q2 us-gaap Liabilities
Liabilities
3600000

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