$FLXS
FLEXSTEEL INDUSTRIES INC

2022 Q4 Form 10-Q Financial Statement

#000003747222000060 Filed on October 31, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $93.14M $95.68M
YoY Change -34.26% -30.51%
Cost Of Revenue $77.30M $80.34M
YoY Change -41.5% -29.7%
Gross Profit $15.84M $15.35M
YoY Change 66.24% -34.43%
Gross Profit Margin 17.01% 16.04%
Selling, General & Admin $14.86M $14.57M
YoY Change -15.26% -22.42%
% of Gross Profit 93.85% 94.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.149M $1.128M
YoY Change -13.93% -15.0%
% of Gross Profit 7.25% 7.35%
Operating Expenses $14.86M $14.57M
YoY Change -15.26% -22.42%
Operating Profit $3.762M $775.0K
YoY Change -143.56% -86.8%
Interest Expense $316.0K -$321.0K
YoY Change 41.7% -258.13%
% of Operating Profit 8.4% -41.42%
Other Income/Expense, Net $1.000K -$349.0K
YoY Change -99.04% 17350.0%
Pretax Income $3.447M $105.0K
YoY Change -139.37% -98.15%
Income Tax $594.0K -$184.0K
% Of Pretax Income 17.23% -175.24%
Net Earnings $2.853M $289.0K
YoY Change -137.81% -93.36%
Net Earnings / Revenue 3.06% 0.3%
Basic Earnings Per Share $0.54 $0.05
Diluted Earnings Per Share $0.53 $52.86K
COMMON SHARES
Basic Shares Outstanding 5.273M 5.303M
Diluted Shares Outstanding 5.339M 5.467M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.774M $3.971M
YoY Change -56.59% -0.6%
Cash & Equivalents $1.774M $3.971M
Short-Term Investments
Other Short-Term Assets $6.908M $7.505M
YoY Change -17.75% -30.94%
Inventory $110.8M $121.4M
Prepaid Expenses
Receivables $32.67M $33.89M
Other Receivables $0.00 $0.00
Total Short-Term Assets $152.8M $166.8M
YoY Change -36.9% -35.22%
LONG-TERM ASSETS
Property, Plant & Equipment $38.07M $109.8M
YoY Change -1.12% 180.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.941M $1.941M
YoY Change 1.73% 39.54%
Total Long-Term Assets $109.2M $111.8M
YoY Change 33.82% 68.17%
TOTAL ASSETS
Total Short-Term Assets $152.8M $166.8M
Total Long-Term Assets $109.2M $111.8M
Total Assets $262.0M $278.5M
YoY Change -19.08% -14.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.64M $21.04M
YoY Change -53.7% -53.2%
Accrued Expenses $28.06M $29.62M
YoY Change -14.8% -4.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $45.70M $50.66M
YoY Change -35.66% -33.32%
LONG-TERM LIABILITIES
Long-Term Debt $19.17M $30.03M
YoY Change -67.9% -43.4%
Other Long-Term Liabilities $553.0K $66.75M
YoY Change -19.27% 5537.42%
Total Long-Term Liabilities $553.0K $96.78M
YoY Change -19.27% 8073.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.70M $50.66M
Total Long-Term Liabilities $553.0K $96.78M
Total Liabilities $129.9M $147.4M
YoY Change -22.99% -4.03%
SHAREHOLDERS EQUITY
Retained Earnings $156.8M $154.7M
YoY Change 3.21% -3.56%
Common Stock $8.239M $8.226M
YoY Change 1.05% 1.02%
Preferred Stock
YoY Change
Treasury Stock (at cost) $68.60M $66.78M
YoY Change 67.4% 100.92%
Treasury Stock Shares $3.038M $2.913M
Shareholders Equity $132.1M $131.1M
YoY Change
Total Liabilities & Shareholders Equity $262.0M $278.5M
YoY Change -19.08% -14.01%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $2.853M $289.0K
YoY Change -137.81% -93.36%
Depreciation, Depletion And Amortization $1.149M $1.128M
YoY Change -13.93% -15.0%
Cash From Operating Activities $11.65M $12.99M
YoY Change 251.16% -129.32%
INVESTING ACTIVITIES
Capital Expenditures $298.0K -$1.878M
YoY Change -141.74% -328.75%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$298.0K -$1.878M
YoY Change 31.28% -398.57%
FINANCING ACTIVITIES
Cash Dividend Paid $867.0K
YoY Change -17.43%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.55M -9.329M
YoY Change 351.87% -120.13%
NET CHANGE
Cash From Operating Activities 11.65M 12.99M
Cash From Investing Activities -298.0K -1.878M
Cash From Financing Activities -13.55M -9.329M
Net Change In Cash -2.197M 1.787M
YoY Change -2488.04% -32.64%
FREE CASH FLOW
Cash From Operating Activities $11.65M $12.99M
Capital Expenditures $298.0K -$1.878M
Free Cash Flow $11.35M $14.87M
YoY Change 181.57% -132.95%

Facts In Submission

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CY2021Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
741000
CY2022Q3 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
57000
CY2021Q3 flxs Capital Expenditure Reversals Or Adjustments Incurred
CapitalExpenditureReversalsOrAdjustmentsIncurred
119000
CY2022Q3 us-gaap Lease Cost
LeaseCost
3084000
CY2021Q3 us-gaap Lease Cost
LeaseCost
1464000
CY2022Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
15204000
CY2022Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
16405000
CY2022Q3 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
InventoryFinishedGoodsAndWorkInProcessNetOfReserves
4753000
CY2022Q2 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
InventoryFinishedGoodsAndWorkInProcessNetOfReserves
5534000
CY2022Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
101433000
CY2022Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
119273000
CY2022Q3 us-gaap Inventory Net
InventoryNet
121390000
CY2022Q2 us-gaap Inventory Net
InventoryNet
141212000
CY2022Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P12Y
CY2022Q3 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
options for two five-year extensions
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
2666000
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1389000
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
418000
CY2021Q3 us-gaap Variable Lease Cost
VariableLeaseCost
75000
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
953000
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1074000
CY2022Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
34811000
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y3M18D
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M18D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.032
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.029
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
10106000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
6591000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9495000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5517000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
7650000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4563000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7613000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2620000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
7769000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2469000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
42971000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
11273000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
85604000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
33033000
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11393000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3957000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
74211000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
29076000
CY2021Q3 us-gaap Restructuring Costs
RestructuringCosts
152000
CY2022Q2 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
1290000
CY2022Q3 flxs Restructuring Expense Paid Reimbursed
RestructuringExpensePaidReimbursed
1290000
CY2022Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1100000
CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
-1.755
CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.232
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
825000
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1162000
CY2022Q3 flxs Share Based Compensation Arrangement By Share Based Payment Award Number Of Plans
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPlans
2
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
215000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
21.50
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1000
CY2022Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
37.49
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
214000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
21.43
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5311000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6834000
CY2022Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
58000
CY2021Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
163000
CY2022Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
98000
CY2021Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
93000
CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
156000
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
256000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5467000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7090000
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
173000
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16000
CY2022Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
CY2022Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15

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