$FLXS
FLEXSTEEL INDUSTRIES INC

2023 Q1 Form 10-Q Financial Statement

#000003747223000005 Filed on February 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4
Revenue $99.05M $93.14M
YoY Change -29.45% -34.26%
Cost Of Revenue $80.41M $77.30M
YoY Change -32.05% -41.5%
Gross Profit $18.65M $15.84M
YoY Change -15.52% 66.24%
Gross Profit Margin 18.82% 17.01%
Selling, General & Admin $16.53M $14.86M
YoY Change 1.31% -15.26%
% of Gross Profit 88.65% 93.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.206M $1.149M
YoY Change -8.71% -13.93%
% of Gross Profit 6.47% 7.25%
Operating Expenses $16.53M $14.86M
YoY Change 1.31% -15.26%
Operating Profit $2.116M $3.762M
YoY Change -63.61% -143.56%
Interest Expense $260.0K $316.0K
YoY Change 47.73% 41.7%
% of Operating Profit 12.29% 8.4%
Other Income/Expense, Net $12.00K $1.000K
YoY Change -14.29% -99.04%
Pretax Income $1.868M $3.447M
YoY Change -66.95% -139.37%
Income Tax $393.0K $594.0K
% Of Pretax Income 21.04% 17.23%
Net Earnings $1.475M $2.853M
YoY Change -72.25% -137.81%
Net Earnings / Revenue 1.49% 3.06%
Basic Earnings Per Share $0.28 $0.54
Diluted Earnings Per Share $0.28 $0.53
COMMON SHARES
Basic Shares Outstanding 5.177M 5.273M
Diluted Shares Outstanding 5.352M 5.339M

Balance Sheet

Concept 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.409M $1.774M
YoY Change -29.21% -56.59%
Cash & Equivalents $2.409M $1.774M
Short-Term Investments
Other Short-Term Assets $7.572M $6.908M
YoY Change 10.03% -17.75%
Inventory $113.3M $110.8M
Prepaid Expenses
Receivables $36.51M $32.67M
Other Receivables $0.00 $0.00
Total Short-Term Assets $160.4M $152.8M
YoY Change -23.45% -36.9%
LONG-TERM ASSETS
Property, Plant & Equipment $38.41M $38.07M
YoY Change -0.82% -1.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.943M $1.941M
YoY Change 1.36% 1.73%
Total Long-Term Assets $107.4M $109.2M
YoY Change 33.66% 33.82%
TOTAL ASSETS
Total Short-Term Assets $160.4M $152.8M
Total Long-Term Assets $107.4M $109.2M
Total Assets $267.8M $262.0M
YoY Change -7.62% -19.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.58M $17.64M
YoY Change -34.86% -53.7%
Accrued Expenses $28.19M $28.06M
YoY Change -11.53% -14.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $53.78M $45.70M
YoY Change -24.41% -35.66%
LONG-TERM LIABILITIES
Long-Term Debt $17.73M $19.17M
YoY Change -57.38% -67.9%
Other Long-Term Liabilities $578.0K $553.0K
YoY Change -1.7% -19.27%
Total Long-Term Liabilities $578.0K $553.0K
YoY Change -1.7% -19.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.78M $45.70M
Total Long-Term Liabilities $578.0K $553.0K
Total Liabilities $135.0M $129.9M
YoY Change -9.58% -22.99%
SHAREHOLDERS EQUITY
Retained Earnings $157.4M $156.8M
YoY Change 0.69% 3.21%
Common Stock $8.247M $8.239M
YoY Change 1.08% 1.05%
Preferred Stock
YoY Change
Treasury Stock (at cost) $69.34M $68.60M
YoY Change 16.97% 67.4%
Treasury Stock Shares $3.038M
Shareholders Equity $132.8M $132.1M
YoY Change
Total Liabilities & Shareholders Equity $267.8M $262.0M
YoY Change -7.62% -19.08%

Cashflow Statement

Concept 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $1.475M $2.853M
YoY Change -72.25% -137.81%
Depreciation, Depletion And Amortization $1.206M $1.149M
YoY Change -8.71% -13.93%
Cash From Operating Activities $5.820M $11.65M
YoY Change -84.31% 251.16%
INVESTING ACTIVITIES
Capital Expenditures $1.421M $298.0K
YoY Change -206.68% -141.74%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.421M -$298.0K
YoY Change 6.68% 31.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.764M -13.55M
YoY Change -89.67% 351.87%
NET CHANGE
Cash From Operating Activities 5.820M 11.65M
Cash From Investing Activities -1.421M -298.0K
Cash From Financing Activities -3.764M -13.55M
Net Change In Cash 635.0K -2.197M
YoY Change -192.84% -2488.04%
FREE CASH FLOW
Cash From Operating Activities $5.820M $11.65M
Capital Expenditures $1.421M $298.0K
Free Cash Flow $4.399M $11.35M
YoY Change -88.55% 181.57%

Facts In Submission

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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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-2176000
us-gaap Net Cash Provided By Used In Investing Activities
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402000
us-gaap Payments Of Dividends
PaymentsOfDividends
1678000
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PaymentsOfDividends
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flxs Payments For Treasury Stock Purchase
PaymentsForTreasuryStockPurchase
2226000
flxs Payments For Treasury Stock Purchase
PaymentsForTreasuryStockPurchase
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us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
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us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
81247000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
185498000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
118000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
407000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
293000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-22876000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
43341000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-410000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
2745000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2184000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1774000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4087000
us-gaap Operating Lease Payments
OperatingLeasePayments
4224000
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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35305000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Interest Paid Net
InterestPaidNet
823000
us-gaap Interest Paid Net
InterestPaidNet
351000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1993000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-1719000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
15000
flxs Capital Expenditure Reversals Or Adjustments Incurred
CapitalExpenditureReversalsOrAdjustmentsIncurred
160000
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
13806000
CY2022Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
16405000
CY2022Q4 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
InventoryFinishedGoodsAndWorkInProcessNetOfReserves
4175000
CY2022Q2 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
InventoryFinishedGoodsAndWorkInProcessNetOfReserves
5534000
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
92844000
CY2022Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
119273000
CY2022Q4 us-gaap Inventory Net
InventoryNet
110825000
CY2022Q2 us-gaap Inventory Net
InventoryNet
141212000
CY2022Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P12Y
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
options for two five-year extensions
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9589000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
7989000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7762000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
7778000
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OperatingLeaseCost
2700000
CY2021Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
1821000
us-gaap Operating Lease Cost
OperatingLeaseCost
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us-gaap Operating Lease Cost
OperatingLeaseCost
3210000
CY2022Q4 us-gaap Variable Lease Cost
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490000
CY2021Q4 us-gaap Variable Lease Cost
VariableLeaseCost
467000
us-gaap Variable Lease Cost
VariableLeaseCost
908000
us-gaap Variable Lease Cost
VariableLeaseCost
542000
CY2022Q4 us-gaap Lease Cost
LeaseCost
3190000
CY2021Q4 us-gaap Lease Cost
LeaseCost
2288000
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LeaseCost
6274000
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LeaseCost
3752000
us-gaap Operating Lease Payments
OperatingLeasePayments
4224000
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OperatingLeasePayments
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P4Y10M24D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.033
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
5371000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
44934000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10916000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
72507000
CY2021Q4 us-gaap Restructuring Costs
RestructuringCosts
622000
us-gaap Restructuring Costs
RestructuringCosts
774000
CY2022Q2 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
1290000
flxs Restructuring Expense Paid Reimbursed
RestructuringExpensePaidReimbursed
1290000
CY2022Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1100000
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.172
CY2021Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.138
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.115
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.034
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
845000
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1020000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1670000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
2182000
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
13000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
30.20
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
202000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.95
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6682000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5285000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6758000
CY2022Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
45000
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
52000
CY2022Q4 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
35000
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
99000
CY2022Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
80000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
151000
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5339000
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6682000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5436000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6758000
CY2022Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
161000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
161000
CY2022Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.30
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.30
CY2021Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.30
us-gaap Environmental Costs Recognized Recovery Credited To Expense
EnvironmentalCostsRecognizedRecoveryCreditedToExpense
2800000

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