$FLXS
FLEXSTEEL INDUSTRIES INC

2019 Q2 Form 10-Q Financial Statement

#000089710119000407 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $100.2M $111.5M $126.9M
YoY Change -11.39% -12.08% 5.02%
Cost Of Revenue $94.90M $90.21M $99.23M
YoY Change -1.15% -9.09% 7.51%
Gross Profit $5.347M $21.33M $27.63M
YoY Change -68.63% -22.81% -2.7%
Gross Profit Margin 5.34% 19.12% 21.78%
Selling, General & Admin $18.80M $22.92M $19.68M
YoY Change 30.56% 16.43% 12.46%
% of Gross Profit 351.6% 107.44% 71.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.750M $1.960M $1.770M
YoY Change -11.17% 10.73% -10.61%
% of Gross Profit 32.73% 9.19% 6.41%
Operating Expenses $18.80M $22.92M $19.68M
YoY Change 30.56% 16.43% 12.46%
Operating Profit -$26.60M -$20.26M $4.351M
YoY Change -1105.94% -565.53% -60.08%
Interest Expense $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $100.0K $158.0K $200.0K
YoY Change -50.0% -21.0% 100.0%
Pretax Income -$26.40M -$20.10M $4.509M
YoY Change -1010.34% -545.71% -62.74%
Income Tax -$6.500M -$4.545M $1.430M
% Of Pretax Income 31.71%
Net Earnings -$19.92M -$15.55M $3.079M
YoY Change -1011.02% -605.1% -59.49%
Net Earnings / Revenue -19.87% -13.94% 2.43%
Basic Earnings Per Share -$2.52 -$1.97 $0.39
Diluted Earnings Per Share -$2.52 -$1.97 $0.39
COMMON SHARES
Basic Shares Outstanding 7.894M 7.892M 7.853M
Diluted Shares Outstanding 7.892M 7.930M

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.20M $28.60M $41.60M
YoY Change -49.2% -31.25% -12.61%
Cash & Equivalents $22.25M $28.59M $23.61M
Short-Term Investments $0.00 $18.00M
Other Short-Term Assets $11.90M $15.23M $7.700M
YoY Change 40.44% 97.79% -8.33%
Inventory $93.66M $95.93M $106.2M
Prepaid Expenses
Receivables $38.16M $40.13M $45.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $166.0M $179.9M $200.8M
YoY Change -12.48% -10.42% 4.42%
LONG-TERM ASSETS
Property, Plant & Equipment $79.24M $83.00M $82.10M
YoY Change -12.66% 1.1% 19.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.518M $1.336M $3.900M
YoY Change -38.77% -65.74% -23.53%
Total Long-Term Assets $88.32M $85.54M $85.90M
YoY Change -6.7% -0.42% 16.08%
TOTAL ASSETS
Total Short-Term Assets $166.0M $179.9M $200.8M
Total Long-Term Assets $88.32M $85.54M $85.90M
Total Assets $254.3M $265.4M $286.7M
YoY Change -10.55% -7.42% 7.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.40M $16.50M $17.40M
YoY Change 6.98% -5.17% 8.75%
Accrued Expenses $29.40M $21.30M $26.00M
YoY Change 24.05% -18.08% 24.4%
Deferred Revenue $1.100M
YoY Change -50.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $47.76M $37.76M $43.40M
YoY Change 16.7% -13.0% 17.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.096M $1.032M $1.900M
YoY Change -34.21% -45.68% -52.5%
Total Long-Term Liabilities $1.096M $1.032M $1.900M
YoY Change -34.21% -45.68% -52.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.76M $37.76M $43.40M
Total Long-Term Liabilities $1.096M $1.032M $1.900M
Total Liabilities $48.86M $38.79M $45.30M
YoY Change 1257.22% -14.37% 10.76%
SHAREHOLDERS EQUITY
Retained Earnings $170.0M $191.7M
YoY Change -18.87%
Common Stock $7.903M $7.894M
YoY Change 0.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $0.00
Shareholders Equity $205.4M $226.6M $241.5M
YoY Change
Total Liabilities & Shareholders Equity $254.3M $265.4M $286.7M
YoY Change -10.55% -7.42% 7.66%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$19.92M -$15.55M $3.079M
YoY Change -1011.02% -605.1% -59.49%
Depreciation, Depletion And Amortization $1.750M $1.960M $1.770M
YoY Change -11.17% 10.73% -10.61%
Cash From Operating Activities -$5.830M $1.610M $12.99M
YoY Change -144.85% -87.61% 12.27%
INVESTING ACTIVITIES
Capital Expenditures -$750.0K -$3.140M -$7.250M
YoY Change -91.94% -56.69% 93.33%
Acquisitions
YoY Change
Other Investing Activities $210.0K $7.980M $1.990M
YoY Change -89.5% 301.01% -119.92%
Cash From Investing Activities -$540.0K $4.850M -$5.260M
YoY Change -92.59% -192.21% -61.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.00K -3.450M -1.700M
YoY Change -101.27% 102.94% 63.46%
NET CHANGE
Cash From Operating Activities -5.830M 1.610M 12.99M
Cash From Investing Activities -540.0K 4.850M -5.260M
Cash From Financing Activities 20.00K -3.450M -1.700M
Net Change In Cash -6.350M 3.010M 6.030M
YoY Change -253.75% -50.08% -287.27%
FREE CASH FLOW
Cash From Operating Activities -$5.830M $1.610M $12.99M
Capital Expenditures -$750.0K -$3.140M -$7.250M
Free Cash Flow -$5.080M $4.750M $20.24M
YoY Change -122.78% -76.53% 32.11%

Facts In Submission

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OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsAndTax
2727000
CY2019Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments And Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsAndTax
2727000
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
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CY2019Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax
2018000
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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709000
CY2019Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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709000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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-113000
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
-38000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
211000
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
107000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-146000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-62000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
240000
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
157000
CY2018Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1666000
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1032000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2455000
us-gaap Payments Of Dividends
PaymentsOfDividends
5018000
us-gaap Payments Of Dividends
PaymentsOfDividends
6935000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
552000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
211000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
30196000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
12981000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
20149000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
20603000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
77000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
81000
us-gaap Proceeds From Sale Maturity And Collections Of Investments
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30129000
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
28909000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
6152000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
42000
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
90725000
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
83001000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-110000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-110000
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
209553000
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
191657000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
376087000
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
126861000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
343381000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
111542000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
57596000
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19681000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
62484000
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
22915000
us-gaap Share Based Compensation
ShareBasedCompensation
909000
us-gaap Share Based Compensation
ShareBasedCompensation
914000
CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
5039000
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1841000
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
329000
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
21000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
11000
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
21000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
100000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
187000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
166000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
250000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.21
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
30.65
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
29.18
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
18.89
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
15.50
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
26.77
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
37.14
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
45.21
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
26.89
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
241698000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
226626000
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
230760000
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
241470000
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
241698000
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
226626000
CY2018 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
21000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
5000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
76000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
81000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
85000
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
77000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7929000
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7930000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7884000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7892000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7844000
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7853000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7884000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7892000
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
3000
CY2018Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
5000

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