FLEXSTEEL INDUSTRIES INC

Listed Company

FLXSCIK 0000037472NasdaqAcceleratedSmaller ReportingHousehold FurnitureMinnesotaFY ends Jun 30

Period

FY 2025

Revenue

$441.07M

Net Income

$20.15M

Total Assets

$282.49M

Equity

$167.86M

Shares Out

5.36M

Op. Cash Flow

$36.98M

Business

FLEXSTEEL INDUSTRIES INC is a manufacturer, importer and marketer of residential furniture products in the United States. It offers a broad range of furniture including sofas, loveseats, chairs, reclining and swivel rockers, convertible and sofa beds, occasional and dining tables, desks, bedroom and outdoor furniture, kitchen storage, and related components. The company operates in one reportable segment—furniture products—and combines in-house manufacturing with offshore sourcing and finished imports, notable for its patented Blue Steel Spring platform. It sells products primarily across the U.S. through e-commerce and a direct sales force, with limited export activity and overseas supplier coordination.

Summary from filing dated 2025-08-22

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Net sales	441	413	394	544	479
Cost of goods sold	343	326	323	472	382
Gross profit	98	87	71	73	97
Selling, general and administrative expenses	67	70	63	67	68
Restructuring expense	—	3	—	730,000	3
Right-of-use asset impairment	14	—	—	—	—
(Gain) on sale of real estate	−753,000	—	—	—	—
(Gain) on disposal of assets held for sale	−9	−3	—	—	—
Environmental remediation	—	—	−3	—	—
Other expense	—	—	347,000	—	—
Operating income	27	17	11	7	31
Interest income	421,000	20,000	18,000	—	—
Interest (expense)	−70,000	−2	−1	−835,000	−10,000
Total other income (expense)	351,000	−2	−1	−714,000	267,000
Income before income taxes	27	16	9	6	31
Income tax provision (benefit)	7	5	−6	4	8
Net income and comprehensive income	20	11	15	2	23
Basic (shares)	5	5	5	6	7
Diluted (shares)	6	6	5	7	7
Basic (per share)	3.84	2.04	2.83	0.29	3.2
Diluted (per share)	3.55	1.91	2.74	0.28	3.09

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Cash and cash equivalents	40	5	3	2	1
Trade receivables - less allowances: 2025, $1,790; 2024, $2,440	35	44	38	41	56
Inventories	89	97	122	141	161
Other	8	8	6	5	9
Assets held for sale	0	2	616,000	616,000	666,000
Total current assets	172	155	171	190	229
Property, plant and equipment, net	36	37	39	39	40
Operating lease right-of-use assets	42	61	68	38	27
Deferred income taxes	12	9	7	—	—
Other assets	20	12	6	2	1
TOTAL	282	274	291	269	297
Accounts payable - trade	26	26	25	32	68
Current portion of operating lease liabilities	8	8	7	6	6
Payroll and related items	11	12	10	6	8
Insurance	2	2	2	2	3
Sales and advertising related items	8	6	5	4	5
Other	7	7	6	9	5
Total current liabilities	62	60	55	65	100
Operating lease liabilities, less current maturities	52	58	65	34	24
Line of credit	—	5	28	38	4
Other liabilities	1	791,000	577,000	823,000	1
Total liabilities	115	124	149	137	129
COMMITMENTS AND CONTINGENCIES (Note 14)	—	—	—	—	—
Common stock - $1 par value; authorized 15,000 shares; 8,514 shares issued and 5,307 shares outstanding as of June 30, 2025, and 8,407 shares issued and 5,200 shares outstanding as of June 30, 2024	9	8	8	8	8
Additional paid-in capital	41	40	37	34	34
Treasury stock, at cost; 3,207 shares as of June 30, 2025 and 2024, respectively	−72	−72	−70	−66	−31
Retained earnings	190	174	167	155	157
Total shareholders' equity	168	150	142	132	168
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	282	274	291	269	297

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Depreciation	4	4	5	5	5
Deferred income taxes	−4	−1	−7	—	2
Stock-based compensation expense	4	5	3	1	4
Change in provision for losses on accounts receivable	−244,000	−160,000	−380,000	−260,000	1
(Gain) on disposition of property, plant and equipment	−9	−3	−313,000	−2	−6
Trade receivables	9	−6	3	15	−25
Inventories	7	25	19	20	−91
Other current assets	−962,000	−2	−1	4	9
Other assets	−8	−7	−4	−542,000	−90,000
Accounts payable - trade	−579,000	1	−7	−36	40
Accrued liabilities	830,000	4	−1	−769,000	4
Other long-term liabilities	353,000	224,000	−237,000	−412,000	604,000
Net cash provided by operating activities	37	32	23	8	−33
Proceeds from sales of investments	1	—	—	—	46,000
Proceeds from sales of property, plant and equipment	12	4	340,000	2	19
Capital expenditures	−3	−5	−5	−4	−3
Net cash provided by (used in) investing activities	9	−593,000	−4	−2	16
Dividends paid	−4	−3	−3	−4	−3
Treasury stock purchases	—	−2	−4	−35	−30
Proceeds from lines of credit	202	368	364	265	9
Payments on lines of credit	−207	−391	−373	−231	−5
Proceeds from issuance of common stock	141,000	88,000	—	117,000	94,000
Shares withheld for tax payments on vested shares and options exercised	−3	−2	−951,000	−628,000	−1
Net cash (used in) financing activities	−11	−30	−17	−5	−30
Increase in cash and cash equivalents	35	1	1	842,000	−47
Interest paid	107,000	2	1	743,000	10,000
Interest received	421,000	—	—	—	—
Cash paid for income taxes, net	9	4	4	−823,000	−6
Capital expenditures in accounts payable	390,000	23,000	311,000	183,000	133,000

Filings

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