Flexsteel Q2 FY23 net sales $93.1M (-34.3% YoY); GAAP EPS $0.53, adjusted $0.08

FLEXSTEEL INDUSTRIES INC

2023-Q2 EPS reported $0.58 revenue$188,821,000

GAAP net income $2.9M ($0.53/diluted) vs loss of $7.5M ($1.13) in prior-year quarter.
Non-GAAP net income $0.4M ($0.08/diluted) vs adjusted loss of $7.0M ($1.05) prior year.
Gross margin improved to 17.0% from 6.7% YoY on cost controls and strategic savings.
Operating cash flow $24.6M and debt repayments $18.6M in first six months of FY23.
Results in line with guidance: sales $87-97M, adjusted operating margin -1.5% to 1.5%.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FLEXSTEEL INDUSTRIES INC reported second quarter ended December 31, 2022 results: revenue 93.1 million, net income 2.9 million, EPS 0.53.

Period: second quarter ended December 31, 2022
Revenue: 93.1 million
Net income: 2.9 million
EPS: 0.53
Result: reported results

Exact text from the filing

environment, I am pleased with our second quarter results,” said Jerry Dittmer, President, and CEO of Flexsteel Industries. “ We delivered net sales for the quarter of $93.1 million, which was within our sales guidance of $87 to $97 million, as our growth initiatives helped partially offset the hurdles posed by high retail inventories and waning consumer

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Source: SEC EDGAR

accession 0000037472-23-000003

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