FLEXSTEEL INDUSTRIES INC (FLXS): restructuring charge — Flexsteel Q2 sales up 7.5% to $100.1M, EPS $0.57; closing Dublin plant for annual savings of $4-4.5M

FLEXSTEEL INDUSTRIES INC

2024-Q2 EPS reported $0.71 revenue$194,711,000

Q2 net sales $100.1M (+7.5% YoY); GAAP EPS $0.57, non-GAAP EPS $0.57 vs $0.08 prior year.
Sales orders $104.8M (+13.9%); gross margin 21.9% (up 490 bps).
Closing Dublin, GA facility by end of FY Q4; $2.5-3.2M restructuring costs, annualized savings $4-4.5M.
Reaffirms FY2025 guidance; Q3 FY2024 non-GAAP op margin 4.5-5.5%, Q4 5.0-6.0%.
Cash from ops $18.9M; debt repayments $15.1M, 46% reduction in borrowings.

item 2.02 item 2.05 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FLEXSTEEL INDUSTRIES INC reported s econd Quarter Ended December 31, 2023 results: revenue $100.1 million, net income $3.1 million, EPS $0.57 per diluted share.

Period: s econd Quarter Ended December 31, 2023
Revenue: $100.1 million
Net income: $3.1 million
EPS: $0.57 per diluted share
Result: reported results

Exact text from the filing

Net sales for the quarter of $100.1 million compared to $93.1 million in the prior year quarter.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

FLEXSTEEL INDUSTRIES INC announced a restructuring with charges of $2.5 million and $3.2 million affecting Dublin, Georgia manufacturing plant (approximately $2.0 million to $2.5 million for employee separations).

Type: restructuring
Charge: $2.5 million and $3.2 million
Affected area: Dublin, Georgia manufacturing plant
Headcount: approximately $2.0 million to $2.5 million for employee separations

Exact text from the filing

the company expects to incur pre-tax restructuring and related expenses between $2.5 million and $3.2 million. The one-time costs include approximately $2.0 million to $2.5 million for employee separations and $0.5 million to $0.7 million for other expenses directly related to the closure.

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Source: SEC EDGAR

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