secwatch.observer — SEC 8-K summary
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Issuer:     FLEXSTEEL INDUSTRIES INC (FLXS)
CIK:        0000037472
Form:       8-K
Filed at:   2021-10-25T23:59:59+00:00
Accession:  0001562762-21-000371
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Flexsteel Q1 sales up 30.8% to $137.7M; GAAP EPS $0.61, non-GAAP $0.48 vs $0.80
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- Net sales $137.7M (+30.8% YoY); retail home furnishings backlog $133M (+56.5% YoY).
- GAAP net income $4.35M ($0.61/diluted share); adjusted net income $3.4M ($0.48/diluted share).
- Gross margin fell 470 bps to 17.0% due to supply chain costs (material, labor, freight).
- New Mexicali plant construction started (507,800 sq ft, completion June 2022); Juarez plant ramping.
- Inventory at $193.7M (+174.5% over 15 months); new Greencastle, PA DC opening February 2022.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/37472/000156276221000371/0001562762-21-000371-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/37472/000156276221000371/flxs-20211025x8k.htm
  HTML page:      https://secwatch.observer/filing/0001562762-21-000371

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