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Flexsteel Industries, Inc. Reports Fiscal First Quarter 2021 Results and Announces New $30 Million Share Repurchase Program
DUBUQUE, Iowa--(BUSINESS WIRE)-- Flexsteel Industries, Inc. (NASDAQ:FLXS) (“Flexsteel” or the “Company”), one of the largest manufacturers, importers and
About this update from Flexsteel Industries, Inc.
[{"type":"text","content":" DUBUQUE, Iowa--(BUSINESS WIRE)--\nFlexsteel Industries, Inc. (NASDAQ:FLXS) (“Flexsteel” or the “Company”), one of the largest manufacturers, importers and online marketers of furniture products in the United States, today reported first quarter 2021 financial results.\n\nHighlights for the First Quarter Ended September 30, 2020\n\n\nNet sales increased 4.9% to $105.2 million compared to $100.3 million in the prior year quarter\n\n\nOrganic net sales1, excluding discontinued Vehicle Seating and Hospitality product lines, increased by 17.9%\n\n\nRecord level backlog of $89 million driven by strong year-over-year order growth of 60% in retail home furnishings\n\n\nGross margin increased to 21.7% compared to 17.2% in the prior year quarter\n\n\nGAAP net income per diluted share of $0.49 compared to $1.17 in the prior year quarter\n\n\nNon-GAAP1 net income per diluted share of $0.80 compared to $0.00 in the prior year quarter\n\n\nShare repurchases of $9.0 million during the quarter\n\n\n1GAAP to non-GAAP reconciliations follow the financial statements in this press release.\n\nManagement Commentary\n\n“During the first quarter, we delivered solid financial results and saw increased demand for home furnishing products as consumers spend more time in the home and are shifting spending from travel and entertainment to home products,” said Jerry Dittmer, President and CEO of Flexsteel Industries.\n\n“The strategic decisions made last quarter to accelerate our transformation and heighten focus on our core retail and e-commerce furniture businesses have made us stronger and more agile to meet surging demand with a more efficient network. The Company is financially strong with over $36 million of cash and no debt. We invested in increased inventories in the first quarter to support our customers and are expecting to receive a record number of inbound shipments in our second quarter to meet continued strong demand. Additionally, we recently added new production lines in both of our North American manufacturing facilities to expand capacity. In the first quarter, we returned the business to operating margins near historical peaks which we are committed to sustaining going forward. With profitability stabilized and sales momentum strong, we are now pivoting towards strategic investments to drive long-term profitable growth and improve our cu...