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Flexsteel Industries, Inc. Reports Fiscal Fourth Quarter and Full Year 2020 Results
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 residential furniture and products in the United States, today reported fourth-quarter and full-year fiscal 2020 results. For the fourth quarter 2020, the Company reported net sales of $64.8 million and a net loss of $25.7 million. GAAP net loss per diluted share was ($3.23), compared to ($2.52) in the prior year quarter. Non-GAAP adjusted net income (loss) per diluted share was ($0.47), compared to ($0.54) in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this press release. For the full-year fiscal 2020, the Company reported net sales of $366.9 million and a net loss of $26.8 million, or ($3.37) per diluted share.\n\n\nNet sales for the quarters ended June 30, (in millions):\n\n\n\n\n \n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n$ Change\n\n\n\n \n\n\n\n% Change\n\n\n\n\n\nResidential\n\n\n\n \n\n\n\n$\n\n\n\n60.7\n\n\n\n \n\n\n\n$\n\n\n\n85.1\n\n\n\n \n\n\n\n$\n\n\n\n(24.4)\n\n\n\n \n\n\n\n(28.7)\n\n\n\n%\n\n\n\n\n\nContract\n\n\n\n \n\n\n\n \n\n\n\n4.1\n\n\n\n \n\n\n\n \n\n\n\n15.1\n\n\n\n \n\n\n\n \n\n\n\n(11.0)\n\n\n\n \n\n\n\n(72.5)\n\n\n\n \n\n\n\n\n\nTotal\n\n\n\n \n\n\n\n$\n\n\n\n64.8\n\n\n\n \n\n\n\n$\n\n\n\n100.2\n\n\n\n \n\n\n\n$\n\n\n\n(35.4)\n\n\n\n \n\n\n\n(35.3)\n\n\n\n%\n\n\n\n\n\nNet sales for the fiscal year ended June 30, (in millions):\n\n\n\n\n \n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n$ Change\n\n\n\n \n\n\n\n% Change\n\n\n\n\n\nResidential\n\n\n\n \n\n\n\n$\n\n\n\n331.9\n\n\n\n \n\n\n\n$\n\n\n\n374.5\n\n\n\n \n\n\n\n$\n\n\n\n(42.6)\n\n\n\n \n\n\n\n(11.4)\n\n\n\n%\n\n\n\n\n\nContract\n\n\n\n \n\n\n\n \n\n\n\n35.0\n\n\n\n \n\n\n\n \n\n\n\n69.1\n\n\n\n \n\n\n\n \n\n\n\n(34.1)\n\n\n\n \n\n\n\n(49.3)\n\n\n\n \n\n\n\n\n\nTotal\n\n\n\n \n\n\n\n$\n\n\n\n366.9\n\n\n\n \n\n\n\n$\n\n\n\n443.6\n\n\n\n \n\n\n\n$\n\n\n\n(76.7)\n\n\n\n \n\n\n\n(17.3)\n\n\n\n%\n\n\n\n\n\nNet sales were $64.8 million for the quarter ended June 30, 2020 compared to net sales of $100.2 million in the prior year quarter, a decrease of 35.3%.\n\n\nResidential net sales declined 28.7% compared to the prior year quarter. Home furnishings sales, sold primarily through retail stores, were $40.1 million, d...