Business
Flexsteel Industries, Inc. Reports Fiscal Fourth Quarter and Full Year 2021 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 products in the United States, today reported fourth quarter and full year fiscal 2021 results.\n\nHighlights for the Fourth Quarter and Full Year Ended June 30, 2021\n\n\nNet sales for the quarter increased 110% to $136.2 million compared to $64.8 million in the prior year quarter. For the year, net sales increased 30.5% to $478.9 million compared to $366.9 million in the prior year.\n\n\nOrganic net sales1, excluding discontinued Vehicle Seating and Hospitality product lines, increased by 123% for the fourth quarter and 43% for the year.\n\n\nRecord retail home furnishings backlog of $152 million as of June 30, 2021, up 238.3% versus the prior year driven by strong retail order growth of 85% for the year.\n\n\nGross margin increased to 19.4% for the fourth quarter and 20.2% for the year compared to 9.2% in the prior year quarter and 14.5% for the prior year.\n\n\nGAAP net income per diluted share of $0.81 for the current quarter and $3.09 for the current year compared to net loss of ($3.23) in the prior year quarter and ($3.37) in the prior year.\n\n\nNon-GAAP1 net income per diluted share of $0.61 for the quarter and $2.99 for the year. compared to net loss of ($0.19) in the prior year quarter and ($0.72) in the prior year.\n\n\nShare repurchases of $1.3 million for the quarter and $29.8 million during the year.\n\n\n1GAAP to non-GAAP reconciliations follow the financial statements in this press release\n\nManagement Commentary\n\n“Despite ongoing industry challenges related to supply chain, we executed well and delivered on continued strong demand for home furnishings products during our fourth quarter and full year as we reported sales growth of 110% and 30.5% for the quarter and year, and organic sales growth of 123% and 43% compared to the prior year quarter and fiscal year, with growth in virtually all product categories,” said Jerry Dittmer, President and CEO of Flexsteel Industries. “We are competing well and gaining market share. We’ve been building growth momentum throughout fiscal 2021 and finished the year strong. Fourth quarter sales of $136.2 million grew 15% sequentially from third quarter sales of $118.4 million, an...