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Flexsteel Industries, Inc. Reports Fiscal Fourth Quarter and Full Year 2023 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 marketers of residential furniture products in the United States, today reported fourth quarter and full-year fiscal 2023 results.\n\n\nKey Results for the Fourth Quarter and Full Year Ended June 30, 2023\n\n\n\nNet sales for the quarter decreased (15.0%) to $105.8 million compared to $124.5 million in the prior year quarter. For the year, net sales decreased (27.7%) to $393.7 million compared to $544.3 million in the prior year.\n\n\n\nFourth quarter net sales grew 6.8% sequentially compared to $99.1 million in the third quarter, which similarly grew 6.4% sequentially compared to $93.1 million in the second quarter.\n\n\n\nGross margin increased to 20.0% for the fourth quarter and 18.0% for the year compared to 14.2% in the prior year quarter and 13.4% for the prior year.\n\n\n\nGAAP operating income of $4.2 million or 4.0% of net sales for the fourth quarter and operating income of $10.5 million or 2.7% of net sales for the year compared to $3.6 million or 2.9% of net sales in the prior year quarter and $6.6 million or 1.2% of net sales for the prior year.\n\n\n\nGAAP net income per diluted share of $1.91 for the current quarter and net income per diluted share of $2.74 for the current year compared to net loss of ($0.05) in the prior year quarter and net income of $0.28 in the prior year.\n\n\n\nNon-GAAP1 net income per diluted share of $0.36 for the quarter and $0.87 for the year compared to net income of $0.41 in the prior year quarter and $0.64 in the prior year.\n\n\n\nFull year cash flow from operations of $23 million.\n\n\n\n1GAAP to non-GAAP reconciliations follow the financial statements in this press release\n\n\nManagement Commentary\n\n\n“I am pleased with our fourth quarter financial results. The continued focus on our growth initiatives enabled us to deliver another quarter of solid sequential sales growth as fourth quarter results climbed 6.8% above third quarter sales, which in turn, grew 6.4% over second quarter sales. Despite near-term macroeconomic uncertainty and softening consumer demand within the industry, we are overcoming these headwinds and building strong sales growth momentum which we will carry into fiscal year 2024,” said Jerry Dittmer, Presi...