Flexsteel Industries board approves new $30M buyback program » 16:1301/2401/24/22
On January 20, 2022, the…
On January 20, 2022, the Flexsteel board approved a new repurchase program authorizing the company to purchase up to an aggregate of $30M of the company's common stock. There is no guarantee as to the exact number or value of shares that will be repurchased by the company, and the company may discontinue repurchases at any time that management determines additional repurchases are not warranted. The timing and amount of share repurchases under the $30M share repurchase program will depend on several factors, including the company's stock valuation, ongoing capital planning considerations and cash priorities, general market conditions and applicable legal requirements.
Flexsteel Industries reports Q2 EPS ($1.05) vs. 79c last year » 16:1201/2401/24/22
Reports Q2 revenue…
Reports Q2 revenue $141.7M vs. $119.1M last year. CEO Jerry Dittmer says: "Despite delivering strong sales growth of 18.9% during the quarter, profit results were hampered by continued supply chain disruptions and swelling logistics costs. We are competing well and gaining market share as demonstrated by our six consecutive quarters of double-digit sales growth. We intend to continue this momentum and expect sales in our fiscal third quarter to grow in the range of 14% to 22%. Although our growth outlook is promising, we are contending with major supply chain challenges which are adversely impacting near-term profit results. First and most notable, ancillary costs associated with ocean container logistics, such as demurrage, detention and chassis charges, surpassed $15 million in the quarter. We've imported a record number of containers in the past seven months to support our robust growth and strategically build inventory. However, severe congestion at ports and railroads combined with a lack of truck drivers and warehouse workers to pick up, unload, and return containers has financially burdened these imports with significant, unanticipated ancillary charges. Rate increases and more stringent terms from transportation companies have exacerbated the cost issue. We have deployed a variety of strategies to aggressively manage these expenses, and as a result, we expect ancillary charges to decrease substantially in the third quarter. Second, ocean container freight rates continue to climb to new highs due to supply and demand imbalances, and we anticipate rates will remain elevated through the remainder of calendar 2022. Third, inflationary cost pressures are building in other areas of our supply chain including materials, wages, and domestic transportation. We are implementing pricing increases to pass along these higher costs to the market where we can, but the lag in price realization will negatively impact gross margins near-term. Though much uncertainty remains in the global supply chain and cost conditions could worsen, we are taking actions to assertively manage costs and address margin pressures where possible to return the Company to profitability for the remainder of fiscal 2022."
|Over a quarter ago|
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Flexsteel Industries reports Q4 EPS 61c vs. (19c) last year » 16:1108/2308/23/21
Reports Q4 revenue…
Reports Q4 revenue $136.2M vs. $64.8M last year. "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, and it was our highest sales quarter for the fiscal year. Our growth trajectory is robust, and we intend to continue this momentum into fiscal 2022."
Flexsteel Industries raises quarterly dividend by 50% to 15c per share » 16:1003/0303/03/21
The dividend is payable…
The dividend is payable March 29, 2021 to shareholders of record as of March 17, 2021.