US Market News
2月前
Flexsteel Industries, Inc. Reports Fiscal Third Quarter 2026 ResultsApril 20, 2026 4:15 PM
Business Wire
Flexsteel 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 third quarter fiscal 2026 results.
Key Results for the Third Quarter Ended March 31, 2026
Net sales for the quarter of $115.1 million compared to $114.0 million in the prior year quarter, an increase of 1.0%.
GAAP operating income of $8.2 million or 7.1% of net sales compared to an operating loss of ($5.1) million or (4.4%) of net sales in the prior year quarter.
Adjusted operating income of $8.2 million or 7.1% of net sales for the third quarter compared to $8.3 million or 7.3% of net sales in the prior year quarter.
GAAP net income per diluted share of $1.14 for the current quarter compared to net loss of ($0.71) in the prior year quarter.
Adjusted net income per diluted share of $1.14 for the quarter compared to $1.13 in the prior year quarter.
GAAP to non-GAAP reconciliations follow the financial statements in this press release
Management Commentary
“I’m encouraged by how our team continues to execute in a challenging and dynamic operating environment,” said Derek Schmidt, CEO of Flexsteel Industries, Inc. “During the third quarter, we delivered relatively stable year-over-year sales performance and maintained a healthy operating margin of approximately 7 percent. While demand softened as the quarter progressed, particularly following the onset of the conflict in the Middle East, our results reflect the operating discipline we’ve built into the business and our ability to respond with agility as conditions evolve. Importantly, our core growth drivers, including new product introductions, strategic account relationships, and our health and wellness category, continued to perform well, albeit at more moderate growth levels than in prior quarters.”
Mr. Schmidt continued, “Order trends were choppy throughout the quarter, with early-quarter performance impacted by severe weather and a more pronounced slowdown emerging more recently as macroeconomic uncertainty increased with current developments in Iran. Retail partners are taking a more cautious approach to inventory, and consumer demand remains inconsistent as confidence has been affected by inflation concerns, rising energy costs, and stock market volatility. At the same time, we are beginning to see cost pressures increase across our supply chain, driven largely by higher fuel and petrochemical-related input costs stemming from the Middle East conflict. While we continue to evaluate pricing and other actions to mitigate these pressures, the current environment requires a thoughtful and measured approach given the price sensitivity of the consumer.”
Mr. Schmidt concluded, “Looking ahead, we expect near-term demand and profitability to remain under pressure, with fourth quarter sales likely flat to prior year levels and operating margins similar to third quarter performance. The duration and severity of these pressures will depend largely on macroeconomic conditions and geopolitical developments. Despite this uncertainty, our strategy and focus remain unchanged. We will continue to operate with agility, maintain disciplined cost control, and invest in the capabilities that support long-term growth, including consumer insights, innovation, product development, marketing, and customer experience. With a strong balance sheet and a resilient operating model, we believe Flexsteel is well positioned to navigate this period while continuing to strengthen our competitive position and drive long-term shareholder value."
Operating Results for the Third Quarter Ended March 31, 2026
Net sales were $115.1 million for the third quarter compared to net sales of $114.0 million in the prior year quarter, an increase of $1.1 million, or 1.0%. The increase was driven by higher pricing from tariff surcharges, offset by lower unit volume.
Gross margin for the quarter ended March 31, 2026, was 22.6%, compared to 22.2% for the prior-year quarter, an increase of 40 basis points (“bps”). The 40-bps increase was primarily driven by favorable sales composition of higher margin products.
Selling, general and administrative (SG&A) expenses were 15.5% of net sales in the third quarter of fiscal 2026 compared with 15.0% of net sales in the prior year quarter. The 50-bps increase was primarily due to investments in growth initiatives.
Operating income for the quarter ended March 31, 2026, was $8.2 million compared to loss of ($5.1) million in the prior-year quarter. Adjusted operating income for the quarter ended March 31, 2026, was $8.2 million compared to $8.3 million in the prior year quarter, a decrease of 1%.
The Company reported income tax expense of $2.1 million, or an effective rate of 24.9%, during the third quarter compared to tax benefit of ($1.2) million, or an effective rate of 24.5%, in the prior year quarter.
The Company reported net income of $6.4 million, or $1.14 per diluted share, for the quarter ended March 31, 2026, compared to net loss of ($3.7) million, or $(0.71) per diluted share, in the prior year quarter. Adjusted net income for the quarter ended March 31, 2026, was $6.4 million or $1.14 per diluted share compared to adjusted net income of $6.3 million or $1.13 per diluted share in the prior year quarter.
Liquidity
The Company ended the quarter with a cash balance of $57.3 million and working capital (current assets less current liabilities) of $142.2 million, and availability of approximately $54.1 million under its secured line of credit.
Capital expenditures for the nine months ended March 31, 2026, were $3.5 million.
Conference Call and Webcast
A conference call and audio webcast with analysts and investors will be held on Tuesday, April 21, 2026, at 8:00 a.m. Central Time to discuss the results and answer questions.
Live conference call: 833-816-1123 (domestic) or 412-317-0710 (international)
Conference call replay available through April 28, 2026: 855-669-9658 (domestic) or 412-317-0088 (international)
Replay access code: 6008790
Live and archived webcast: https://ir.flexsteel.com
To pre-register for the earnings conference call and avoid the need to wait for a live operator, investors can visit https://dpregister.com/sreg/10207340/103849873e8 and enter their contact information. Registered participants will receive their dial-in number upon registration.
About Flexsteel
Flexsteel Industries, Inc., and Subsidiaries (the “Company”) is one of the largest residential furniture manufacturers, importers, and marketers in the U.S., known for crafting comfortable, durable seating and timeless designs for rooms throughout the home. For more than 130 years, Flexsteel has built furniture with care, highlighted by its patented Blue Steel Spring technology that delivers lasting comfort and support. Today, Flexsteel products are available nationwide through retail partners and online channels, helping people create inviting, livable spaces they can enjoy for years to come.
Forward-Looking Statements
Statements, including those in this release, which are not historical or current facts, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain important factors that could cause the Company’s results to differ materially from those anticipated by some of the statements made herein. Investors are cautioned that all forward-looking statements involve risk and uncertainty. Some of the factors that could affect results are the cyclical nature of the furniture industry, supply chain disruptions, litigation, the effectiveness of new product introductions and distribution channels, the product mix of sales, pricing pressures, the cost of raw materials and fuel, changes in foreign currency values, retention and recruitment of key employees, actions by governments including laws, regulations, taxes and tariffs, the amount of sales generated and the profit margins thereon, competition (both U.S. and foreign), credit exposure with customers, participation in multi-employer pension plans, disruptions or security breaches to business information systems, the impact of any future pandemic, and general economic conditions. For further information regarding these risks and uncertainties, see the “Risk Factors” section in Item 1A of our most recent Annual Report on Form 10-K.
For more information, visit our website at http://www.flexsteel.com.
FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands)
March 31,
June 30,
2026
2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
57,283
$
40,006
Trade receivables, net
41,455
35,229
Inventories
80,569
89,135
Other
21,158
8,002
Total current assets
200,465
172,372
NONCURRENT ASSETS:
Property, plant and equipment, net
36,501
36,212
Operating lease right-of-use assets
37,264
41,545
Other assets
15,941
32,357
TOTAL ASSETS
$
290,171
$
282,486
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable - trade
$
23,894
$
25,617
Accrued liabilities
34,332
36,397
Total current liabilities
58,226
62,014
LONG-TERM LIABILITIES
Other liabilities
46,642
52,610
Total liabilities
104,868
114,624
SHAREHOLDERS' EQUITY
185,303
167,862
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
290,171
$
282,486
FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)
(in thousands, except per share data)
Three Months Ended
Nine Months Ended
March 31,
March 31,
2026
2025
2026
2025
Net sales
$
115,125
$
113,972
$
343,813
$
326,462
Cost of goods sold
89,080
88,636
264,998
255,954
Gross profit
26,045
25,336
78,815
70,508
Selling, general and administrative expenses
17,823
17,070
52,609
49,532
Right-of-use asset impairment
—
14,079
—
14,079
(Gain) on sale of real estate
—
(753
)
—
(753
)
(Gain) on disposal of assets held for sale
—
—
—
(4,991
)
Operating income (loss)
8,222
(5,060
)
26,206
12,641
Other income (expense):
Interest income
361
102
1,105
133
Interest (expense)
—
—
—
(70
)
Income (loss) before income taxes
8,583
(4,958
)
27,311
12,704
Income tax provision (benefit)
2,138
(1,216
)
6,895
3,252
Net income (loss) and comprehensive income
$
6,445
$
(3,742
)
$
20,416
$
9,452
Weighted average number of common shares outstanding:
Basic
5,349
5,271
5,333
5,240
Diluted
5,664
5,271
5,632
5,572
Earnings (loss) per share of common stock:
Basic
$
1.20
$
(0.71
)
$
3.83
$
1.80
Diluted
$
1.14
$
(0.71
)
$
3.63
$
1.70
FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Nine Months Ended
March 31,
2026
2025
OPERATING ACTIVITIES:
Net income
$
20,416
$
9,452
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
2,753
2,777
Deferred income taxes
3,349
(3,463
)
Stock-based compensation expense
3,405
2,963
Provision for credit losses
308
12
Right-of-use asset impairment
—
14,079
Loss (gain) on disposition of property, plant and equipment
99
(5,762
)
Changes in operating assets and liabilities
(3,135
)
1,295
Net cash provided by operating activities
27,195
21,353
INVESTING ACTIVITIES:
Proceeds from sale of investments
—
1,155
Proceeds from sales of property, plant and equipment
15
7,538
Capital expenditures
(3,539
)
(2,690
)
Net cash (used in) provided by investing activities
(3,524
)
6,003
FINANCING ACTIVITIES:
Dividends paid
(3,294
)
(2,655
)
Treasury stock purchases
(1,130
)
—
Proceeds from line of credit
—
202,344
Payments on line of credit
—
(207,262
)
Proceeds from issuance of common stock
70
141
Shares withheld for tax payments on vested shares and options exercised
(2,040
)
(2,051
)
Net cash (used in) financing activities
(6,394
)
(9,483
)
Increase in cash and cash equivalents
17,277
17,873
Cash and cash equivalents at beginning of the period
40,006
4,761
Cash and cash equivalents at end of the period
$
57,283
$
22,634
NON-GAAP DISCLOSURE (UNAUDITED)
The Company is providing information regarding adjusted operating income, adjusted net income, and adjusted diluted earnings per share of common stock, which are not recognized terms under U.S. Generally Accepted Accounting Principles (“GAAP”) and do not purport to be alternatives to operating income, net income, or diluted earnings per share of common stock as a measure of operating performance. A reconciliation of adjusted operating income, adjusted net income, and adjusted diluted earnings per share of common stock is provided below. Management believes the use of these non-GAAP financial measures provides investors useful information to analyze and compare performance across periods excluding the items which are considered by management to be extraordinary or one-time in nature. Because not all companies use identical calculations, these presentations may not be comparable to other similarly titled measures of other companies.
Reconciliation of GAAP operating income to adjusted operating income:
The following table sets forth the reconciliation of the Company’s reported GAAP operating income to the calculation of adjusted operating income for the three and nine months ended March 31, 2026 and 2025:
Three Months Ended
Nine Months Ended
March 31,
March 31,
(in thousands)
2026
2025
2026
2025
Reported GAAP operating income
$
8,222
$
(5,060
)
$
26,206
$
12,641
Right-of-use asset impairment
—
14,079
—
14,079
(Gain) on sale of real estate
—
(753
)
—
(753
)
(Gain) on disposal of assets held for sale
—
—
—
(4,991
)
Adjusted operating income
$
8,222
8,266
$
26,206
$
20,976
GAAP operating margin
7.1
%
-4.4
%
7.6
%
3.9
%
Adjusted operating margin
7.1
%
7.3
%
7.6
%
6.4
%
Reconciliation of GAAP net income to adjusted net income:
The following table sets forth the reconciliation of the Company’s reported GAAP net income to the calculation of adjusted net income for the three and nine months ended March 31, 2026 and 2025:
Three Months Ended
Nine Months Ended
March 31,
March 31,
(in thousands)
2026
2025
2026
2025
Reported GAAP net income
$
6,445
$
(3,742
)
$
20,416
$
9,452
Right-of-use asset impairment
—
14,079
—
14,079
(Gain) on sale of real estate
—
(753
)
—
(753
)
(Gain) on disposal of assets held for sale
—
—
—
(4,991
)
Tax impact of the above adjustments(1)
—
(3,278
)
—
(2,050
)
Adjusted net income
$
6,445
$
6,306
$
20,416
$
15,737
(1) Effective tax rate of 24.6% was used to calculate the three and nine months ended March 31, 2025.
Reconciliation of GAAP diluted earnings per share of common stock to adjusted diluted earnings per share of common stock:
The following table sets forth the reconciliation of the Company’s reported GAAP diluted earnings per share to the calculation of adjusted diluted earnings per share for the three and nine months ended March 31, 2026 and 2025:
Three Months Ended
Nine Months Ended
March 31,
March 31,
2026
2025
2026
2025
Reported GAAP diluted earnings per share
$
1.14
$
(0.71
)
$
3.63
$
1.70
Right-of-use asset impairment
—
2.52
—
2.53
(Gain) on sale of real estate
—
(0.13
)
—
(0.14
)
(Gain) on disposal of assets held for sale
—
—
—
(0.90
)
Tax impact of the above adjustments(1)
—
(0.59
)
—
(0.37
)
Adjusted diluted earnings per share
$
1.14
$
1.13
$
3.63
$
2.82
Note: The table above may not foot due to rounding.
(1) Effective tax rate of 24.6% was used to calculate the three and nine months ended March 31, 2025.
(2) Reconciling items between GAAP diluted (loss) per share and adjusted diluted earnings per share for the three months ended March 31, 2025 are adjusted using a diluted weighted average number of common shares outstanding of 5,596 which incorporates the dilutive effect of potential common shares that would not be anti-dilutive based on adjusted net income for the same period. As a result, the table may not foot.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260420775362/en/
INVESTOR CONTACT:
Michael Ressler, Flexsteel Industries, Inc.
563-585-8116
investors@flexsteel.com
Original: Flexsteel Industries, Inc. Reports Fiscal Third Quarter 2026 Results
US Market News
5月前
Flexsteel Industries, Inc. Reports Strong Fiscal Second Quarter 2026 ResultsFebruary 2, 2026 4:10 PM
Business Wire
Flexsteel 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 second quarter fiscal 2026 results.
Key Results for the Second Quarter Ended December 31, 2025
Net sales for the quarter of $118.2 million compared to $108.5 million in the prior year quarter, an increase of 9.0%.
GAAP operating income of $9.0 million or 7.6% of net sales compared to $11.7 million or 10.7% of net sales in the prior year quarter.
Adjusted operating income of $9.0 million or 7.6% of net sales for the second quarter compared to $6.7 million or 6.1% of net sales in the prior year quarter.
GAAP net income per diluted share of $1.18 for the current quarter compared to $1.62 in the prior year quarter.
Adjusted net income per diluted share of $1.18 for the quarter compared to $0.95 in the prior year quarter.
GAAP to non-GAAP reconciliations follow the financial statements in this press release
Management Commentary
“I’m pleased with our second quarter results and the way our teams continue to execute in a highly dynamic environment,” said Derek Schmidt, CEO of Flexsteel Industries, Inc. “Despite uneven industry demand and a rapidly evolving tariff landscape, we delivered 9% year-over-year sales growth and meaningful profit improvement in the quarter. Our performance reflects the quality and balance of our growth, driven by new product introductions, share gains with strategic accounts, and continued progress in casegoods and health and wellness. Just as importantly, our results demonstrate the operating discipline and agility we’ve built into the organization over the past several years.”
Mr. Schmidt continued, “While macroeconomic conditions and consumer demand remain inconsistent, we are navigating these challenges with a clear focus on execution. Our margin performance this quarter reflects structural improvements in how we operate, including productivity gains, cost discipline, and thoughtful product portfolio management. Tariffs continue to represent a significant source of uncertainty for the industry, and while we expect near-term pressure on demand and margins as higher-cost inventory flows through, we are actively managing pricing, costs, and our supply chain to mitigate the impact over time.”
Mr. Schmidt concluded, “Flexsteel enters this period with a strong balance sheet, solid profitability, and a clear strategic roadmap. We remain confident in our ability to adapt quickly to external change while continuing to invest in innovation, consumer-led product development, and our retail partnerships. These capabilities position us well to navigate near-term volatility, continue gaining share, and drive sustainable long-term growth and shareholder value."
Operating Results for the Second Quarter Ended December 31, 2025
Net sales were $118.2 million for the second quarter compared to net sales of $108.5 million in the prior year quarter, an increase of $9.7 million, or 9.0%. The increase was driven by higher unit volume in sourced soft seating products and pricing from tariff surcharges, partially offset by lower unit volume in our made-to-order soft seating products and homestyles branded ready-to-assemble category.
Gross margin for the quarter ended December 31, 2025, was 22.7%, compared to 21.0% for the prior-year quarter, an increase of 170 basis points (“bps”). The 170-bps increase was primarily driven by favorable sales composition of higher margin products, partially offset by the dilutive impact of tariffs.
Selling, general and administrative (SG&A) expenses increased to 15.1% of net sales in the second quarter of fiscal 2026 compared with 14.9% of net sales in the prior year quarter. The increase was primarily due to investments in growth initiatives.
Operating income for the quarter ended December 31, 2025, was $9.0 million compared to $11.7 million in the prior-year quarter. Adjusted operating income for the quarter ended December 31, 2025 was $9.0 million compared to $6.7 million in the prior year quarter, an increase of 35%.
The Company reported income tax expense of $2.7 million, or an effective rate of 28.9%, during the second quarter compared to tax expense of $2.6 million, or an effective rate of 22.4%, in the prior year quarter.
The Company reported net income of $6.6 million, or $1.18 per diluted share, for the quarter ended December 31, 2025, compared to net income of $9.1 million, or $1.62 per diluted share, in the prior year quarter. Adjusted net income for the quarter ended December 31, 2025, was $6.6 million or $1.18 per diluted share compared to adjusted net income of $5.3 million or $0.95 per diluted share in the prior year quarter.
Liquidity
The Company ended the quarter with a cash balance of $36.8 million and working capital (current assets less current liabilities) of $126.0 million, and availability of approximately $54.1 million under its secured line of credit.
Capital expenditures for the six months ended December 31, 2025, were $3.1 million.
Conference Call and Webcast
The Company will host a conference call and audio webcast with analysts and investors on Tuesday, February 3, 2026, at 8:00 a.m. Central Time to discuss the results and answer questions.
Live conference call: 833-816-1123 (domestic) or 412-317-0710 (international)
Conference call replay available through February 10, 2026: 855-669-9658 (domestic) or 412-317-0088 (international)
Replay access code: 1354547
Live and archived webcast: ir.flexsteel.com
To pre-register for the earnings conference call and avoid the need to wait for a live operator, investors can visit https://dpregister.com/sreg/10205900/10316d9afac and enter their contact information. Investors will then be issued a personalized phone number and pin to dial into the live conference call.
About Flexsteel
Flexsteel Industries, Inc., and Subsidiaries (the “Company”) is one of the largest residential furniture manufacturers, importers, and marketers in the U.S., known for crafting comfortable, durable seating and timeless designs for rooms throughout the home. For more than 130 years, Flexsteel has built furniture with care, highlighted by its patented Blue Steel Spring technology that delivers lasting comfort and support. Today, Flexsteel products are available nationwide through retail partners and online channels, helping people create inviting, livable spaces they can enjoy for years to come.
Forward-Looking Statements
Statements, including those in this release, which are not historical or current facts, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain important factors that could cause the Company’s results to differ materially from those anticipated by some of the statements made herein. Investors are cautioned that all forward-looking statements involve risk and uncertainty. Some of the factors that could affect results are the cyclical nature of the furniture industry, supply chain disruptions, litigation, the effectiveness of new product introductions and distribution channels, the product mix of sales, pricing pressures, the cost of raw materials and fuel, changes in foreign currency values, retention and recruitment of key employees, actions by governments including laws, regulations, taxes and tariffs, the amount of sales generated and the profit margins thereon, competition (both U.S. and foreign), credit exposure with customers, participation in multi-employer pension plans, disruptions or security breaches to business information systems, the impact of any future pandemic, and general economic conditions. For further information regarding these risks and uncertainties, see the “Risk Factors” section in Item 1A of our most recent Annual Report on Form 10-K.
For more information, visit our website at http://www.flexsteel.com.
FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands)
December 31,
June 30,
2025
2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
36,771
$
40,006
Trade receivables, net
41,832
35,229
Inventories
95,091
89,135
Other
14,903
8,002
Total current assets
188,597
172,372
NONCURRENT ASSETS:
Property, plant and equipment, net
37,176
36,212
Operating lease right-of-use assets
38,835
41,545
Other assets
25,586
32,357
TOTAL ASSETS
$
290,194
$
282,486
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable - trade
$
28,862
$
25,617
Accrued liabilities
33,772
36,397
Total current liabilities
62,634
62,014
LONG-TERM LIABILITIES
Other liabilities
48,694
52,610
Total liabilities
111,328
114,624
SHAREHOLDERS' EQUITY
178,866
167,862
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
290,194
$
282,486
FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)
(in thousands, except per share data)
Three Months Ended
Six Months Ended
December 31,
December 31,
2025
2024
2025
2024
Net sales
$
118,249
$
108,483
$
228,688
$
212,490
Cost of goods sold
91,425
85,678
175,918
167,318
Gross profit
26,824
22,805
52,770
45,172
Selling, general and administrative expenses
17,827
16,142
34,786
32,462
(Gain) on disposal of assets held for sale
—
(4,991
)
—
(4,991
)
Operating income
8,997
11,654
17,984
17,701
Other income (expense):
Interest income
353
31
744
31
Interest (expense)
—
(19
)
—
(70
)
Income before income taxes
9,350
11,666
18,728
17,662
Income tax expense
2,706
2,612
4,757
4,468
Net income and comprehensive income
$
6,644
$
9,054
$
13,971
$
13,194
Weighted average number of common shares outstanding:
Basic
5,342
5,247
5,325
5,225
Diluted
5,633
5,582
5,622
5,554
Earnings per share of common stock:
Basic
$
1.24
$
1.73
$
2.62
$
2.53
Diluted
$
1.18
$
1.62
$
2.49
$
2.38
FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Six Months Ended
December 31,
2025
2024
OPERATING ACTIVITIES:
Net income
$
13,971
$
13,194
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
1,700
1,853
Deferred income taxes
3,362
1
Stock-based compensation expense
2,261
2,101
Provision for credit losses
113
4
Loss (gain) on disposition of property, plant and equipment
101
(4,987
)
Changes in operating assets and liabilities
(16,387
)
(3,075
)
Net cash provided by operating activities
5,121
9,091
INVESTING ACTIVITIES:
Proceeds from sale of investments
—
1,155
Proceeds from sales of property, plant and equipment
4
6,704
Capital expenditures
(3,099
)
(1,334
)
Net cash (used in) provided by investing activities
(3,095
)
6,525
FINANCING ACTIVITIES:
Dividends paid
(2,217
)
(1,760
)
Treasury stock purchases
(1,130
)
—
Proceeds from line of credit
—
202,344
Payments on line of credit
—
(207,262
)
Proceeds from issuance of common stock
30
141
Shares withheld for tax payments on vested shares and options exercised
(1,944
)
(2,051
)
Net cash (used in) financing activities
(5,260
)
(8,588
)
(Decrease) increase in cash and cash equivalents
(3,234
)
7,028
Cash and cash equivalents at beginning of the period
40,006
4,761
Cash and cash equivalents at end of the period
$
36,772
$
11,789
NON-GAAP DISCLOSURE (UNAUDITED)
The Company is providing information regarding adjusted operating income, adjusted net income, and adjusted diluted earnings per share of common stock, which are not recognized terms under U.S. Generally Accepted Accounting Principles (“GAAP”) and do not purport to be alternatives to operating income, net income, or diluted earnings per share of common stock as a measure of operating performance. A reconciliation of adjusted operating income, adjusted net income, and adjusted diluted earnings per share of common stock is provided below. Management believes the use of these non-GAAP financial measures provides investors useful information to analyze and compare performance across periods excluding the items which are considered by management to be extraordinary or one-time in nature. Because not all companies use identical calculations, these presentations may not be comparable to other similarly titled measures of other companies.
Reconciliation of GAAP operating income to adjusted operating income:
The following table sets forth the reconciliation of the Company’s reported GAAP operating income to the calculation of adjusted operating income for the three and six months ended December 31, 2025 and 2024:
Three Months Ended
Six Months Ended
December 31,
December 31,
(in thousands)
2025
2024
2025
2024
Reported GAAP operating income
$
8,997
$
11,654
$
17,984
$
17,701
(Gain) on disposal of assets held for sale
—
(4,991
)
—
(4,991
)
Adjusted operating income
$
8,997
6,663
$
17,984
$
12,710
GAAP operating margin
7.6
%
10.7
%
7.9
%
8.3
%
Adjusted operating margin
7.6
%
6.1
%
7.9
%
6.0
%
Reconciliation of GAAP net income to adjusted net income:
The following table sets forth the reconciliation of the Company’s reported GAAP net income to the calculation of adjusted net income for the three and six months ended December 31, 2025 and 2024:
Three Months Ended
Six Months Ended
December 31,
December 31,
(in thousands)
2025
2024
2025
2024
Reported GAAP net income
$
6,644
$
9,054
$
13,971
$
13,194
(Gain) on disposal of assets held for sale
—
(4,991
)
—
(4,991
)
Tax impact of the above adjustments(1)
—
1,231
—
1,231
Adjusted net income
$
6,644
$
5,294
$
13,971
$
9,434
(1) Effective tax rate of 24.66% was used to calculate the three and six months ended December 31, 2024
Reconciliation of GAAP diluted earnings per share of common stock to adjusted diluted earnings per share of common stock:
The following table sets forth the reconciliation of the Company’s reported GAAP diluted earnings per share to the calculation of adjusted diluted earnings per share for the three and six months ended December 31, 2025 and 2024:
Three Months Ended
Six Months Ended
December 31,
December 31,
2025
2024
2025
2024
Reported GAAP diluted earnings per share
$
1.18
$
1.62
$
2.49
$
2.38
(Gain) on disposal of assets held for sale
—
(0.89
)
—
(0.90
)
Tax impact of the above adjustments(1)
—
0.22
—
0.22
Adjusted diluted earnings per share
$
1.18
$
0.95
$
2.49
$
1.70
Note: The table above may not foot due to rounding.
(1) Effective tax rate of 24.66% was used to calculate the three and six months ended December 31, 2024
View source version on businesswire.com: https://www.businesswire.com/news/home/20260202611818/en/
INVESTOR CONTACT:
Michael Ressler, Flexsteel Industries, Inc.
563-585-8116
investors@flexsteel.com
Original: Flexsteel Industries, Inc. Reports Strong Fiscal Second Quarter 2026 Results
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