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Flexsteel Industries Inc. Message Board

  • seeeover seeeover Dec 28, 2004 8:33 PM Flag


    Table 1 and new bob. Both your comments are very interesting and informative. Look, you both know that we are in a cottage industry whereby anybody can make a folding table, stack chair, upholstered piece of furniture, rattan, etc. Etc, etc,.....

    all that stuff can be made in china and a distributor who has a wharehouse and a little repair shop can succeed where falcon has failed.

    have any of you looked at the high prices we are charging for the product? Even dave waymire couldn't sell our shit at those prices. And now we want a fifty percent deposit with every order, just about.

    we have lost our nitch to others, we have lost our great sales staff put together by kurt and manny and we have certainly lost our great manufacturing ability.

    the lenders in los angeles should kiss their money goodbye and not blame frank, but the idiot analysist that told them to loan the money.

    frank must be laughing up his sleeve at how he took the boys in l.a. I understand the west coast got a big order but the question is can they produce it or will the have to cancel it down the line when they see their is nobody to make it.

    double billing, lying about inventory, moving money around like it was the the monorail at disney world, makes frank all the more dangerous. Whatever happen to the good old days with manny when suppliers were paid, to be promoted meant something and forecasts were given to him honestly over the phone i a minuite conversation?

    oh, forgive me, i forgot, we have computers to do that and according to stevie cohen it only took five years to roll all the various computer progams into one!

    can't you people see the truth,,,,,frank and stevie never knew or could recognize what the truth was nor its significance.

    it's over and put out the lights and close the doors..... It's over.

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    • billy_bob_and_the_bongo_players billy_bob_and_the_bongo_players Dec 30, 2004 7:55 PM Flag

      First and foremost let me say that Frank won't be around much longer. This will be certainly refreshing since all of us are tired of hearing him on the quarterly conference calls explain to us how at this stage of business, the company (FCP) can hold its own!

      This figment of his own imagination, becomes a fantasy of also his sick mind when he discusses, closing factories, increasing market share, (something he knows very little about which he never explains), vertical integration (which is totally irrelevent in this business), economies of scale (which are totally a false concept for this company) and of course his claim to fame namely loaning money.

      But what this migrant midget of Mo Town, who was never in the groove, fails to understand is that business is about making money and profits, something that has escaped his comprehension which goes beyond his sick mind.

      As a long time bongo player and employee of Falcon and its stock plan, I don't know wheather to feel sorry for this David Morley style of moran or just be angry. How such a stupid person could have gone so far in the business world seems to be a indictment and or weeknes of the capitalistic system!

      All of his management, who can only do the talk without the walk are examples of how incompetence breeds total incompetence. Yes the letter Steve wrote in conjunction with Tim Kiger and John Cronin just goes to illustrate that this company's top management fail to have a clue at how to conduct themeselves in a business environment.

      Also, enough has been said about the so called 3 Amigos and the 2 lap top dogs. This is a company of fools who have attempted to talk and "tap dance,' their way out of accepting the responsiblity for poor management decisions that have destroyed this nitch player in the hospitality and lodging industry!

      So compassion? Well it will have to come from others besides me. Maybe the many institutions that loaned capital or the 'x" men who purchased stock at $3.00 or the many suppliers who will be left destitude for lack of payment or the other employees will be better natured than I and will have sympathy for Frank and his magnificant management team.

      How something that has been dead (FCP) for so long can still smell so bad is beyond comprehension

    • Hi seeeover;
      I am lol'ing your comments regarding the "Idiot" analysts. They seem to be a big part of the problem. They seem to be entirely out of touch with reality. Their conclusions defy the simplest intellectual exercise or excursion. Unfortunately I have come to the conclusion that Wall Street is just ripe with these "no nothing" say alls. I can only hope they eventually are fired and weeded out.
      Basically we are waiting to see what happens. Maybe we can nudge the balance a little one way or the other. I know there are watchers out there, that can make a difference when it gets to that point. Until then I am waiting for the next Quarterly call and Jan 14th(the defaulted covenants) and I have my fingers crossed. A equitable resolution may still be obtained. What it is and how it comes about? I can't tell you. I just know that there is that possibility.

      • 1 Reply to newbobn
      • newbobn: You are correct that the "analysts" are out of touch with reality. However, it is worse than that. Many of them will say what ever they think their executive customers want to hear in order to generate fees and commissions for themselves. Truth and integrity are concepts many analysts do not embrace. For them its all about the money they can get for themselves.

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