It is certainly rare to find a profitable company selling at less than 70% of book.
My problem with this company is that they have very low profit margins and returns on equity. I know they've been around for a long time but it appears they would create value by just liquidating the business instead of running it.
The furniture manufacturing business is a mature cylical business plagued by competition from overseas. Low margins come with the territory and there isn't much growth.
To make decent money in this kind of stock, you must buy when nobody else wants it and then sell it when it goes up. The dividends pay you for waiting. It is my belief that we will soon see another buying opportunity. I think we are headed for another recession this year and when we get near the end of it good value stocks like FLXS will be available at very reasonable prices. Hang in there, 1974 will soon be upon us.