I had to find my old posts to see how long it had been
Well FLXS's income statement for the year ended 6-30-07 indicates that they made $9,000,000 which I would characterize as more than a "few million". Nevertheless, I won't disagree that they do have low margins.
However, I would like to point out that their balance sheet is unburdened with goodwill and other no value intangibles which they deserve some credit for. Besides dividends do not lie and they can not be reclaimed by the company. FLXS also does not do the routine multiple one-time charges that many other company's resort to and expect the shareholders to ignore.
I have been a follower of Graham and Buffett for many years so I know what you are talking about. Can you tell me any other good companies that you know of that sell for a similar valuation as FLXS?
I am also interested in SNS, SUP, ITIC and WSC but none of them sell with a comparable yield and discount to net working capital like FLXS. Some of those mentioned have better operating records.