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Flexsteel Industries, Inc. (FLXS)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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35.41+1.97 (+5.89%)
At close: 4:00PM EST
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  • Y
    Yahoo Finance Insights
    Flexsteel reached a 52 Week high at 38.18
  • J
    Just Me
    CliffsNotes from Q4/FY 2020
    -Lost a tremendous amount of money $26.8 Million,
    -Sales down tremendously due to Covid-19. We're uncertain about the future.
    -We have a hard time filling job openings.
    -We exited the RV Industry which is now a hot sector of Sales.
    -We exited the Hospitality Industry which is not a hot sector of Sales.
    -Container and Import Fees are increasing.
    We're selling Real Estate to offset losses.

    It would be a miracle if this company could even break even this year. It will take another restructuring to achieve that. If the Board doesn't completely replace current Executive Management, it will continue to lose.
    I've never seen more incompetence entrusted with this kind of capital in all my years of investing.
  • J
    Just Me
    I sold my remaining shares at a small loss yesterday. Why? I listened to the Conference Call. One question was: Just on the stationery business, what percentage of the mix does that represent? Answer: I don't know that. I don't have that off the top of my head. I didn't have any real confidence and that sealed it for me. No real surprise for me. The last two CEO's are people pushed out of their previous companies. Bottom line they lost 5 million dollars after a year of restructuring. They haven't had good leadership since 2012.
    Bullish
  • J
    Just Me
    I wonder how long it will be before they get a letter from the SEC. All the other major upholstery suppliers reported decreases sales Q1 but Flexsteel comes in with astronomical gains. That's a bit mysterious. As I combed their proxy statement I was amazed to see the Executive bonuses. All were compensated despite taking a pay cut and a dismal performance over the last 18 months. It should be interesting to see what develops.
  • m
    mitchell n
    Flexsteel is doing the things to turn around the company that every long term share holder dreams of. They replaced senior management, sold off some real estate to use the cash and not pile up debt. Cutting expenses and modernizing.
    Dividend may be a little rich, perhaps they will cut the dividend. Management seems enthusiastic although they made the math error on the restructure. Sales will be down initially with income up because of discontinued lines and the restructuring. We shall see how this management executes. I have been watching this one for a while and finally got in. I was waiting for the down grade and the flush.
    I initially thought that $flxs would do better than most with the tariffs, I was wrong. I couldn’t find a furniture company in the U.S. that’s not dependent on China so basically I think everyone is going to raise prices together.
  • M
    Mike
    Just listened to earnings call. Company closing most domestic upholstery production moving it to Mexico and relying on imported casegoods. Such a pity for a company with a deep history of employing USA people.
    Neutral
  • E
    Eric
    Glad to see that the Board finally did something about leadership. Company performance is extremely disappointing. Company should be making good money in this economy and with the new lower tax rates. They need a strong leader focused on results. JMHO
  • J
    Just Me
    This one has been beaten down worse than most stocks due to Coronavirus. Normally I would buy back in at 10 but I will hold off until the announce earnings at the end of the month. They ousted the CFO. I assume this is related to a 3 million bad debt hanging over their heads from a major retailer heading into bankruptcy. This once great company could be on sale for $8 a share. I would hope the Board steps in soon. This current Management team assumed the helm at $24 a share. They haven't convince anyone they're restructuring except themselves. Sales should continue to decline because nobody really believes in them.
  • P
    Pops
    Now $13. Starting to get my interest in a long term value play. Hard to say how low this poor performing stock will go but their assets should be worth a good bit more than $13. I don't know what their performance issues are but many many years ago when I was buying furniture their quality was great.
  • M
    Mike
    I’m thrilled to no longer own this stock. Suggest all to get out. Company has nothing positive going for it.
    Bearish
  • m
    mitchell n
    The good, China production down to 25% from 60%, e commerce growth gaining traction, & cash flow is positive. The bad, RV chairs in a cyclical decline, hiccup s in expected productivity savings from restructuring plan but say it is coming. The ugly, stationary furniture sales down 17% & adjusted net loss of $1.5 million. Transition & inventory costs now behind the business should start to improve from here.
  • M
    Mike
    Any input on the recent uptick?
  • Y
    Yahoo Finance Insights
    FLXS is down -5.43% to 38.30
  • Y
    Yahoo Finance Insights
    Flexsteel reached a 52 Week high at 36.10
  • L
    Lily
    $FLXS Kaness Matthew, Director of FLEXSTEEL INDUSTRIES INC bought 8000 shares on 2020-09-17. https://formwhispers.com/s?t=FLXS
    FormWhispers - Trading Ideas from Insiders FLEXSTEEL INDUSTRIES INC FLXS.
    FormWhispers - Trading Ideas from Insiders FLEXSTEEL INDUSTRIES INC FLXS.
    formwhispers.com
  • E
    Eric
    Wayfair has redefined the way furniture is sold. Flexsteel doesn't sell their sofas on wayfair. This company is in big trouble. Not to mention driving the company into the ditch with the ERP system. Board is asleep.....
  • t
    truth
    Nice report today and key factor is large sales order backlog. When all went down today this stock showed up.
    Bullish
  • m
    mitchell n
    $126 million in working capital which I expect to only go up from here with all the real estate assets $flxs still has for potential sale. It seems to me the business is being stabilized and the dividend is secure. They are preparing for possibilities of the tariffs rising moving manufacturing out of China. The goal is for a 7.% or greater EBIT by 2021. I’m not sure what that will bring in the way of earnings.
  • E
    Eric
    Why doesn't the Board show some belief in this company and buy back stock with all the cash sitting on the balance sheet?? They should individually be buying at this price as well. JMHO
  • w
    webr
    am beginning to wonder flxs stays afloat? before i invested in this company i'd call their customer service phone line and see if anyone answers. share price keeps tanking.