Brief: Flexsteel Industries Provides Update On Restructuring Plans

Flexsteel Industries

19/06/2019 24:31

June 18 (Reuters) - Flexsteel Industries Inc  FLXS.O :
    * FLEXSTEEL INDUSTRIES, INC. PROVIDES UPDATE ON
RESTRUCTURING
PLANS
    * FLEXSTEEL INDUSTRIES  - EXPECTS TO INCUR PRE-TAX
RESTRUCTURING
AND RELATED EXPENSES OF APPROXIMATELY $48 MILLION TO $53 MILLION
OVER THIS TWO-YEAR TIMEFRAME
    * FLEXSTEEL ANNOUNCED ITS PLAN TO TAKE ACTION ON SEVERAL KEY
INITIATIVES OVER NEXT TWO YEARS
    * COMPANY EXPECTS TO GENERATE $45 MILLION TO $55 MILLION IN
CASH
DEPENDENT UPON MARKET CONDITIONS AT TIME OF SALE
    * COMPANY PLANS TO LIST SEVERAL PROPERTIES FOR SALE WHEN
FOOTPRINT
OPTIMIZATION IS COMPLETED
    * FLEXSTEEL- SEES LOWER EMPLOYEE-RELATED COSTS, IMPROVED
EFFICIENCIES TO RESULT IN ANNUALIZED, ON-GOING COST SAVINGS OF
$27 MILLION-$32 MILLION ON RUN RATE BASIS BY 2021
    * FLEXSTEEL INDUSTRIES-ACTIONS TO INCLUDE OPTIMIZING SG&A
EXPENSES, RIGHT SIZING MANUFACTURING FOOTPRINT, STREAMLINING
SUPPLY CHAIN, MONETIZING SOME ASSETS
    * FLEXSTEEL INDUSTRIES - WHEN PROPERTIES ARE SOLD, CO
EXPECTS TO
GENERATE $45 MILLION TO $55 MILLION IN CASH DEPENDENT UPON
MARKET CONDITIONS AT TIME OF SALE

Source text for Eikon:  ID:nBw3rPx7Wa 
Further company coverage:  FLXS.O 

 ((Reuters.Briefs@thomsonreuters.com;))