Brief: Flexsteel Industries Reports Q4 Loss Per Share Of $2.52

Flexsteel Industries

26/08/2019 21:29

Aug 26 (Reuters) - Flexsteel Industries Inc  FLXS.O :
    * FLEXSTEEL INDUSTRIES, INC. PROVIDES UPDATE ON
RESTRUCTURING AND
REPORTS FISCAL FOURTH QUARTER AND FULL YEAR 2019 RESULTS
    * Q4 ADJUSTED NON-GAAP LOSS PER SHARE $0.28 EXCLUDING ITEMS
    * Q4 LOSS PER SHARE $2.52
    * Q4 SALES FELL 11.4 PERCENT TO $100.2 MILLION
    * FY20 WILL BE A RESET YEAR FROM A REVENUE PERSPECTIVE AS WE
EXITED TWO PRODUCT LINES LATE IN FISCAL FY19
    * EXPECT THAT CHALLENGING EXTERNAL FACTORS LIKE TARIFF WILL
CONTINUE TO PRESSURE TOPLINE IN FY20
    * RIVERSIDE FACILITY CURRENTLY UNDER A NON-BINDING LETTER OF
INTENT WITH A QUALIFIED BUYER
    * REPORTED NET LOSS INCLUDED A $10.0 MILLION PRE-TAX
RESTRUCTURING
EXPENSE
    * EXPECT RIVERSIDE FACILITY TRANSACTION TO CLOSE BEFORE END
OF
SEPTEMBER
    * DECREASED ONGOING SG&A COSTS BASED ON REDUCTIONS IN
WORKFORCE
    * Q4 RESULTS REFLECT CONTINUED INDUSTRY CHALLENGES FROM SOFT
DEMAND & FALLOUT FROM TARIFFS
    * REPORTED NET LOSS A $7.7 MILLION INVENTORY IMPAIRMENT
CHARGE
RELATED TO COMPANY'S EXIT OF CERTAIN PRODUCT LINES
    * PLANS A PHASED IMPLEMENTATION OVER NEXT THREE YEARS TO
SIMPLIFY
SOFTWARE CONFIGURATION AND REDUCE ANNUAL COSTS
    * Q4 RESULTS REFLECT CONTINUED INDUSTRY CHALLENGES FROM SOFT
DEMAND AND FALLOUT FROM TARIFFS

Source text for Eikon:  ID:nBw3Vp33ba 
Further company coverage:  FLXS.O 

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