FLEXSTEEL INDUSTRIES, INC. (NASDAQ:FLXS) Files An 8-K Results of Operations and Financial ConditionItem 2.02 Results of Operations and Financial Condition.
On April 20, 2017, Flexsteel Industries, Inc. issued a press release announcing Third Quarter Ended March 31, 2017 Operating Results. The Company inadvertently reported “Litigation settlement reimbursements” per diluted share for the quarters ended March 31, 2017 and 2016 as $0.06 per share and $0.10 per share, respectively, and for the nine month periods ended as $0.06 per share and $0.11 per share, respectively. The correct amounts are reflected in the paragraph below.
Reported in the Consolidated Statements of Income as “Litigation settlement reimbursements” is $1.2 million or $0.09 per share and $2.0 million or $0.16 per share during the third quarters ended March 31, 2017 and 2016, respectively. For the nine months ended March 31, 2017 and 2016, the reimbursements total $1.2 million or $0.09 per share and $2.3 million or $0.19 per share, respectively. The recovery of litigation settlement and defense costs from insurance carriers is now complete and the Indiana litigation against insurance carriers has been closed.
Item 9.01 Financial Statements and Exhibits.
Exhibit 99.1 – Press Release by Flexsteel Industries, Inc. on April 20, 2017 (Revised).
About FLEXSTEEL INDUSTRIES, INC. (NASDAQ:FLXS)
Flexsteel Industries, Inc. is a manufacturer, importer, marketer and distributor of residential and commercial upholstered and wood furniture products in the United States. The Company offers its products for contract under categories, such as hospitality, healthcare, senior living, government and commercial office. It offers furniture for common areas, guest rooms, dining areas, patient rooms, resident rooms, work spaces, reception areas, administrative and collaborative spaces. Its range of offering includes chairs, sofas, benches, ottomans, pillows, barstools, tables, headboards, group seating, desks & hutches, causeway collection, presentation boards, bookcases, recliners and storage. It also offers sectionals, reclining furniture, lift reclining furniture, media consoles, night stands and side tables, among others, for home. It offers various products for recreation, such as bucket seats, fold-n-tumble, dinette seating, helm seating and modular sectionals. FLEXSTEEL INDUSTRIES, INC. (NASDAQ:FLXS) Recent Trading Information
FLEXSTEEL INDUSTRIES, INC. (NASDAQ:FLXS) closed its last trading session down -1.28 at 51.44 with 35,988 shares trading hands.
