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Flexsteel Industries, Inc. is a leading manufacturer, importer, and marketer of residential furniture products in the United States. The company offers a diverse range of furniture, including sofas, loveseats, chairs, and bedroom furniture, with a unique feature being their patented Blue Steel Spring for enhanced durability. Flexsteel focuses on providing high-quality furniture through both domestic manufacturing and offshore sourcing to meet customer demands efficiently.
- Primary Living Areas - Offers a broad line of residential furniture, including sofas, loveseats, and chairs, designed for comfort and style in living spaces.
- Bedroom - Provides a variety of bedroom furniture, including beds and storage solutions, to enhance bedroom aesthetics and functionality.
- Storage/Organization - Features furniture designed for efficient storage and organization, catering to various home needs.
- Health & Wellness - Includes furniture products that focus on ergonomic design and comfort to promote health and wellness.
- Dining - Offers dining tables and chairs that combine style and practicality for dining areas.
- Outdoor - Provides outdoor furniture designed to withstand the elements while offering comfort and style for outdoor living spaces.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Derek P. Schmidt [Oct 25 ExecutiveBoard | Chief Executive Officer | CEO of Flexsteel Industries since July 1, 2024 and President since January 10, 2024, with extensive prior experience as CFO and COO at the company. | View Report → | |
David E. Crimmins [Oct 25 Executive | Vice President, Sales and Product Management | David E. Crimmins serves as the Vice President, Sales and Product Management at Flexsteel Industries, Inc. as of October 25, 2024, having joined as Vice President, Sales in September 2019 and expanded his role in January 2023 to include product management responsibilities. | ||
Michael J. McClaflin [Oct 25 Executive | Chief Information and Technology Officer | Michael J. McClaflin is the Chief Information and Technology Officer at Flexsteel Industries since March 2019, responsible for strategic technology and information investments. He brings over 25 years of IT leadership experience, having previously served in roles such as Director of Acquisition Strategy and Integration at Genuine Parts Corporation and Vice President of eBusiness and IT at The HON Company. | ||
Michael J. Ressler [Oct 25 Executive | Chief Financial Officer, Treasurer, and Secretary | Michael J. Ressler serves as the Chief Financial Officer, Treasurer, and Secretary at Flexsteel Industries, Inc. since January 10, 2024, and has over 17 years of progressive leadership at the company, having previously held roles such as Corporate Accountant, Director of Finance, and Vice President of Manufacturing. | ||
Stacy M. Kammes [Oct 25 Executive | Vice President, Human Resources | Stacy M. Kammes has served as Vice President, Human Resources at FLXS since 2017 after joining as Director, Human Resources in 2014, and she was appointed Assistant Secretary in May 2020. | ||
Jeanne McGovern [Oct 25 Board | Class I Director | Director at Huntsman Corporation ; Chair of the Audit Committee at Huntsman Corporation ; Member of the Nominating and Governance Committee at Huntsman Corporation | Jeanne McGovern has been serving as a Class I Director at Flexsteel Industries, Inc. since September 30, 2022 and is a member of the Audit and Ethics Committee. | |
Kathryn P. Dickson [Oct 25 Board | Director | Lead Independent Director at Black Rifle Coffee Company; Chair for the Compensation Committee at Black Rifle Coffee Company; Member of the Nominating and Governance Committee at Black Rifle Coffee Company | Kathryn P. Dickson has served as a Director at Flexsteel Industries, Inc. since 2021. She also holds key board roles externally, including at Black Rifle Coffee Company. | |
M. Scott Culbreth [Oct 25 Board | Director | President, Chief Executive Officer and Director at American Woodmark Corporation ; Member, Pamplin Finance Advisory Board | M. Scott Culbreth has served as an independent director at Flexsteel Industries, Inc. since 2021 and was appointed on December 21, 2021. He is also the President, Chief Executive Officer, and Director of American Woodmark Corporation since 2020. | |
Thomas M. Levine [Oct 25 Board | Chairman of the Board | Independent Management Advisor | Thomas M. Levine serves as Chairman of the Board at Flexsteel Industries, Inc. since October 25, 2024 and has been a Director since 2010. He has extensive experience including his current role as an Independent Management Advisor since 1995 and previous executive roles at Fostin Capital Corp. (1982–1999) and Foster Industries, Inc. (1982–1994). | |
William S. Creekmuir [Oct 25 Board | Director at Flexsteel Industries, Inc. | Principal Owner and President of Pinnacle Search Partners, LLC; Sole Owner of Iconics Decor, LLC | William S. Creekmuir has been a director at Flexsteel Industries, Inc. since 2019 and serves as Chair of the Audit and Ethics Committee as well as a member of the Nominating and Governance Committee. Previously, he held executive roles at Simmons Bedding Company and LADD Furniture, Inc.. |
- Given the recent volatility in ocean freight costs that is diluting margins, how will you manage the balance between passing costs onto customers and maintaining competitive retail pricing without permanently eroding your margins? [Document 1]
- With SG&A expenses already below expectations and targets set between 15% and 15.5% of sales, how do you plan to ensure these costs remain controlled while still investing adequately in high ROI initiatives amid economic uncertainties? [Document 2]
- Your revenue outperformed guidance with 8.4% growth driven by both core markets and expansion initiatives; can you provide more detailed insight into how you will address the 30% decline in the home sales ready-to-assemble segment while sustaining overall growth momentum? [Document 4]
- In light of the potential implementation of a 25% tariff on Mexican imports, what is your actionable timeline for dual sourcing and restructuring your supply chain, and how might this affect your short-term cost structure? [Document 10]
- Now that the balance sheet is debt-free and cash is building, how will you balance reinvesting 70% back into the business with the possible need to return capital to shareholders, especially given the ongoing trade and tariff uncertainties? [Document 9]
Recent press releases and 8-K filings for FLXS.
- Net sales of $114 million increased by 6.3% year-over-year, marking the sixth consecutive growth quarter.
- Despite a GAAP operating loss of $5.1 million driven by a non-cash impairment charge of $14.1 million, adjusted operating income reached a 7.3% margin, exceeding guidance.
- The company generated $12.3 million of operating cash flow and ended the quarter with $22.6 million in cash, supported by a robust working capital position.
- Flexsteel is actively addressing tariff risks—with modest surcharges on Vietnam-sourced imports—and continues to invest in new product launches, which now represent over half of its sales.
- Flexsteel reported net sales of $114.0 million, marking a 6.3% year-over-year increase and the sixth consecutive quarter of sales growth.
- The quarter saw a GAAP operating loss of ($5.1) million driven by a $14.1 million non-cash impairment charge, while adjusted operating income reached $8.3 million.
- GAAP net loss per diluted share was ($0.71) versus an adjusted diluted EPS of $1.13, with robust cash generation of $12.3 million that bolstered the cash balance to $22.6 million.
- Net sales reached $108.5 million, reflecting 8.4% growth compared to the prior year quarter, outperforming guidance by exceeding the high end of the $103–$107 million range.
- Adjusted operating income was $6.7 million with an operating margin of 6.1%, marking the sixth consecutive quarter of improved year-over-year profitability.
- The company generated strong free cash flow, ended the quarter debt-free, and provided Q3 guidance of sales between $110 million and $115 million, indicating ongoing growth momentum and strategic management of costs.
- Net sales climbed to $108.5M, marking an 8.4% increase over the prior year quarter with GAAP operating income rising from $4.6M to $11.7M.
- Earnings improved significantly with GAAP net income per diluted share increasing to $1.62 from $0.57, and adjusted net income also showing robust gains.
- The company recorded a pre-tax gain of $5.0M from the sale of its former manufacturing facility in Dublin, GA.
- Positive cash flow was achieved with $6.7M generated from operations and all outstanding borrowings on the line of credit paid off.