Flexsteel Industries Declares Dividend and Share Buyback Plans

Flexsteel Industries Announces Quarterly Dividend

Flexsteel Industries, Inc. (NASDAQ: FLXS) has proudly declared a quarterly dividend of $0.17 per share. This decision was made by the Board of Directors, with the dividend set to be paid on January 8, 2025, to all shareholders who are on record as of December 28, 2024.

Commitment to Shareholders

The company has a long-standing history of returning value to its shareholders, having paid cash dividends every year since 1938. This upcoming dividend marks the 332nd consecutive quarter that Flexsteel has distributed cash dividends, highlighting its commitment to maintaining a steady return for investors.

New Share Repurchase Program Authorized

On December 11, 2024, the Board of Directors approved a new share repurchase program. This program authorizes Flexsteel to buy back up to $30 million of its common stock. As of this date, there remains approximately $2.1 million in authorization from a previous share repurchase program established on January 20, 2022, which is set to expire on January 19, 2025. The company emphasizes that there are no modifications to the prior program in the new authorization.

Future Share Repurchases

It’s important to note that while Flexsteel aims to be proactive about its share repurchase strategy, there is no guarantee regarding the exact number or value of shares that will actually be bought back. The timing and volume of share repurchases under both the existing and the newly approved programs will hinge on a variety of factors. These include the company’s stock valuation, capital planning considerations, and other cash priorities, as well as broader market conditions and applicable legal requirements.

About Flexsteel Industries

Flexsteel Industries, Inc. stands out as one of the largest manufacturers and marketers of residential furniture products in the United States. The company offers a diverse range of products that encompass sofas, loveseats, chairs, reclining rocking chairs, and much more. A hallmark of their upholstered furniture is the innovative steel drop-in seat spring, which lends itself to the brand's name, Flexsteel.

Wide Range of Products

Flexsteel's product line includes not just living room furniture but also dining and outdoor furnishings. Their comprehensive selection incorporates desks, dining tables, kitchen storage solutions, and bedroom furniture, catering to a variety of tastes and preferences. The company effectively distributes these products through its e-commerce platform and a dedicated sales team across the United States.

Further Information

For those interested in learning more about Flexsteel Industries and its offerings, additional information can be found on their official website.

Frequently Asked Questions

What is the recent dividend declared by Flexsteel Industries?

Flexsteel Industries has declared a quarterly dividend of $0.17 per share, payable on January 8, 2025.

How long has Flexsteel been paying dividends?

Flexsteel has been paying cash dividends annually since 1938, marking their 332nd consecutive quarterly cash dividend.

What is the purpose of the new share repurchase program?

The new share repurchase program aims to authorize up to $30 million for purchasing common stock, contributing to shareholder value enhancement.

Will Flexsteel guarantee share repurchases?

No, while the company aims to be active in share repurchases, it does not guarantee the number or value of shares to be repurchased.

What types of products does Flexsteel Industries offer?

Flexsteel offers a wide variety of residential furniture including sofas, chairs, dining furniture, and outdoor products, catering to diverse consumer needs.

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