DUBUQUE, IA - Flexsteel Industries, Inc. (NASDAQ:FLXS) will raise its dividend 20 percent, declaring an $0.18 per share dividend payable October 3, 2014.
Flexsteel says it believes that its cash flow and operating income levels support the dividend increase.
Flexsteel also announced in its most recent quarterly earnings report that "due to existing strong order backlog and positive order trends the company expects top line growth will continue into fiscal year 2015."
Residential growth is expected from existing customers and products, "led by increased demand for upholstered and ready-to-assemble products, Steelcase said in its filing, noting it "anticipates sales of commercial products to remain at current levels for fiscal year 2015."
The Company has started two multi-year initiatives designed to enhance customer experience and increase shareholder value.
"In anticipation of future growth we are implementing a logistics strategy, and are assessing our business information system requirements," says Flexsteel. "Consistent with the logistics strategy and subject to closing, the Flexsteel will be investing $35-$40 million to purchase and equip a Midwest distribution center." Other operating capital expenditures are estimated at $6 million for fiscal 2015. The Company believes it has adequate working capital and borrowing capabilities.
Founded in 1929, Flexsteel is a designer, manufacturer, and marketer of quality upholstered and wood furniture for residential, healthcare, hospitality, office and recreational vehicle markets.
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