Flexsteel announces business update (NASDAQ:FLXS)

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Flexsteel (NASDAQ:FLXS) extends 25% salary reductions for the CEO and CFO/COO and 50% cash compensation reduction for the Board through October 1, 2020.

Evaluate and renegotiate Company lease obligations where feasible.

Adds new $45M credit facility with a two-year term.

Repurchase up to $6M of its outstanding common shares through June 9, 2021.

Financial Impact of Exiting RV and Hospitality Businesses

On its intent to exit the recreational vehicle seating and remaining hospitality businesses, the Company anticipates incurring pre-tax restructuring and related expenses between $25M-$28M, majority of expenses to be incurred in 4Q20. Cash charges are expected to be between $3M-$5M, and non-cash charges, including asset impairments, are expected to be between $22M and $23M.

Source: Press Release



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