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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Flexsteel Industries, Inc.    FLXS

FLEXSTEEL INDUSTRIES, INC.

(FLXS)
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FLEXSTEEL INDUSTRIES INC : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

09/01/2020 | 11:27am EST

Item 1.01. Entry into a Material Definitive Agreement.

On August 28, 2020, Flexsteel Industries, Inc. (the "Company") entered into a new two-year secured $25 million revolving line of credit with Dubuque Bank and Trust Company. The revolving line of credit matures on August 28, 2022. Any amounts outstanding will bear interest of 1.50% plus LIBOR, subject to a floor of 3.00%. The revolving line of credit is secured by essentially all of the Company's assets, excluding real property and requires the Company maintain compliance with certain financial and non-financial covenants. The revolving line of credit will be used for the Company's working capital needs. As of August 31, 2020, there were no outstanding amounts under this revolving line of credit.

The credit agreement, revolving line of credit note, and security agreement related to this revolving line of credit are attached to this Current Report on Form 8-K as exhibits 10.1, 10.2 and 10.3.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits

Exhibit No. Description

   10.1       Credit Agreement dated August 28, 2020 between Flexsteel
            Industries, Inc. and Dubuque Bank and Trust Company.
   10.2       Revolving Line of Credit Note dated August 28, 2020 between
            Flexsteel Industries, Inc. and Dubuque Bank and Trust Company.
   10.3       Security Agreement dated August 28, 2020 between Flexsteel
            Industries, Inc. and Dubuque Bank and Trust Company.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 367 M - -
Net income 2020 -26,8 M - -
Net cash 2020 36,2 M - -
P/E ratio 2020 -3,74x
Yield 2020 3,88%
Capitalization 249 M 249 M -
EV / Sales 2019 0,25x
EV / Sales 2020 0,18x
Nbr of Employees 636
Free-Float 86,2%
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Managers and Directors
NameTitle
Jerald K. Dittmer President, Chief Executive Officer & Director
Thomas M. Levine Chairman
Derek P. Schmidt Chief Operating & Financial Officer & Secretary
Michael J. Mcclaflin Chief Information & Technology Officer
William S. Creekmuir Independent Director