FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported) March 18, 2003
(Exact name of registrant as specified in its charter)
Flexsteel Industries, Inc.
(State or other jurisdiction (Commission (IRS Employer
of incorporation File Number) Identification No.)
Minnesota 0-5151 42-0442319
Registrant's telephone number, including area code 563-556-7730
Item 5. Other Events
On March 18, 2003, Flexsteel Industries, Inc. announces that it expects
lower than projected earnings for its third and fourth fiscal quarters. See the
Press Release attached hereto and incorporated herein for further information.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Flexsteel Industries, Inc.
_________________________________
(Registrant)
Date: March 19, 2003 By: /s/ R.J. Klosterman
_________________________________
R.J. Klosterman
Financial Vice President &
Principal Financial Officer
( BW)(IA-FLEXSTEEL-INDUSTRIES)(FLXS) Flexsteel Announces Lower Earnings Outlook
Business Editors
DUBUQUE, Iowa--(BUSINESS WIRE)--March 18, 2003--Flexsteel Industries, Inc.
(Nasdaq:FLXS) today announced that it expects lower than projected earnings for
its third and fourth fiscal quarters.
"Weather conditions during February resulted in manufacturing disruptions
and inefficiencies that adversely affected product deliveries, especially on the
east coast," said President and Chief Executive Officer, K. Bruce Lauritsen. He
added, "The continuing weak consumer confidence during February and the first
half of March have combined with the geo-political issues and a general weakness
in the economy to create a very difficult business environment."
The interruption of production and deliveries due to weather coupled with
lower order levels are hindering the Company's ability to absorb fixed overhead
expenses and will lead to lower earnings in the third quarter ending March 31,
2003. The Company projects fully diluted earnings per share to be in the range
of $0.18 to $0.23.
Due to the uncertainties in the economy, the Company is unable to provide
any guidance regarding earnings for the fourth quarter.
The Company plans to report results for the third quarter on April 15,
2003.
For more information, visit our web site at http://www.flexsteel.com.
Statements, including those in this release, which are not historical or
current facts are "forward-looking statements" made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. There are
certain important factors that could cause results to differ materially from
those anticipated by some of the statements made here-in. Investors are
cautioned that all forward-looking statements involve risk and uncertainty. Some
of the factors that could affect results are the cyclical nature of the
furniture industry, the effectiveness of new product introductions, the product
mix of our sales, the cost of raw materials, the amount of sales generated and
the profit margins thereon, competition, both foreign and domestic, credit
exposure to our customers, and general economic conditions. Any forward-looking
statement speaks only as of the date of this press release. The Company
specifically declines to undertake any obligation to publicly revise any
forward-looking statements that have been made to reflect events or
circumstances after the date of such statements or to reflect the occurrence of
anticipated or unanticipated events.
--30--SH/ms*
CONTACT: Flexsteel Industries, Inc., Dubuque
Timothy E. Hall, 563/556-7730 x392