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) November 15, 2001
(Exact name of registrant as specified in its charter)
Flexsteel Industries, Inc.
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(State or other jurisdiction (Commission (IRS Employer
of incorporation File Number) Identification No.)
Minnesota 0-5151 42-0442319
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Registrant's telephone number, including area code 563-556-7730
Item 5. Other Events
On November 15, 2001, the Company announced the consolidation of its
Indiana vehicle seating manufacturing. The Company will close its Elkhart plant
and move the production to its New Paris, Indiana plant. See Exhibit A attached
hereto and incorporated herein.
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.
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(Registrant)
Date: November 20, 2001 By: /s/ R.J. Klosterman
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R.J. Klosterman
Financial Vice President &
Principal Financial Officer
EXHIBIT A
To Form 8-K dated November 15, 2001
FLEXSTEEL TO CONSOLIDATE PRODUCTION OF VEHICLE SEATING
Dubuque, Iowa -- November 15, 2001, Flexsteel Industries, Inc.
(NASDAQ:FLXS) announced the planned consolidation of its Indiana vehicle seating
manufacturing into its New Paris facility by closing its Elkhart facility. The
Elkhart facility is expected to close December 20, 2001.
K. Bruce Lauritsen, Flexsteel's President and Chief Executive Officer,
said that the consolidation is necessary due to the slowdown in the economy and
continued poor business conditions in the vehicle seating industries, especially
for van conversions and travel trailers, which are the primary products of the
Elkhart plant. The Elkhart products will be shifted to New Paris, so customers
will notice no difference in scheduled shipments. "We expect that during the
next six months production workers will be offered employment in our New Paris
plant as products are transferred from Elkhart and demand for vehicle seating
products increases in the spring of 2002." Additionally, some administrative
personnel will be offered employment in New Paris.
The larger New Paris plant should offer greater production efficiencies
with all units produced in the same plant, Lauritsen said. He noted the New
Paris plant with its metal parts production capabilities is more suitable for
efficient production.
A total of 84 employees are affected by this consolidation, including
32 employees who had been previously laid off.
The Company estimates the closing of the Elkhart plant will result in
net restructuring costs and potential asset impairments of approximately
$640,000 or $0.10 per share of outstanding common stock.
Forward-Looking Information
Any forward-looking statements contained in this report represent
management's current expectations based on present information and current
assumptions. Actual results could differ materially from those, which are
anticipated or projected due to a number of factors. These factors include, but
are not limited to, 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 or the volatility in the major markets, competition and
general economic conditions, and other risks and factors identified from time to
time in the Company's reports filed with the Security and Exchange Commission.