Benzinga | Aug 24, 2021 05:47AM EDT

Flexsteel Industries Q4 Revenue Grows 110%; Warns Of Supply Chain Crunch

* Flexsteel Industries Inc (NASDAQ:FLXS) reported fourth-quarter FY21 sales growth of 110.2% year-on-year, to $136.2 million. Organic net sales, excluding discontinued Vehicle Seating and Hospitality product lines, increased by 123%.

* The revenue increase was driven by growth in home furnishings products sold through retail stores.

* Gross profit for the quarter jumped 345% Y/Y to $26.4 million, with the margin expanding 1020 basis points to 19.4%.

* The operating margin was 5.2%, and operating income totaled $7.1 million compared to a loss of $(31.7) million in Q4 FY20.

* The company held $1.3 million in cash and equivalents as of June 30, 2021.

* Non-GAAP EPS was $0.61 versus $(0.19) last year.

* "While our growth outlook is promising, there are a multitude of significant global supply chain headwinds which we are navigating in the short-term and may create choppiness in our first-half profit results for fiscal 2022," said CEO Jerry Dittmer.

* Price Action: FLXS shares closed higher by 1.68% at $37.02 on Monday.