Flexsteel (FLXS) Lowers Quarterly Dividend 77.3% to $0.05; 2% Yield

Flexsteel (NASDAQ: FLXS) declared a quarterly dividend of $0.05 per share, or $0.2 annualized. This is a 77.3% decrease from the prior dividend of $0.22.

The dividend will be payable on July 6, 2020, to stockholders of record on June 19, 2020, with an ex-dividend date of June 18, 2020.

The annual yield on the dividend is 2 percent.

“At the beginning of the COVID-19 pandemic, we took swift action to protect our employees and mitigate operational and financial risk. These actions were painful but necessary to protect the Company’s future,” said Jerry Dittmer, President and CEO of Flexsteel. “Given the ongoing uncertainty of COVID’s duration and ultimate impact on the economy, our Board took the prudent action to lower our quarterly dividend to conserve cash while still maintaining a competitive yield in line with the broader market. We are proud of our track record of 314 consecutive quarters of dividend payouts and remain committed to delivering a dividend return to our shareholders.”

Dittmer continued, “We have taken advantage of the economic slowdown to accelerate our business transformation program, exit non-core businesses and sharpen our organizational focus on high-potential products that can deliver topline and profitable growth over the long term. To date, we are pleased with progress on these initiatives, and as we continue to remove complexity from our new business model, we will pursue new opportunities to reduce expenses and strengthen our liquidity.”

For a dividend history and other dividend-related data on Flexsteel (FLXS) click here.

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