28 unchanged sentences
The Company has minimal export sales.
−Removed: On June 30, 2022, the Company had approximately 33 employees located in Asia to ensure Flexsteel’s quality standards are met and to coordinate the delivery of purchased products.
−Removed: The Company leases and operates three manufacturing facilities in Juarez, Mexico and had approximately 1,200 employees located in Mexico on June 30, 2022.
−Removed: The three Juarez facilities totaled 553,000 square feet.
+Added: On June 30, 2023, the Company had approximately 34 employees located in Asia to ensure Flexsteel’s quality standards are met and to coordinate the delivery of products acquired from overseas suppliers.
+Added: The Company leases and operates three manufacturing facilities in Juarez, Mexico and leases one manufacturing facility in Mexicali, Mexico and had approximately 1,200 employees located in Mexico on June 30, 2023.
+Added: The four Mexico facilities total 1,061,000 square feet.
+Added: As of June 30, 2023, the Company has not begun operations in the Mexicali facility and had subleased approximately 105,000 square feet.
+Added: The Company is in negotiations to sublease the remainder of the facility until such time that demand necessitates the additional capacity.
+Added: See “Risk Factors” in Item 1A and Note 2 Leases of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K for further discussion of the leased assets.
Customer Backlog
7 unchanged sentences
and foreign, and is not dependent upon any single source of supply.
−Removed: The costs of certain raw materials fluctuate, but all continue to be readily available within supplier lead-times however, we could experience supply-chain disruptions at any time, which could impact the availability of materials
+Added: The costs of certain raw materials fluctuate, but all continue to be readily available within supplier lead-times;
+Added: however, we could experience supply-chain disruptions at any time, which could impact the availability of materials.
Industry Factors
5 unchanged sentences
All of Flexsteel’s stakeholders have a responsibility to protect our employees and our environment.
−Removed: The officers of Flexsteel and its subsidiaries will use our role as business and community leaders to set the tone at the top to guide our management teams in their efforts to improve the workplace and the environment we directly impact.
−Removed: Because we are committed to sustainable business practices, to our people, and to our communities, we will continue to grow and expand the scope of our dedications to the stewardship of our valued
+Added: The officers of Flexsteel and its subsidiaries will use our role as business and community leaders to set the tone at the top to guide our management teams in their efforts
+Added: to improve the workplace and the environment we directly impact.
+Added: Because we are committed to sustainable business practices, to our people, and to our communities, we will continue to grow and expand the scope of our dedications to the stewardship of our valued resources.
The Company is subject to environmental laws and regulations with respect to product content and industrial waste.
2 unchanged sentences
The Company owns the United States improvement patents to its Flexsteel guaranteed-for-life Blue Steel Spring – the all-riveted, high-carbon, steel-banded seating platform that gives upholstered and leather furniture the strength and comfort to last a lifetime, as well as patents on convertible beds.
−Removed: The Company has patents and owns certain trademarks in connection with its furniture.
+Added: The Company owns other patents and owns certain trademarks in connection with its furniture.
It is not common in the furniture industry to obtain a patent for a furniture design.
10 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.