5 unchanged sentences
The Company’s furniture products business involves the distribution of manufactured and imported products consisting of a broad line of furniture for the residential market.
−Removed: In fiscal 2020, the Company substantially completed its exit from the Commercial Office and custom design Hospitality product lines which served contract markets.
−Removed: During fiscal 2021, the Company substantially completed its restructuring activities related to the exit of its Vehicle Seating and the remainder of its Hospitality product lines, which also served contract markets.
−Removed: Set forth below is information for the past three fiscal years showing the Company’s net sales attributable to each of the areas of application:
−Removed: For the years ended June 30,
−Removed: (in thousands)
Manufacturing and Offshore Sourcing
−Removed: During the fiscal year ended June 30, 2023, the Company operated manufacturing facilities located in Dublin, Georgia, and Juarez, Mexico.
+Added: During the fiscal year ended June 30, 2024, the Company operated manufacturing facilities located in Dublin, Georgia, and Juarez, Mexico (the Dublin, Georgia location ceased operations effective June 30, 2024).
These ongoing manufacturing operations are integral to the Company’s product offerings and distribution strategy by offering smaller and more frequent product runs of a wider product selection.
17 unchanged sentences
The four Mexico facilities total 1,061,000 square feet.
−Removed: As of June 30, 2023, the Company has not begun operations in the Mexicali facility and had subleased approximately 105,000 square feet.
−Removed: The Company is in negotiations to sublease the remainder of the facility until such time that demand necessitates the additional capacity.
+Added: As of June 30, 2024, the Company has not begun operations in the Mexicali facility and has subleased approximately 339,000 of the 508,000 square feet.
+Added: The Company expects to sublease the facility until such time that demand necessitates the additional capacity.
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.
17 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
−Removed: to improve the workplace and the environment we directly impact.
+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 to improve the workplace and the environment we directly impact.
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.
−Removed: Further discussion is included in “Risk Factors” in Item 1A and “Legal Proceedings” in Item 3 of this Annual Report on Form 10-K.
+Added: Further discussion is included in “Risk Factors” in Item 1A of this Annual Report on Form 10-K.
Trademarks and Patents
6 unchanged sentences
The Company had approximately 1,500 employees on June 30, 2024, including 7 employees who are covered by collective bargaining agreements.
+Added: Approximately all of the Company's employees are full-time.
Management believes it has good relations with employees.
5 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.