Flexsteel Industries Inc - Current report filing (8-K)
September 10 2008 - 9:10AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
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)
September
8, 2008
FLEXSTEEL
INDUSTRIES, INC.
(Exact
name of registrant as specified in its charter)
Minnesota
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0-5151
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42-0442319
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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3400 Jackson Street, Dubuque, Iowa
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52001
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s telephone number, including area code
563-556-7730
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(Former name or former address, if changed since last report.)
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Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions
(see General Instruction A.2. below)
:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.05 Costs Associated with Exit or Disposal Activities.
On September 8, 2008, the Board of Directors of Flexsteel Industries,
Inc. (the “Company”) approved management’s recommendations to close the
Company’s New Paris, Indiana recreational vehicle seating manufacturing
facility and end manufacturing operations at the Company’s Lancaster,
Pennsylvania facility. These actions are expected to more closely match
the Company’s manufacturing capacity with expected demand for
residential and recreational vehicle seating products.
Approximately 250 employees will be affected by this consolidation of
manufacturing operations over the next two to three months. The Company
estimates the manufacturing consolidation and transition will be
completed by December 31, 2008 and anticipates pre-tax restructuring and
impairment charges in the first half of fiscal year 2009 to be in the
range of $2.0 million to $2.5 million. Once the transition period is
over, the Company expects annual pre-tax savings of $3.5 million to $4.0
million from the manufacturing consolidation.
Item
7.01 Regulation FD Disclosure.
On September 10, 2008, the Registrant issued a press release announcing
plans to reduce its workforce and consolidate its manufacturing
operations which is discussed in Item 2.05 of this Form 8-K. The press
release is furnished as Exhibit 99.1 to this Form 8-K.
Item
9.01 Financial Statements and Exhibits.
Exhibit 99.1 – Press Release by Flexsteel Industries, Inc. on September
10, 2008.
SIGNATURES
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.
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FLEXSTEEL INDUSTRIES, INC.
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(Registrant)
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Date:
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September 10, 2008
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By:
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/s/ Timothy E. Hall
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Timothy E. Hall
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Vice President-Finance, CFO, and Secretary
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Principal Financial Officer
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