Visit Greenville leader joins North Carolina Tourism Board
'It's an honor to be selected to serve on the North Carolina State Travel and Tourism Board,' Andrew Schmidt said. 'I am excited to work with Visit NC staff and tourism colleagues from across our state to move one of North Carolina's largest industries forward.'
Schmidt was also recently appointed to the Economic Development Partnership of North Carolina (EDPNC) Board of Directors in November of 2024 by Governor Roy Cooper to represent the tourism industry and help foster and maintain collaboration and economic growth and development with the state's local and regional organizations.
For more information, VisitGreenvilleNC.com: www.visitgreenvillenc.com/articles/post/visit-greenville-ncs-andrew-schmidt-appointed-to-nc-travel-tourism-board/
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Business Wire
a day ago
- Business Wire
Flexsteel Industries, Inc. Reports Fourth Quarter and Fiscal Year 2025 Results; Continued Net Sales Growth and Record Diluted Earnings Per Share
DUBUQUE, Iowa--(BUSINESS WIRE)--Flexsteel Industries, Inc. (NASDAQ: FLXS) ('Flexsteel' or the 'Company'), one of the largest manufacturers, importers, and marketers of residential furniture products in the United States, today reported fourth quarter and fiscal year 2025 results. Net sales for the quarter of $114.6 million compared to $110.8 million in the prior year quarter, an increase of 3.4% and the seventh consecutive quarter of year-over-year sales growth. For the year, net sales increased 6.9% to $441.1 million compared to $412.8 million in the prior year. GAAP operating income of $14.0 million or 12.2% of net sales for the fourth quarter and $26.6 million or 6.0% of net sales for the year compared to $7.6 million or 6.9% of net sales in the prior year quarter and $17.1 million or 4.1% of net sales for the prior year. Adjusted operating income of $10.3 million or 9.0% of net sales for the fourth quarter and $31.3 million or 7.1% of net sales for the year compared to $6.2 million or 5.6% of net sales in the prior year quarter and $18.3 million or 4.4% of net sales for the prior year. GAAP net income per diluted share of $1.89 for the current quarter and $3.55 for the year compared to net income per diluted share of $0.89 for the prior year quarter and net income per diluted share of $1.91 for the prior year. Adjusted net income per diluted share of $1.40 for the quarter and $4.17 for the year compared to adjusted net income per diluted share of $0.75 for the prior year quarter and $2.11 for the prior year. Generated $15.6 million of cash flow from operations in the fourth quarter resulting in $40 million of cash on hand and no line of credit borrowings at June 30, 2025. GAAP to non-GAAP reconciliations follow the financial statements in this press release Management Commentary 'Our strategies are working and drove strong results in the quarter,' said Derek Schmidt, CEO of Flexsteel Industries, Inc. 'While market conditions and macroeconomic uncertainty remain industry headwinds, we continued our growth momentum and delivered 3.4% sales growth in the quarter, which represents our seventh consecutive quarter of year-over-year growth. The sources of our growth remain diversified across our core business and new or expanded markets, and our continued investments in new product development, innovation, customer experience, and marketing are enabling our share gains. Additionally, we continue to drive meaningful profitability improvement and delivered an adjusted operating margin of 9% in the quarter, which represents our ninth consecutive quarter of year-over-year improvement and a 340 basis point increase compared to the prior year. Sales growth, operational productivity, and product portfolio management remain our key profit improvement levers.' Mr. Schmidt continues, 'I'm proud of the team's accomplishments in fiscal year 2025 and enthusiastic about the Company's prospects for continued success. For the year, we delivered sales growth of 7% in a challenging industry environment, expanded adjusted operating margins by 270 basis points to 7.1%, increased adjusted operating profit by 71% to $31.2 million, delivered record adjusted earnings per diluted share of $4.17, and generated $45.3 million of free cash flow, which enabled us to increase our dividend twice in the past 12 months and build a healthy cash balance of $40 million. While difficult industry conditions are expected to persist in the near-term, our team remains intensely focused on executing our growth strategies and profitability improvement initiatives to deliver strong financial results in fiscal year 2026. Tariffs represent a major risk to both demand and margins in the new year. To overcome the demand risk, we will continue delivering an exceptional customer experience, differentiated and innovative new products, high-ROI marketing investments, and deeper penetration into new or expanded markets. The margin risk from tariffs, notably the 20% tariff on imports from Vietnam, requires a multifaceted approach to mitigate including supply chain adjustments, new cost savings initiatives, and limited pricing actions. We have strong partners in our value chain and are working collaboratively with them to address the effect of tariffs while minimizing the impact on consumer prices and demand. Our team is agile and is well positioned to navigate the new tariff environment while effectively executing our growth strategies.' Mr. Schmidt concludes, 'The Company is financially strong, competing well, and gaining share. I'm encouraged by our fiscal year 2025 results and growth momentum, excited about our future, and confident in our ability to continue creating significant value for our customers and shareholders." Operating Results for the Fourth Quarter Ended June 30, 2025 Net sales were $114.6 million for the fourth quarter compared to net sales of $110.8 million in the prior year quarter, an increase of $3.8 million, or 3.4%. The increase was driven by higher unit volume from soft seating products, partially offset by decreases in our homestyles branded ready-to-assemble products. Gross margin for the quarter ended June 30, 2025, was 23.9%, compared to 21.3% for the prior-year quarter, an increase of 260 basis points ('bps'). The 260-bps increase was primarily due to a 300-bps benefit from foreign currency translation of our peso denominated assets in Mexico. The benefit is the result of the peso significantly strengthening versus the dollar in the quarter. This was partially offset by the net impact of tariffs of 40-bps. Selling, general and administrative (SG&A) expense was 15.0% of net sales for the quarter ended June 30, 2025, compared to 17.0% in the prior year quarter. The 200-bps decrease was due to leverage on higher sales in the quarter as well as the prior year quarter included a $1.5 million non-cash charge for the modification of previously awarded equity grants to our former CEO as part of his retirement agreement. During the quarter, the Company completed the sale of an ancillary building, formerly part of its Huntingburg, IN distribution center complex which was previously listed as held for sale. The Company recorded a pre-tax gain of $3.7 million related to the sale. Operating income for the quarter ended June 30, 2025, was $14.0 million compared to $7.6 million in the prior-year quarter. On an adjusted basis, operating income for the quarter ended June 30, 2025, was $10.3 million compared to $6.2 million in the prior year quarter. Income tax expense was $3.6 million, or an effective rate of 25.0%, during the fourth quarter compared to tax expense of $2.5 million, or an effective rate of 33.9%, in the prior year quarter. Net income was $10.7 million, or $1.89 per diluted share, for the quarter ended June 30, 2025, compared to net income of $4.9 million, or $0.89 per diluted share, in the prior year quarter. On an adjusted basis, net income for the quarter ended June 30, 2025, was $7.9 million or $1.40 per diluted share compared to adjusted net income of $4.1 million or $0.75 per diluted share in the prior year quarter. Liquidity The Company ended the quarter with a cash balance of $40.0 million, working capital (current assets less current liabilities) of $110.4 million, and availability of approximately $54.1 million under its secured line of credit. Capital expenditures for the year ended June 30, 2025, were $3.3 million. Financial Outlook For the first quarter fiscal 2026, the Company expects sales growth of 1% to 6% compared to the prior year quarter and operating margin of 5.5% to 7%. The impact of global trade policy changes, including tariffs, could materially change our business forecast. Besides tariffs, the most significant drivers of variability in the financial outlook are consumer demand and competitive pricing conditions, which will be shaped by macro-economic factors. Conference Call and Webcast The Company will host a conference call and audio webcast with analysts and investors on Tuesday, August 19, 2025, at 8:00 a.m. Central Time to discuss the results and answer questions. Live conference call: 833-816-1123 (domestic) or 412-317-0710 (international) Conference call replay available through August 26, 2025: 877-344-7529 (domestic) or 412-317-0088 (international) Replay access code: 5539061 Live and archived webcast: To pre-register for the earnings conference call and avoid the need to wait for a live operator, investors can visit and enter their contact information. Investors will then be issued a personalized phone number and pin to dial into the live conference call. About Flexsteel Flexsteel Industries, Inc., and Subsidiaries (the 'Company') is one of the largest manufacturers, importers, and marketers of residential furniture products in the United States. Product offerings include a wide variety of furniture such as sofas, loveseats, chairs, reclining rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which the name 'Flexsteel' is derived. The Company distributes its products throughout the United States through its e-commerce channel and direct sales force. Forward-Looking Statements Statements, including those in this release, which are not historical or current facts, are 'forward-looking statements' made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain important factors that could cause our results to differ materially from those anticipated by some of the statements made herein. Investors are cautioned that all forward-looking statements involve risk and uncertainty. Some of the factors that could affect results are the cyclical nature of the furniture industry, supply chain disruptions, litigation, restructurings, the effectiveness of new product introductions and distribution channels, the product mix of sales, pricing pressures, the cost of raw materials and fuel, changes in foreign currency values, retention and recruitment of key employees, actions by governments including laws, regulations, taxes and tariffs, the amount of sales generated and the profit margins thereon, competition (both U.S. and foreign), credit exposure with customers, participation in multi-employer pension plans, disruptions or security breaches to business information systems, the impact of any future pandemic, and general economic conditions. For further information regarding these risks and uncertainties, see the 'Risk Factors' section in Item 1A of our most recent Annual Report on Form 10-K. For more information, visit our website at June 30, June 30, 2025 2024 2025 2024 Net sales $ 114,611 $ 110,822 $ 441,073 $ 412,752 Cost of goods sold 87,175 87,255 343,129 325,508 Gross profit 27,436 23,567 97,944 87,244 Selling, general and administrative expenses 17,164 18,878 66,696 70,444 Restructuring expense — 355 — 2,982 Right-of-use asset impairment — — 14,079 — (Gain) on sale of real estate — — (753 ) — (Gain) on disposal of assets held for sale (3,702 ) (3,262 ) (8,693 ) (3,262 ) Operating income 13,974 7,596 26,615 17,080 Other income (expense): Interest income 288 6 421 20 Interest (expense) — (155 ) (70 ) (1,550 ) Total other income (expense) 288 (149 ) 351 (1,530 ) Income before income taxes 14,262 7,447 26,966 15,550 Income tax provision (benefit) 3,560 2,525 6,812 5,022 Net income and comprehensive income $ 10,702 $ 4,922 $ 20,154 $ 10,528 Weighted average number of common shares outstanding: Basic 5,276 5,157 5,249 5,170 Diluted 5,677 5,553 5,678 5,519 Earnings per share of common stock Basic $ 2.03 $ 0.95 $ 3.84 $ 2.04 Diluted $ 1.89 $ 0.89 $ 3.55 $ 1.91 Expand FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) For the years ended June 30, 2025 2024 OPERATING ACTIVITIES: Net income $ 20,154 $ 10,528 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 3,654 3,997 Deferred income taxes (3,837 ) (1,454 ) Stock-based compensation expense 3,869 4,647 Change in provision for losses on accounts receivable (244 ) (160 ) Right-of-use asset impairment 14,079 — (Gain) on disposition of property, plant and equipment (9,446 ) (2,839 ) Changes in operating assets and liabilities: 8,750 17,164 Net cash provided by operating activities 36,979 31,883 INVESTING ACTIVITIES: Proceeds from sale of investments 1,155 — Proceeds from sales of property, plant and equipment 11,535 4,179 Capital expenditures (3,258 ) (4,772 ) Net cash provided by (used in) investing activities 9,432 (593 ) FINANCING ACTIVITIES: Dividends paid (3,556 ) (3,219 ) Treasury stock purchases — (1,659 ) Proceeds from lines of credit 202,344 367,818 Payments on lines of credit (207,262 ) (391,270 ) Proceeds from issuance of common stock 141 88 Shares withheld for tax payment on vested shares and options exercised (2,833 ) (1,652 ) Net cash (used in) financing activities (11,166 ) (29,894 ) Increase in cash and cash equivalents 35,245 1,396 Cash and cash equivalents at beginning of period 4,761 3,365 Cash and cash equivalents at end of period $ 40,006 $ 4,761 Expand NON-GAAP DISCLOSURE (UNAUDITED) The Company is providing information regarding adjusted operating income, adjusted operating margin, adjusted net income, and adjusted diluted earnings per share of common stock, which are not recognized terms under U.S. Generally Accepted Accounting Principles ('GAAP') and do not purport to be alternatives to operating income, net income, or diluted earnings per share of common stock as a measure of operating performance. A reconciliation of adjusted operating income, adjusted net income, and adjusted diluted earnings per share of common stock is provided below. Management believes the use of these non-GAAP financial measures provides investors useful information to analyze and compare performance across periods excluding the items which are considered by management to be extraordinary or one-time in nature. Because not all companies use identical calculations, these presentations may not be comparable to other similarly titled measures of other companies. Reconciliation of GAAP operating income to adjusted operating income and GAAP operating margin to adjusted operating margin: The following table sets forth the reconciliation of the Company's reported GAAP operating income to the calculation of adjusted operating income for the three and twelve months ended June 30, 2025 and 2024: Reconciliation of GAAP net income to adjusted net income: The following table sets forth the reconciliation of the Company's reported GAAP net income to the calculation of adjusted net income for the three and twelve months ended June 30, 2025 and 2024: Three Months Ended Twelve Months Ended June 30, June 30, (in thousands) 2025 2024 2025 2024 Reported GAAP net income $ 10,702 $ 4,922 $ 20,154 $ 10,528 Restructuring expense — 355 — 2,982 Right-of-use asset impairment — — 14,079 — CEO transition costs — 1,510 — 1,510 (Gain) on sale of real estate — — (753 ) — (Gain) on disposal of assets held for sale (3,702 ) (3,262 ) (8,693 ) (3,262 ) Tax impact of adjustments (1) 933 617 (1,121 ) (113 ) Adjusted net income $ 7,933 $ 4,142 $ 23,666 $ 11,645 (1) Effective tax rate of 25.2% and 44.2% was used to calculate the three months ended June 30, 2025 and June 30, 2024. Effective tax rate of 24.2% and 9.2% was used to calculate the twelve months ended June 30, 2025 and 2024. Expand Reconciliation of GAAP diluted earnings per share of common stock to adjusted diluted earnings per share of common stock: The following table sets forth the reconciliation of the Company's reported GAAP diluted earnings per share to the calculation of adjusted diluted earnings per share for the three and twelve months ended June 30, 2025 and 2024: Three Months Ended Twelve Months Ended June 30, June 30, 2025 2024 2025 2024 Reported GAAP diluted income per share $ 1.89 $ 0.89 $ 3.55 $ 1.91 Restructuring expense — 0.06 — 0.54 Right-of-use asset impairment — — 2.48 — CEO transition costs — 0.27 — 0.27 (Gain) on sale of real estate — — (0.13 ) — (Gain) on disposal of assets held for sale (0.65 ) (0.59 ) (1.53 ) (0.59 ) Tax impact of adjustments (1) 0.16 0.11 (0.20 ) (0.02 ) Adjusted diluted earnings per share $ 1.40 $ 0.75 $ 4.17 $ 2.11 Note: The table above may not foot due to rounding. (1) Effective tax rate of 25.2% and 44.2% was used to calculate the three months ended June 30, 2025 and 2024. Effective tax rate of 24.2% and 9.2% was used to calculate the twelve months ended June 30, 2025 and 2024. Expand
Business Upturn
6 days ago
- Business Upturn
Toll Brothers Announces Final Opportunity to Own a New Luxury Home at Parklynn Hills Community in Fountain Inn, South Carolina
FOUNTAIN INN, S.C., Aug. 13, 2025 (GLOBE NEWSWIRE) — Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced the final opportunity to purchase a new Greenville-area home in its Parklynn Hills community in Fountain Inn, South Carolina. Only three homes remain available for sale in this idyllic community situated on rolling terrain in a convenient location close to downtown. Tucked between Simpsonville and Fountain Inn, Parklynn Hills is designed for luxury living with versatile one- and two-story home designs in an unforgettable setting. Quick move-in homes in the community, priced from the upper $500,000s, are available for delivery as early as this fall. One move-in ready home is also available. The homes include Designer Appointed Features with 4 to 5 bedrooms, including first-floor primary bedrooms suites, 3.5 to 4.5 baths, and 2.5 to 3-car garages. 'We invite home shoppers to visit Parklynn Hills before it is too late,' said Jason Simpson, Group President of Toll Brothers in South Carolina. 'Only a few new homes remain available in this exceptional community with easy access to top-rated schools and recreational amenities.' Toll Brothers residents in Parklynn Hills will enjoy a scenic location amongst rolling hills and wooded areas with convenient proximity to top schools and the charming downtown Fountain Inn. The community is minutes from two brand new, highly ranked schools: Fountain Inn High School and Rudolph G. Gordon Elementary and Middle School. Downtown Fountain Inn features boutiques, food, and fun along the small-town Main Street. Additionally, the community is just minutes from the popular Five Forks area of Simpsonville and Interstate 385. Home shoppers are invited to visit the offsite Sales Center located at 101 Belgian Lane in Simpsonville. For more information on the final opportunities to purchase in Parklynn Hills by Toll Brothers, call 866-232-1719 or visit . About Toll Brothers Toll Brothers, Inc., a Fortune 500 Company, is the nation's leading builder of luxury homes. The Company was founded 58 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol 'TOL.' The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations. Toll Brothers has been one of Fortune magazine's World's Most Admired Companies™ for 10+ years in a row, and in 2024 the Company's Chairman and CEO Douglas C. Yearley, Jr. was named one of 25 Top CEOs by Barron's magazine. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit . From Fortune, ©2025 Fortune Media IP Limited. All rights reserved. Used under license. Contact: Andrea Meck | Toll Brothers, Senior Director, Public Relations & Social Media | 215-938-8169 | [email protected] Photos accompanying this announcement are available at: Sent by Toll Brothers via Regional Globe Newswire (TOLL-REG) Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
Yahoo
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Greenville ISD to seek $399 million bond in November election
Greenville ISD trustees on Monday voted unanimously to place a $399 million bond proposal before voters in November, aiming to address rapid enrollment growth and aging facilities. According to GISD officials, a demographic study by Population and Survey Analysts projects the district will enroll 8,207 students within the next decade. More than half of the district's elementary campuses are already operating above capacity and all campuses are expected to exceed 120% of capacity by the 2034-2035 school year. The bond package was developed over several months by a community-based planning committee made up of residents, city leaders, staff, board members and parents. Committee members reviewed enrollment projections, facility needs and cost estimates before making recommendations to the board. If approved, the measure would raise the district's tax rate by 16 cents per $100 valuation. For the average home in GISD, valued at $260,000, that would mean an increase of about $16 per month, according to the district's financial adviser. The proposal includes construction of a new high school for 2,300 students with career and technical classrooms, labs, athletic courts and fine arts facilities; repurposing the current high school into a middle school; building a new early childhood center for 560 students; and adding storm shelter classrooms and science labs at Lamar and Carver elementary schools. Other projects would include land purchases for future campuses, renovations to several elementary schools and upgrades to the New Horizons campus. Greenville voters rejected three previous bond proposals in May 2022, November 2022 and November 2023 – each of which included replacing the district's current middle school and early childhood center. Those campuses, built 74 years ago, no longer meet Americans with Disabilities Act standards, Texas Education Agency requirements or current building codes, according to district officials. Early voting for the bond election will run Oct. 20–31 with Election Day set for Nov. 4. Solve the daily Crossword
