Flexsteel Industries, Inc. (NasdaqGS:FLXS) is looking for acquisitions. Derek Schmidt, President said, "In terms of capital allocation, Budd, so I laid out earlier in the call, these pursuits to expand our penetration in new markets, we would look for value-enhancing acquisitions that would accelerate our penetration into one of those 3 areas, either help us address the needs of younger consumers, expand our product category penetration beyond the living room or expand our sales distribution beyond the independent retailer. So the areas that we've kind of talked about in terms of acquisition priorities would be potential outdoor company, a direct-to-consumer company or a company with a modern, mid-priced lifestyle kind of brand.
So we would expect to start to potentially accumulate some cash on the balance sheet and more proactively look for value-enhancing acquisitions".
Flexsteel Industries, Inc. is a manufacturer, importer, and marketer of residential furniture products in the United States. The Companyâs furniture products business involves the distribution of manufactured and imported products consisting of a broad line of furniture for the residential market. The Companyâs product offerings include a 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. The Company distributes its products throughout the United States through its e-commerce channel and direct sales force. The Company operates manufacturing facilities located in Dublin, Georgia, and Juarez, Mexico. The Company utilizes various types of wood, fabric, leather, filling material, high carbon spring steel, bar and wire stock, polyurethane foam and other raw materials in manufacturing furniture.