Flexsteel Industries Notes Better Q1 Results
Flexsteel Industries Inc. this week reported a higher net income for the first quarter ended Sept. 30, helped mainly by a 15% increase in revenue as well as improved gross margins.
Flexsteel’s net income for the first quarter rose to $2.3 million or 34 cents per share from $1.4 million or 21 cents per share in the same quarter last year. First quarter results included a pre-tax charge of approximately $1.0 million related to the planned closing of a manufacturing operation, according to a news release.
Net sales for the quarter increased to $87.2 million from $75.9 million in the prior-year quarter, as residential net sales grew 16% and commercial net sales grew 12%.
Gross margin for the quarter edged up to 22.5% from 21.8% in the previous-year quarter, helped mainly by better coverage of fixed costs on the higher sales volume.
The Dubuque, Iowa-based manufacturer supplies seating to the RV industry.