Flexsteel Reports Year-end Sales Flat, Grow 4%
Dubuque, Iowa-based furniture supplier Flexsteel Industries Inc. reported net sales for the fiscal year ended June 30 of $339.4 million compared to $326.5 million in the prior fiscal year, an increase of 4%. Net sales for the quarter were $84.2 million compared to the prior year quarter of $85.6 million, a decrease of 1.6%.
For the fiscal year ended, residential net sales increased 4.9% to $258.1 million compared to $246.0 million for the previous year. Commercial net sales were $81.3 million for the year ended, an increase of 1.1% from net sales of $80.5 million for fiscal 2010.
Fourth quarter residential net sales were $64.4 million compared to the prior year quarter of $65.7 million, a decrease of 2%. Commercial net sales were $19.8 million for the quarter compared to $19.9 million in the prior year quarter.
Net income for the fiscal year was $10.4 million, or $1.50 per share, compared to net income of $10.8 million, or $1.61, per share in the prior year. The current year includes pre-tax charges of $1.6 million related to closing a manufacturing facility. Employee separation and other closing costs of $1.0 million are reported as facility closing costs and an inventory write-down of $0.6 million is charged to cost of goods sold. Net income for the quarter ended June 30, 2011 was $3.5 million, or $0.50 per share, compared to net income of $4.1 million, or $0.61 per share, in the prior year quarter.
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