Flexsteel Posts Level 1Q Earnings, Sales Slide
Flexsteel Industries Inc. Tuesday (Oct. 25) reported a slight rise in earnings for the first quarter, as improved margins offset a 6.5% decline in sales.
The company’s net income for the quarter rose to $2.4 million from $2.3 million last year. On a per share basis, earnings remained unchanged at $0.34.
Sales for the quarter slipped 6.5% to $81.5 million from $87.2 million last year, when the company benefited from a longer than normal lag time on orders.
Looking ahead, the company said it expects that top line growth will be modest through fiscal year 2012.
Flexsteel is a manufacturer of upholstered and wood furniture for residential, recreational vehicle, office, hospitality and healthcare markets.
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