Flexsteel sales dip, earnings jump 23%
By Furniture Today Staff -- Furniture Today, August 19, 2002
Dubuque, Iowa — Upholstery manufacturer Flexsteel Inds. said net sales for its fiscal year slipped 1.8%, but net income rose more than 23%.
The company, which makes seating for residential, commercial and recreational vehicle use, said a strong fourth quarter that saw sales jump 11.7% wasn't enough to offset declines in earlier quarters.
For the year ended June 30, net sales totaled $279.7 million, compared with $284.8 million in the previous year. Net income was $5.7 million, or 92 cents per share, compared with $4.6 million, or 74 cents per share, in fiscal 2001.
The company said sales of residential seating, including stationary and motion upholstery, totaled $193.2 million, a decline of 3% from the prior year. However, the category saw a sales increase of 8% to $51.9 million in the fourth quarter.
Meanwhile, sales of recreational vehicle seating increased 2% for the year, and commercial seating sales were about even with fiscal 2001.
Fourth-quarter sales totaled $76.9 million, up from $68.8 million in last year's fourth quarter. Net income was $2.7 million, or 44 cents per share, compared with $174,242, or 3 cents per share, in last year's final quarter.
| Flexsteel Inds. | |||
|---|---|---|---|
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| Quarter ended 6/30 | 2002 | 2001 | Change |
| (a) Based on average shares outstanding of 6.25 million in the 2002 quarter, 6.14 million in the 2001 quarter, 6.16 million in the 2002 year and 6.17 million in the 2001 year. | |||
| Sales | $76,894,738 | $68,849,893 | 11.7% |
| Operating income | 4,194,168 | 123,295 | 3301.7% |
| Net income | 2,737,075 | 174,242 | 1470.8% |
| Earnings per share(a) | 0.44 | 0.03 | 1366.7% |
| Year ended 6/30 | 2002 | 2001 | Change |
| Sales | $279,671,402 | $284,772,510 | (1.8%) |
| Operating income | 8,268,684 | 6,465,587 | 27.9% |
| Net income | 5,659,544 | 4,594,005 | 23.2% |
| Earnings per share(a) | 0.92 | 0.74 | 24.3% |
Simmons loses $492.2M
06/15/2009Flexsteel sales dip in fourth quarter
09/15/2008Flexsteel sales dip 2.6% in 4th qtr.
08/17/2003
