Subscribe to Furniture Today
Research Store
RSS
Reprints/License
Print
Email

Share this on
Facebook
LinkedIn
Twitter

Flexsteel sales dip, earnings jump 23%

By Furniture Today Staff -- Furniture Today, August 18, 2002

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%
RSS
Reprints/License
Print
Email

Share this on
Facebook
LinkedIn
Twitter

Resource Center

Featured Company


Related Resources

Advertisement
More Content
  • Blogs
  • Photos

Sorry, no blogs are active for this topic.

» VIEW ALL BLOGS RSS

Atlanta International Gift & Home Furnishings Market

Here is a selection of products shown at this month's International Gift & Home Furnishings Market here.

Networking at the 13th annual F/T Leadership Conference

NAPLES, Fla. — Industry executives and guests took the opportunity to network and play golf during down time at Furniture/Today's 13th annual Leadership Conference here this month.
VIEW ALL GALLERIES

research marketing module
Casual Living Conference
eNewsletters
eletter_callout_box_FT2
About Us   |   Advertise   |   Site Map   |   Contact Us   |   Subscription   |   Affiliate Links   |   RSS
© 2012 Sandow Media LLC.All rights reserved.
Use of this website is subject to its Terms of Use | Privacy Policy