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Flexsteel 2Q sales down 10.9%; income falls 58.8%

By Gary Evans -- Furniture Today, February 10, 2002

Dubuque, Iowa — Upholstery producer Flexsteel Inds. said residential seating sales were down 11.2% in its second quarter ended Dec. 31, with total sales declining 10.9% to $65.8 million.

Net income fell 58.8% from a year earlier to $710,758.

In a conference call, President Bruce Lauritsen said an uptick in business began right after the High Point market. He said sales were up 3% at the San Francisco market "and continues to be going in the right direction."

Lauritsen cited the "wildly successful" introduction in October of the Christopher Lowell collection, which has produced signed commitments for 122 galleries to be rolled out by midsummer. He said it's too early to predict sales for Lowell, but that two Indiana stores with new galleries are producing good results.

Barring a catastrophe like Sept. 11, Lauritsen said he expects that consumer confidence will rebound and the company feels "like there is a little firmer footing" than in the previous year.

Flexsteel also provides seating for commercial clients and recreational vehicles, and he said upcoming model changes in RVs also will help the company's bottom line.

On Nov. 15, the company said it was closing its Elkhart, Ind., RV seating facility and incurred a second-quarter charge of $900,000, or 9 cents per share after taxes. The company expects the move will improve quarterly earnings by 1 to 2 cents per share beginning in the current quarter.

Lauritsen also said that in the second quarter, the company was able to recover about $500,000 in bad debts that had already been written off.

Flexsteel Inds.
Quarter ended 12/31	2001	2000	Change
Sales	$65,826,772	$73,917,362	(10.9%)
Operating income	976,028	2,566,003	(62.0%)
Net income	710,758	1,723,164	(58.8%)
Earnings per share	0.12	0.28	(57.1%)
6 months ended 12/31	2001	2000	Change
Sales	$129,034,342	$143,950,204	(10.4%)
Operating income	1,092,321	5,281,960	(79.3%)
Net income	907,651	3,605,540	(74.8%)
Earnings per share	0.15	0.58	(74.1%)

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