Flexsteel's sales dip 5.1% for year, earnings off 61.5%
By Furniture Today Staff -- Furniture Today, October 7, 2001
Dubuque, Iowa — Upholstery manufacturer Flexsteel said sales in its fiscal year ended June 30 were $284.8 million, down 5.1% from last year's $300.1 million.
Earnings for the year dropped 61.5% to $4.6 million, compared with $11.9 million a year ago. The previous year's net income included a $1.2 million pretax gain on the sale of land.
The company said residential seating sales were up $14.8 million, or 8%. This partially offset the 29.7% drop in vehicle seating sales and the 9.8% decline in commercial seating sales.
Flexsteel's gross margin was 21.2%, nearly even with last year's 21.4%. The company attributed the slight decrease to lower sales volume and changes in product mix.
Fourth quarter sales were off 11% to $68.8 million, with profits plummeting more than 94% to $174,242. According to the company, the sales decrease reflected lower shipments in all seating product categories.
Flexsteel also said it would pay a fourth quarter dividend of 13 cents on Oct. 1 to shareholders of record on Sept. 20.
| Year ended 6/30 | 2001 | 2000 | Change |
|---|---|---|---|
| Sales | $284,772,510 | $300,065,940 | (5.1%) |
| Operating income | 6,542,542 | 16,429,291 | (60.2%) |
| Net income | 4,594,005 | (a)11,927,594 | (61.5%) |
| Earnings per share | 0.74 | 1.82 | (59.3%) |
| (a) Includes a $1.2 million pretax gain on the sale of land. | |||
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