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Flexsteel cuts dividend

By Furniture Today Staff -- Furniture Today, March 23, 2009

DUBUQUE, Iowa — Flexsteel Inds. has slashed its quarterly dividend from 13 cents to 5 cents per share.

Flexsteel said the move will strengthen the manufacturer and importer's balance sheet and save about $2.1 million annually.

The company, which has paid dividends each year since 1938, said it believes its cash flow and operating income levels are sufficient to support the lower dividend.

The new dividend is payable April 1 to stockholders of record March 20.

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