Share this on

Sales gains drive tripling of net income in Flexsteel

By Furniture Today Staff -- Furniture Today, February 9, 2003

Dubuque, Iowa — With across-the-board increases in all three manufacturing segments, upholstery producer Flexsteel Inds. said sales rose 11.8% of $73.6 million in its second quarter ended Dec. 31, while net income shot up 211.8% to $2.2 million.

For the first six months, net sales were up 11.3% to $143.6 million and net income soared 367.9% to $4.2 million.

During the latest quarter, Flexsteel said residential seating sales were $50.5 million, an increase of 6% from the prior year's quarter. Recreational vehicle seating sales were $17.8 million, up 28%, and commercial seating sales were $5.3 million, up 16%.

For the six months, residential seating sales were $96.5 million, an 8% increase over the prior year's first half, recreational vehicle sales were up 23% to $37.5 million, and commercial seating sales were up 2% to $9.6 million

Bruce Lauritsen, president and chief executive officer, said in a conference call the company is continuing to seek accounts in areas where it has little business, with an emphasis on galleries and other dedicated space.

He said business is "starting to wobble a little" because of uncertainty about a potential war with Iraq. "Everybody feels good about the future but everybody is taking a breath to see what direction our country is going to take," Lauritsen said.

Flexsteel Inds.
Earnings per share are fully diluted, and all figures in parentheses are loses or declines.
Quarter ended 12/31	2002	2001	Change
(a) Based on average shares outstanding of 6.4 million in the 2002 quarter, 6.3 million in the 2002 six months and 6.1 million in the 2001 periods. (b) Includes a $403,065 pretax gain on the sale of land.
Sales	$73,580,061	$65,826,772	11.8%
Operating income	3,357,774	922,196	264.1%
Net income	2,216,243	710,758	211.8%
Earnings per share (a)	0.35	0.12	191.7%
6 months ended 12/31	2002	2001	Change
Sales	$143,599,437	$129,034,342	11.3%
Operating income	5,973,018	978,489	510.4%
Net income	(b)4,247,103	907,651	367.9%
Earnings per share (a)	0.67	0.15	346.7%

Share this on

Flexsteel 4Q sales fall 12%

Sep 21, 2008

Furniture source Flexsteel posts loss as sales fall 25%

Apr 22, 2009

Flexsteel's 2Q net income nearly triples to $1.41 million

Feb 25, 2007

Flexsteel 3Q sales up 8.9%

May 9, 2006

Flexsteel sales rise 4%

Nov 5, 2006

Also by this author

Also by Staff Staff

Featured Company

FurnitureCore.com

FurnitureCore.com is a dynamic web application aimed at the furniture industry. Retailers and manufacturers alike will find our deep reserve of tools to be exactly what their furniture business needs.www.furniturecore.com... more