Flexsteel's sales, earnings decline in qtr.
By Furniture Today Staff -- Furniture Today, February 13, 2005
Dubuque, Iowa — Upholstery and case goods manufacturer Flexsteel Inds. said sales in its second quarter declined 3.7% to $105 million, as income dropped 46.8% to $1.6 million from $3 million in the prior year's comparable quarter.
For the six months ended Dec. 31, sales rose 9.1% to $202.9 million, and net income fell 42.5% to $2.8 million versus $4.9 million last year. (See financial table on page 78.)
Flexsteel completed its acquisition of DMI on Sept. 17, 2003, and results reported include those of DMI from Sept. 18 of that year. Net sales from DMI came to $58 million and $35.2 million in the six months ended Dec. 31, 2004, and Dec. 31, 2003, respectively.
In the latest quarter, residential sales declined 6.9% to $70.6 million from $75.8 million in the prior year's quarter. Sales in the recreational vehicle channel dipped 5.4% to $18.9 million, while commercial sales were up 16.8% to $15.5 million.
For the six months, residential sales rose 3.5% to $129.6 million, recreational vehicle sales inched up 0.8% to $40.7 million, and commercial sales surged 60.2% to $32.6 million.
The company said the increases reflect improved industry performance for commercial products, and the inclusion of DMI's sales for the entire six months in 2004.
Gross margin in the latest quarter was 19.4%, compared to 21.3% in the prior year's quarter. For the six months, gross margin was 18.9%, compared to 21.5% in the previous period. Flexsteel attributed the decreases to increased costs of materials, especially steel and component parts with steel content, and petroleum-related items, including foam and fuel.
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