Flexsteel 3Q sales up 8.9%
By Furniture Today Staff -- Furniture Today, April 25, 2006
Dubuque, Iowa — Flexsteel Inds. said its sales rose 8.9% and net income was up 3.7% in the third quarter of its fiscal year, compared with the same period a year earlier.
The manufacturer and importer said the gains were largely due to growth in its residential and commercial furniture businesses. Sales of recreational vehicle seating declined for the third straight quarter, reflecting the continued weak wholesale market for RVs.
For the three months ended March 31, sales totaled $110.3 million and net income was $1.8 million or 27 cents per share.
Flexsteel said net sales of residential furniture rose 7.8% to $69.6 million in the most recent quarter. For the first nine months of the fiscal year, residential sales were up 1.6% to $197.4 million.
The company said it was especially pleased with the performance of its Homestyles collection, which is part its DMI Furniture unit. The collection targets younger consumers, particularly those making their first significant home furnishings purchase.
Flexsteel's upholstery products are sold largely through independent furniture dealers and large regional furniture stores. At the end of the quarter, there were 426 Flexsteel galleries in place.
Sales of all products for the nine months rose 3.2% to $314.1 million. Net income dropped 28% to $3.2 million, or 49 cents per share. The year-ago figure included a one-time gain of $809,000 on the sale of property.
| Flexsteel Inds. | |||
|---|---|---|---|
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| Quarter ended 3/31 | 2006 | 2005 | Change |
| (a) Includes pretax gains on the sale of facilities of $200,409 in the 2005 quarter and $809,022 in the 2005 nine months. | |||
| Sales | $110,345,280 | $101,348,058 | 8.9% |
| Operating income | 3,142,278 | 1,545,010 | 103.4% |
| Net income | 1,761,868 | (a)1,699,658 | 3.7% |
| Earnings per share | 0.27 | 0.26 | 3.8% |
| 9 months ended 3/31 | 2006 | 2005 | Change |
| Sales | $314,081,702 | $304,254,441 | 3.2% |
| Operating income | 5,891,317 | 5,790,414 | 1.7% |
| Net income | 3,236,438 | (a)4,504,368 | (28.1%) |
| Earnings per share | 0.49 | 0.68 | (27.9%) |
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Flexsteel sales rise 8.9%; earnings up 3.7%
Apr 21, 2006
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