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

By Furniture Today Staff -- Furniture Today, February 11, 2007

Dubuque, Iowa — Upholstery producer and importer Flexsteel Inds. said sales for its most recent quarter were essentially flat when compared with the same quarter a year earlier, but net income nearly tripled.

The company said sales were hampered by soft business conditions in its residential furniture and recreational vehicle seating divisions. Sales declines in those units largely offset a 14.1% increase in sales in its commercial division.

Total sales for the fiscal second quarter ended Dec. 31 were $105.7 million, compared with $106.3 million in the quarter ended Dec. 31, 2005.

Net income was $1.41 million, up from $489,000 a year earlier, largely because of reduced selling, general and administrative expenses.

The company said residential furniture sales declined 3.7% to $67 million in the most recent quarter, which was the second period of Flexsteel's fiscal year.

For the first six months of the fiscal year, total sales rose 1.6% to $207 million while net income jumped 33.7% to $1.97 million or 30 cents per share.

For the six months ended Dec. 31, residential furniture sales edged up 0.9% to $128.8 million.

Flexsteel Inds.
Quarter ended 12/31	2006	2005	Change
Sales	$105,699,659	$106,301,259	(0.6%)
Operating income	2,447,142	1,092,510	124.0%
Net income	1,408,657	489,017	188.1%
Earnings per share	0.21	0.07	200.0%
6 months ended 12/31	2006	2005	Change
Sales	$207,039,215	$203,736,422	1.6%
Operating income	3,571,392	2,749,039	29.9%
Net income	1,971,782	1,474,570	33.7%
Earnings per share	0.30	0.22	36.4%

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