Flexsteel sales, earnings down in quarter
Residential furnishings business declines 15%
Larry Thomas -- Furniture Today, April 24, 2007
DUBUQUE, Iowa — Manufacturer Flexsteel Inds. said sales for its fiscal third quarter ended March 31 were 5.7% below the comparable period last year, while net income fell 13.7%.
The company said sales of residential furnishings, its largest business unit, fell 15% during the quarter, while sales of recreational vehicle products declined 8%.
Sales of commercial products, however, were up 25%.
“Consistent with industry-wide trends, the residential and vehicle markets continued soft through the company’s third fiscal quarter,” Flexsteel said in a statement accompanying the earnings announcement. “The company expects this to continue through the remainder of the 2007 fiscal year.”
Net sales for the most recent quarter totaled $104.1 million, compared with $110.3 million for the same period a year earlier.
Net income was $1.52 million or 23 cents per share, compared with $1.76 million or 27 cents per share, in the comparable period last year. The most recent quarter included a one-time gain of $400,000 on the sale of vacant land.
For the first nine months of its fiscal year, Flexsteel said sales declined 0.9% to $311.1 million. Nine-month net income, however, rose 7.9% to $3.49 million or 53 cents per share.
In the nine months ended March 31, residential furnishings sales were $188.2 million, a decline of 5% from the comparable period the previous year. Recreational vehicle products sales fell 9% during the same period and commercial sales were up 17%.
-
Flexsteel 3Q sales sag 5.7%; earnings off 13.6%
Apr 29, 2007
VIEW ALL GALLERIES
