Flexsteel 4Q sales up 2%
By Furniture Today Staff -- Furniture Today, August 27, 2007
Dubuque, Iowa — Sales were up 2% in its fourth quarter for manufacturer Flexsteel, and were about flat for the year ended June 30, the manufacturer and importer reported.
Earnings of $5.8 million in the quarter were up substantially from the $1.5 million posted a year earlier, largely because of a $4 million gain in the latest period on the sale of a commercial property, and $500,000 in life insurance proceeds. Excluding those one-time gains, net income was $2.8 million, or 44 cents per share, the company said.
For the full year, the company earned $9.3 million or $1.42 per share, nearly double the $4.7 million or 72 cents per share, it reported for fiscal 2006. Without one-time gains, earnings in the latest year would have been $6.1 million or 93 cents per share, an increase of 28% from the previous year.
In residential furniture, fourth-quarter sales of $71.5 million were up 2% from the comparable period a year earlier. For the year, sales in the category were down 3% to $259.7 million.
Flexsteel also makes commercial furniture and recreational vehicle seating.
The company said its gross profit margin in the fourth quarter was 19.7%, up from 18.8% a year ago, because of changes in the product mix and the higher absorption of manufacturing costs. Gross margin was 19.1% in both the latest fiscal year and the previous one.
Orders in the residential and vehicle markets remained soft in its fourth quarter, consistent with industry trends, the company said. It said management "expects this softness to continue through the first half of fiscal year 2008."
| Flexsteel Inds. | |||
|---|---|---|---|
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| Quarter ended 6/30 | 2007 | 2006 | Change |
| (a) Includes pretax gains on sale of capital assets of $4 million in the 2007 quarter and $4.4 million in the 2007 year. Also includes a nontaxable gain of $500,000 or 8 cents per share on life insurance in the 2007 quarter and year. |
|||
| Sales | $114,289,285 | $112,325,883 | 1.7% |
| Operating income | 4,556,293 | 2,669,387 | 70.7% |
| Net income (a) | 5,840,602 | 1,481,745 | 294.2% |
| Earnings per share | 0.89 | 0.23 | 287.0% |
| Year ended 6/30 | 2007 | 2006 | Change |
| Sales | $425,399,951 | $426,407,585 | (0.2%) |
| Operating income | 10,327,928 | 8,560,703 | 20.6% |
| Net income (a) | 9,333,987 | 4,718,183 | 97.8% |
| Earnings per share | 1.42 | 0.72 | 97.2% |
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