Flexsteel 1Q sales dip as net income doubles
By Furniture Today Staff -- Furniture Today, October 29, 2007
Dubuque, Iowa — Sales were off a bit but net income doubled in its first quarter for Flexsteel Inds., the manufacturer and importer reported.
Sales of $100.9 million in the period ended Sept. 30 were down 0.4% from a year earlier, while net income of $1.2 million or 18 cents per share was up from $563,125 or 9 cents per share.
In the residential furniture segment, sales of $62.7 million were up 2% from last year's first quarter. Sales in the recreational vehicle seating segment were down 1% to $15.6 million, while commercial furniture sales were off 5% to $23.6 million, mainly because of a slowdown in orders for hospitality products.
Flexsteel said its gross margin in the quarter was 19.6%, an improvement from 18.2% a year earlier, because of changes in product mix and cost controls.
Looking ahead, the company said it expects orders in the residential segment to remain consistent throughout fiscal 2008, which ends June 30, although it said further declines in the industry could result in lower order levels.
Orders in the RV and hospitality segments are down, but the company expects modest increases in its commercial office business.
| Quarter ended 9/30 | 2007 | 2006 | Change |
|---|---|---|---|
| Sales | $100,900,363 | $101,339,556 | (0.4%) |
| Operating income | 2,200,458 | 1,124,250 | 95.7% |
| Net income | 1,182,650 | 563,125 | 110.0% |
| Earnings per share | 0.18 | 0.09 | 100.0% |
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