Flexsteel Inds. records $2.9 million profit for latest quarter
Residential furniture sales rise 7.7%
Furniture Today Staff -- Furniture Today, February 5, 2010
DUBUQUE, Iowa — Aided by the strong performance of its residential furniture business, upholstery and case goods producer Flexsteel Inds. recorded a profit of $2.96 million for the quarter ended Dec. 31.
In the same quarter in 2008, the company eked out a profit of $296,000.
Companywide sales fell 1.2% to $83.5 million, but residential furniture sales rose 7.7% to $62.6 million.
Commercial furniture sales, which includes the company's recreational vehicle seating business, fell 20.8% to $20.9 million.
The profit from the most recent quarter - the second quarter of Flexsteel's fiscal year - is equal to 45 cents per share. For the quarter ended Dec. 31, 2008, the total came to 4 cents per share.
"We believe that our residential product category has performed reasonably well in relation to our competition," the company said in a statement announcing the earnings data. "However, residential furniture continues to be a highly deferrable purchase item and is adversely impacted by low levels of consumer confidence, a depressed market for new housing, limited consumer credit and high unemployment."
The company said it believes sales have stabilized at current levels "and we do not foresee any immediate improvement in these conditions."
For the six months ended Dec. 31, sales were off 9.4% to $159.5 million. Residential furniture sales fell about 1% to $118.8 million.
Six-month net income totaled $4.34 million, or 66 cents per share. In the six months ended Dec. 31, 2008, the company had a net loss of $453,000, or 7 cents per share.
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