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Flexsteel profit up

By Furniture Today Staff -- Furniture Today, February 17, 2008

Dubuque, Iowa — Changes in product mix and better cost controls have continued to help Flexsteel Inds., which reported Thursday that its fiscal second-quarter profit was up 32.6% on essentially flat sales.

The manufacturer and importer posted earnings of $1.9 million or 28 cents per share in the quarter ended Dec. 31 on revenues of $106 million, up 0.3% from the same period a year ago.

Residential furniture sales were up 0.8% in the quarter to $67.5 million. Sales in the recreational vehicle product market were flat at $14.9 million and commercial furniture sales fell 0.7% to $23.6 million, the company said.

Flexsteel said product mix changes and cost controls helped boost its gross profit margin in the latest quarter to 20.8% from 18.7% a year earlier. Selling, general and administrative expenses were higher, however, at 17.8% of sales compared with 16.4% in the 2006 quarter.

For its fiscal first half, sales were flat at $206.9 million but earnings were up 54.7%, to $3.05 million.

Company officials said they expect residential furniture order levels for the rest of this fiscal year to remain flat with the previous year, although industry-wide declines could result in reduced orders.

Flexsteel Inds.
Quarter ended 12/31	2007	2006	Change
Sales	$105,985,985	$105,699,659	0.3%
Operating income	3,251,357	2,447,142	32.9%
Net income	1,868,177	1,408,657	32.6%
Earnings per share	0.28	0.21	33.3%
6 months ended 12/31	2007	2006	Change
Sales	$206,886,348	$207,039,215	(0.1%)
Operating income	5,451,815	3,571,392	52.7%
Net income	3,050,827	1,971,782	54.7%
Earnings per share	0.46	0.30	53.3%

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Flexsteel profits rise 32.6% in second quarter

Feb 8, 2008

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