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Flexsteel earnings jump nearly 70% as sales rise 14.9%

Residential furniture segment sales up 16%

Larry Thomas -- Furniture Today, October 20, 2010

DUBUQUE, Iowa — Upholstery and case goods resource Flexsteel Inds. said net income for the quarter ended Sept. 30 was nearly 70% ahead of the same period last year, as sales jumped 14.9%.

Net income totaled $2.34 million or 35 cents per share, compared with $1.38 million or 21 cents per share in the quarter ended Sept. 30, 2009.

Sales in the most recent quarter, the first quarter of Flexsteel's fiscal year, were $87.2 million, compared with $75.9 million in the same period last year.

Residential furniture sales were $65.2 million, up 16% from $56.2 million in last year's first fiscal quarter.

"Our incoming order rate has slowed ... and remains soft as we move into our second quarter," the company said in a statement accompanying the quarterly financial information. "Our balance sheet remains strong, reflecting working capital in excess of $93 million and no bank borrowings."

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