Flexsteel Reports 3Q Net Income of $3.1 Million

April 16, 2013  by in UnCategorized   

By Home Furnishings Business in Upholstery on April 17, 2013

Furniture supplier Flexsteel Inds. (NASDAQ: FLXS) reported net income of $3.1 million for the third quarter ended March 31, compared to net income of $3.3 million for the same period last year.

Net sales for the quarter ended March 31 were $98.4 million, a 7.3 percent increase over prior year quarter net sales of $91.6 million. Residential net sells were $79.9 million in the current quarter, a 12.3 percent from the prior year quarter of $71.2 million due in part to an increase in demand for upholstery.

For the nine-month period ended March 31, the company reported net income of $8.9 million, compared to $8.7 million during the same nine-month period last year. Sales for the nine-month period were $284.2 million, a 10.1 percent increase from the $258 million reported in the same period last year.

Residential sales were $228.0 million for the nine-month period, a 14 percent increase from the prior year nine months $200.7 million in residential sales.

The complete earnings report is available online.