Flexsteel Posts 2Q Income of $3 Million

February 4, 2010  by in UnCategorized   

By Home Furnishings Business in Financial Reports on February 5, 2010 Flexsteel Inds. (NASDAQ:FLXS) reported net income of $3 million for the second quarter ended Dec. 31, compared to net income of $300,000 in the second quarter of last year.

Sales for the quarter were $83.5 million, compared to $84.5 million for the same period last year. The company's residential sales were $62.6 million, an 8 percent increase from the prior year quarter posting of $58.1 million.

For the six-month period, the company reported net income of $4.3 million, compared to a loss of $500,000 in the six-month period last year. Sales for the first half of the year were $159.5 million, a 9 percent decrease from sales of $176 million in the first half of last year.

Residential sales for the six months were $118.8 million, just less than sales of $120.1 million in the six months ended Dec. 31, 2008.

The company said it believes sales have stabilized and the consolidation of factories and workforce reductions completed last year has brought its overhead in line with expected demand.

The company also said its home furnishings product has "performed reasonably well in relation to our competition. However, residential furniture continues to be a highly deferrable purchase item and is adversely impacted by low consumer confidence, a depressed market for new housing, limited consumer credit and high unemployment."