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From Home Furnishing Business

Flexsteel Sets Record in Fiscal Q3

Flexsteel Industries Inc. (NASDAQ: FLXS) reported record net sales and net income for the quarter and nine-month period ended March 31.

Net sales of $327 million for the nine-month period were up 15% from the prior-year nine-month period. Net income was $9.4 million compared with $8.9 million for the prior-year nine-month period. Adjusted net income for the current year nine month period was $13.1 million or $1.75 per share compared to $10.0 million or $1.36 per share in the prior year period.

Net sales for the quarter ended March 31 were a third quarter record $111 million, a 12 percent increase over prior year quarter. For the quarter ended March 31, the company reported net income of $4.4 million compared with $3.1 million for the prior-year quarter.

The increase in residential sales for the three and nine months ended March 31 is primarily due to increased demand for upholstered and, to a lesser extent, ready-to-assemble products.

Flexsteel expects top-line growth will continue for the fourth quarter of fiscal year 2014.

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