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Flexsteel Announces Second Quarter And Year-To-Date Fiscal 2011 Operating Results

Flexsteel Industries, Inc. (NASDAQ:FLXS) today reported results of operations for its second quarter and fiscal year-to-date December 31, 2010.

The Company reported net sales for the quarter ended December 31, 2010 of $82.8 million compared to $83.5 million in the prior year quarter. The Company reported net income for the current quarter of $2.1 million or $0.31 per share compared to net income of $3.0 million or $0.45 per share in the prior year quarter. During the current year quarter the Company completed the closing of a manufacturing facility and recorded a pre-tax charge to cost of goods sold of $0.6 million to write-down related inventory.

For the six months ended December 31, 2010, the Company reported net sales of $170.1 million compared to the prior year sales of $159.5 million, an increase of 6.6%. The Company reported net income for the current six-month period of $4.5 million or $0.65 per share compared to a net income of $4.3 million or $0.66 per share in the prior year period. The current year six-month period includes a pre-tax charge of approximately $1.0 million to facility closing costs for employee separation and other closing costs, and an inventory write-down to cost of goods sold of $0.6 million related to closing the manufacturing facility described above.

For the quarter ended December 31, 2010, residential net sales were $63.5 million, an increase of 1.5% from the prior year quarter net sales of $62.6 million. Commercial net sales were $19.3 million compared to $20.9 million in the prior year quarter, a decrease of 7.8%.

For the six months ended December 31, 2010, residential net sales were $128.8 million compared to residential net sales of $118.8 million in the six months ended December 31, 2009, an increase of 8.4%. Commercial net sales were $41.3 million for the six months ended December 31, 2010 compared to $40.7 million for the six months ended December 31, 2009, an increase of 1.6%.

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