This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

Conference CallWe will host a conference call on February 4, 2011, at 10:30 a.m. Central Time. To access the call, please dial 1-866-830-5279 and provide the operator with ID# 29493988. A replay will be available for two weeks beginning approximately two hours after the conclusion of the call by dialing 1-800-642-1687 and entering ID# 29293988.

Forward-Looking StatementsStatements, including those in this release, which are not historical or current facts, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain important factors that could cause our results to differ materially from those anticipated by some of the statements made in this press release. Investors are cautioned that all forward-looking statements involve risk and uncertainty. Some of the factors that could affect results are the cyclical nature of the furniture industry, the effectiveness of new product introductions and distribution channels, the product mix of sales, pricing pressures, the cost of raw materials and fuel, foreign currency valuations, actions by governments including taxes and tariffs, inflation, the amount of sales generated and the profit margins thereon, competition (both foreign and domestic), changes in interest rates, credit exposure with customers and general economic conditions. Any forward-looking statement speaks only as of the date of this press release. We specifically decline to undertake any obligation to publicly revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

About FlexsteelFlexsteel Industries, Inc. is headquartered in Dubuque, Iowa, and was incorporated in 1929. Flexsteel is a designer, manufacturer, importer and marketer of quality upholstered and wood furniture for residential, recreational vehicle, office, hospitality and healthcare markets. All products are distributed nationally.

For more information, visit our web site at http://www.flexsteel.com.

FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
   

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)
 
December 31, June 30,
2010 2010
 

ASSETS
 
CURRENT ASSETS:
Cash and cash equivalents $ 7,160 $ 8,278
Trade receivables, net 32,454 35,748
Inventories 77,907 72,637
Other 5,258 5,126
Total current assets 122,779 121,789
 
NONCURRENT ASSETS:
Property, plant, and equipment, net 20,669 21,614
Other assets 15,578 14,267
 
TOTAL $ 159,026 $ 157,670
 

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable – trade $ 10,076 $ 10,815
Accrued liabilities 17,316 20,174
Total current liabilities 27,392 30,989
 
LONG-TERM LIABILITIES:
Other long-term liabilities 9,341 9,069

Total liabilities
36,733 40,058
 
SHAREHOLDERS’ EQUITY 122,293 117,612
 
TOTAL $ 159,026 $ 157,670
 

FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)
 
 
Three Months Ended Six Months Ended
December 31, December 31,
2010   2009 2010   2009
NET SALES $ 82,821 $ 83,524 $ 170,051 $ 159,465
COST OF GOODS SOLD (63,996 ) (63,483 ) (131,620 ) (122,868 )
GROSS MARGIN 18,825 20,041 38,431 36,597

SELLING, GENERAL AND ADMINISTRATIVE

(15,508

)

(15,263

)

(30,406

)

(29,404

)
FACILITY CLOSING COSTS --   --   (1,016 ) --  
OPERATING INCOME 3,317   4,778   7,009   7,193  

OTHER INCOME (EXPENSE):
Interest and other income 14 91 115 123
Interest expense --   (95 ) --   (233 )
Total 14   (4 ) 115   (110 )

INCOME BEFORE INCOME TAXES
3,331 4,774 7,124 7,083
INCOME TAX PROVISION (1,200 ) (1,810 ) (2,650 ) (2,740 )
NET INCOME $ 2,131   $ 2,964   $ 4,474   $ 4,343  

AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic 6,691   6,588 6,676   6,582  
Diluted 6,924   6,627 6,881   6,621  

EARNINGS PER SHARE OF COMMON STOCK:
Basic $ 0.32   $ 0.45 $ 0.67   $ 0.66  
Diluted $ 0.31   $ 0.45 $ 0.65   $ 0.66  
 

FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)
 
Six Months Ended
December 31,
2010   2009

OPERATING ACTIVITIES:
Net income $ 4,474 $ 4,343

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation 1,408 1,545
Deferred income taxes (498 ) (922 )
Stock-based compensation expense 699 431
Provision for losses on accounts receivable 800 640
Gain on disposition of capital assets (8 ) (6 )
Changes in operating assets and liabilities (6,633 ) 11,751  
Net cash provided by operating activities 242   17,782  
 

INVESTING ACTIVITIES:
Net sales of investments (189 ) (292 )
Proceeds from sale of capital assets 42 11
Capital expenditures (585 ) (923 )
Net cash used in investing activities (732 ) (1,204 )
 

FINANCING ACTIVITIES:
Net repayment of borrowings -- (5,000 )
Dividends paid (834 ) (658 )
Proceeds from issuance of common stock 206   241  
Net cash used in financing activities (628 ) (5,417 )
 
(Decrease) increase in cash and cash equivalents (1,118 ) 11,161
Cash and cash equivalents at beginning of period 8,278   1,714  
Cash and cash equivalents at end of period $ 7,160   $ 12,875  

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.91 +93.33 0.53%
S&P 500 2,081.34 +12.58 0.61%
NASDAQ 4,997.4590 +5.5190 0.11%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs