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Flexsteel Reports Third Quarter Sales And Net Income Gains

Flexsteel Industries, Inc. (NASDAQ:FLXS) today reported results of operations for its third quarter and fiscal year-to-date March 31, 2011.

The Company reported net sales for the quarter ended March 31, 2011 of $85.2 million compared to $81.5 million in the prior year quarter, an increase of 4.6%. The Company’s net income improved by 5.8% in the current quarter to $2.5 million or $0.35 per share compared to net income of $2.3 million or $0.34 per share in the prior year quarter.

For the nine months ended March 31, 2011, the Company reported net sales of $255.2 million compared to the prior year sales of $240.9 million, an increase of 5.9%. The Company reported net income for the current nine-month period of $6.9 million or $1.00 per share compared to a net income of $6.7 million or $1.00 per share in the prior year period. The current year nine-month period includes pre-tax charges related to closing a manufacturing facility of approximately $1.0 million for employee separation and other closing costs, and an inventory write-down to cost of goods sold of $0.6 million.

For the quarter ended March 31, 2011, residential net sales were $65.0 million, an increase of 5.6% from the prior year quarter net sales of $61.6 million. Commercial net sales were $20.2 million compared to $19.9 million in the prior year quarter, an increase of 1.5%.

For the nine months ended March 31, 2011, residential net sales were $193.7 million compared to residential net sales of $180.3 million in the nine months ended March 31, 2010, an increase of 7.4%. Commercial net sales were $61.5 million for the nine months ended March 31, 2011 compared to $60.6 million for the nine months ended March 31, 2010, an increase of 1.5%.

Gross margin for the quarter ended March 31, 2011 was 21.4% compared to 22.1% in the prior year quarter reflecting the impact of increases in material costs. For the nine months ended March 31, 2011, the gross margin was 22.2% compared to 22.7% for the prior year nine-month period. Gross margin for the nine-month period was adversely impacted by inventory write-down associated with the facility closing and increases in material costs.

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