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Flexsteel Reports Sales Gain For Fiscal Year Ended June 30, 2011

Flexsteel Industries, Inc. (NASDAQ:FLXS) today reported net sales for the fiscal year ended June 30, 2011 of $339.4 million compared to $326.5 million in the prior fiscal year, an increase of 4.0%. Net sales for the quarter ended June 30, 2011 were $84.2 million compared to the prior year quarter of $85.6 million, a decrease of 1.6%.

For the fiscal year ended June 30, 2011, residential net sales were $258.1 million compared to $246.0 million for the year ended June 30, 2010, an increase of 4.9%. Commercial net sales were $81.3 million for the year ended June 30, 2011, an increase of 1.1% from net sales of $80.5 million for the year ended June 30, 2010.

For the quarter ended June 30, 2011, residential net sales were $64.4 million compared to the prior year quarter of $65.7 million, a decrease of 2.0%. Commercial net sales were $19.8 million for the quarter ended June 30, 2011 compared to $19.9 million in the prior year quarter.

Net income for the fiscal year ended June 30, 2011 was $10.4 million or $1.50 per share compared to net income of $10.8 million or $1.61 per share in the prior year. The current year includes pre-tax charges of $1.6 million related to closing a manufacturing facility. Employee separation and other closing costs of $1.0 million are reported as facility closing costs and an inventory write-down of $0.6 million is charged to cost of goods sold. Net income for the quarter ended June 30, 2011 was $3.5 million or $0.50 per share compared to net income of $4.1 million or $0.61 per share in the prior year quarter.

Gross margin for the years ended June 30, 2011 and 2010 was 22.8%. For the year ended June 30, 2011 the $0.6 million inventory write-down related to facility closing is offset by operational improvements. Gross margin for the quarter ended June 30, 2011 was 24.5% compared to 23.6% in the prior year quarter. The gross margin improvement for the quarter is due to operational improvements and changes in product mix.

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