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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV