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Flexsteel Reports Earnings Improvement For Second Quarter And Year-To-Date Fiscal 2012

About Flexsteel

Flexsteel 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,
2011 2011
 

ASSETS

 
CURRENT ASSETS:

Cash

$ 15,871 $ 17,889
Trade receivables, net 32,055 31,451
Inventories 79,012 73,680
Other 5,715 5,333
Total current assets 132,653 128,353
 
NONCURRENT ASSETS:
Property, plant, and equipment, net 23,348 21,387
Other assets 14,920 14,937
 
TOTAL $ 170,921 $ 164,677
 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 
CURRENT LIABILITIES:
Accounts payable – trade $ 12,180 $ 9,899
Accrued liabilities 17,655 17,771
Total current liabilities 29,835 27,670
 
LONG-TERM LIABILITIES:
Other long-term liabilities 8,069 8,434
Total liabilities 37,904 36,104
 
SHAREHOLDERS’ EQUITY 133,017 128,573
 
TOTAL $ 170,921 $ 164,677
 

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,
2011   2010 2011   2010
NET SALES $ 85,001 $

82,821

$ 166,522 $ 170,051
COST OF GOODS SOLD (64,543 ) (63,996 ) (127,100 ) (131,620 )
GROSS MARGIN 20,458 18,825 39,422 38,431
SELLING, GENERAL AND
ADMINISTRATIVE (15,765 ) (15,508 ) (31,096 ) (30,406 )
FACILITY CLOSING COSTS --   --   --   (1,016 )
OPERATING INCOME 4,693 3,317 8,326 7,009

OTHER INCOME:

Interest and other income 45   14   170   115  
INCOME BEFORE INCOME TAXES. 4,738 3,331 8,496 7,124
INCOME TAX PROVISION (1,790 ) (1,200 ) (3,170 ) (2,650 )
NET INCOME $ 2,948   $ 2,131   $ 5,326   $ 4,474  

AVERAGE NUMBER OF COMMON

SHARES OUTSTANDING:

Basic 6,763   6,691  

 

6,745   6,676  
Diluted 6,967   6,924   6,968   6,881  

EARNINGS PER SHARE OF

COMMON STOCK:

Basic $ 0.44   $ 0.32   $ 0.79   $ 0.67  
Diluted $ 0.42   $ 0.31   $ 0.76   $ 0.65  
 

FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

 
Six Months Ended
December 31,
2011   2010

OPERATING ACTIVITIES:

Net income $ 5,326 $ 4,474
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation 1,404 1,408
Deferred income taxes (71 ) (498 )
Stock-based compensation expense 493 699
Change in provision for losses on accounts receivable (180 ) 800
Gain on disposition of capital assets (16 ) (8 )
Changes in operating assets and liabilities (4,950 ) (6,633 )
Net cash provided by operating activities 2,006   242  
 

INVESTING ACTIVITIES:

Net purchases of investments (290 ) (189 )
Proceeds from sale of capital assets 16 42
Capital expenditures (2,676 ) (585 )
Net cash used in investing activities (2,950 ) (732 )
 

FINANCING ACTIVITIES:

Dividends paid (1,180 ) (834 )
Proceeds from issuance of common stock 106   206  
Net cash used in financing activities (1,074 ) (628 )
 
Decrease in cash (2,018 ) (1,118 )
Cash at beginning of period 17,889   8,278  
Cash at end of period $ 15,871   $ 7,160  




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