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Flexsteel Reports Record Earnings For Third Quarter Fiscal 2012

Flexsteel Industries, Inc. (NASDAQ:FLXS) today reported record third quarter net income of $3.3 million or $0.48 per share compared to net income of $2.5 million or $0.35 per share in the prior year quarter, an increase of 36.2%. The Company reported net sales for the quarter ended March 31, 2012 of $91.6 million compared to $85.2 million in the prior year quarter, an increase of 7.6%.

For the nine months ended March 31, 2012, the Company reported net income of $8.7 million or $1.24 per share compared to a net income of $6.9 million or $1.00 per share in the prior year period, an increase of 25.1%. The Company reported net sales for the current nine-month period of $258.2 million compared to the prior year sales of $255.2 million, an increase of 1.1%.

For the quarter ended March 31, 2012, residential net sales were $71.2 million, an increase of 9.6% from the prior year quarter net sales of $65.0 million. Commercial net sales were $20.4 million compared to $20.2 million in the prior year quarter.

For the nine months ended March 31, 2012, residential net sales were $200.7 million compared to residential net sales of $193.7 million in the nine months ended March 31, 2011, an increase of 3.6%. Commercial net sales were $57.5 million for the nine months ended March 31, 2012 compared to $61.5 million for the nine months ended March 31, 2011, a decrease of 6.6%.

Gross margin for the quarter ended March 31, 2012 was 24.1% compared to 21.4% in the prior year quarter. This improvement is due to better absorption of fixed costs and the adverse impact of increases in material costs in the prior year quarter. For the nine months ended March 31, 2012, the gross margin was 23.8% compared to 22.2% for the prior year nine-month period. Gross margin for the prior year nine-month period was adversely impacted by a $0.6 million inventory write-down associated with a facility closing and increases in material costs.

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