Selling, general and administrative expenses for the quarter ended March 31, 2012 were $17.0 million or 18.5% of net sales compared to $14.6 million or 17.1% of net sales in the prior year quarter. The current year quarter includes an increase in legal and professional fees of $0.9 million, or 1.0% of sales, primarily related to an Indiana civil lawsuit. Selling, general and administrative expenses for the nine months ended March 31, 2012 were $48.1 million or 18.6% of net sales, including a $2.0 million increase in legal and professional fees, primarily related to the aforementioned lawsuit, and a $1.1 million decrease in bad debt expense, compared to the prior year. Selling, general and administrative expenses were $45.0 million or 17.6% of net sales in the nine-month period ended March 31, 2011.Working capital (current assets less current liabilities) at March 31, 2012 was $103.6 million. Net cash provided by operating activities was $8.6 million during the nine months ended March 31, 2012. Net income of $8.7 million, increased accrued liabilities of $2.3 million and depreciation of $2.1 million were offset by a $2.4 million increase in accounts receivable and a $1.8 million increase in inventory.
Flexsteel Reports Record Earnings For Third Quarter Fiscal 2012
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