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Flexsteel Reports Record Earnings For Third Quarter Fiscal 2012

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.

During the first nine months of fiscal year 2012 capital expenditures were $5.3 million, including $3.6 million related to construction of a corporate office building. Depreciation expense was $2.1 million and $2.0 million in the nine-month periods ended March 31, 2012 and 2011, respectively. The Company expects that capital expenditures will be approximately $7.0 million for the remainder of the 2012 fiscal year including costs related to the corporate office building which is expected to be completed by August 2012.

All earnings per share amounts are on a diluted basis.

Outlook

The Company believes that modest overall top line growth will continue through the end of calendar year 2012. Orders for residential upholstered products have improved significantly in relation to prior year levels and we expect that trend to continue through the end of the calendar year. Our commercial office order rate has increased modestly. The Company is expecting flat order trends for vehicle and hospitality seating products for the remainder of the calendar year.

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