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Flexsteel Announces Record Net Income For Fiscal Year And Fourth Quarter Ended June 30, 2012

Flexsteel Industries, Inc. (NASDAQ:FLXS) today reported record net income for the fiscal year ended June 30, 2012 of $13.1 million or $1.86 per share compared to net income of $10.4 million or $1.50 per share in the prior year. Net income for the quarter ended June 30, 2012 was a record $4.4 million or $0.61 per share compared to net income of $3.5 million or $0.50 per share in the prior year quarter.

Net sales for the fiscal year ended June 30, 2012 were $352.1 million compared to $339.4 million in the prior fiscal year, an increase of 4%. Net sales for the quarter ended June 30, 2012 increased 12% to $93.9 million compared to the prior year quarter of $84.2 million.

Net income for the fiscal year improved due to better absorption of fixed costs on the higher sales volume, lower freight costs and a decrease in bad debt expense which were offset by higher legal and professional fees of $2.1 million, primarily related to an Indiana civil lawsuit. The prior year included facility closing costs of $1.0 million and a $0.6 million inventory write-down related to the facility closing. Net income for the fourth fiscal quarter improved due to better absorption of fixed costs from the increased sales volume.

For the fiscal year ended June 30, 2012, residential net sales were $275.4 million compared to $258.1 million for the year ended June 30, 2011, an increase of 7%. Commercial net sales were $76.7 million for the year ended June 30, 2012, a decrease of 6% from net sales of $81.3 million for the year ended June 30, 2011.

For the quarter ended June 30, 2012, residential net sales increased 16% to $74.8 million compared to the prior year quarter of $64.4 million. Commercial net sales were $19.1 million for the quarter ended June 30, 2012 compared to $19.8 million in the prior year quarter.

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