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Flexsteel Announces 12% First Quarter Sales Growth

Analysts Conference CallThe Company will host a conference call for analysts on October 17, 2012, at 10:00 a.m. Central Time. To access the call, please dial 1-866-830-5279 and provide the operator with ID# 29377388. A replay will be available for two weeks beginning approximately two hours after the conclusion of the call by dialing 1-800-585-8367 and entering ID# 29377388.

Forward-Looking StatementsStatements, including those in this release, which are not historical or current facts, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain important factors that could cause our results to differ materially from those anticipated by some of the statements made herein. Investors are cautioned that all forward-looking statements involve risk and uncertainty. Some of the factors that could affect results are the cyclical nature of the furniture industry, supply chain disruptions, litigation, including expenses related to the Indiana civil litigation, the effectiveness of new product introductions and distribution channels, the product mix of sales, pricing pressures, the cost of raw materials and fuel, retention and recruitment of key employees, actions by governments including laws, regulations, taxes and tariffs, inflation, the amount of sales generated and the profit margins thereon, competition (both U.S. and foreign), credit exposure with customers, participation in multi-employer pension plans and general economic conditions. For further information regarding these risks and uncertainties, see the “Risk Factors” section in Item 1A of our most recent Annual Report on Form 10-K.

About FlexsteelFlexsteel 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
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)
(in thousands)
 
    September 30,     June 30,
2012 2012
 

ASSETS

 
CURRENT ASSETS:
Cash $ 6,528 $ 13,970
Trade receivables, net 35,791 33,601
Inventories 85,540 82,689
Other 5,822 5,333
Total current assets 133,681 135,593
 
NONCURRENT ASSETS:
Property, plant, and equipment, net 33,241 29,867
Other assets 16,372 16,212
 
TOTAL $ 183,294 $ 181,672
 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 
CURRENT LIABILITIES:
Accounts payable – trade $ 12,838 $ 12,973
Accrued liabilities 18,092 18,876
Total current liabilities 30,930 31,849
 
LONG-TERM LIABILITIES:
Other long-term liabilities 10,445 10,381
Total liabilities 41,375 42,230
 
SHAREHOLDERS’ EQUITY 141,919 139,442
 
TOTAL $ 183,294 $ 181,672
 

 
FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
 
    Three Months Ended
September 30,
2012     2011
NET SALES $ 91,237 $ 81,520
COST OF GOODS SOLD (70,136 ) (62,556 )
GROSS MARGIN 21,101 18,964
SELLING, GENERAL AND ADMINISTRATIVE (16,710 )     (15,331 )
OPERATING INCOME 4,391 3,633
INTEREST AND OTHER INCOME 161   125  
INCOME BEFORE INCOME TAXES 4,552 3,758
INCOME TAX PROVISION (1,680 ) (1,380 )
NET INCOME $ 2,872   $ 2,378  
 

AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:

Basic 6,938   6,727  
Diluted 7,241   6,969  

EARNINGS PER SHARE OF COMMON STOCK:

Basic $ 0.41   $ 0.35  
Diluted $ 0.40   $ 0.34  
 

 
FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
 
    Three Months Ended
September 30,
2012     2011

OPERATING ACTIVITIES:

Net income $ 2,872 $ 2,378
Adjustments to reconcile net income to net cash
(used in) provided by operating activities:
Depreciation 792 690
Deferred income taxes (19 ) (33 )
Stock-based compensation expense 312 118
Provision for losses on accounts receivable 30 (70 )
Gain on disposition of capital assets (1 ) (3 )
Changes in operating assets and liabilities (7,503 ) (6,034 )
Net cash used in operating activities (3,517 ) (2,954 )
 

INVESTING ACTIVITIES:

Net (purchases) sales of investments (159 ) 145
Proceeds from sale of capital assets 1 3
Capital expenditures (3,005 ) (580 )
Net cash used in investing activities (3,163 ) (432 )
 

FINANCING ACTIVITIES:

Dividends paid (1,035 ) (503 )
Proceeds from issuance of common stock 273   86  
Net cash used in financing activities (762 ) (417 )
 
Decrease in cash (7,442 ) (3,803 )
Cash at beginning of period 13,970   17,889  
Cash at end of period $ 6,528   $ 14,086  
 




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