Flexsteel Announces Double Digit Sales Growth And Record Earnings

Flexsteel Industries, Inc. (NASDAQ:FLXS) today reported net sales of $185.8 million, a 12% increase for the six month period ended December 31, 2012 as compared to the prior year six month period. Residential net sales were $148.9 million in the current six month period, an increase of 15% from the prior year six month period of $129.5 million. Commercial net sales were approximately $37.0 million in the current and prior year six month periods.

The Company reported record net income of $5.8 million or $0.80 per share for the six month period ended December 31, 2012 compared to $5.3 million or $0.76 per share for the prior six month period.

For the quarter ended December 31, 2012 net sales were $94.6 million, an 11% increase over prior year quarter net sales of $85.0 million. Residential net sales were $76.6 million in the current quarter, an increase of 14% from the prior year quarter of $67.0 million. Commercial net sales were approximately $18.0 million in the current and prior year quarters.

The Company reported net income of $2.9 million or $0.40 per share for the quarter ended December 31, 2012 compared to $2.9 million or $0.42 per share for the prior year quarter.

Selling, general and administrative (SG&A) expenses were 19.2% and 18.8% of net sales for the quarter and six month period ended December 31, 2012, respectively, and include $0.7 million, or $0.06 per share, for employment inducement costs. Excluding these costs, SG&A was 18.4% for the current year quarter compared to 18.6% for the prior year quarter and 18.4% compared to 18.7% for the six month periods ended December 31, 2012 and 2011, respectively.

Working capital (current assets less current liabilities) at December 31, 2012 was $105.8 million compared to $103.7 million at June 30, 2012. Changes in working capital from June 30, 2012 to December 31, 2012 include a reduction in cash of $5.8 million offset by increases in inventory of $5.0 million, other current assets of $1.9 million and accounts receivable of $0.5 million, and a reduction in current liabilities of $0.4 million. The higher inventory levels support the increases in residential sales volume and expanded product offerings.

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