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Flexsteel Announces Double Digit Sales Growth And Record Earnings

About Flexsteel

Flexsteel 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
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands)
       
December 31, June 30,
2012 2012
 

ASSETS
 
CURRENT ASSETS:
Cash $ 8,149 $ 13,970
Trade receivables, net 34,084 33,601
Inventories 87,731 82,689
Other 7,236 5,333
Total current assets 137,200 135,593
 
NONCURRENT ASSETS:
Property, plant, and equipment, net 32,624 29,867
Other assets 15,953 16,212
 
TOTAL $ 185,777 $ 181,672
 

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable – trade $ 13,826 $ 12,973
Accrued liabilities 17,574 18,876
Total current liabilities 31,400 31,849
 
LONG-TERM LIABILITIES:
Other long-term liabilities 9,580 10,381
Total liabilities 40,980 42,230
 
SHAREHOLDERS’ EQUITY 144,797 139,442
 
TOTAL $ 185,777 $ 181,672
 

 
FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
       
Three Months Ended Six Months Ended
December 31, December 31,
2012     2011 2012     2011
NET SALES $ 94,590 $ 85,001 $ 185,827 $ 166,522
COST OF GOODS SOLD (71,843 ) (64,543 ) (141,979 ) (127,100 )
GROSS MARGIN 22,747 20,458 43,848 39,422
SELLING, GENERAL AND
ADMINISTRATIVE (18,150 ) (15,765 ) (34,860 ) (31,096 )
OPERATING INCOME 4,597 4,693 8,988 8,326

OTHER INCOME:
Interest and other income 65   45   225   170  
INCOME BEFORE INCOME TAXES. 4,662 4,738 9,213 8,496
INCOME TAX PROVISION (1,740 ) (1,790 ) (3,420 ) (3,170 )
NET INCOME $ 2,922   $ 2,948   $ 5,793   $ 5,326  
AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING:
Basic 7,030   6,763 6,984   6,745  
Diluted 7,275   6,967 7,245   6,968  
EARNINGS PER SHARE OF
COMMON STOCK:
Basic $ 0.42   $ 0.44 $ 0.83   $ 0.79  
Diluted $ 0.40   $ 0.42 $ 0.80   $ 0.76  
 

 
FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
 
    Six Months Ended
December 31,
2012     2011

OPERATING ACTIVITIES:
Net income $ 5,793 $ 5,326
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation 1,772 1,404
Deferred income taxes (353 ) (71 )
Stock-based compensation expense 860 493
Change in provision for losses on accounts receivable 88 (180 )
Gain on disposition of capital assets (3 ) (16 )
Changes in operating assets and liabilities (6,092 ) (4,950 )
Net cash provided by operating activities 2,065   2,006  
 

INVESTING ACTIVITIES:
Net purchases of investments (623 ) (290 )
Proceeds from sale of capital assets 3 16
Capital expenditures (4,918 ) (2,676 )
Net cash used in investing activities (5,538 ) (2,950 )
 

FINANCING ACTIVITIES:
Dividends paid (3,148 ) (1,180 )
Proceeds from issuance of common stock 800   106  
Net cash used in financing activities (2,348 ) (1,074 )
 
Decrease in cash (5,821 ) (2,018 )
Cash at beginning of period 13,970   17,889  
Cash at end of period $ 8,149   $ 15,871  
 

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