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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