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Flexsteel Reports 10% Sales Growth

Flexsteel Industries, Inc. (NASDAQ:FLXS) today reported net sales of $386 million, a 10% increase for the fiscal year ended June 30, 2013 compared to $352 million in the prior fiscal year. Net income increased to $13.2 million for the fiscal year ended June 30, 2013, the highest ever reported by the Company, from $13.1 million in the prior fiscal year. The current year includes executive transition costs of $1.3 million.

For the quarter ended June 30, 2013 net sales were $102 million, a 9% increase over prior year quarter net sales of $94 million. Net income for the quarters ended June 30, 2013 and 2012 was $4.2 million and $4.4 million, respectively.

Residential net sales were $311 million in the current fiscal year, an increase of 13% from the prior fiscal year sales of $275 million. The residential net sales increase of $36 million was primarily due to growth from existing customers and products, and expansion of product portfolio and customer base. Commercial net sales were $75 million in the current fiscal year compared to $77 million in the prior fiscal year.

Residential net sales were $82 million in the current quarter, an increase of 10% from the prior year quarter of $75 million reflecting growth from existing customers and products, and expansion of product portfolio and customer base. Commercial net sales were $20 million in the current year quarter compared to $19 million in the prior year quarter.

Gross margin for the fiscal year ended June 30, 2013 was 23.4% compared to 24.2% for the prior fiscal year. During fiscal year 2013, the Company’s expenses related to workers compensation and health insurance programs were approximately $1.5 million or 0.4% of net sales higher than fiscal 2012. Gross margin for the quarter ended June 30, 2013 was 23.3% compared to 25.3% in the prior year quarter. For the quarter the gross margin percentage change is primarily due to changes in product and customer mix, and increased workers compensation insurance expenses.

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