Flexsteel 1Q Profit at $1.4 Million
October 21, 2009
Flexsteel Inds. (NASDAQ: FLXS) reported net sales of $75.9 million for the first quarter ended Sept. 30, a 16.9 percent decrease from sales in the year prior quarter of $91.4 million.
Net income for the quarter was $1.4 million compared to a net loss of $700,000 in the same quarter last year. The prior year quarter included approximately $1.3 million of facility consolidation costs.
Residential net sales were $56.2 million, a decrease of 9.4 percent from the prior year quarter net residential sales of $62 million.
The company said it believes sales have stabilized at current levels and do not expect further declines, but it continued to say it does not see a significant improvement in near-term business conditions.
Based upon current business conditions, we believe sales have stabilized at current levels and do not anticipate significant further declines. However, at this time we are not seeing a significant improvement in near-term business conditions.
"While we expect that current business conditions will persist for the remainder of fiscal year 2010, we remain optimistic that our strategy, which includes a wide range of quality product offerings and price points to the residential and commercial markets, combined with our conservative approach to business, will be rewarded when business conditions improve," the company said in a release. "We will maintain our focus on a strong balance sheet during these challenging economic times through emphasis on cash flow and improving profitability."
Net income for the quarter was $1.4 million compared to a net loss of $700,000 in the same quarter last year. The prior year quarter included approximately $1.3 million of facility consolidation costs.
Residential net sales were $56.2 million, a decrease of 9.4 percent from the prior year quarter net residential sales of $62 million.
The company said it believes sales have stabilized at current levels and do not expect further declines, but it continued to say it does not see a significant improvement in near-term business conditions.
Based upon current business conditions, we believe sales have stabilized at current levels and do not anticipate significant further declines. However, at this time we are not seeing a significant improvement in near-term business conditions.
"While we expect that current business conditions will persist for the remainder of fiscal year 2010, we remain optimistic that our strategy, which includes a wide range of quality product offerings and price points to the residential and commercial markets, combined with our conservative approach to business, will be rewarded when business conditions improve," the company said in a release. "We will maintain our focus on a strong balance sheet during these challenging economic times through emphasis on cash flow and improving profitability."
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