Flexsteel Plans $6M More Investment as Sales Rise to $114.4M
February 11, 2015 | 2:18 pm CST
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DUBUQUE, IA - Flexsteel Industries, maker of casegood and upholstered furniture (NASDAQ:FLXS), saw an increase in its residential furniture sales, driving net up to $114.4 million in the second quarter - an increase of 1.7%.

Net income was $4.7 million compared to $1.2 million in the prior year quarter, and for the six months ended December 31, 2014, net income was up significantly to $9.6 million or $1.25 per share compared to $4.9 million in the prior year period.

Orders also increased 11% over the previous year's time period. However, net sales didn't keep track because of congestion at West coast ports.

Flexsteel expects continue growth based on the strength of its existing order backlog and positive order trends. Residential furniture will again lead the way with growth expected for its uphostered, casegood and RTA products.

The company also has invested $2 million and estimates an additional $6 million will be spent to complete its Edgerton distribution facility, which will be operational in the fourth quarter of this fiscal year.

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