DUBUQUE, IA - Net sales for Flexsteel Industries Inc. rose to $113 million, a 19% increase compared to a year earlier. The six-month period also set a record, with net sales of $217 million, a 17% jump over the previous year. Both the residential furniture and commercial furniture segments performed well, Flexsteel (NASDAQ:FLXS) reported.
Net income dropped 60% to $1.2 million for the quarter, due in part to a $6.3 million civil litigation settlement from a case in Indiana. As part of the December settlement, Flexsteel did not admit to any wrongdoing. Without that expense, the adjusted net income was $4.5 million, up from $3.3 million the year prior.
Flexsteel said it expects its overall growth to continue through fiscal 2014, with residential furniture being bolstered by increased demand in upholstered and RTA products. Sales of commercial products are projected to increase moderately for the remainder of the fiscal year. The company's commercial segment includes furniture for the office, hospitality and healthcare markets. Flexsteel also offers furniture for the recreational vehicle industry.
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