DUBUQUE, IA - Sales rose 11% for seating and furniture maker Flexsteel Industries, Inc. (NASDAQ:FLXS) during the latest quarter, to $94.6 million.
For its residential segment Flexteel reported net sales were $76.6 million up 14% from the prior year quarter of $67.0 million. Commercial net sales were flat at $18 million.
Flexsteel reported net income of $2.9 million for the quarter ended December 31, 2012 - essentially flat.
Cash fell $5.8 million, which was offset by increases in inventory of $5 million, needed to support the increases in residential sales volume and expanded product offerings. Flexsteel expects to make about $1 million more in capital expenditures in 2013.
Flexsteel says it believes that moderate top line growth will continue through the end of fiscal year 2013. Residential growth will continue with existing customers and products, it says, and through expanding its product portfolio and customer base.
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