DUBUQUE, IA - Flexsteel Industries Inc. reported net income of $3.0 million on sales of $83.5 million for its second quarter ended Dec. 31.
For the six months ended Dec. 31, the company reported net sales of $159.5 million compared to the prior year sales of $176.0 million, a decrease of 9%. The company reported net income for the current six-month period of $4.3 million compared to a net loss of $0.5 million in the prior year period. The prior year six-month period included approximately $1.8 million of pre-tax facility consolidation costs.
Flexsteel officials noted that they believe “sales have stabilized at current levels.” They added that it was able to return to profitability in spite of declining sales due to prior initiatives to reduce company-wide employment by approximately 30% and consolidating manufacturing operations.
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For the six months ended Dec. 31, the company reported net sales of $159.5 million compared to the prior year sales of $176.0 million, a decrease of 9%. The company reported net income for the current six-month period of $4.3 million compared to a net loss of $0.5 million in the prior year period. The prior year six-month period included approximately $1.8 million of pre-tax facility consolidation costs.
Flexsteel officials noted that they believe “sales have stabilized at current levels.” They added that it was able to return to profitability in spite of declining sales due to prior initiatives to reduce company-wide employment by approximately 30% and consolidating manufacturing operations.
Read more.
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