DUBUQUE, IA -- Residential furniture manufacturer Flexsteel Industries Inc. (FLXS) reported a higher net income for the first quarter ended September 30, helped mainly by a 15% increase in revenue as well as improved gross margins.

Flexsteel's net income for the first quarter rose to $2.3 million from $1.4 million in the same quarter last year. First quarter results included a pre-tax charge of approximately $1.0 million related to the planned closing of a manufacturing operation.

Net sales for the quarter increased to $87.2 million from $75.9 million in the prior-year quarter, as residential net sales grew 16% and commercial net sales grew 12%.

Read Flexsteel's press release.