Flexsteel Industries, Inc. (FLXS) Tuesday 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 or $0.34 per share from $1.4 million or $0.21 per share 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%.

Gross margin for the quarter edged up to 22.5% from 21.8% in the previous-year quarter, helped mainly by better coverage of fixed costs on the higher sales volume.

Source: Flexsteel Inc.