Eastern Iowa furniture manufacturer Flexsteel reports record 1st-quarter profit, higher sales
Sales growth expected to continue
Flexsteel Industries, an Eastern Iowa furniture manufacturer, has posted a record first-quarter profit on higher sales.
Dubuque-based Flexsteel recorded net income of $2.9 million, or 40 cents per share, for the quarter that ended on Sept. 30, 2012, compared with $2.4 million, or 34 cents per share, for the same quarter last year. The company reported net sales of $91.2 million in the most recent quarter, up 12 percent from $81.5 million in the same quarter of last year.
Residential net sales were $72.3 million in the first quarter, an increase of 16 percent from the prior year quarter of $62.5 million. Commercial net sales were $19 million in the most recent and prior year quarters.
In a statement reporting its earnings and sales, Flexsteel said it believes moderate sales growth will continue through the end of this year. Residential sales growth is expected to continue with existing customers and products.
Flexsteel believes current order trends for commercial products will continue for the remainder of the calendar year. The company expressed guarded optimism about the remainder of its current fiscal year, "due to the uncertainty that the upcoming elections and economic factors have on consumers’ confidence and willingness to buy."