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Dubuque, Iowa-based furniture supplier Flexsteel Industries Inc. repor Visit this link ted an increase in sales and earnings for its third quarter, ended March 31, despite a decline in recreational vehicle revenues.
Sales for the fiscal quarter increased 8.9% to $110.3 million from $101.3 million a year ago while net income rose slightly to $1.8 million compared with $1.7 million.
The company reported revenues for the nine months were $314.1 million compared to $304.3 million the previous year and net income was $3.2 million versus $4.5 million.
Flexsteel noted that a stock-based compensation expense was included in its nine-month earnings and the previous year’s quarterly and year-to-date net income reflected after-tax gain from the sale of facilities.
Third-quarter RV sales declined 3.4% to $19.1 million from $19.7 million a year ago. On a year-to-date basis, RV sales decreased 11.9% to $53.3 million from $60.5 million.
The company said the decline in recreational vehicle sales is due primarily to a continued weak wholesale market environment.
Flexsteel reported an increase in sales for its commercial and residential products.