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flexsteel-logoDubuque, Iowa-based Flexsteel Industries Inc. reported record second quarter and first-half sales and net income.

Net sales were $114.4 million for the quarter ended Dec. 31, 2014, a 1.7% increase from the prior year quarter. The company estimates that West Coast port congestion adversely impacted net sales by at least $6 million, or 5.3%, for the quarter. Net income was $4.7 million, or 61 cents per share, compared to $1.2 million or 16 cents per share in the prior year quarter. Gross margin as a percent of net sales for the quarter was 23.7% compared to 23.2% for the prior year quarter.

Flexsteel noted that during the fiscal second quarter, the furniture supplier entered into an agreement to settle the Indiana civil litigation for $6.3 million. This amount was recorded as litigation settlement cost.

For the six months, net sales increased 2.8% to $223.1 million as orders increased 10% from the prior year period. Net income for the half-year was $9.6 million, or $1.25 per share, compared to $4.9 million, or 66 cents per share, in the prior year period.

 

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