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Furniture supplier Flexsteel Industries Inc. reported a net loss for its fiscal first quarter, ended Sept. 30, aggravated by a 62% decline in recreational vehicle sales.
The Dubuque, Iowa-based firm posted sales of $91.4 million, a 9.4% decrease from $100.9 million the year prior. The net loss for the quarter totaled $0.7 million compared with net income of $1.2 million a year ago, which included pre-tax charges of $1.4 million related to factory consolidation.
Flexsteel said that its work force has been reduced by approximately 15% over the past year through layoffs and attrition, while plants in Lancaster, Pa., and New Paris, Ind., had been closed.
For the quarter, RV sales fell to $5.9 million from $15.7 million the previous year. Residental sales were flat at $62 million and commercial sales increased 4.3% to $22.5 million.
Looking ahead the company noted: “While we expect that current business conditions will persist for most, if not all, of fiscal year 2009, we remain optimistic that our strategy of a wide range of quality product offerings and price points to the residential, recreational vehicle and commercial markets combined with our conservative approach to business will be rewarded over the longer-term.”