RV supplier Flexsteel Industries Inc. reported a decline in earnings for its fiscal first quarter ended Sept. 30 because of higher costs and a slowdown in furniture purchases.
The Dubuque, Iowa company posted net income of $1.2 million for the three-month period, or 18 cents a share, compared with $1.9 million, or 29 cents a share, a year earlier.
Revenue for the quarter rose 27% to $97.9 million, including RV-related net sales of $21.8 million, compared with $76.9 million a year earlier.
The furniture maker reported that supply costs had risen and consumers were reluctant to buy furniture because of various uncertainties, including the upcoming U.S. presidential election and the war in Iraq.