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Furniture supplier Flexsteel Industries Inc. today (April 22) reported a decrease in revenues and earnings, including a 10% drop in sales to recreational vehicle manufacturers, for its fiscal 2005 third quarter ended March 31.
The Dubuque, Iowa-based company noted that RV vehicle seating sales are soft due to “several manufacturers adjusting inventory levels on finished units.”
Net revenues for the quarter, including $64.6 million in RV sales, dropped 5.3% to $101.3 million compared with $107 million the previous year. Net income for the three-month period fell 33.1% to $1.7 million compared to $2.5 million.
Net sales for the nine months increased 3.9% to $304.3 million versus $292.9 million in the prior year while net income decreased 39.3% to $4.5 million compared with $7.4 million.
With regard to the remainder of the year, Flexsteel said: “We expect only a modest improvement in vehicle seating sales beginning in late May or early June as manufacturers begin the new model year production. The current volatility and high cost of fuel may dampen the favorable demographics that currently exist within the vehicle seating industry.”