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Furniture supplier Flexsteel Industries Inc. reported flat net income for its fourth quarter, ended June 30, on a slight increase in sales, boosted by a 9.6% rise in recreational vehicle revenues.
The Dubuque, Iowa-based firm said fourth-quarter net income of $1.5 income matched the year prior while sales increased to $112.3 million from $105.8 million. RV revenues during the quarter totaled $20.1 million compared with $18.4 million a year ago.
Sales for the fiscal year increased 4% to $426.4 million compared to $410 million the year prior and net income fell 21.9% to $4.7 million from $6 million. The company said earnings were adversely affected by the recording of stock-based compensation expense.
For the fiscal year, recreational vehicle sales decreased 6.9% to $73.4 million compared to $78.8 million last year. Flexsteel said the decline reflects a generally soft wholesale market environment.