Furniture supplier Flexsteel Industries Inc. reported sharply lower profits during its fourth fiscal quarter and fiscal year, both of which ended June 30.
The company’s net earnings during the April-through-June period declined 94% to $174,000, compared with the record $3 million the company earned a year earlier. Flexsteel’s earnings during the year-earlier period included a $1.2 million one-time-only gain from the sale of property.
Meanwhile, Flexsteel’s fourth fiscal quarter sales revenue declined 11% to $68.8 million.
During its entire fiscal year, Flexsteel’s earnings declined 61% to $4.6 million and its sales slipped 5% to $284.8 million.
Flexsteel’s residential seating sales improved during its full fiscal year while demand for its vehicle and commercial seating products decreased during the 12 months ended June 30. However, during its fourth fiscal quarter, Flexsteel reported lower sales volume across-the-board.