Friday, Flexsteel Industries Inc. (FLXS) reported a drop in fourth-quarter net income compared to year-ago period primarily due to decrease in gross margin.
The Dubuque, Iowa-based company reported fourth quarter net income of $0.34 million or $0.05 per share compared to $5.84 million or $0.89 per share in the corresponding quarter last year. Excluding items, net income for the quarter ended June 30, 2007 was $2.8 million or $0.44 per share.
Gross margin for the fourth quarter ended June 30, 2008 decreased to $18.64 million from $22.57 million in the fourth quarter of fiscal year 2007.
Segment wise, residential net sales for the fourth quarter of fiscal year 2008 were $66.9 million compared to $71.5 million, a decrease of 6.4% from the prior year quarter. Commercial net sales for the fourth quarter of fiscal year 2008 decreased 11.7% to $22.1 million from $25.1 million in the prior-year quarter. Recreational vehicle net sales for the fourth quarter ended June 30, 2008 decreased 34.9% to $11.6 million from $17.7 million in the fourth quarter of fiscal year 2007.
Net sales for the fourth quarter decreased to $100.63 million from $114.29 million in the corresponding quarter of fiscal year 2007.
For the fiscal year ended June 30, 2008 net income decreased to $4.24 million or $0.64 per share from $9.33 million or $1.42 per share in the corresponding period last year. Excluding items net income for the year ended June 30, 2007 was $6.1 million or $0.93 per share.
Net sales for the fiscal year 2008 decreased to $405.65 million from $425.4 million in the same period last year.
Looking forward, the company anticipates annual pre-tax savings in the range of $3.5 million to $4.0 million from manufacturing consolidation.
Flexsteel closed Friday's trade at $11.08 on the Nasdaq.
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