Flexsteel Industries, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2017; Provides Financial Guidance for the Fiscal 2018 and Effective Tax Rate Guidance for the Fiscal Year 2019
January 25, 2018 at 11:45 pm
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Flexsteel Industries, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended December 31, 2017. For the quarter, the company reported net sales were $129,392 million against $118,530 million a year ago. Operating income was $7,723 million against $8,416 million a year ago. Income before income taxes was $7,881 million against $8,519 million a year ago. Net income was $6,221 million against $5,389 million a year ago. Diluted earnings per share were $0.78 against $0.68 a year ago.
For the six months, the company reported net sales were $249,226 million against $230,580 million a year ago. Operating income was $17,462 million against $16,120 million a year ago. Income before income taxes was $17,761 million against $16,271 million a year ago. Net income was $12,401 million against $10,141 million a year ago. Diluted earnings per share were $1.56 against $1.29 a year ago. Net cash provided by operating activities was $1.300 million against $12.119 million a year ago. Capital expenditure was $12.902 million against $6.005 million a year ago.
During the remainder of fiscal year 2018, the company expects high single digit revenue growth including the previously disclosed intentional decrease in sales to certain contract customers. For the balance of the fiscal year, the company expects to capitalize $2 million related to business information system software and development, $10 million for the construction of a manufacturing facility and $2 million for operations.
Beginning in fiscal year 2019, the company expects the effective tax rate to be between 25% and 27%.
Flexsteel Industries, Inc. is a manufacturer, importer, and marketer of residential furniture products in the United States. The Companyâs furniture products business involves the distribution of manufactured and imported products consisting of a broad line of furniture for the residential market. The Companyâs product offerings include a variety of furniture, such as sofas, loveseats, chairs, reclining rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture. The Company distributes its products throughout the United States through its e-commerce channel and direct sales force. The Company operates manufacturing facilities located in Dublin, Georgia, and Juarez, Mexico. The Company utilizes various types of wood, fabric, leather, filling material, high carbon spring steel, bar and wire stock, polyurethane foam and other raw materials in manufacturing furniture.
Flexsteel Industries, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2017; Provides Financial Guidance for the Fiscal 2018 and Effective Tax Rate Guidance for the Fiscal Year 2019