Flexsteel Industries, Inc. reported consolidated unaudited earnings results for the first quarter ended September 30, 2018. For the quarter, the company reported net sales of $113,487,000 as compared to $119,834,000 for the same period last year. Operating income was $1,595,000 as compared to $9,739,000 for the same period last year. Income before income tax was $1,776,000 as compared to $9,880,000 for the same period last year. Net income was $1,296,000 as compared to $6,180,000 for the same period last year. Diluted earnings per share was $0.16 as compared to $0.78 for the same period last year. Net cash provided by operating activities was $9,898,000 as compared to $1,532,000 for the same period last year. Capital expenditures was $10,434,000 as compared to $5,075,000 for the same period last year.

The effective tax rate for the current year quarter was 27.0% compared to 37.5% in the prior year quarter. The current fiscal year results were positively impacted by the passage of the Tax Cuts and Jobs Act. For the fiscal year 2019, the Company expects an effective tax rate range of 25% to 27%.