Flexsteel Industries, Inc. Reports Consolidated Unaudited Earnings Results for the First Quarter Ended September 30, 2018; Provides Tax Rate Guidance for the Year 2019
October 25, 2018 at 07:35 pm EDT
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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%.
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. Reports Consolidated Unaudited Earnings Results for the First Quarter Ended September 30, 2018; Provides Tax Rate Guidance for the Year 2019