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Flexsteel Announces Financial Information for Q1 Ended Sept 30, 2000

18 October 2000

Flexsteel Industries, Inc. Announces Financial Information for First Quarter Ended September 30, 2000

    DUBUQUE, Iowa--Oct. 17, 2000--Flexsteel Industries, Inc. announces financial information for first quarter ended September 30, 2000:



                                    THREE MONTHS ENDED
                                       SEPTEMBER 30,
                               ----------------------------
                                 2000                1999
                                ------              ------

Net Sales                   $ 66,643,085         $ 67,700,750

Operating Income               2,715,957            3,555,846

Income Before Income Taxes     2,982,376            3,754,690

Income Taxes                   1,100,000            1,390,000

Net Income                   $ 1,882,376         $  2,364,690

Per Share Common Stock:
 Net Earnings – Basic              $0.30                $0.36
 Net Earnings – Assuming 
  Dilution                         $0.30                $0.36

Dividends                          $0.13                $0.13

Average Common Shares 
 Outstanding:
  Basic                        6,206,161            6,540,966
  Assuming Dilution            6,270,806            6,653,334


    Net sales for the first quarter were $66,643,000, a decrease of $1,058,000 or 2% compared to the record sales of $67,701,000 in the year earlier quarter. Residential shipments increased by $5,180,000 or 13% over the amounts reported in the prior year quarter. Shipments of vehicle seating products decreased by $6,434,000 or 27% compared to the prior year quarter record levels. Commercial shipments increased by $196,000 or 4% over the amounts reported in the prior year quarter.
    Operating income for the quarter ended September 30, 2000 declined 24% to $2,716,000 from $3,556,000 reported in the year earlier quarter. The decline in operating income reflects the lower production volume associated with vehicle seating products which resulted in reduced absorption of fixed costs.
    Net Income for the first quarter was $1,882,000, or $0.30 per diluted share and is 20% lower than the record net income of $2,365,000 or $0.36 per diluted share reported in the prior year quarter.