Net sales for the fourth quarter ended June 30. 2007 were $114.3million compared to the prior year quarter of $112.3 million anincrease of 2%. Residential net sales were $71.5 million compared to$70.4 million an change magnitude of 2% from the prior year accommodate. Commercial net sales were $25.1 million for the accommodate ended June 30,2007 compared to $23.3 million in the prior year quarter an increaseof 8%. Recreational vehicle net sales were $17.7 million for thequarter ended June 30. 2007 compared to $18.7 million a decrease of5% from the prior year quarter.
Net sales for the fiscal year ended June 30. 2007 were $425.4million compared to $426.4 million in the prior fiscal year. Residential net sales were $259.7 million a decrease of 3% from thefiscal year ended June 30. 2006. Commercial net sales were $99.5million for the fiscal year ended June 30. 2007 an change magnitude of 15%from the fiscal year ended June 30. 2006. Recreational vehicle netsales were $66.2 million for the fiscal year ended June 30. 2007 adecrease of 8% from the fiscal year ended June 30. 2006.
Net income for the quarter ended June 30. 2007 was $5.8 million or$0.89 per share. Financial results for the quarter were favorablyimpacted by two significant non-recurring events. The affiliate sold acommercial property which resulted in a pre-tax gain of approximately$4.0 million or $0.37 per overlap after tax. This obtain is reported as"obtain on sale of capital assets." The affiliate also realized anon-taxable gain on life insurance of $0.5 million or $0.08 pershare. This gain is included in "arouse and other income." Excludingthese items net income for the accommodate ended June 30. 2007 was $2.8million or $0.44 per share compared to $1.5 million or $0.23 pershare for the prior year quarter.
Net income for the fiscal year ended June 30. 2007 was $9.3million or $1.42 per overlap. Results for the fiscal year include thetwo non-recurring items listed above and the obtain on the sale ofvacant arrive that was reported in a prior accommodate which resulted in apre-tax obtain of approximately $0.4 million or $0.04 per share aftertax. This gain is also reported as "obtain on sale of capital assets" onthe attached income statement. Excluding these three items net incomefor the year ended June 30. 2007 was $6.1 million or $0.93 per overlap,compared to $4.7 million or $0.72 per share for the prior fiscalyear an increase of $1.4 million or 28%.
The information regarding non-recurring items is non-GAAPdisclosure. Investors should consider these non-GAAP measures inaddition to and not as a alter for financial performancemeasures prepared in accordance with GAAP. We accept this informationis relevant to our investors due to the significance of these items onnet income and earnings per overlap and undergo included a delay in thefinancial statements demonstrating the force on earnings.
Working capital (current assets less current liabilities) at June30. 2007 was $99.3 million. Net change provided by operating activitieswas $10.3 million for the fiscal year ended June 30. 2007 compared tonet cash used in operating activities of $7.3 million in fiscal year2006. The fluctuations in net change provided by operating activitieswere primarily the result of changes in net income changes ininventory and accounts payable related to sourcing of finished productand changes in accounts receivable due to sales volume and collectionpatterns.
Capital expenditures were $10.8 million during the fiscal year2007 including approximately $6.0 million for the acquire of a westcoast store and approximately $1.5 million for a warehouseaddition in Indiana to give the growth of foreign-sourced furnitureproducts. The remainder of expenditures was primarily for delivery andmanufacturing equipment. Depreciation and amortization expense was$5.3 million and $5.5 million for the fiscal years ended June 30. 2007and 2006 respectively. The affiliate expects that capital expenditureswill be approximately $3.0 million in fiscal year 2008.
Consistent with industry-wide trends orders for residential andvehicle markets continued soft throughout the affiliate's fourth fiscalquarter period. The Company expects this softness to act throughthe first half of fiscal year 2008. Orders for products intocommercial applications slowed in the fourth accommodate of the 2007fiscal year and we evaluate this moderation to continue into fiscal year2008.
Statements including those in this release which are nothistorical or current facts are "forward-looking statements" madepursuant to the safe experience provisions of the Private SecuritiesLitigation ameliorate Act of 1995. There are certain important factorsthat could cause our results to differ materially from thoseanticipated by some of the statements made in this press release. Investors are cautioned that all forward-looking statements involverisk and uncertainty. Some of the factors that could affect resultsare the cyclical nature of the furniture industry the effectivenessof new product introductions and distribution channels the productmix of sales pricing pressures the be of raw materials and fuel,foreign currency valuations actions by governments including taxesand tariffs the be of sales generated and the profit marginsthereon competition (both foreign and domestic) changes in interestrates credit exposure with customers and command economic conditions. Any forward-looking statement speaks only as of the go out of this pressrelease. We specifically change state to initiate any obligation topublicly revise any forward-looking statements that undergo been made toreflect events or circumstances after the go out of such statements orto reflect the occurrence of anticipated or unanticipated events.
FLEXSTEEL INDUSTRIES. INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED fit SHEETS (UNAUDITED) June 30. June 30. 2007 2006 ----------- -----------ASSETSCURcontract ASSETS: change and cash equivalents.............. $ 900,326 $ 1,985,768 Investments............................ 976,180 817,618 Trade receivables net................. 56,273,874 51,179,791 Inventories............................ 78,756,985 84,769,972 Other.................................. 5,609,045 6,634,121 ----------- -----------Total current assets........................ 142,516,410 145,387,270NONCURRENT ASSETS: Property plant and equipment net.... 28,168,244 24,158,041 Other assets........................... 13,479,528 13,780,393 ----------- -----------TOTAL....................................... $184,164,182 $183,325,704 =========== ===========LIABILITIES AND SHAREHOLDERS' EQUITYCURRENT LIABILITIES: Accounts payable - trade.................. $ 13,607,485 $ 15,768,435 Notes payable and current maturities of long-term debt........................... 7,030,059 9,466,643 Accrued liabilities....................... 22,540,063 23,164,927 ----------- -----------Total current liabilities................... 43,177,607 48,400,005LONG-TERM LIABILITIES: Long-term debt............................ 21,336,352 21,846,386 Other long-term liabilities............... 5,535,113 5,576,988 ----------- -----------Total liabilities........................... 70,049,072 75,823,379SHAREHOLDERS' EQUITY........................ 114,115,110 107,502,325 ----------- -----------TOTAL....................................... $184,164,182 $183,325,704 =========== ===========
FLEXSTEEL INDUSTRIES. INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended Fiscal Year Ended June 30. June 30. ---------------------------.
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