A Dubuque-headquartered manufacturing company on Monday reported net income of $3.9 million during its recently completed quarter — a dramatic change from a nearly $26 million net loss one quarter earlier.
Flexsteel Industries also reported total sales of $105.2 million in the quarter that ended on Sept. 30, a nearly 5% increase over the same time during the previous year.
“During the first quarter, we delivered solid financial results and saw increased demand for home furnishing products as consumers spend more time in the home and are shifting spending from travel and entertainment to home products,” said President and CEO Jerry Dittmer in a press release. “The strategic decisions made last quarter to accelerate our transformation and heighten focus on our core retail and e-commerce furniture businesses have made us stronger and more agile to meet surging demand with a more efficient network.”
Those decisions included the company’s closure in June of its production facility in Dubuque, resulting in the loss of 213 jobs.
The company had only $64.8 million in sales in that quarter, marking the end of a fiscal year in which it lost $26.8 million.
In the release on Monday, Dittmer spoke positively about the company’s position.
“We invested in increased inventories in the first quarter to support our customers and are expecting to receive a record number of inbound shipments in our second quarter to meet continued strong demand,” he said. “Additionally, we recently added new production lines in both of our North American manufacturing facilities to expand capacity. …
“With profitability stabilized and sales momentum strong, we are now pivoting towards strategic investments to drive long-term profitable growth and improve our customers’ experience.”
The company will further discuss its earnings report today.