DUBUQUE, IA – Flexsteel Ind., a manufacturer of uphostery and wood furniture, posted a $1.5 million loss on sales of $324.2 million for its fiscal year ended June 30. On a brighter note, the company reduced what would have been a greater annual loss by posting a fourth quarter profit of $798,000.
“We believe that the consolidation of manufacturing operations and workforce reductions that the company completed during the fiscal year has brought production capacity and fixed overhead in line with current and expected demand for our products,” the company said in a press release. “Company-wide employment has been reduced approximately 30% over the past year through plant closures and workforce reductions related to business conditions.“
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