Flexsteel restates earnings for 2004, 2005

September 2008
Furniture/Today;9/8/2008, Vol. 33 Issue 2, p42
Trade Publication
The article reports on the restatement of income of Flexsteel Industries Inc. for the year 2004 and 2005. The restatement was made after a flaw was detected in the inventory of freight costs. The company adjusted its balance sheets and cash flow statements that made an additional $2.29 million in its accounts payable accounts ledger for 2006 and 2007. As a result, the company's income for the year ended June 30, 2004 was reduced from $10.13 million to $9.83 million per sharer.


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