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Furniture maker Flexsteel Industries Inc. filed a quarterly report on April 21 with the Securities and Exchange Commission. The Dubuque-based company included these details in the report:

• For the nine months ended March 31, the company experienced a 3.8 percent increase in the value of residential sales compared with year-earlier figures, and a 20.1 percent decrease in commercial sales. In the first quarter of 2010, residential sales were up 14.7 percent compared with the first quarter of 2009, and commercial sales dropped 0.3 percent.

“While we believe that sales are at or near the bottom of the downward cycle and should level off,” Flexsteel said in its report, “we do not anticipate major improvements in commercial markets through the end of the calendar year.”

• Net income for the nine months ended March 31 was $6.66 million, compared with a $2.31 million loss in the year-earlier period.

• The report said: “Company-wide employment, which was reduced approximately 30 percent in the prior fiscal year through plant closures and workforce reductions, remains at these reduced levels.”

• Selling, general and administrative expenses were $14.1 million, or 17.3 percent of net sales, for the first quarter of 2010. A year earlier, these expenses were $14.5 million, or 19.6 percent of net sales. “The percentage improvement is due to widespread expense reductions through facility consolidations and staff reductions during the prior fiscal year,” according to the report. “During the prior year quarter the Company recorded pre-tax charges of approximately $0.5 million of employee separation costs.”

• On March 31, Flexsteel’s current assets included $8.82 million in cash; on June 30, 2009, cash on hand totaled $1.71 million.