UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Klosterman, Ronald J
Flexsteel Industries, Inc.
P. O. Box 877
Dubuque, IA 52004
2. Issuer Name and Ticker or Trading Symbol
Flexsteel Industries, Inc.
FLXS
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
12/09/2002
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
V P Finance & C.F.O.
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
___________________________________________________________________________________________________________________________________|
Flexsteel Industries, Inc. | | | | | | |46,708 |(D) | |
Common Stock | | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Flexsteel Industries, Inc. |12/09/|401k|V|497 |(A)|Various |3,390 |(I) |401k Plan |
Common Stock |02 | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
___________________________________________________________________________________________________________________________________|
Option |11.4375 | | | | | |11/07|11/07|Flexsteel Co| | |7,200 |(D)| |
| | | | | | |/97 |/07 |mmon Stock | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option |13.25 | | | | | |12/09|12/09|Flexsteel Co| | |9,000 |(D)| |
| | | | | | |/99 |/09 |mmon Stock | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option |10.75 | | | | | |11/14|11/14|Flexsteel Co| | |10,000 |(D)| |
| | | | | | |/00 |/10 |mmon Stock | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option |10.30 | | | | | |11/02|11/02|Flexsteel Co| | |10,750 |(D)| |
| | | | | | |/01 |/11 |mmon Stock | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option |15.9250 |12/09|J* |V|(A) |A |12/09|12/09|Flexsteel Co|10,750 | |10,750 |(D)| |
| |/02 | | | | |/02 |/12 |mmon Stock | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
401k Shares beneficially owned as of Dec. 9, 2002 through participation in
the Company's 401k plan.
J* Granted pursuant to the Flexsteel Industries, Inc. 1999 Stock Option
Plan.