FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

KLOSTERMAN RONALD J 		2. Issuer Name and Ticker or Trading Symbol

FLEXSTEEL INDUSTRIES INC [ FLXS ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
President and CEO
(Last)          (First)          (Middle)

P.O. BOX 877 		3. Date of Earliest Transaction (MM/DD/YYYY)

12/10/2007
(Street)

DUBUQUE, IA 52004
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. 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
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock                  72887   D    
Common Stock   12/10/2007     J (1)   V 302   A $12.35   4141   I   401K Plan  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option 12/09/1999   $13.25                   12/9/1999   12/9/2009   Common Stock   7500     7500   D    
Option 12/09/2002   $15.925                   12/9/2002   12/9/2012   Common Stock   10750     10750   D    
Option 12/08/2003   $19.21                   12/8/2003   11/25/2013   Common Stock   12000     12000   D    
Option 12/14/2004   $16.49                   12/14/2004   12/14/2014   Common Stock   12000     12000   D    
Option 12/13/2005   $14.4                   12/13/2005   12/13/2015   Common Stock   12000     12000   D    
Option 12/11/2006   $12.65                   12/11/2006   12/11/2016   Common Stock   15000     15000   D    
Option 12/10/2007   $12.35   12/10/2007     A     15000       12/10/2007   12/10/2017   Common Stock   15000   $12.35   15000   D    

Explanation of Responses:
( 1)  Shares beneficially owned through participation in the Company's 401k plan.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
KLOSTERMAN RONALD J
P.O. BOX 877
DUBUQUE, IA 52004

President and CEO

Signatures
Ronald Klosterman 12/11/2007
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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