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A business consultancy, based in London, England, John Sacks' JSA Consultancy Services provides expert, in-depth, information advice and guidance as to how to exploit successfully the office furniture and interiors markets in Europe, North America, Australasia and Japan.

Herman Miller Reports Second Quarter 2009 Earnings in Line with Guidance

Thursday 18 December 2008

Herman Miller, Inc., today announced results for its second quarter of fiscal year 2009. Consolidated net sales for the quarter were $476.6 million, down 5.8% from the same period last year. Earnings per share were $0.60 for the quarter, down 10.4% from the prior year period. Year-to-date earnings of $1.20 per share were consistent with the same period of last year. Despite lower volumes and higher raw material input costs, operating earnings were a healthy 11.5% of net sales. The company generated $41.8 million in cash flow from operations for the quarter, ending with a cash balance of more than $166 million.

Brian Walker, Chief Executive Officer, stated, \"In the face of a challenging economy and tough prior year comparisons, we demonstrated our ability to deliver strong operating performance and the resiliency of our business model. Our people have done an exceptional job of managing cost and productivity, prioritizing activities that are crucial to serving our customers today, while continuing to invest in capabilities to fuel our long-term growth.\"


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