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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.

HNI (Hon) 1st Qtr Loss for 2009

Thursday 23 April 2009

HNI Corporation today announced sales of $405.7 million and a net loss of $11.9 million or $0.27 per diluted share for the first quarter ending April 4, 2009. Included in first quarter results are charges related to the shutdown of its South Gate, California office furniture manufacturing plant and the disposition of several hearth retail and distribution locations. Net loss per diluted share for the quarter was ($0.20) on a non-GAAP basis when excluding restructuring charges. \"We continued to confront highly challenging market conditions and took strong actions to reset our cost structure during the quarter. We made painful but necessary decisions, including the closure of our South Gate facility and transitioning out of five hearth retail and distribution locations. We also reduced day-to-day operating costs across our businesses. These actions along with better price realization allowed us to exceed our first quarter expectations,\" said Stan Askren, HNI Corporation Chairman, President and Chief Executive Officer.

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