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HNI of Muscatine Iowa loses $1.4 million in second quarter as sales fall

Thursday 23 July 2009

HNI Corp. reported a net loss of $1.4 million for the second quarter, caused by the closing of two plants and restructuring of hearth operations.

HNI Corp. closed its South Gate, Calif., and Louisburg, N.C., office furniture factories in the quarter. Second-quarter results also included a nonoperating gain resulting from the sale of the corporate aircraft.

The Muscatine office furniture manufacturer had sales of $383 million, a 37.5 percent decrease from the same period a year ago. The operating loss was $15.8 million for the first six months of the year, compared with operating income of $35.4 million in the first half of last year.

\"We made strong progress resetting our cost structure and generating cash flow during the quarter,\" Chief Executive Stan Askren said in a statement. \"We are pleased with our progress, particularly with our office furniture operations.\"


HNI Corp. expects market conditions to remain difficult, but \"we are seeing signs of stabilization, particularly in our office furniture businesses,\" Askren said. Third-quarter revenue is expected to exceed the second-quarter levels if \"historical seasonal demand patterns\" continue to hold.

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