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HNI sales down 35.2% and announce Loss In Q4

Wednesday 10 February 2010

HNI (Hon) reported a loss for the fourth quarter due to a decline in sales across segments.

The net loss attributable to parent company was $10.77 million or $0.24 per share, compared with a net income of $8.51 million or $0.19 per share a year-ago. Non-GAAP net income per share was $0.26, compared with $0.45 last year.

Net sales for the quarter declined by 35.2% to $413.67 million from $637.94 million a year-ago. Four Wall Street analysts estimated revenues of $418.48 million.

Segment-wise, office furniture sales declined to $328.45 million from $512.83 million, while hearth products sales declined to $85.22 million from $125.11 million a year-ago.
Selling and administrative expenses declined 16.5% to $135.42 million from $173.06 million in the year-ago period. Restructuring and impairment charges were higher at $27.04 million, compared with $21.51 million in the year-ago period.

Year-to-date net loss attributable to parent company was $6.44 million or $0.14 per share, compared with net income of $45.45 million or $1.02 per share a year-ago. Non-GAAP net income per share declined to $0.70 from $1.46 in the year-ago period.

Net sales for the year declined to $1.65 billion from $2.47 billion in the year-ago period. Street estimated earnings of $0.55 per share on revenues of $1.66 billion.

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