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HNI Corp. reports increase in sales

Saturday 24 July 2010

Muscatine, Iowa-based HNI Corp., the parent company of HON, has reported sales of $398.2 million and income from continuing operations of $5.6 million for the second quarter ending July 3.
Net income per diluted share from continuing operations for the quarter was 12 cents, or 15 cents on a non-GAAP basis when excluding restructuring and impairment charges and transition costs.
Consolidated net sales increased $23.5 million or 6.3 percent to $398.2 million.
Gross margins were 1.5 percentage points higher than prior year primarily due to higher volume and cost reduction initiatives partially offset by lower price realization and higher mix of lower margin products in the office furniture segment.
Second quarter results included $2.4 million of restructuring and transition costs associated with shutdown and consolidation of production of office furniture manufacturing locations. Included in 2009 were $5.2 million of restructuring charges of which $1.4 million were included in cost of sales. Second quarter 2009 also included a non-operating gain of $1.3 million.
HNI is a group of seven companies, each representing a family of brands, products and services for the office and home environments. According to its website, it is the second-largest office furniture manufacturer in the world, and the USA’s leading manufacturer and marketer of gas- and wood-burning fireplaces.

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