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Knoll reports improved 3rd quarter results helped by increased US demand and new products

Thursday 14 October 2010

Knoll, Inc. has announced results for the third quarter ended September 30, 2010. Net sales were $202.1 million for the quarter, an increase of 11.5% over the third quarter 2009. Operating profit was $19.1 million, an increase of 13.7% over the third quarter 2009. Sequentially, net sales increased $9.8 million, or 5.1%, and operating profit increased $7.2 million, or 60.0%, when compared with the second quarter of 2010. Operating profit as a percent of net sales increased 20 basis points from the third quarter of 2009 and 330 basis points from the second quarter of 2010. Net income was $6.3 million, an increase of 10.5% over the third quarter 2009. Earnings per share for the third quarter of 2010 was $0.14, a slight increase from earnings per share of $0.13 for the third quarter of 2009. During the quarter earnings per share was negatively impacted by $0.06 of non-cash other expense from foreign exchange related to the Canadian Dollar and Euro and the mark to market cost related to the ineffective portion of our interest rate swaps.
\"We are in the midst of a genuine recovery in demand,\" commented Andrew Cogan, CEO. \"While we are benefiting from improved demand conditions, it is encouraging to see our rate of growth accelerating relative to the overall industry as our new product initiatives gain significant traction led by our innovative Generation by Knoll work chair. Our team did a nice job of sequentially leveraging this growth to improve on our industry leading levels of profitability. With all our leading indicators continuing to show double digit year over year growth we look forward to ending 2010 on a positive note.\"

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