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Knoll announces 170% Q4 profit growth on strong demand

Friday 4 February 2011

Furniture designer and manufacturer Knoll grew its net income by 170% during the fourth quarter, helped by a recovering economy which led to the company\'s highest level of outstanding orders in more than two years, it said Friday.
For the fourth quarter, the Pennsylvania-based company, which sells office and residential furniture, reported net income of $10.8 million or $0.23 per share. This is up from $4.0 million, or $0.9 per share, in the prior year period.
Excluding restructuring charges and other one-time items, the company\'s earnings rose 86% to $0.23 per share, versus $0.14 per share a year earlier.
Revenues rose 30% during the fourth quarter to $239.8 million, reflecting increased volume across all of its product categories and geographies, the company said.
During the quarter, sales from office systems furniture saw double digit growth, while seating had the largest growth rate on sales of the company\'s \"Generation by Knoll\" chair.
Backlog of unfilled orders at quarter-end was $196.6 million, representing a 29% increase over the prior year period.
\"The combination of improved economic conditions and our investments in innovative new designs drove better than industry growth and the highest operating margins and backlog since the end of 2008,\" said CEO Andrew Cogan.
On the back of its strong results, Knoll increased its quarterly dividend during the fourth quarter from $0.02 per share to $0.06 per share.
For the full year 2010, the company posted earnings per share of $0.61 on sales of $809.5 million.
Knoll, through a network of more than 300 dealerships and 100 showrooms across North America and Europe, sells office and home furniture. It operates four manufacturing sites in North America and has plants in Foligno and Graffignana, Italy.

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