Welcome to JSA Consultancy Services

A business consultancy, based in London, England, John Sacks' JSA Consultancy Services provides expert, in-depth, information advice and guidance as to how to exploit successfully the office furniture and interiors markets in Europe, North America, Australasia and Japan.

HNI Corp.Quarterly Report for the period to 30 September.

Thursday 3 November 2011

For the first nine months of 2011, sales increased $112.6 million, or 9.2 percent, to $1.3 billion compared to $1.2 billion for the first nine months of 2010. Gross margins remained flat at 34.6 percent compared to the same period last year. Income from continuing operations was $27.7 million for the first nine months of 2011 compared to $17.1 million for the first nine months of 2010. Earnings per share from continuing operations increased to $0.61 per diluted share compared to $0.37 per diluted share for the same period last year.

Total selling and administrative expenses, including restructuring charges, as a percent of sales decreased to 27.6 percent for the third quarter of 2011 compared to 28.4 percent for the same quarter last year due to higher volume partially offset by increased fuel costs and higher incentive-based compensation. Third quarter 2011 included $0.3 million of restructuring charges associated with plant consolidations compared to a credit of $0.3 million in the same period in the prior year.

Third quarter 2011 sales for the office furniture segment increased 8.9 percent or $34.5 million to $421.9 million from $387.4 million for the same quarter last year. The increase was across all channels of the office furniture segment with a more substantial increase in the contract and international channels. Third quarter 2011 operating profit prior to unallocated corporate expenses increased $7.5 million to $41.5 million as a result of higher volume, improved price realization and lower restructuring and transition costs. These were partially offset by higher input costs. Third quarter 2011 included $0.5 million of restructuring and transition costs, including accelerated depreciation, compared to $0.7 million of restructuring and transition costs, including accelerated depreciation, in third quarter 2010.

Net sales for the first nine months of 2011 increased 9.3 percent or $95.5 million to $1.1 billion compared to $1.0 billion for the same period in 2010. Operating profit for the first nine months of 2011 increased 7.1 percent or $4.5 million to $67.5 million compared to $63.0 million for the same period in 2010.

Net sales for the first nine months of 2011 increased 9.0 percent or $17.1 million to $207.5 million compared to $190.5 million for the same period in 2010. Operating profit for the first nine months of 2011 increased $7.8 million to $5.3 million when compared to the same period last year.

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JSA Consultancy Services
4-5 Gray’s Inn Square, Gray’s Inn,
London, WC1R 5AH, England


+44 (0) 20 7670 1510