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Knoll reports 4th quarter and full year 2011 results

Tuesday 7 February 2012

Knoll, Inc. today announced results for the fourth quarter and year ended December 31, 2011. Net sales were $223.1 million for the quarter, a decrease of 7.0% from fourth quarter 2010. Operating profit was $27.8 million, or 12.5% of net sales, an increase of 14.9% from the fourth quarter of 2010. The fourth quarter of 2011 includes a $5.4 million curtailment benefit associated with the modification of the Company's pension and other post-retirement benefits. Excluding this benefit operating profit was $22.4 million, or 10.0% of net sales, a decrease of 7.4% from the fourth quarter 2010. Net income was $17.4 million, an increase of 61.1% when compared with the fourth quarter of 2010. Diluted earnings per share was $0.37 for the quarter compared to $0.23 per share in the prior year.
For the full year, net sales were $922.2 million, an increase of 13.9% when compared to 2010. Operating profit was $97.1 million, or 10.5% of net sales, an increase of 50.1% when compared to 2010. Net income was $58.0 million for 2011, an increase of 107.1% when compared to 2010. Diluted earnings per share was $1.24 for the year compared to $0.61 per share in the prior year.
"We are pleased with our overall performance in 2011," commented Andrew Cogan, CEO. "We grew sales and profits, expanded our operating margins, reduced our debt and returned more cash through an increased dividend to our shareholders. We won the Cooper Hewitt National Design Award for Corporate and Institutional Achievement and made significant progress in putting in place robust strategies to improve the profitability of our core Office business while simultaneously investing in our high margin, high design content Specialty platform. The acquisitions we are announcing today of FilzFelt and Richard Schultz Design will serve to strengthen the portfolio of products that we can offer architects and designers and consumers through our Specialty businesses."
"The sales decline that we experienced in the 4th quarter was the direct result of lessened project activity in our Government business and significantly reduced purchases from a single commercial client. While we expect challenging comps to continue at least through the first half of 2012, we believe that the recent softness in industry demand is more indicative of a transient lull than a broad based decline and that improving fundamentals as demonstrated in the recent Architectural Billing Index data should drive better industry conditions later in the year."

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