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HNI reports 1st quarter’s sales up 12%

Thursday 19 April 2012

HNI corporation have announced sales for the 1st quarter ended 31 March 2012, of $445.2 million, a 12% increase from the prior year quarter, and a net loss of $100,000.
"We are pleased with our improved performance over prior year. Both segments delivered sales growth led by a double-digit increase in our office furniture supplies-driven channel. Strong performance in the new construction channel also drove growth in our hearth business," said Stan Askren, HNI corporation Chairman, President and Chief Executive Officer.
Consolidated net sales increased $49.1 million or 12.4% to $445.2 million. Acquisitions contributed $15.4 million, or 3.9 %age points of sales. Gross margins were 1.0 %age points lower than prior year primarily due to higher material costs, unfavorable mix, and impact of Sagus acquisition, partially offset by higher volume and increased price realization.
The corporation's first quarter results included $1.2 million of restructuring and transition charges of which $0.3 million were included in cost of sales. These included costs associated with previously announced shutdown and consolidation of office furniture manufacturing locations. Included in the first quarter of 2011 was $1.4 million of restructuring costs.
First quarter sales for the office furniture segment increased $47.5 million or 14.3 % to $378.6 million. The increase was across all channels of the corporation's office furniture segment. Acquisitions contributed $15.4 million or 4.6 %age points of sales.
First quarter operating profit decreased $0.2 million. Operating profit was negatively impacted by increased input costs, unfavorable mix, impact of Sagus acquisition, investments in growth initiatives and higher incentive-based compensation. These were partially offset by higher volume and increased price realization.
"I am encouraged by the continued improvement in the economy and remain optimistic about our markets and prospects for growth. Looking ahead to the second quarter, we anticipate strong sales momentum continuing across our office furniture and hearth businesses. We remain on track to grow sales and increase profits in 2012. I remain confident our investments are accelerating profitable growth and delivering long-term shareholder value. The corporation is financially strong and well positioned for the future," said Mr. Askren.

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