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Herman Miller reports 4th quarter results and dividend increase

Thursday 28 June 2012

Herman Miller, Inc, today announced results for its fourth quarter ended June 2, 2012. The company reported net sales in the quarter of $420.7 million; a decrease of 4.7% from the fourth quarter of fiscal 2011. New orders in the fourth quarter, which totaled $443.8 million, were down 1.0% on a year-over-year basis. The results in the prior year fourth quarter include sales and order activity associated with dealerships the company has since sold. Excluding the impact of dealer de-consolidations, net sales decreased 1.2% and orders increased 2.5% in the fourth quarter of fiscal 2012. On a sequential quarter basis, net sales and orders in the fourth quarter increased 5.2% and 23.1%, respectively, from the third quarter level.
For the full fiscal year, net sales were $1,724.1 million, reflecting a year-on-year increase of 4.5%. Diluted earnings per share in fiscal 2012 and 2011 were $1.29 and $1.06, respectively. By comparison, diluted earnings per share, adjusted to exclude restructuring and impairment expenses, were $1.37 and $1.09 in fiscal 2012 and 2011, respectively.
The company also announced an increase in its quarterly cash dividend to $0.09 per share payable in October 2012. This change represents an increase of over 300% from the current dividend payout of $0.022 per share.
Brian Walker, Chief Executive Officer, stated, "We finished fiscal 2012 with solid financial results in the fourth quarter, highlighted by strong international sales growth and our highest gross margin percentage in 12 years. While demand from the U.S. federal government and healthcare buyers was again soft this quarter, order activity in the balance of our core North American business was up 15% over last year, excluding the impact of dealers sold. Our performance throughout the fiscal year, including the substantial improvements we've made to the health of our balance sheet, gives us the ability to begin returning more cash to our shareholders. The increase in the dividend reflects the confidence of both management and the board of directors in our long-term strategic plan."

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