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Knoll reports strong 2nd quarter results

Friday 18 July 2014

Knoll, Inc. have announced results for the 2nd quarter ended 30 June, 2014. Net sales were $265.8 million for the quarter, an increase of 24.0% from second quarter of 2013. Organically, excluding the impact of HOLLY HUNT®, which was acquired on February 3, 2014, sales increased 11.4% when compared with the second quarter of 2013. Operating profit for the quarter was $22.2 million, which included restructuring charges of $0.2 million. Operating profit increased 79.0% for the quarter when compared to operating profit of $12.4 million in the second quarter of 2013. Adjusted operating profit for the second quarter of 2014 was $22.4 million, or an 80.6% increase over the second quarter of 2013. Net income for the second quarter of 2014 was $10.8 million, an increase of 36.7% when compared with the second quarter of 2013. Diluted earnings per share was $0.23 for the quarter compared to $0.17 per share in the prior year. During the second quarter of 2014, non-cash charges relating to foreign exchange losses decreased earnings $0.03 per share.
"Across the board, each of our segments delivered improved sales and operating profits," commented Andrew Cogan, CEO. "We believe that the results we reported this quarter demonstrate the impact our strategic efforts to broaden our exposure to high margin, high design Specialty and consumer facing businesses can have on our top and bottom line results, particularly when coupled with improving performance in our core Office segment," he added.

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