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Herman Miller, Inc.: Second Quarter 2009
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Earnings in Line with Guidance and Continued Strength in Operating Income and Cash Flow
Webcast to be held Thursday, December 18, 2008, at 9:30 AM EST
Herman Miller, Inc., today announced results for its second quarter of fiscal year 2009. Consolidated net sales for the quarter were $476.6 million, down 5.8% from the same period last year. Earnings per share were $0.60 for the quarter, down 10.4% from the prior year period. Year-to-date earnings of $1.20 per share were consistent with the same period of last year. Despite lower volumes and higher raw material input costs, operating earnings were a healthy 11.5% of net sales. The company generated $41.8 million in cash flow from operations for the quarter, ending with a cash balance of more than $166 million. Brian Walker, Chief Executive Officer, stated, “In the face of a challenging economy and tough prior year comparisons, we demonstrated our ability to deliver strong operating performance and the resiliency of our business model. Our people have done an exceptional job of managing cost and productivity, prioritizing activities that are crucial to serving our customers today, while continuing to invest in capabilities to fuel our long-term growth.”
North American sales were $389.3 million, a 4.5% decrease from the prior year, while non- North American sales for the quarter were $72.5 million, a 13.4% decline from a year ago. The impact of foreign currency rates reduced sales by $6.8 million for the quarter. Orders for the quarter were $426.0 million, a decrease of 25.6% from a year ago, with North American orders declining 22.9% and non-North American orders down 30.5% over the prior year. The impact of foreign currency rates decreased orders by $13.3 million for the quarter. In addition, the price increase implemented in August is estimated to have negatively impacted second quarter orders by pulling ahead $35 million in orders into the first quarter. The ending backlog of $281.7 million is an 18.7% decrease from the prior year level. Gross margin for the quarter decreased to 32.6% of sales from 35.6% in the prior year period. The year-over-year unfavorable impact of increased raw material costs totaled $12 million for the quarter. Overhead spending management and continued manufacturing process improvements provided a favorable impact that partially offset the lower volumes. Operating expenses of $100.4 million declined by $9.3 million to 21.1% of sales, a 60 basis point improvement compared to the same period in fiscal 2008. This improvement is attributable to lower bonus accruals and targeted reduced spending throughout the organization. Sequentially, operating expenses decreased $5.4 million from the first quarter. The effective tax rate for the quarter was 33.5%, down from the prior quarter rate of 35% and the previous year’s second quarter rate of 34%. The decrease was due to Congress’s extension of the Research and Development tax credit during the quarter. This tax law change was retroactive to January 1, 2008, and is reflected in the current quarter’s rate. The company’s quarter end cash position increased to $166.1 million compared to $74.2 million at the close of the prior year period. Cash flow from operations for the quarter totaled $41.8 million compared to $55.9 million for the same period last year. Capital spending for the quarter was $7.7 million compared to $10.1 million a year ago. Curt Pullen, Chief Financial Officer, added, “Our balance sheet remains very strong. This quarter we once again demonstrated our ability to generate significant cash and plan to continue adding to our cash reserves. Our current cash position, untapped $237 million credit line, and our business model will provide us the flexibility needed during this period of economic uncertainty.”
The company’s third quarter results will include the impact of the recently announced cost reduction actions. The related charges are expected to be approximately $21 million. This increase from earlier estimates resulted from a greater number of employees accepting the company’s voluntary separation offer. These actions, when fully implemented, will reduce the company’s annual expenditures for overhead and operating expenses by approximately $60 million.
Mr. Walker concluded, “While our ongoing improvement initiatives and previous cost reduction actions enabled us to deliver strong results through the first half of the fiscal year, we recognized the near-term economic climate compelled further action. As a result, this month we began to implement the workforce reductions announced in November. These steps will better align our costs with the current and anticipated business conditions. The current business climate is challenging and difficult to predict. Therefore, we will remain focused and diligent in our efforts to manage costs and cash flow. At the same time, we will continue to invest in products and capabilities to ensure Herman Miller will emerge from this period a strong and capable leader in the market segments we serve.” The company announced a live webcast to discuss the results of the fiscal 2009 second quarter on Thursday, December 18, 2008, at 9:30 a.m. EST. To ensure your access to the webcast, you should allow extra time to visit our website at www.hermanmiller.com to download the streaming software necessary to participate. An online archive of the presentation will be available on the website later that day.
About Herman Miller
Herman Miller works for a better world around you--by designing furnishings and related services that improve the human experience wherever people work, heal, learn, and live. Its curiosity, ingenuity, and design excellence create award-winning products and services, resulting in more than $2 billion in revenue in fiscal 2008. Innovative business practices and a commitment to social responsibility have established Herman Miller as a recognized global company. In 2008, Herman Miller was again cited by FORTUNE as both the “Most Admired” in its industry and among the “100 Best Companies to Work For” in America, while Fast Company named Herman Miller among the world’s “Fast 50” most innovative companies. Herman Miller trades on the NASDAQ Global Select Market under the symbol MLHR.
Contact Joe Nowicki (616) 654 5222 or [email protected]
Curt Pullen (616) 654 3754 or [email protected]
Media: Mark Schurman (616) 654 5498 or [email protected]
Address Herman Miller, Inc., 855 East Main Avenue, PO Box 302, Zeeland, MI 49464-0302
Internet www.hermanmiller.com
Earnings in Line with Guidance and Continued Strength in Operating Income and Cash Flow
Webcast to be held Thursday, December 18, 2008, at 9:30 AM EST
Herman Miller, Inc., today announced results for its second quarter of fiscal year 2009. Consolidated net sales for the quarter were $476.6 million, down 5.8% from the same period last year. Earnings per share were $0.60 for the quarter, down 10.4% from the prior year period. Year-to-date earnings of $1.20 per share were consistent with the same period of last year. Despite lower volumes and higher raw material input costs, operating earnings were a healthy 11.5% of net sales. The company generated $41.8 million in cash flow from operations for the quarter, ending with a cash balance of more than $166 million. Brian Walker, Chief Executive Officer, stated, “In the face of a challenging economy and tough prior year comparisons, we demonstrated our ability to deliver strong operating performance and the resiliency of our business model. Our people have done an exceptional job of managing cost and productivity, prioritizing activities that are crucial to serving our customers today, while continuing to invest in capabilities to fuel our long-term growth.”
North American sales were $389.3 million, a 4.5% decrease from the prior year, while non- North American sales for the quarter were $72.5 million, a 13.4% decline from a year ago. The impact of foreign currency rates reduced sales by $6.8 million for the quarter. Orders for the quarter were $426.0 million, a decrease of 25.6% from a year ago, with North American orders declining 22.9% and non-North American orders down 30.5% over the prior year. The impact of foreign currency rates decreased orders by $13.3 million for the quarter. In addition, the price increase implemented in August is estimated to have negatively impacted second quarter orders by pulling ahead $35 million in orders into the first quarter. The ending backlog of $281.7 million is an 18.7% decrease from the prior year level. Gross margin for the quarter decreased to 32.6% of sales from 35.6% in the prior year period. The year-over-year unfavorable impact of increased raw material costs totaled $12 million for the quarter. Overhead spending management and continued manufacturing process improvements provided a favorable impact that partially offset the lower volumes. Operating expenses of $100.4 million declined by $9.3 million to 21.1% of sales, a 60 basis point improvement compared to the same period in fiscal 2008. This improvement is attributable to lower bonus accruals and targeted reduced spending throughout the organization. Sequentially, operating expenses decreased $5.4 million from the first quarter. The effective tax rate for the quarter was 33.5%, down from the prior quarter rate of 35% and the previous year’s second quarter rate of 34%. The decrease was due to Congress’s extension of the Research and Development tax credit during the quarter. This tax law change was retroactive to January 1, 2008, and is reflected in the current quarter’s rate. The company’s quarter end cash position increased to $166.1 million compared to $74.2 million at the close of the prior year period. Cash flow from operations for the quarter totaled $41.8 million compared to $55.9 million for the same period last year. Capital spending for the quarter was $7.7 million compared to $10.1 million a year ago. Curt Pullen, Chief Financial Officer, added, “Our balance sheet remains very strong. This quarter we once again demonstrated our ability to generate significant cash and plan to continue adding to our cash reserves. Our current cash position, untapped $237 million credit line, and our business model will provide us the flexibility needed during this period of economic uncertainty.”
The company’s third quarter results will include the impact of the recently announced cost reduction actions. The related charges are expected to be approximately $21 million. This increase from earlier estimates resulted from a greater number of employees accepting the company’s voluntary separation offer. These actions, when fully implemented, will reduce the company’s annual expenditures for overhead and operating expenses by approximately $60 million.
Mr. Walker concluded, “While our ongoing improvement initiatives and previous cost reduction actions enabled us to deliver strong results through the first half of the fiscal year, we recognized the near-term economic climate compelled further action. As a result, this month we began to implement the workforce reductions announced in November. These steps will better align our costs with the current and anticipated business conditions. The current business climate is challenging and difficult to predict. Therefore, we will remain focused and diligent in our efforts to manage costs and cash flow. At the same time, we will continue to invest in products and capabilities to ensure Herman Miller will emerge from this period a strong and capable leader in the market segments we serve.” The company announced a live webcast to discuss the results of the fiscal 2009 second quarter on Thursday, December 18, 2008, at 9:30 a.m. EST. To ensure your access to the webcast, you should allow extra time to visit our website at www.hermanmiller.com to download the streaming software necessary to participate. An online archive of the presentation will be available on the website later that day.
About Herman Miller
Herman Miller works for a better world around you--by designing furnishings and related services that improve the human experience wherever people work, heal, learn, and live. Its curiosity, ingenuity, and design excellence create award-winning products and services, resulting in more than $2 billion in revenue in fiscal 2008. Innovative business practices and a commitment to social responsibility have established Herman Miller as a recognized global company. In 2008, Herman Miller was again cited by FORTUNE as both the “Most Admired” in its industry and among the “100 Best Companies to Work For” in America, while Fast Company named Herman Miller among the world’s “Fast 50” most innovative companies. Herman Miller trades on the NASDAQ Global Select Market under the symbol MLHR.
Contact Joe Nowicki (616) 654 5222 or [email protected]
Curt Pullen (616) 654 3754 or [email protected]
Media: Mark Schurman (616) 654 5498 or [email protected]
Address Herman Miller, Inc., 855 East Main Avenue, PO Box 302, Zeeland, MI 49464-0302
Internet www.hermanmiller.com