HMI net sales dip 19 percent

September 8, 2009
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ZEELAND — Herman Miller Inc. (NASDAQ: MLHR) reported results for its fourth quarter and fiscal year ended May 30, 2009, as well as actions to strategically grow its presence in the health care market and further strengthen its balance sheet. The announcements include  fourth quarter results of $319.9 million in consolidated net sales, a decline of 38.4 percent from the same period last year and 9.7 percent from the prior quarter.

Excluding restructuring charges, the adjusted operating income was 5.9 percent of sales and adjusted earnings per share were equal to 20 cents per share. Including restructuring charges of $4.6 million incurred during the quarter, earnings per share were 14 cents per share compared to 71 cents per share during the same period last year. The company also generated $27.3 million in cash flow from operations for the quarter, further strengthening its cash balance to $192.9 million.

The company reported fiscal year 2009 results of $1,630.0 million in consolidated net sales, reflecting a decline of 19 percent from the prior year. Excluding restructuring charges, the adjusted operating income was 9.3 percent of sales and adjusted earnings per share were equal to $1.59 per share. Including restructuring charges of $28.4 million incurred during the year, earnings per share were $1.25 per share compared to $2.56 per share during the prior year.

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