Attached files
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| 8-K - FORM 8-K - HNI CORP | r8k242014.htm |
EXHIBIT 99.1
News ReleaseFor Information Contact:
Matthew D. McGough, Vice President, Corporate Finance (563) 272-7563
Kurt A. Tjaden, Vice President and Chief Financial Officer (563) 272-7400
HNI CORPORATION INCREASES
NET INCOME 29% FOR FOURTH QUARTER
AND 30% FOR FULL YEAR FISCAL 2013
MUSCATINE, Iowa (February 4, 2014) – HNI Corporation (NYSE: HNI) today announced sales for the fourth quarter ended December 28, 2013, of $541.3 million, a 3 percent increase from the prior year quarter and net income of $22.8 million, a 29 percent increase from the prior year quarter. Net income per diluted share for the quarter was $0.50. For fiscal year 2013, the Corporation reported sales of $2.1 billion, a 3 percent increase from prior year, and net income of $63.7 million, a 30 percent increase from prior year. Net income per diluted share for the year was $1.39 or $1.43 on a non-GAAP basis when excluding restructuring and transition costs and a loss on the sale of a small non-core office furniture business.
"We are pleased with our strong execution and profit improvement for the fourth quarter and full year 2013. Our growth investments delivered top-line improvement in the quarter despite a slow economy. Outstanding working capital management drove significant cash generation. Office furniture sales increased in our supplies-driven business despite continued reductions in federal government spending. Continued strong profit growth in our hearth business was led by substantial growth in both the new construction and remodel/retrofit channels and outstanding operational execution. We enter 2014 financially strong, competitively well positioned, and focused on delivering profitable growth," said Stan Askren, HNI Corporation Chairman, President and Chief Executive Officer.
|
Fourth Quarter – GAAP Financial Measures
|
||||||||||||
|
Dollars in millions
except per share data
|
Three Months Ended
|
Percent
Change
|
||||||||||
|
12/28/2013
|
12/29/2012
|
|||||||||||
|
Net sales
|
$ | 541.3 | $ | 527.5 | 2.6 | % | ||||||
|
Gross profit
|
$ | 193.0 | $ | 186.0 | 3.8 | % | ||||||
|
Gross profit %
|
35.7 | % | 35.2 | % | ||||||||
|
SG&A
|
$ | 155.3 | $ | 155.6 | -0.2 | % | ||||||
|
SG&A %
|
28.7 | % | 29.5 | % | ||||||||
|
Operating income
|
$ | 37.6 | $ | 30.3 | 24.2 | % | ||||||
|
Operating income %
|
7.0 | % | 5.7 | % | ||||||||
|
Net income attributable to HNI Corporation
|
$ | 22.8 | $ | 17.6 | 29.4 | % | ||||||
|
Earnings per share attributable to HNI Corporation – diluted
|
$ | 0.50 | $ | 0.39 | 28.2 | % | ||||||
|
·
|
Consolidated net sales increased $13.7 million or 2.6 percent to $541.3 million. Compared to prior year quarter, divestitures reduced sales $8.2 million. On an organic basis sales increased 4.1 percent.
|
|
·
|
Gross margin was 0.5 percentage points higher than prior year quarter primarily due to higher volume and increased price realization partially offset by new product ramp-up and operation reconfiguration costs to meet changing market demands.
|
|
·
|
Total selling and administrative expenses as a percent of net sales, including restructuring charges, decreased 0.8 percentage points from the prior year quarter due to higher volume, network distribution realignment savings and lower restructuring charges partially offset by investment in growth initiatives and higher incentive-based compensation.
|
|
·
|
The Corporation's fourth quarter results included $0.1 million of restructuring charges associated with previously announced shutdown and consolidation of office furniture manufacturing locations. Included in the fourth quarter of 2012 was $1.1 million of restructuring and transition costs of which $0.3 million was included in cost of sales.
|
|
Fourth Quarter – Non-GAAP Financial Measures
(Reconciled with most comparable GAAP financial measures)
|
||||||||||||||||||||||||||||||||
|
Dollars in millions
except per share data
|
Three Months Ended 12/28/2013
|
Three Months Ended 12/29/2012
|
||||||||||||||||||||||||||||||
|
Gross
Profit
|
SG&A
|
Operating
Income
|
Diluted
EPS
|
Gross
Profit
|
SG&A
|
Operating
Income
|
Diluted
EPS
|
|||||||||||||||||||||||||
|
As reported (GAAP)
|
$ | 193.0 | $ | 155.3 | $ | 37.6 | $ | 0.50 | $ | 186.0 | $ | 155.6 | $ | 30.3 | $ | 0.39 | ||||||||||||||||
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% of net sales
|
35.7 | % | 28.7 | % | 7.0 | % | 35.2 | % | 29.5 | % | 5.7 | % | ||||||||||||||||||||
|
Restructuring and impairment
|
- | $ | (0.1 | ) | $ | 0.1 | $ | 0.00 | - | $ | (0.6 | ) | $ | 0.6 | $ | 0.01 | ||||||||||||||||
|
Transition costs
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- | - | - | - | $ | 0.3 | $ | (0.2 | ) | $ | 0.5 | $ | 0.00 | |||||||||||||||||||
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Results (non-GAAP)
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$ | 193.0 | $ | 155.2 | $ | 37.7 | $ | 0.50 | $ | 186.3 | $ | 154.8 | $ | 31.4 | $ | 0.40 | ||||||||||||||||
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% of net sales
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35.7 | % | 28.7 | % | 7.0 | % | 35.3 | % | 29.3 | % | 6.0 | % | ||||||||||||||||||||
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Full Year – GAAP Financial Measures
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||||||||||||
|
Dollars in millions
except per share data
|
Twelve Months Ended
|
Percent
Change
|
||||||||||
|
12/28/2013
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12/29/2012
|
|||||||||||
|
Net sales
|
$ | 2,060.0 | $ | 2,004.0 | 2.8 | % | ||||||
|
Gross profit
|
$ | 715.3 | $ | 689.2 | 3.8 | % | ||||||
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Gross profit %
|
34.7 | % | 34.4 | % | ||||||||
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SG&A
|
$ | 609.3 | $ | 601.6 | 1.3 | % | ||||||
|
SG&A %
|
29.6 | % | 30.0 | % | ||||||||
|
Operating income
|
$ | 106.0 | $ | 87.6 | 21.0 | % | ||||||
|
Operating income %
|
5.1 | % | 4.4 | % | ||||||||
|
Net income attributable to HNI Corporation
|
$ | 63.7 | $ | 49.0 | 30.1 | % | ||||||
|
Earnings per share attributable to HNI Corporation – diluted
|
$ | 1.39 | $ | 1.07 | 29.9 | % | ||||||
|
·
|
Consolidated net sales increased $56.0 million or 2.8 percent to $2.1 billion. Compared to prior year, divestitures, partially offset by the acquisition of BP Ergo, reduced sales $27.5 million. On an organic basis sales increased 4.2 percent.
|
|
·
|
Gross margin was 0.3 percentage points higher than prior year due to increased volume, better price realization and lower material costs offset partially by unfavorable mix, new product ramp-up and operation reconfiguration costs to meet changing market demands.
|
|
·
|
Total selling and administrative expenses as a percent of net sales, including restructuring charges, improved 0.4 percentage points due to higher volume, network distribution realignment savings and lower restructuring charges partially offset by investment in growth initiatives, higher incentive-based compensation and a loss on the sale of a small non-core office furniture business. Included in 2013 were $0.3 million of restructuring and transition charges compared to $3.0 million in 2012.
|
|
·
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The provision for income taxes for 2013 reflects an effective tax rate of 34.5 percent compared to 37.7 percent in 2012. The decrease is due to the research tax credit for 2012 being applied in fiscal 2013.
|
Cash flow from operations for the year was $165.0 million compared to $144.8 million in 2012. Capital expenditures were $78.9 million in 2013 compared to $60.3 million in 2012.
|
Full Year – Non-GAAP Financial Measures
(Reconciled with most comparable GAAP financial measures)
|
||||||||||||||||||||||||||||||||
|
Dollars in millions
except per share data
|
Twelve Months Ended 12/28/2013
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Twelve Months Ended 12/29/2012
|
||||||||||||||||||||||||||||||
|
Gross
Profit
|
SG&A
|
Operating
Income
|
Diluted
EPS
|
Gross
Profit
|
SG&A
|
Operating
Income
|
Diluted
EPS
|
|||||||||||||||||||||||||
|
As reported (GAAP)
|
$ | 715.3 | $ | 609.3 | $ | 106.0 | $ | 1.39 | $ | 689.2 | $ | 601.6 | $ | 87.6 | $ | 1.07 | ||||||||||||||||
|
% of net sales
|
34.7 | % | 29.6 | % | 5.1 | % | 34.4 | % | 30.0 | % | 4.4 | % | ||||||||||||||||||||
|
Restructuring and impairment
|
- | $ | (0.3 | ) | $ | 0.3 | $ | 0.01 | $ | 0.4 | $ | (1.9 | ) | $ | 2.3 | $ | 0.03 | |||||||||||||||
|
Transition costs
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- | - | - | - | $ | 0.7 | $ | (1.1 | ) | $ | 1.8 | $ | 0.03 | |||||||||||||||||||
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Loss on sale
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- | $ | (2.5 | ) | $ | 2.5 | $ | 0.03 | ||||||||||||||||||||||||
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Results (non-GAAP)
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$ | 715.3 | $ | 606.5 | $ | 108.8 | $ | 1.43 | $ | 690.3 | $ | 598.6 | $ | 91.8 | $ | 1.13 | ||||||||||||||||
|
% of net sales
|
34.7 | % | 29.4 | % | 5.3 | % | 34.4 | % | 29.9 | % | 4.6 | % | ||||||||||||||||||||
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Office Furniture – GAAP Financial Measures
|
||||||||||||||||||||||||
|
Dollars in millions
|
Three Months Ended
|
Percent
Change
|
Twelve Months Ended
|
Percent
Change
|
||||||||||||||||||||
|
12/28/2013
|
12/29/2012
|
12/28/2013
|
12/29/2012
|
|||||||||||||||||||||
|
Sales
|
$ | 417.0 | $ | 422.3 | -1.3 | % | $ | 1,685.2 | $ | 1,687.3 | -0.1 | % | ||||||||||||
|
Operating profit
|
$ | 25.8 | $ | 23.5 | 9.8 | % | $ | 97.3 | $ | 91.8 | 6.0 | % | ||||||||||||
|
Operating profit %
|
6.2 | % | 5.6 | % | 5.8 | % | 5.4 | % | ||||||||||||||||
|
Non-GAAP Financial Measures
(Reconciled with most comparable GAAP measures)
|
||||||||||||||||||||||||
|
Dollars in millions
|
Three Months Ended
|
Percent
Change
|
Twelve Months Ended
|
Percent
Change
|
||||||||||||||||||||
|
12/28/2013
|
12/29/2012
|
12/28/2013
|
12/29/2012
|
|||||||||||||||||||||
|
Operating profit
as reported (GAAP)
|
$ | 25.8 | $ | 23.5 | 9.8 | % | $ | 97.3 | $ | 91.8 | 6.0 | % | ||||||||||||
|
% of net sales
|
6.2 | % | 5.6 | % | 5.8 | % | 5.4 | % | ||||||||||||||||
|
Restructuring and impairment
|
$ | 0.1 | $ | 0.6 | $ | 0.3 | $ | 2.3 | ||||||||||||||||
|
Transition costs
|
- | $ | 0.5 | - | $ | 1.8 | ||||||||||||||||||
|
Loss on sale
|
- | - | $ | 2.5 | - | |||||||||||||||||||
|
Operating profit (non-GAAP)
|
$ | 25.9 | $ | 24.6 | 5.2 | % | $ | 100.1 | $ | 96.0 | 4.3 | % | ||||||||||||
|
% of net sales
|
6.2 | % | 5.8 | % | 5.9 | % | 5.7 | % | ||||||||||||||||
|
·
|
Fourth quarter sales for the office furniture segment were $417.0 million which was $5.4 million or 1.3 percent less than the same quarter last year. Compared to prior year quarter, divestitures reduced sales by $8.2 million. On an organic basis, sales increased 0.7 percent driven by growth in the supplies-driven channel partially offset by a decrease in the contract and international businesses. Federal government sales declined over 40 percent compared to the same quarter last year. Full year sales for the office furniture segment were $1.69 billion which was $2.1 million or 0.1 percent less than prior year. Compared to prior year, divestitures partially offset by the acquisition of BP Ergo, reduced sales by $27.5 million. On an organic basis, sales increased 1.5 percent driven mainly by growth in the supplies-driven channel. Full year sales to the federal government declined over 27 percent compared to the prior year.
|
|
·
|
Fourth quarter and full year operating profit increased $2.3 million and $5.5 million, respectively. Operating profit margin was positively impacted by increased price realization, network realignment savings and lower restructuring charges. These were partially offset by lower volume, new product ramp-up, operation reconfiguration to meet changing market demands and a loss on the sale of a small non-core office furniture business.
|
Hearth Products – GAAP Financial Measures
|
Dollars in millions
|
Three Months Ended
|
Percent
Change
|
Twelve Months Ended
|
Percent Change
|
||
|
12/28/2013
|
12/29/2012
|
12/28/2013
|
12/29/2012
|
|||
|
Sales
|
$124.3
|
$105.2
|
18.1%
|
$374.8
|
$316.7
|
18.3%
|
|
Operating profit
|
$23.0
|
$15.4
|
49.0%
|
$46.7
|
$26.5
|
76.2%
|
|
Operating profit %
|
18.5%
|
14.7%
|
12.5%
|
8.4%
|
||
|
·
|
Fourth quarter and full year sales for the hearth products segment increased $19.1 million and $58.1 million, respectively. These increases were driven by increases in both the new construction and the remodel/retrofit channels.
|
|
·
|
Fourth quarter and full year operating profit increased $7.6 million and $20.2 million, respectively. Operating profit was positively impacted by higher volume, better price realization and lower material costs partially offset by investments in growth initiatives and incentive-based compensation.
|
.
Outlook
"I remain positive about our markets and our ability to grow sales and increase profits in 2014. We continue to aggressively invest for long-term profitable growth, and I remain confident our investments are delivering shareholder value. Our businesses are strong, competitive, and well-positioned in their markets, and the prospects for our businesses are encouraging," said Mr. Askren.
The Corporation estimates sales growth between 1 and 5 percent in the first quarter over the same period in the prior year. Non-GAAP earnings per diluted share are anticipated in the range of $0.07 to $0.12 for the first quarter. For the full year, the Corporation is updating its estimate of non-GAAP earnings per diluted share to be in the range of $1.60 to $1.80, which excludes restructuring charges and transition costs.
The Corporation remains focused on delivering long-term shareholder value through its core strategic framework: Member/Owner Culture, Rapid Continuous Improvement (RCI), Core Plus and Split-and-Focus with Leverage.
Conference Call
HNI Corporation will host a conference call on Wednesday, February 5, 2014 at 10:00 a.m. (Central) to discuss fourth quarter and year-end 2013 results. To participate, call 1-877-512-9166 – conference ID number 36780244. A live webcast of the call will be available on HNI Corporation's website at http://www.hnicorp.com (under Investor Information – Webcasts). A replay of the webcast will be made available at the same website address. An audio replay of the call will be available until Wednesday, February 12, 2014, 11:59 p.m. (Central) by dialing 1-855-859-2056 or 1-404-537-3406 – Conference ID number 36780244.
About HNI Corporation
HNI Corporation is a NYSE traded company (ticker symbol: HNI) providing products and solutions for the home and workplace environments. HNI Corporation is the second largest office furniture manufacturer in the world and is also the nation's leading manufacturer and marketer of gas- and wood-burning fireplaces. The Corporation's strong brands, including HON®, Allsteel®, Gunlocke®, Paoli®, Maxon®, Lamex®, HBF®, artcobell™, Midwest Folding Products™, ERGO®, Heatilator®, Heat & Glo®, Quadra-Fire® and Harman Stove™ have leading positions in their markets. HNI Corporation is committed to maintaining its long-standing corporate values of integrity, financial soundness and a culture of service and responsiveness. More information can be found on the Corporation's website at www.hnicorp.com.
Non-GAAP Financial Measures
This earnings release contains certain non-GAAP financial measures. A "non-GAAP financial measure" is a numerical measure of a company's financial performance that excludes or includes amounts different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flow of the company. We have provided a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure.
The non-GAAP financial measures used within this earnings release are: gross profit, selling and administrative expense, operating income, operating profit and net income per diluted share (i.e., EPS), excluding restructuring and impairment charges, transition costs and loss on sale of a business. Non-GAAP EPS is calculated using the Corporation's overall effective tax rate for the period. We present these measures because management uses this information to monitor and evaluate financial results and trends. Management believes this information is also useful for investors. This earnings release also contains a forward-looking estimate of non-GAAP earnings per diluted share for the first quarter and full fiscal year 2014. We provide such non-GAAP measures to investors on a prospective basis for the same reasons we provide them to investors on a historical basis. We are unable to provide a reconciliation of our forward-looking estimate of non-GAAP earnings per diluted share to a forward-looking estimate of GAAP earnings per diluted share because certain information needed to make a reasonable forward-looking estimate of GAAP earnings per diluted share for the full fiscal year is difficult to predict and estimate and is often dependent on future events which may be uncertain or outside of our control. These may include unanticipated charges related to asset impairments (fixed assets, intangibles or goodwill), unanticipated acquisition related costs and other unanticipated non-recurring items not reflective of ongoing operations.
Forward-looking Statements
This release contains "forward-looking" statements that refer to future events and expectations. These statements address future plans, outlook, objectives and financial performance including expectations for future sales growth and earnings per diluted share (GAAP and non-GAAP) for the first quarter and full year fiscal 2014. In addition, forward-looking statements may be identified by words such as "anticipate," "believe," "could," "confident," "estimate," "expect," "forecast," "hope," "intend," "likely," "may," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and variations of such words and similar expressions. Forward-looking statements involve known and unknown risks, which may cause the Corporation's actual future results to differ materially from expected results. These risks include, without limitation: the Corporation's ability to realize financial benefits from its (a) price increases, (b) cost containment and business simplification initiatives, (c) investments in strategic acquisitions, new products and brand building, (d) investments in distribution and rapid continuous improvement, (e) ability to maintain its effective tax rate, (f) repurchases of common stock and (g) consolidation and logistical realignment initiatives; uncertainty related to the availability of cash and credit, and the terms and interest rates on which credit would be available, to fund operations and future growth; lower than expected demand for the Corporation's products due to uncertain political and economic conditions; slow or negative growth rates in global and domestic economies and the protracted decline in the domestic housing market; lower industry growth than expected; major disruptions at key facilities or in the supply of any key raw materials, components or finished
goods; competitive pricing pressure from foreign and domestic competitors; higher than expected costs and lower than expected supplies of materials; higher costs for energy and fuel; changes in the mix of products sold and of customers purchasing; relationships with distribution channel partners, including the financial viability of distributors and dealers; restrictions imposed by the terms of the Corporation's revolving credit facility and note purchase agreement; currency fluctuations and other factors described in the Corporation's annual and quarterly reports filed with the Securities and Exchange Commission on Forms 10-K and 10-Q. The Corporation undertakes no obligation to update, amend or clarify forward-looking statements.
###
HNI CORPORATION
Unaudited Condensed Consolidated Statement of Operations
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
|
(Dollars in thousands, except per share data)
|
Dec. 28, 2013
|
Dec. 29, 2012
|
Dec. 28, 2013
|
Dec. 29, 2012
|
||||||||||||
|
Net Sales
|
$ | 541,263 | $ | 527,536 | $ | 2,059,964 | $ | 2,004,003 | ||||||||
|
Cost of products sold
|
348,282 | 341,585 | 1,344,672 | 1,314,776 | ||||||||||||
|
Gross profit
|
192,981 | 185,951 | 715,292 | 689,227 | ||||||||||||
|
Selling and administrative expenses
|
155,237 | 155,046 | 608,972 | 599,656 | ||||||||||||
|
Restructuring and impairment charges
|
97 | 583 | 333 | 1,944 | ||||||||||||
|
Operating income
|
37,647 | 30,322 | 105,987 | 87,627 | ||||||||||||
|
Interest income
|
158 | 232 | 626 | 842 | ||||||||||||
|
Interest expense
|
1,687 | 2,684 | 9,906 | 10,865 | ||||||||||||
|
Income before taxes
|
36,118 | 27,870 | 96,707 | 77,604 | ||||||||||||
|
Income taxes
|
13,376 | 10,493 | 33,338 | 29,278 | ||||||||||||
|
Net income
|
22,742 | 17,377 | 63,369 | 48,326 | ||||||||||||
|
Less: Net income (loss) attributable to the noncontrolling interest
|
(18 | ) | (216 | ) | (314 | ) | (641 | ) | ||||||||
|
Net income attributable to HNI Corporation
|
$ | 22,760 | $ | 17,593 | $ | 63,683 | $ | 48,967 | ||||||||
|
Net income attributable to HNI Corporation common shareholders – basic
|
$ | 0.50 | $ | 0.39 | $ | 1.41 | $ | 1.08 | ||||||||
|
Average number of common shares outstanding – basic
|
45,117,315 | 45,050,346 | 45,250,665 | 45,211,385 | ||||||||||||
|
Net income attributable to HNI Corporation common shareholders – diluted
|
$ | 0.50 | $ | 0.39 | $ | 1.39 | $ | 1.07 | ||||||||
|
Average number of common shares outstanding – diluted
|
45,964,128 | 45,691,600 | 45,956,280 | 45,819,979 | ||||||||||||
Unaudited Condensed Consolidated Balance Sheet
|
Assets
|
Liabilities and Shareholders' Equity
|
||||||||||||||||
|
As of
|
As of
|
||||||||||||||||
|
(Dollars in thousands)
|
Dec. 28, 2013
|
Dec. 29, 2012
|
Dec. 28, 2013
|
Dec. 29, 2012
|
|||||||||||||
|
Cash and cash equivalents
|
$ | 65,030 | $ | 41,782 |
Accounts payable and
|
||||||||||||
|
Short-term investments
|
7,251 | 7,250 |
accrued expenses
|
$ | 407,799 | $ | 384,244 | ||||||||||
|
Receivables
|
228,715 | 213,490 |
Note payable and current
|
||||||||||||||
|
Inventories
|
89,516 | 93,515 |
maturities of long-term debt
|
484 | 4,554 | ||||||||||||
|
Deferred income taxes
|
16,051 | 19,412 |
Current maturities of other
|
||||||||||||||
|
Prepaid expenses and
|
long-term obligations
|
3,301 | 373 | ||||||||||||||
|
other current assets
|
26,665 | 26,926 | |||||||||||||||
|
Current assets
|
433,228 | 402,375 |
Current liabilities
|
411,584 | 389,171 | ||||||||||||
|
Long-term debt
|
150,091 | 150,146 | |||||||||||||||
|
Capital lease obligations
|
106 | 226 | |||||||||||||||
|
Property and equipment - net
|
267,401 | 240,490 |
Other long-term liabilities
|
67,543 | 63,995 | ||||||||||||
|
Goodwill
|
286,655 | 288,348 |
Deferred income taxes
|
68,964 | 52,868 | ||||||||||||
|
Other assets
|
147,421 | 145,853 | |||||||||||||||
|
Parent Company shareholders' equity
|
436,328 | 420,359 | |||||||||||||||
|
Noncontrolling interest
|
89 | 301 | |||||||||||||||
|
Shareholders' equity
|
436,417 | 420,660 | |||||||||||||||
|
Total liabilities and
|
|||||||||||||||||
|
Total assets
|
$ | 1,134,705 | $ | 1,077,066 |
shareholders' equity
|
$ | 1,134,705 | $ | 1,077,066 | ||||||||
Unaudited Condensed Consolidated Statement of Cash Flows
|
Twelve Months Ended
|
||||||||
|
(Dollars in thousands)
|
Dec. 28, 2013
|
Dec. 29, 2012
|
||||||
|
Net cash flows from (to) operating activities
|
$ | 165,002 | $ | 144,777 | ||||
|
Net cash flows from (to) investing activities:
|
||||||||
|
Capital expenditures
|
(78,895 | ) | (60,270 | ) | ||||
|
Acquisition spending
|
0 | (26,894 | ) | |||||
|
Other
|
3,476 | 1,351 | ||||||
|
Net cash flows from (to) financing activities
|
(66,335 | ) | (89,994 | ) | ||||
|
Net increase (decrease) in cash and cash equivalents
|
23,248 | (31,030 | ) | |||||
|
Cash and cash equivalents at beginning of period
|
41,782 | 72,812 | ||||||
|
Cash and cash equivalents at end of period
|
$ | 65,030 | $ | 41,782 | ||||
Business Segment Data
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
|
(Dollars in thousands)
|
Dec. 28, 2013
|
Dec. 29, 2012
|
Dec. 28, 2013
|
Dec. 29, 2012
|
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|
Net sales:
|
||||||||||||||||
|
Office furniture
|
$ | 416,991 | $ | 422,349 | $ | 1,685,205 | $ | 1,687,302 | ||||||||
|
Hearth products
|
124,272 | 105,187 | 374,759 | 316,701 | ||||||||||||
| $ | 541,263 | $ | 527,536 | $ | 2,059,964 | $ | 2,004,003 | |||||||||
|
Operating profit:
|
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|
Office furniture
|
||||||||||||||||
|
Operations before restructuring and impairment charges
|
$ | 25,913 | $ | 24,086 | $ | 97,672 | $ | 93,793 | ||||||||
|
Restructuring and impairment charges
|
(97 | ) | (583 | ) | (333 | ) | (1,944 | ) | ||||||||
|
Office furniture - net
|
25,816 | 23,503 | 97,339 | 91,849 | ||||||||||||
|
Hearth products
|
22,963 | 15,411 | 46,662 | 26,477 | ||||||||||||
|
Total operating profit
|
48,779 | 38,914 | 144,001 | 118,326 | ||||||||||||
|
Unallocated corporate expense
|
(12,661 | ) | (11,044 | ) | (47,294 | ) | (40,722 | ) | ||||||||
|
Income before income taxes
|
$ | 36,118 | $ | 27,870 | $ | 96,707 | $ | 77,604 | ||||||||
|
Depreciation and amortization expense:
|
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|
Office furniture
|
$ | 9,608 | $ | 9,068 | $ | 36,992 | $ | 34,491 | ||||||||
|
Hearth products
|
1,249 | 1,438 | 5,288 | 5,957 | ||||||||||||
|
General corporate
|
1,194 | 749 | 4,341 | 2,911 | ||||||||||||
| $ | 12,051 | $ | 11,255 | $ | 46,621 | $ | 43,359 | |||||||||
|
Capital expenditures (including capitalized software)
|
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|
Office furniture
|
$ | 12,552 | $ | 10,874 | $ | 51,954 | $ | 36,080 | ||||||||
|
Hearth products
|
652 | 536 | 4,220 | 2,008 | ||||||||||||
|
General corporate
|
6,102 | 4,201 | 22,721 | 22,182 | ||||||||||||
| $ | 19,306 | $ | 15,611 | $ | 78,895 | $ | 60,270 | |||||||||
|
As of
|
As of
|
|||||||||||||||
|
Dec. 28, 2013
|
Dec. 29, 2012
|
|||||||||||||||
|
Identifiable assets:
|
||||||||||||||||
|
Office furniture
|
$ | 722,697 | $ | 700,665 | ||||||||||||
|
Hearth products
|
255,978 | 254,835 | ||||||||||||||
|
General corporate
|
156,030 | 121,566 | ||||||||||||||
| $ | 1,134,705 | $ | 1,077,066 | |||||||||||||
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