Herman Miller Sales Down, But Profit Results
June 25, 2009Herman Miller Inc. (Nasdaq: MLHR), Zeeland, Mich., announced yesterday that sales fell 38.4 percent in its fiscal 2009 fourth quarter to $319.9 million. Net income for the period, which ended May 30, was $7.2 million, compared with $39.5 million in fiscal 2008's fourth quarter.
Fourth-quarter results included restructuring charges of $4.6 million incurred during the quarter.
For the 2009 fiscal year, Herman Miller recorded sales of $1.63 billion, a 19 percent drop from the prior year. Net income for 2009 was $68 million, compared with net income of $152.3 million in fiscal 2008.
"Our results for the quarter demonstrate our resolve to maintain profitability and a strong financial position even in the face of challenging global market conditions and a significant decline in revenues," said Herman Miller CEO Brian Walker. "The cost structure changes we have made are not only allowing us to effectively manage through the current business environment, they are also providing us the ability to aggressively grow into the new and emerging markets we have previously identified. Earlier in the quarter we announced the strategic alliance between our Convia business and Legrand, in our ongoing drive to develop comprehensive energy management solutions for commercial buildings. Today we are excited to announce the addition of Nemschoff to Herman Miller Healthcare. Nemschoff's strong brand and reputation in the A&D community for innovative patient care solutions allows us to accelerate our healthcare strategy through the expansion of our product portfolio."
