MUSCATINE, IA — HNI Corp. (NYSE: HNI) announced sales of $466.1 million and income from continuing operations of $12.6 million for the fourth quarter ended Jan. 1, 2011. For fiscal year 2010, the corporation reported sales of $1.7 billion and income from continuing operations of $29.7 million.
HNI Corp. is the second largest office furniture manufacturer in the world. Its holdings include: HON, Allsteel, Gunlocke, Paoli, Maxon, Lamex, HNI Intl., Hearth & Home Technologies and HBF.
In a recent statement, Stan Askren, HNI Corp. chairman, president and CEO, said, "We delivered strong performance across all of our businesses in the fourth quarter, led by double digit growth in our office furniture segment. The cost reset actions implemented in 2009 and 2010, combined with our strategic growth initiatives, resulted in an increase in earnings of more than 40 percent over prior year quarter. We enter 2011 financially stronger, well positioned within our markets and focused on long term profitable growth."
Although consolidated net sales increased $60.6 million or 14.9 percent from the prior year quarter to $466.1 million, HNI also recorded $7.1 million of restructuring and impairment charges and transition costs during its fourth quarter. These charges included $1.9 million related to costs associated with shutdown and consolidation of office furniture facilities of which $0.5 million were included in cost of sales. Also included were $5.2 million of impairment and restructuring charges related to hearth distribution locations that were classified as held for sale or closed as of the end of 2010.
Posted by Karen Koenig
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