EAST GREENVILLE, PA – Knoll Inc. announced net sales of $254.0 million for the third quarter, ended Sept. 30, a 4.3% increase from the same period of 2006. Operating income was $34.3 million, or 13.5% of net sales, an increase of 13.6% from the third quarter last year. Net income reached $18.4 million, an increase of 17.9% compared to the third quarter of 2006.
“We are pleased to have posted another strong quarter of results,” said Andrew Cogan, CEO. “In the face of slowing industry growth, we have demonstrated that our operating discipline and design leadership can continue to produce margin expansion and industry-leading levels of profitability.”
“Today we are also announcing Kass Bradley’s desire to retire sometime in 2008. Kass has been an extraordinary leader, and while we will miss the chance to work with her day-to-day, I am happy that she intends to stay on the Board, and I look forward to continuing to work with her in that capacity as we build Knoll.
“We have begun a search for a President and COO of our North America office business, and I am pleased to announce the promotions of Art Graves, Steve Grover and Barry McCabe to executive vice presidents of sales and distribution, operations and finance, respectively, effective Jan. 1, 2008. We have a deep and strong management team at Knoll, and I anticipate a seamless evolution of our North American leadership.
“On behalf of our associates, dealers, clients and shareholders, please join me in thanking Kass for all that she has done for Knoll and in wishing her the best as she begins a new chapter in her life.”
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