EAST GREENVILLE, PA -- Knoll Inc. (NYSE: KNL), a manufacturer of office furniture, announced that net sales for its second quarter ended June 30 were $192.3 million, a decrease of 4.9% from the second quarter 2009.
Operating profit was $11.9 million, or 6.2% of net sales, a decrease of 35.7% from the second quarter 2009. Excluding restructuring charges of $2.2 million, operating profit was $14.1 million for the second quarter of 2010, or 7.3% of net sales, a decrease of 31.6% when compared to adjusted operating profit from the second quarter of 2009.
"I am extremely proud of the results we reported today," said Andrew Cogan, CEO. "As we navigated Knoll through the downturn our objective has been to protect our industry leading levels of profitability while aggressively investing in new products to position Knoll as the design leader for the contemporary workplace. I firmly believe that we have accomplished both these goals as demonstrated by our financial performance and a 2010 Best of NeoCon Innovation award for our new Antenna Workspaces product. Coming on the heels of last year's Best of NeoCon Gold award for our Generation by Knoll work chair we have established significant design momentum in the marketplace that should drive growth in the years ahead."
Read Knoll's press release.
Operating profit was $11.9 million, or 6.2% of net sales, a decrease of 35.7% from the second quarter 2009. Excluding restructuring charges of $2.2 million, operating profit was $14.1 million for the second quarter of 2010, or 7.3% of net sales, a decrease of 31.6% when compared to adjusted operating profit from the second quarter of 2009.
"I am extremely proud of the results we reported today," said Andrew Cogan, CEO. "As we navigated Knoll through the downturn our objective has been to protect our industry leading levels of profitability while aggressively investing in new products to position Knoll as the design leader for the contemporary workplace. I firmly believe that we have accomplished both these goals as demonstrated by our financial performance and a 2010 Best of NeoCon Innovation award for our new Antenna Workspaces product. Coming on the heels of last year's Best of NeoCon Gold award for our Generation by Knoll work chair we have established significant design momentum in the marketplace that should drive growth in the years ahead."
Read Knoll's press release.
Have something to say? Share your thoughts with us in the comments below.