Muscatine, IA — Office furniture and hearth products manufacturer HNI Corp. reported a $1.4 million net loss for the second quarter ending July 4, 2009. According to a press release from the company, the second quarter results included charges related to the shutdown of two office furniture manufacturing plants and the restructuring of hearth operations. The results also included a non-operating gain from the sale of a corporate aircraft.
"We made strong progress resetting our cost structure and generating cash flow during the quarter. As a result, we exceeded our earnings expectations and reduced debt by $62 million despite highly challenging market conditions," said HNI Corp. Chairman, President and CEO Stan Askren, in a release. "We are pleased with our progress, particularly with our office furniture operations, and will continue to adjust our businesses to evolving marketplace conditions. For example, we announced the closure of an additional office furniture manufacturing facility last week and are continuing to restructure our hearth operations,”
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