GRAND RAPIDS, MI – Office furniture manufacturer Steelcase Inc. reported net income of $0.4 million for the third quarter of fiscal 2009, which was slightly ahead of the company’s updated estimates.
The company reported revenue totaling $811.3 million for its third quarter of fiscal 2009, compared to $885.9 million in the prior year. Revenue declined 8.4% driven largely by declines of 11.4% in the North America segment and 14.8% in the Other category. As compared to the prior year, third quarter revenue was negatively impacted by approximately $18 million from currency translation effects.
“The impact of the recent financial crisis is being felt around the world and has significantly affected the demand patterns in our industry,” said James P. Hackett, president and CEO. “The restructuring actions we announced recently are designed to mitigate the shorter-term pressures on our profitability while continuing to improve the fitness of our business over the longer-term.”
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