GRAND RAPIDS, MI -- Steelcase Inc. (NYSE:SCS) today reported a first quarter net loss of $11.1 million, including an $11.4 million charge resulting from the recently enacted healthcare reform legislation specifically related to the Medicare Part D Subsidy.
Steelcase reported break-even net income in the first quarter of the prior year. First quarter revenue of $541.8 million, in comparison to prior year, was negatively impacted by $14 million from the deconsolidation of dealers completed in the last 12 months and positively impacted by approximately $6 million of favorable currency translation effects. Adjusted for these impacts, the company experienced organic revenue growth of 1% over the prior year.
"After six straight quarters of year-over-year revenue declines during this current industry downturn, we are pleased with the organic revenue growth in the first quarter," said James Hackett, president and CEO. "Even though the growth was modest, our operating results improved significantly as a result of our cost reduction efforts over the past two years."
Read Steelcase's press release.
Have something to say? Share your thoughts with us in the comments below.