MUSCATINE, Iowa, April 20, 2011 -- HNI Corporation (NYSE: HNI) today announced sales of $396.2 million and a net loss of ($1.8) million for the first quarter ending April 2, 2011. Net loss per diluted share for the quarter was ($0.04) or ($0.02) on a non-GAAP basis when excluding restructuring charges.
First Quarter Summary Comments
"We are pleased with our improved performance over prior year. All segments delivered sales growth led by continued double-digit increases in our office furniture contract and international businesses. Strong performance in the alternative energy market also drove growth in our hearth business," said Stan Askren, HNI Corporation Chairman, President and Chief Executive Officer.
First Quarter Results – Continuing Operations
Cash flow used in operations for the quarter was $22.0 million compared to $25.4 million for the same quarter last year. Capital expenditures were $6.4 million in the first quarter of 2011 compared to $4.8 million in the first quarter of 2010.
The Corporation completed the sale of a small, non-core business in the office furniture segment and a small, non-core component of its hearth products segment during 2010. Revenues and expenses associated with these business operations are presented as discontinued operations for all periods presented in the financial statements.
"I am optimistic about our markets and the improving economy. Looking ahead to the second quarter, we see sales momentum continuing across our office furniture business. We remain on track to grow sales and increase profits in 2011, despite near-term margin pressures caused by material inflation and higher mix of large project and bid business. Our focus remains on improving operations and reducing costs while investing for long-term growth. I'm confident our businesses are well positioned for the future," said Mr. Askren.
The Corporation remains focused on creating long-term shareholder value by growing its business through investment in building brands, product solutions and selling models, enhancing its strong member-owner culture and remaining focused on its long-standing rapid continuous improvement programs to build best total cost and a lean enterprise.
HNI Corporation is a NYSE traded company (ticker symbol: HNI) providing products and solutions for the home and workplace environments. HNI Corporation is the second largest office furniture manufacturer in the world and is also the nation's leading manufacturer and marketer of gas- and wood-burning fireplaces. The Corporation's strong brands, including HON®, Allsteel®, Gunlocke®, Paoli®, Maxon®, Lamex®, HBF® , Heatilator®, Heat & Glo®, Quadra-Fire® and Harman Stove™ have leading positions in their markets. HNI Corporation is committed to maintaining its long-standing corporate values of integrity, financial soundness and a culture of service and responsiveness. More information can be found on the Corporation's website at www.hnicorp.com.
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