2.5.10 | St. Petersburg, FL | Investment
analyst Budd Bugatch of Raymond James &
Associates reaffirmed his company's "Outperform" rating
on Knoll following its Feb. 4 earnings release and
conference call discussing its 4Q09 results. Noting that Knoll is the industry
leader in terms of profitability and describing its financial performance as
"impressive", Mr. Bugatch raised Raymond James' 2010 estimate on
Knoll's earnings per share from $0.61 to $0.67.
Business >>, Mfg. & Distr. >>
2.4.10 | Holland, MI | Haworth, Inc. reported that its 2009 global sales totaled $1.11 billion. This compares with 2008 sales of $1.65 billion. President and CEO Franco Bianchi noted that while the company's results reflect the economic crisis experienced by the entire industry, Haworth made progress in several key areas. It improved North American market share, launched several new products around the world, strengthened its position as a leader in providing fully integrated solutions, and maintained a strong financial position "despite difficult business adjustments and restructurings," Mr. Bianchi said.
Business >>, Mfg. & Distr. >>
2.5.10 | Jasper, IN | Kimball International reported net sales of $275 million for its 2010 fiscal year second quarter, a 16% decrease from second-quarter FY09 sales. The company's Furniture Segment posted sales of $108 million for the quarter, a 33% decrease from year-ago figures, and a net loss of $996,000. Net sales in its Electronic Manufacturing Services Segment equalled last year's second quarter figure of $167 million. CEO and President James C. Thyen noted "encouraging signs of stability" for EMS, but that signs of stability in the Furniture Segment "are not yet evident."
Business >>, Mfg. & Distr. >>
2.3.10 | St. Petersburg, FL | Budd Bugatch of Raymond James & Associates provided commentary on December office furniture order and shipment statistics released by BIFMA. He noted that stabilizing economic conditions combined with easier prior year growth comparisons drove moderating percentage declines in December. Orders of $630 million for the month were down 12% compared with last year but up modestly from $620 million in November. December shipments decreased 20% year-over-year to $720 million, up from $640 million in November.
Business >>, Mfg. & Distr. >>
2.4.10 | East Greenville, PA | Knoll, Inc. reported its first sequential increase in backlog in six quarters with the release of its 4Q09 financial results. CEO Andrew Cogan attributed the improvement to the company's new product introductions including its award-winning Generation by Knoll chair, as well as to some stabilization in overall demand. Fourth-quarter sales totaled $183.9 million, up from $181.3 million in the third quarter; and backlog as of Dec. 31 was $153.0 million, up from $121.7 million at the end of the third quarter.
Business >>
2.2.10 | Grand Rapids, MI | Steelcase will reinstate employee pay to what it was a year ago. Last March, company
executives saw cuts of 10-12%, while all
salaried workers took a 5% pay cut.
Wages
for hourly workers were not cut. The cuts were to last for one
year. Beginning March 1, employees will see
their pay returned to what it was a year ago.
Business >>, Mfg. & Distr. >>
1.27.10 | San Diego, CA | Carrier Johnson + CULTURE announced a merger with Fehlman LaBarre. The firms have produced such projects as the Al Reem Island Master Plan in Abu Dhabi, the Sony Corporate Headquarters, Rancho Bernardo, CA and the Thomas Jefferson School of Law, San Diego, CA.
Arch & Design >>, Business >>
1.26.10 | High Point, NC | Home Meridian
International purchased certain assets of Prime Resources
International, Wheeling, IL, importer of wood furniture and
leather seating.
Kevin Gallagher will continue as president of PRI and report to George
Revington, president and CEO of Home Meridian. PMI's Wheeling offices will close, although Mr.Gallagher
will maintain an office in the Chicago area.
Home Meridian is the parent of SLF/Samuel Lawrence Furniture and
Pulaski Furniture.
Business >>
1.22.10 | Zeeland, MI | Standard & Poor's Ratings Services placed its ratings on Herman Miller Inc. on watch for downgrade, saying the office-furniture company's operating conditions remain difficult and credit metrics have deteriorated. Herman Miller reported normalized demand while the company has moved to
consolidate its manufacturing and repurchase higher-yield debt to
improve its bottom line.
Business >>, Mfg. & Distr. >>
1.20.10 | Washington, DC | The Architecture Billings Index moved slightly higher last month,
although the index remained below 50 for the 23rd consecutive month.
The score in December was 43.4 compared with 42.8 in November. The
December reading indicates a continued decline in demand for design
services.
Business >>
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