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3.19.10 | New York, NY | Interior Design magazine has been purchased by Sandow Media. Publisher Mark Strauss and editor-in-chief Cindy Allen announced the magazine's latest development. Interior Design will keep all of its employees, including its support departments like production, research, circulation and prepress. "To the reader community, web community, and manufacturing community, there will be no changes," Mr. Strauss said.
Arch & Design >>, Business >>
3.19.10 | St. Petersburg, FL | Raymond James & Associates upgraded Knoll, Inc., from Outperform to Strong Buy; Steelcase, Inc. from Market Perform to Strong Buy; and HNI Corp. from Market Perform to Outperform. These revisions were based on the firm's view that "office furniture demand is nearing a meaningful trough," and each of these companies "boasts strong management, sound financials, and attractive operating leverage," said analyst Budd Bugatch. Raymond James also downgraded Herman Miller from Outperform to Market Perform. While citing the company's "excellent management, innovative design, and lean manufacturing," Mr. Bugatch explained that Herman Miller stock's recent outperformance versus peers and the broad equity market "leaves less room for upside, in our view."
Business >>, Mfg. & Distr. >>
Business >>, Mfg. & Distr. >>
3.17.10 | Seattle, WA, and Cambridge, MA | NBBJ and Chan Krieger Sieniewicz announced a merger of the two firms. Together they will create an integrated team of over 700 architects, urban designers, planners and interior designers. The Chan Krieger Sieniewicz team, including its five principals, will continue in their current roles. As part of the transition to the NBBJ name, the Cambridge office will operate as Chan Krieger NBBJ.
Arch & Design >>, Business >>
3.10.10 | Yorkville, NY | 2ND AVE. LIGHTING announced that it is under new management. The Mesa, AZ, company was acquired by Meyda Lighting and will operate in the Meyda manufacturing and distribution facilities
at One Meyda Fine Place, 55 Oriskany Boulevard in Yorkville, NY. 2ND AVE. LIGHTING is a manufacturer of interior/exterior custom lighting designs, including chandeliers, wall
sconces, pendants, lanterns, and street lighting.
Business >>, Mfg. & Distr. >>
3.5.10 | St. Petersburg, FL | Investment analyst Budd Bugatch of Raymond James & Associates provided commentary on January office furniture order and shipment statistics released by the Business and Institutional Manufacturers Association (BIFMA). Orders of $480 million for the month were down 15% compared with last year and also down from $630 million in December. January shipments decreased 12% year-over-year to $555 million, down from $720 in December. Mr. Bugatch noted that while the January statistics "were somewhat discouraging," the year-over-year rate of decline on a trailing twelve-month basis for both orders and shipments actually showed slight improvement.
Business >>, Mfg. & Distr. >>
3.5.10 | Holland Landing, ON | Inscape Corp. reported a "modest return to profitability" in the third quarter of its 2010 fiscal year despite continued decline in sales. Net income for the quarter totaled $0.1 million or $0.01 per share compared to a breakeven result in the same period of FY09. Total sales for the quarter were $17.9 million compared to $22.9 million in 3Q09, a 21.7% decrease.
Business >>, Mfg. & Distr. >>
2.24.10 | Washington, DC |The American Institute of Architects reported that the Architecture Billings Index for January was 42.5, down almost three points from December's revised ABI score of 45.4. The new projects inquiry score was 52.5, down more than seven points. "Projects are being delayed or canceled because lending institutions are placing unusually stringent equity requirements on new developments," said AIA Chief Economist Kermit Baker.
Business >>
2.24.10 | New York, NY | Commercial mortgage information and analytics provider Trepp LLC agreed to acquire Foresight Analytics LLC, a privately held, California-based provider of real estate analysis for both commercial and residential real estate worldwide. "Foresight has terrific name recognition and great respect in the marketplace," said Trepp CEO Annemarie DiCola. "We expect that they will quickly add even more depth to our offerings.”
Business >>
2.24.10 | Atlanta, GA | Interface, Inc., manufacturer of InterfaceFLOR, FLOR, Heuga, and Bentley Prince Street, reported fourth-quarter 2009 sales of $230.9 million and full-year 2009 sales of $859.9 million. Although both of these figures represented sales declines when compared to year-ago figures (-6.6% and -20.6%, respectively), the company's income from continuing operations showed a major improvement. Earnings per share totaled $0.10 for the quarter and $0.19 for the year, compared to a loss of $1.29 per share in 4Q08 and a loss of $0.58 per share for full-year 2008. Following the release of these earnings results, Interface's Board of Directors also declared a regular quarterly dividend of $0.0025 per share payable March 26 to shareholders of record as of March 12, 2010.
Business >>, Mfg. & Distr. >>
2.24.10 | Atlanta, GA | Interface, Inc. announced results for the fourth quarter and full fiscal year ended January 3, 2010. Sales for the fourth quarter of 2009 were $230.9 million, compared with sales of $247.2 million in the fourth quarter of 2008, a decline of 6.6%. On a sequential basis, sales increased 5.7% over the third quarter of 2009. Operating income for the 2009 fourth quarter was $20.1 million, or 8.7% of sales, compared with an operating loss of $53.8 million in the fourth quarter of the prior year.
Business >>, Mfg. & Distr. >>
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