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HNI Corporation Increases Net Income 29% For Fourth Quarter And 30% For Full Year Fiscal 2013

MUSCATINE, Iowa, Feb. 4, 2014 /PRNewswire/ -- HNI Corporation (NYSE: HNI) today announced sales for the fourth quarter ended December 28, 2013, of $541.3 million, a 3 percent increase from the prior year quarter and net income of $22.8 million, a 29 percent increase from the prior year quarter.  Net income per diluted share for the quarter was $0.50.  For fiscal year 2013, the Corporation reported sales of $2.1 billion, a 3 percent increase from prior year, and net income of $63.7 million, a 30 percent increase from prior year.  Net income per diluted share for the year was $1.39 or $1.43 on a non-GAAP basis when excluding restructuring and transition costs and a loss on the sale of a small non-core office furniture business.

"We are pleased with our strong execution and profit improvement for the fourth quarter and full year 2013.  Our growth investments delivered top-line improvement in the quarter despite a slow economy.  Outstanding working capital management drove significant cash generation.  Office furniture sales increased in our supplies-driven business despite continued reductions in federal government spending.  Continued strong profit growth in our hearth business was led by substantial growth in both the new construction and remodel/retrofit channels and outstanding operational execution.  We enter 2014 financially strong, competitively well positioned, and focused on delivering profitable growth," said Stan Askren, HNI Corporation Chairman, President and Chief Executive Officer.

 

Fourth Quarter – GAAP Financial Measures

 

Dollars in millions

except per share data

Three Months Ended

Percent

Change

12/28/2013

12/29/2012





Net sales

$541.3

$527.5

2.6%

Gross profit

$193.0

$186.0

3.8%

Gross profit %

35.7%

35.2%


SG&A

$155.3

$155.6

-0.2%

SG&A %

28.7%

29.5%


Operating income

$37.6

$30.3

24.2%

Operating income %

7.0%

5.7%


Net income attributable to HNI Corporation

$22.8

$17.6

29.4%





Earnings per share attributable to HNI Corporation – diluted

$0.50

$0.39

28.2%

  • Consolidated net sales increased $13.7 million or 2.6 percent to $541.3 million. Compared to prior year quarter, divestitures reduced sales $8.2 million. On an organic basis sales increased 4.1 percent.
  • Gross margin was 0.5 percentage points higher than prior year quarter primarily due to higher volume and increased price realization partially offset by new product ramp-up and operation reconfiguration costs to meet changing market demands.
  • Total selling and administrative expenses as a percent of net sales, including restructuring charges, decreased 0.8 percentage points from the prior year quarter due to higher volume, network distribution realignment savings and lower restructuring charges partially offset by investment in growth initiatives and higher incentive-based compensation.
  • The Corporation's fourth quarter results included $0.1 million of restructuring charges associated with previously announced shutdown and consolidation of office furniture manufacturing locations. Included in the fourth quarter of 2012 was $1.1 million of restructuring and transition costs of which $0.3 million was included in cost of sales.

 

Fourth Quarter – Non-GAAP Financial Measures

(Reconciled with most comparable GAAP financial measures)

Dollars in millions

except per share data

Three Months Ended 12/28/2013


Three Months Ended 12/29/2012

Gross

Profit

 

SG&A

Operating

Income

Diluted

EPS


Gross

Profit

 

SG&A

Operating

Income

Diluted

EPS











As reported (GAAP)

$193.0

$155.3

$37.6

$0.50


$186.0

$155.6

$30.3

$0.39

  % of net sales

35.7%

28.7%

7.0%



35.2%

29.5%

5.7%












Restructuring and impairment

-

$(0.1)

$0.1

$0.00


-

$(0.6)

$0.6

$0.01

Transition costs

-

-

-

-


$0.3

$(0.2)

$0.5

$0.00











Results (non-GAAP)

$193.0

$155.2

$37.7

$0.50


$186.3

$154.8

$31.4

$0.40

  % of net sales

35.7%

28.7%

7.0%



35.3%

29.3%

6.0%


 

Full Year – GAAP Financial Measures

 

Dollars in millions

except per share data

Twelve Months Ended

Percent

Change

12/28/2013

12/29/2012





Net sales

$2,060.0

$2,004.0

2.8%

Gross profit

$715.3

$689.2

3.8%

Gross profit %

34.7%

34.4%


SG&A

$609.3

$601.6

1.3%

SG&A %

29.6%

30.0%


Operating income

$106.0

$87.6

21.0%

Operating income %

5.1%

4.4%


Net income attributable to HNI Corporation

$63.7

$49.0

30.1%





Earnings per share attributable to HNI Corporation – diluted

$1.39

$1.07

29.9%

 

  • Consolidated net sales increased $56.0 million or 2.8 percent to $2.1 billion. Compared to prior year, divestitures, partially offset by the acquisition of BP Ergo, reduced sales $27.5 million. On an organic basis sales increased 4.2 percent.
  • Gross margin was 0.3 percentage points higher than prior year due to increased volume, better price realization and lower material costs offset partially by unfavorable mix, new product ramp-up and operation reconfiguration costs to meet changing market demands.
  • Total selling and administrative expenses as a percent of net sales, including restructuring charges, improved 0.4 percentage points due to higher volume, network distribution realignment savings and lower restructuring charges partially offset by investment in growth initiatives, higher incentive-based compensation and a loss on the sale of a small non-core office furniture business. Included in 2013 were $0.3 million of restructuring and transition charges compared to $3.0 million in 2012.
  • The provision for income taxes for 2013 reflects an effective tax rate of 34.5 percent compared to 37.7 percent in 2012. The decrease is due to the research tax credit for 2012 being applied in fiscal 2013.

Cash flow from operations for the year was $165.0 million compared to $144.8 million in 2012.   Capital expenditures were $78.9 million in 2013 compared to $60.3 million in 2012.    

Full Year – Non-GAAP Financial Measures

(Reconciled with most comparable GAAP financial measures)

Dollars in millions

except per share data

Twelve Months Ended 12/28/2013


Twelve Months Ended 12/29/2012

Gross

Profit

 

SG&A

Operating

Income

Diluted

EPS


Gross

Profit

 

SG&A

Operating

Income

Diluted

EPS











As reported (GAAP)

$715.3

$609.3

$106.0

$1.39


$689.2

$601.6

$87.6

$1.07

  % of net sales

34.7%

29.6%

5.1%



34.4%

30.0%

4.4%












Restructuring and impairment

-

$(0.3)

$0.3

$0.01


$0.4

$(1.9)

$2.3

$0.03

Transition costs

-

-

-

-


$0.7

$(1.1)

$1.8

$0.03

Loss on sale

-

$(2.5)

$2.5

$0.03
















Results (non-GAAP)

$715.3

$606.5

$108.8

$1.43


$690.3

$598.6

$91.8

$1.13

  % of net sales

34.7%

29.4%

5.3%



34.4%

29.9%

4.6%


 

Office Furniture – GAAP Financial Measures






Dollars in millions

Three Months Ended

Percent
Change

Twelve Months Ended

Percent
Change

12/28/2013

12/29/2012

12/28/2013

12/29/2012








Sales

$417.0

$422.3

-1.3%

$1,685.2

$1,687.3

-0.1%

Operating profit

$25.8

$23.5

9.8%

$97.3

$91.8

6.0%

Operating profit %

6.2%

5.6%


5.8%

5.4%










Non-GAAP Financial Measures

(Reconciled with most comparable GAAP measures)






Dollars in millions

Three Months Ended

Percent
Change

Twelve Months Ended

Percent
Change

12/28/2013

12/29/2012

12/28/2013

12/29/2012








Operating profit

as reported (GAAP)

$25.8

$23.5

9.8%

$97.3

$91.8

6.0%

% of net sales

6.2%

5.6%


5.8%

5.4%









Restructuring and impairment

$0.1

$0.6


$0.3

$2.3


Transition costs

-

$0.5


-

$1.8


Loss on sale

-

-


$2.5

-









Operating profit (non-GAAP)

$25.9

$24.6

5.2%

$100.1

$96.0

4.3%

% of net sales

6.2%

5.8%


5.9%

5.7%


 

  • Fourth quarter sales for the office furniture segment were $417.0 million which was $5.4 million or 1.3 percent less than the same quarter last year. Compared to prior year quarter, divestitures reduced sales by $8.2 million. On an organic basis, sales increased 0.7 percent driven by growth in the supplies-driven channel partially offset by a decrease in the contract and international businesses. Federal government sales declined over 40 percent compared to the same quarter last year. Full year sales for the office furniture segment were $1.69 billion which was $2.1 million or 0.1 percent less than prior year. Compared to prior year, divestitures partially offset by the acquisition of BP Ergo, reduced sales by $27.5 million. On an organic basis, sales increased 1.5 percent driven mainly by growth in the supplies-driven channel. Full year sales to the federal government declined over 27 percent compared to the prior year.
  • Fourth quarter and full year operating profit increased $2.3 million and $5.5 million, respectively. Operating profit margin was positively impacted by increased price realization, network realignment savings and lower restructuring charges. These were partially offset by lower volume, new product ramp-up, operation reconfiguration to meet changing market demands and a loss on the sale of a small non-core office furniture business.

Hearth Products – GAAP Financial Measures








Dollars in millions

Three Months Ended

Percent
Change

Twelve Months Ended

Percent
Change

12/28/2013

12/29/2012

12/28/2013

12/29/2012








Sales

$124.3

$105.2

18.1%

$374.8

$316.7

18.3%

Operating profit

$23.0

$15.4

49.0%

$46.7

$26.5

76.2%

Operating profit %

18.5%

14.7%


12.5%

8.4%


 

  • Fourth quarter and full year sales for the hearth products segment increased $19.1 million and $58.1 million, respectively. These increases were driven by increases in both the new construction and the remodel/retrofit channels.
  • Fourth quarter and full year operating profit increased $7.6 million and $20.2 million, respectively. Operating profit was positively impacted by higher volume, better price realization and lower material costs partially offset by investments in growth initiatives and incentive-based compensation.

Outlook
"I remain positive about our markets and our ability to grow sales and increase profits in 2014.  We continue to aggressively invest for long-term profitable growth, and I remain confident our investments are delivering shareholder value.  Our businesses are strong, competitive, and well-positioned in their markets, and the prospects for our businesses are encouraging," said Mr. Askren.

The Corporation estimates sales growth between 1 and 5 percent in the first quarter over the same period in the prior year.  Non-GAAP earnings per diluted share are anticipated in the range of $0.07 to $0.12 for the first quarter.  For the full year, the Corporation is updating its estimate of non-GAAP earnings per diluted share to be in the range of $1.60 to $1.80, which excludes restructuring charges and transition costs.

The Corporation remains focused on delivering long-term shareholder value through its core strategic framework:  Member/Owner Culture, Rapid Continuous Improvement (RCI), Core Plus and Split-and-Focus with Leverage.

Conference Call
HNI Corporation will host a conference call on Wednesday, February 5, 2014 at 10:00 a.m. (Central) to discuss fourth quarter and year-end 2013 results.  To participate, call 1-877-512-9166 – conference ID number 36780244.  A live webcast of the call will be available on HNI Corporation's website at http://www.hnicorp.com (under Investor Information – Webcasts).  A replay of the webcast will be made available at the same website address.  An audio replay of the call will be available until Wednesday, February 12, 2014, 11:59 p.m. (Central) by dialing 1-855-859-2056 or 1-404-537-3406 – Conference ID number 36780244. 

About HNI Corporation

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® , artcobellTM, Midwest Folding ProductsTM, ERGO®, Heatilator®, Heat & Glo®, Quadra-Fire® and Harman StoveTM 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.

Non-GAAP Financial Measures

This earnings release contains certain non-GAAP financial measures.  A "non-GAAP financial measure" is a numerical measure of a company's financial performance that excludes or includes amounts different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flow of the company.  We have provided a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure.

The non-GAAP financial measures used within this earnings release are:  gross profit, selling and administrative expense, operating income, operating profit and net income per diluted share (i.e., EPS), excluding restructuring and impairment charges, transition costs and loss on sale of a business.  Non-GAAP EPS is calculated using the Corporation's overall effective tax rate for the period.  We present these measures because management uses this information to monitor and evaluate financial results and trends.  Management believes this information is also useful for investors.  This earnings release also contains a forward-looking estimate of non-GAAP earnings per diluted share for the first quarter and full fiscal year 2014.  We provide such non-GAAP measures to investors on a prospective basis for the same reasons we provide them to investors on a historical basis.  We are unable to provide a reconciliation of our forward-looking estimate of non-GAAP earnings per diluted share to a forward-looking estimate of GAAP earnings per diluted share because certain information needed to make a reasonable forward-looking estimate of GAAP earnings per diluted share for the full fiscal year is difficult to predict and estimate and is often dependent on future events which may be uncertain or outside of our control.  These may include unanticipated charges related to asset impairments (fixed assets, intangibles or goodwill), unanticipated acquisition related costs and other unanticipated non-recurring items not reflective of ongoing operations. 

Forward-looking Statements

This release contains "forward-looking" statements that refer to future events and expectations.  These statements address future plans, outlook, objectives and financial performance including expectations for future sales growth and earnings per diluted share (GAAP and non-GAAP) for the first quarter and full year fiscal 2014.  In addition, forward-looking statements may be identified by words such as "anticipate," "believe," "could," "confident," "estimate," "expect," "forecast," "hope," "intend," "likely," "may," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and variations of such words and similar expressions.  Forward-looking statements involve known and unknown risks, which may cause the Corporation's actual future results to differ materially from expected results.  These risks include, without limitation:  the Corporation's ability to realize financial benefits from its (a) price increases, (b) cost containment and business simplification initiatives, (c) investments in strategic acquisitions, new products and brand building, (d) investments in distribution and rapid continuous improvement, (e) ability to maintain its effective tax rate, (f) repurchases of common stock and (g) consolidation and logistical realignment initiatives; uncertainty related to the availability of cash and credit, and the terms and interest rates on which credit would be available, to fund operations and future growth; lower than expected demand for the Corporation's products due to uncertain political and economic conditions; slow or negative growth rates in global and domestic economies and the protracted decline in the domestic housing market; lower industry growth than expected; major disruptions at key facilities or in the supply of any key raw materials, components or finished goods; competitive pricing pressure from foreign and domestic competitors; higher than expected costs and lower than expected supplies of materials; higher costs for energy and fuel; changes in the mix of products sold and of customers purchasing; relationships with distribution channel partners, including the financial viability of distributors and dealers; restrictions imposed by the terms of the Corporation's revolving credit facility and note purchase agreement; currency fluctuations and other factors described in the Corporation's annual and quarterly reports filed with the Securities and Exchange Commission on Forms 10-K and 10-Q.  The Corporation undertakes no obligation to update, amend or clarify forward-looking statements.

 

HNI CORPORATION




Unaudited Condensed Consolidated Statement of Operations




 

(Dollars in thousands, except per share data)

Three Months Ended

Twelve Months Ended

Dec. 28,
2013

Dec. 29,
2012

Dec. 28,
2013

Dec. 29,
2012

Net Sales

$ 541,263

$  527,536

$2,059,964

$2,004,003

Cost of products sold

348,282

341,585

1,344,672

1,314,776

Gross profit

192,981

185,951

715,292

689,227

Selling and administrative expenses

155,237

155,046

608,972

599,656

Restructuring and impairment charges

97

583

333

1,944

Operating income

37,647

30,322

105,987

87,627

Interest income

158

232

626

842

Interest expense

1,687

2,684

9,906

10,865

Income before taxes

36,118

27,870

96,707

77,604

Income taxes

13,376

10,493

33,338

29,278

Net income

22,742

17,377

63,369

48,326

Less:  Net income (loss) attributable to the noncontrolling interest

(18)

(216)

(314)

(641)

Net income attributable to HNI Corporation

$22,760

$   17,593

$63,683

$   48,967

Net income attributable to HNI Corporation common shareholders – basic

$0.50

$0.39

$1.41

$1.08

Average number of common shares outstanding – basic

45,117,315

45,050,346

45,250,665

45,211,385

Net income attributable to HNI Corporation common shareholders – diluted

$0.50

$0.39

$1.39

$1.07

Average number of common shares outstanding – diluted 

45,964,128

45,691,600

45,956,280

45,819,979

 


Unaudited Condensed Consolidated Balance Sheet



Assets

     Liabilities and Shareholders' Equity


As of


As of

(Dollars in thousands)

Dec. 28,

2013

Dec. 29,
2012


Dec. 28,

2013

Dec. 29,
2012

Cash and cash equivalents

$ 65,030

$  41,782

     Accounts payable and



Short-term investments

7,251

7,250

        accrued expenses

$ 407,799

$  384,244

Receivables

228,715

213,490

     Note payable and current



Inventories

89,516

93,515

       maturities of long-term debt

484

4,554

Deferred income taxes

16,051

19,412

     Current maturities of other



Prepaid expenses and



       long-term obligations

3,301

373

  other current assets

26,665

26,926




      Current assets

433,228

402,375

          Current liabilities

411,584

389,171










     Long-term debt

150,091

150,146




     Capital lease obligations

106

226

Property and equipment  - net

267,401

240,490

     Other long-term liabilities

67,543

63,995

Goodwill

286,655

288,348

     Deferred income taxes

68,964

52,868

Other assets

147,421

145,853







     Parent Company shareholders'

        equity

436,328

420,359




     Noncontrolling interest

89

301




     Shareholders' equity

436,417

420,660




          Total liabilities and



     Total assets

$1,134,705

$1,077,066

            shareholders' equity

$1,134,705

$1,077,066


 

Unaudited Condensed Consolidated Statement of Cash Flows



(Dollars in thousands)

Twelve Months Ended

Dec. 28, 2013

Dec. 29, 2012

Net cash flows from (to) operating activities

$ 165,002

$ 144,777

Net cash flows from (to) investing activities:



     Capital expenditures

(78,895)

(60,270)

     Acquisition spending

0

(26,894)

     Other

3,476

1,351

Net cash flows from (to) financing activities

(66,335)

(89,994)

Net increase (decrease) in cash and cash equivalents

23,248

(31,030)

Cash and cash equivalents at beginning of period

41,782

72,812

Cash and cash equivalents at end of period

$ 65,030

$  41,782

 

Business Segment Data




(Dollars in thousands)

Three Months Ended

Twelve Months Ended

Dec. 28, 2013

Dec. 29, 2012

Dec. 28, 2013

Dec. 29, 2012

Net sales:





  Office furniture

$ 416,991

$ 422,349

$ 1,685,205

$ 1,687,302

  Hearth products

124,272

105,187

374,759

316,701


$ 541,263

$ 527,536

$ 2,059,964

$2,004,003






Operating profit:





  Office furniture





     Operations before restructuring and impairment charges

$ 25,913

$ 24,086

$97,672

$ 93,793

     Restructuring and impairment charges

(97)

(583)

(333)

(1,944)

        Office furniture  - net

25,816

23,503

97,339

91,849

  Hearth products

22,963

15,411

46,662

26,477

  Total operating profit

48,779

38,914

144,001

118,326

      Unallocated corporate expense

(12,661)

(11,044)

(47,294)

(40,722)

  Income before income taxes

$36,118

$ 27,870

$ 96,707

$ 77,604






Depreciation and amortization expense:





  Office furniture

$9,608

$ 9,068

$ 36,992

$ 34,491

  Hearth products

1,249

1,438

5,288

5,957

  General corporate

1,194

749

4,341

2,911


$12,051

$11,255

$46,621

$ 43,359






Capital expenditures (including capitalized software)





  Office furniture

$ 12,552

$ 10,874

$ 51,954

$ 36,080

  Hearth products

652

536

4,220

2,008

  General corporate

6,102

4,201

22,721

22,182


$19,306

$ 15,611

$78,895

$ 60,270









As of

As of




Dec. 28, 2013

Dec. 29, 2012

Identifiable assets:





  Office furniture



$ 722,697

$ 700,665

  Hearth products



255,978

254,835

  General corporate



156,030

121,566




$ 1,134,705

$ 1,077,066

 

 

For Information Contact:
Matthew D. McGough, Vice President, Corporate Finance (563) 272-7563
Kurt A. Tjaden, Vice President and Chief Financial Officer (563) 272-7400

 

SOURCE HNI Corporation

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SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...