On Wednesday Herman Miller Inc. reported that its fourth quarter profit declined by 30 percent because it faced high income tax expenditures, the value of a few of its brands was written down and it recorded a restructuring expense.
The office furniture and accessories manufacturer reported decline in sales of its high-end products by about 5 percent with reduced orders from health care customers and government organizations and closing of dealerships.
For the quarter ended on June 2, the furniture maker earned $11.9 million which is down from $17.1 million earned a year ago. The company’s total revenue decreased from $441.5 million to $420.7 million.
Herman Miller Inc.’s $5.4 million impairment and restructuring expenditures included $4.6 million to record decreasing worth of some health care product brands and $1.6 million to close a plant in Iowa. For the year, Herman Miller Inc. earned $75.2 million, up from $70.8 million during the previous year. Adjusted earnings increased from $1.09 for each share to $1.37 for each share and its yearly income increased from $1.6 billion to $1.7 billion.
The company reported that it will pay a dividend of 9 cents for each share in October. It has paid 2.2 cents for each share in its most recent dividend.Previous Post » Barclay’s Fixes Interest Rates and Gets to Save Face