Steelcase has posted a fourth-quarter loss of $65.7 million, with sales down 27.3% to $654.9 million.

The company said restructuring costs came to $11 million in the quarter ended Feb. 27, and a noncash charge of $50 million added to the net loss. Excluding those two amounts results in an adjusted loss of about $4.7 million.

Analysts expected a loss of $2.2 million, or 1 cent per share – the loss per share was 49 cents.

For the year, analysts expected earnings of 60 cents per share. Steelcase missed that forecast, too, posting a 9 cent loss per share, or $11.7 million lost in 2009.

Sales were $3.18 billion, down from $3.42 billion in 2008.

“Fiscal 2009 was a year of tremendous volatility,” CEO Jim Hackett said. “Uncertainty prevailed early in the year and in the second half, the full impact of the economic weakness affected industry demand.”

Last month, the company hit its North American work force with salary cuts of 5% or more and said it would end up to 900 jobs, both hourly and white-collar, in an attempt to save as much as $30 million a year. It will also drop its matching contribution to employee retirement plans starting next month, and board members have reduced their annual compensation.

In its third quarter, Steelcase said its profit dropped 99%, driven by slowing sales and higher costs to restructure.

[via Mlive]