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Herman Miller Q1 Financials

September 18, 2009

Herman Miller has posted first quarter sales to be down 32% and profits down 75%. Furniture sales for the quarter ended Aug. 29 were $324 million, compared with $479 a year ago. The latest results included sales from Nemschoff Inc., a recent acquisition, for part of the quarter.

hmlogo

Profits were $8.4 million, compared with $33.4 million last year for a 75 percent drop. Earnings per share dipped to 14 cents from 60 cents a year before.

Three initiatives marked the quarter, the company said:

  • Increased market share in the healthcare sector with the acquisition of Nemschoff;
  • Reduction of debt by $75 million with completion of tender offer;
  • Consolidating plants — Integrated Metal Technologies shifted to existing Michigan sites, while Brandrud subsidiary was moved to available space in Sheboygan, Wis.
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