Steelcase 4Q Falls To Loss As Revenue Plunges

GRAND RAPIDS, Mich. (AP) — Office-furniture maker Steelcase Inc. said Tuesday it fell to a loss in its fiscal fourth quarter on a 27 percent revenue plunge, a stronger dollar and big one-time charges.

For the three months ended Feb. 27, Steelcase lost $65.7 million, or 49 cents per share, compared with a profit in the year-earlier period of $30.6 million, or 22 cents per share.

The quarter included non-cash impairment charges that increased the net loss by about $50 million. After-tax restructuring costs of approximately $11 million were also incurred. Excluding those two amounts results in an adjusted loss of about $4.7 million.

Analysts polled by Thomson Reuters expected, on average, a loss of $2.2 million, or 1 cent per share. Such estimates typically exclude one-time items.

Operating expenses climbed to $259.8 million, or 39.7 percent of sales, in the fourth quarter compared to $240.4 million, or 26.7 percent of sales, in the prior year.

Quarterly revenue fell to $654.9 million from $901.2 million last year, which included an extra shipping week due to the timing of the company's fiscal year-end. Analysts expected revenue of $676.6 million.