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Steelcase Reports Second Quarter Results

Stocks in this article: SCS

The Board of Directors of Steelcase Inc. today declared a cash dividend $0.09 per share, to be paid on or before October 12, 2012 to shareholders of record as of October 1, 2012.

New Members of the Board of Directors

The Board of Directors also announced the appointment of Lawrence J. Blanford to the Steelcase Inc. Board of Directors.  Mr. Blanford is the President and CEO and a director of Green Mountain Coffee Roasters, Inc., a leader in specialty coffee and coffee makers.  "As the CEO of a consumer-focused company, Larry brings additional insights that make him a valuable addition to our board," stated Robert C. Pew III, Chair of the Steelcase Inc. Board of Directors.

Mr. Blanford joins R. David Hoover as the newest members of the Steelcase Inc. Board.  Mr. Hoover, who was elected by shareholders in July, is the Chairman of Ball Corporation, a supplier of high quality packaging products and aerospace and other technologies and services.  Mr. Hoover served as CEO of Ball Corporation from 2001 to 2011.  "Dave has a long history of service on the boards of directors of public companies, which provides a valuable corporate governance perspective for our board," said Mr. Pew.


Second quarter order growth in the Americas approximated 8 percent compared to the prior year, or approximately 6 percent when adjusted for the estimated pull-forward impact of a May 2011 price increase. EMEA orders in the second quarter declined by approximately 8 percent compared to the prior year but grew approximately 2 percent in constant currency. The company expects third quarter fiscal 2013 revenue to be in the range of $710 to $735 million. This estimate includes an assumption of approximately $12 million from unfavorable currency translation effects compared to the prior year, as well as $4 million of revenue from recent dealer acquisitions completed in the second quarter. The company reported revenue of $719.4 million in the third quarter of fiscal 2012.  Adjusting for these impacts, the company projects third quarter organic revenue growth in the range of 0 to 3 percent over the prior year.

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