This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Steelcase Reports Fourth Quarter Results

GRAND RAPIDS, Mich., March 27, 2013 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE:SCS) today reported fourth quarter revenue of $721.4 million and a net loss of $27.5 million, or $0.22 per share, including restructuring costs of approximately $0.10 per share. Current quarter results included goodwill impairment charges, tax valuation allowance adjustments, foreign tax credit benefits and environmental reserve adjustments, which had the aggregate net effect of reducing earnings by approximately $0.31 per share. Steelcase reported $690.2 million of revenue and earnings of $0.11 per share in the fourth quarter of the prior year, including restructuring costs of approximately $0.03 per share.

Organic revenue growth in the fourth quarter was 4 percent after adjusting for $2.1 million of favorable currency translation effects and a favorable impact of $4.0 million from recent dealer acquisitions, net of a divestiture. The Americas posted 5 percent organic growth over the prior year, which included initial revenue from two particularly large projects in the energy sector, and EMEA experienced 3 percent organic growth. Revenue continued to include a higher than normal mix of project business from some of the company's largest corporate customers.

"While a number of unusual items impacted our results this quarter, the underlying business otherwise performed largely as expected," said James P. Hackett, president and CEO. "We are especially proud of the Americas business, which posted an adjusted operating income margin of more than 10 percent in the fourth quarter and continued to gain market share in the U.S."

The current quarter operating loss of $45.2 million, which included goodwill impairment charges totaling $59.9 million, compares to operating income of $18.5 million in the prior year. Restructuring costs in the current quarter totaled $19.9 million (including a $12.4 million real estate impairment charge and $4.2 million relating to restructuring activities in EMEA) compared to $4.5 million in the prior year. Excluding goodwill impairment charges and restructuring costs, fourth quarter adjusted operating income of $34.6 million compares with $23.0 million in the prior year. This improvement was driven by strength in the Americas, partially offset by higher Corporate costs, which included a $3.6 million increase in reserves for environmental remediation costs associated with a previously-owned manufacturing site.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs